Ladies and gentlemen, good day and welcome to the Allied Blenders and Distillers Limited Q1 FY 2027 earnings conference call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhijit Kundu. Thank you, and over to you, sir. Thank you. It's our absolute pleasure to host the management of Allied Blenders and Distillers Limited for the Q1 FY 2027 results conference call. Over to Mr. Mukund, Head of Investor Relations and Chief Risk Officer for further proceeding. Thank you. Good evening, everyone, thank you for joining our Q1 FY 2027 results conference call. I hope you have received a copy of our results presentation. I would like to urge you to go through this along with the disclaimer slides. Today we have with us from the management of ABD, Mr. Amar Sinha, Managing Director, and Mr. Ramakrishnan Ramaswamy, Chief Financial Officer. I would like to hand over the call to our MD, Mr. Amar Sinha, who will give you the summary of the company's quarterly performance before we open up for Q&A. Over to you, Amar. Good evening, everyone, thank you for joining us today for ABD's Q1 FY 2027 earnings call. I'm pleased to speak with you for the first time as Managing Director of Allied Blenders and Distillers Limited. I would like to begin by thanking our shareholders, analysts, investors, partners, and employees for their continued trust and support as ABD moves ahead on its transformation journey. ABD has entered FY 2027 with a stronger portfolio, a sharper operating model, and a clear focus on building a future-ready spirits company. Our priorities remain consistent: premiumization-led growth, stronger consumer engagement, disciplined execution, backward integration, and prudent capital allocation. On Q1 FY 2027 performance review, it reflects continued progress on its transformation journey, supported by top-line growth, premiumization, and disciplined execution across the business. On a consolidated basis, income from operations stood at INR 984 crore compared to INR 930 crore in Q1 FY 2026, reflecting growth of 5.8% year-on-year. Total volume stood at 9 million cases, growing 6.2% year-on-year. The growth was supported by continued momentum in the Prestige & Above portfolio, which grew 10.7%, while mass premium and others grew 2.3% during the quarter. Importantly, ABD's volume performance was ahead of the industry, where the P&A segment grew in the low single digits, and mass premium and others remained broadly stable on a year-on-year basis. Gross margin expanded by 277 basis points to 46%, supported by a favorable input cost environment and early benefits from backward integration, despite the temporary impact of global supply chain disruptions. Reported EBITDA stood at INR 120 crore compared to INR 119 crore in Q1 FY 2026, with EBITDA margin at 12.2%. PAT stood at INR 45 crore compared to INR 56 crore in Q1 FY 2026. Profitability was impacted by global supply chain disruptions, which had an estimated impact of INR 24 crore during the quarter. On a like-to-like basis, excluding the impact of global supply chain disruptions, gross margin would have been 48.4%, reflecting an expansion of 522 basis points year-on-year. EBITDA would have been INR 144 crore, higher by 21.4% year-on-year, with EBITDA margin at 14.7%, reflecting an expansion of 189 basis points. Like-to-like PAT would have been INR 63 crore, higher by 13.6% year-on-year. This reflects the underlying strength of our operating performance, supported by premium mix improvement, gross margin expansion, and disciplined execution. Portfolio premiumization and brand momentum. Premiumization remains central to ABD's growth strategy. In Q1 FY 2027, the Prestige & Above segment contributed 48.2% of volumes and 59.3% of value compared to 46.2% and 55.8%, respectively, in Q1 FY 2026. ICONiQ White continued to lead this momentum. The brand delivered 3.1 million cases in Q1 FY 2027 compared to 2.3 million cases in Q1 FY 2026, with a monthly average of 1 million+ cases, resulting in a growth of 33.8% in the quarter on year-on-year basis. It also continues to be recognized as the world's fastest growing millionaire whisky brand for three consecutive calendar years, 2023, 2024, and 2025. ICONiQ White is now operating at a meaningful scale supported by domestic market penetration, the defense channel, and an expanding international presence. In the mass premium and other category, which has grown by 2.3% on year-on-year basis, predominantly led by the key markets in northern and southern regions in the whisky and brandy categories. Officer's Choice remains a strong flagship cash flow generator and continues to hold leadership in India's mass premium whisky category, while also retaining its position as India's number one exported whisky brand. Super premium and luxury portfolio performance. ABD Maestro continues to be an important platform for our super premium to luxury ambition. In its first year of operations, that is FY 2026, we have established a differentiated portfolio of 10 brands, with unique positioning across whisky, gin, vodka, and rum categories. In the current year, the focus is on expanding the width of distribution, deeper penetration in the addressable markets, and strong consumer engagement. We have now expanded our presence in Odisha and Telangana as well, increased our premium touchpoints to over 5,500. The portfolio is now available in six international markets and four travel retail locations. During the quarter, we continued to strengthen the visibility and positioning of our ABD Maestro portfolio through a series of strategic brand partnerships and sponsorships across premium business leadership, sustainability, lifestyle, and consumer platforms. We have also premium execution team to strengthen key accounts on premise presence, mixology-led activation, and social visibility. We also through Bar Maestro, our pan-India multi-city bartending championship. Designed to celebrate craftsmanship, elevate mixology talent, and strengthen our connect with India's premium cocktail community. These initiatives are aligned with our broader strategy of building brand equity, increasing premium touch points, and establishing ABD Maestro as a credible player in the super premium and luxury segments while creating long-term value for our brands. International business. This business remains a strategic growth opportunity. ABD has expanded its footprint to 39 countries in Q1 FY 2027. Compared to 36 countries in Q4 FY 2026, reinforcing our position as one of India's leading spirits exporters by volume. Exports continue to be an asset-light and high profitability model for us, with superior working capital efficiency compared to the domestic business. We remain focused on deepening our presence in existing markets while selectively expanding into new geographies. ICONiQ White is now available in 10 international markets. While ABD Maestro's super premium to luxury portfolio has also expanded across select international markets. Backward integration and CapEx progress. This remains an important pillar of ABD's transformation roadmap. Our CapEx program is focused on improving supply security, reducing structural costs, and supporting margin and expansion over the medium term. The PET bottles manufacturing facility at Rangapur, Telangana was commissioned in FY 2026 and continues to be EBITDA accretive. The malt distillery at Rangapur is expected to become operational in H1 FY 2027, strengthening our in-house malt capacity. Across Telangana, Maharashtra, Uttar Pradesh, and Andhra Pradesh, our strategic investments are intended to deepen in-house malt, ENA, PET, and bottling capabilities. These initiatives are expected to improve supply security, drive structural cost efficiencies, and support EBITDA margin expansion over the medium term, including an expected margin benefit of approximately 300 basis points by FY 2028 and a further 100 basis points by FY 2029. Cash flow and balance sheet. Our balance sheet remains well within the stated financial framework. Operating cash flow generation stood at INR 174 crore in Q1 FY 2027, supported profitability and sustained working capital discipline. Net debt reduced by INR 33 crore during the quarter, from INR 981 crore as of March 2026 to INR 947 crore as of June 2026. Net debt to EBITDA stood at 1.7x and net debt to equity stood at 0.6x. Both comfortably within our stated guardrails. We remain focused on disciplined capital deployment. Our CapEx program is planned to be funded through internal accruals and debt while maintaining leverage within our defined framework through the investment cycle. External environment. The external environment continues to support overall industry growth. Premiumization remains a structural trend in the Indian spirits market, supported by evolving consumer preferences and increasing acceptance of higher quality products across categories. The India-U.K. Free Trade Agreement is positive for ABD as it supports margin improvement and improves sourcing flexibility for the higher end portfolio over time. We expect the benefits to flow in the second half of the year and would lead to about 70-80 basis points improvement in current financial year. For FY 2028, on a full year basis, it would help us in improving margins by 130-140 basis points. At the same time, we remain watchful of inflationary pressures, geopolitical developments, and near-term input cost volatility. The supply chain disruption in Q1 FY 2027 had a short-term impact, but our underlying business remains resilient, and our medium-term margin levers remain intact. Future outlook. Looking ahead, we remain focused on driving premiumization-led growth while protecting the quality of margins. Growth will be supported by continued momentum in ICONiQ White, driving growth in our other millionaire brands, an increasing contribution from ABD Maestro portfolio, and new opportunities in the identified white spaces, including launch of deluxe vodka and premium whisky. Officer's Choice Blue. Our focus is on a comprehensive brand reset to regain salience and strengthen competitiveness within the prestige and above segment. This will be supported by sharper brand use, enhanced visibility, and sustained consumer reappraisal, with the objective of rebuilding consideration and accelerating recovery across core markets. As part of this reset, we are currently planning to introduce revamped packaging in Q3 FY 2027. For Sterling Reserve B7, our priority is to strengthen its premium positioning and rebuild brand momentum within the prestige and above segment. Marketing efforts will be directed towards deepening consumer engagement, enhancing brand salience, and improving relevance across key consumption occasions, thereby supporting a steady improvement in performance. We are targeting for a new packaging rollout in Q4 FY 2027. Overall, we expect the top line to grow in line with the stated guidance of mid-teens. We will continue to invest behind our core brands, super premium to luxury portfolio, and organizational capabilities while maintaining FY 2027 EBITDA margins broadly in line with FY 2026. This will be supported by premium mix improvement, backward integration benefits, operating leverage, and disciplined cost management, even as we absorb the short-term impact of supply chain disruptions. In the current dynamic environment, we are also evaluating and undertaking multiple initiatives, such as new vendor evaluation in the current buyer's market for packaging materials and value engineering measures. To summarize, Q1 FY 2027 was a quarter of steady progress. We delivered top-line growth, improved portfolio mix, expanded gross margins, and maintained strong cash flow discipline while continuing to invest in capabilities required for ABD's next phase of growth. Our strategy is clear. We will build on the strength of our core brands, accelerate premiumization, scale our super premium and luxury portfolio, expand internationally, and improve structural margins through backward integration. With a stronger portfolio, a committed team, disciplined execution, and a future-ready operating model, ABD is well positioned to deliver sustainable and profitable growth over the medium to long term. Thank you once again for your continued interest in ABD. We will now open the floor for the questions. Thank you once again. Thank you very much. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Abneesh Roy from Nuvama. Please proceed. Thank you. This is Abneesh Roy from Nuvama. Two questions. My first question is on the luxury segment, so on the ABD Maestro. Amar sir, you have done this quite successfully in the previous company. I wanted to understand from a manpower capability, distribution, and visibility, where are we in terms of our vision? Obviously these are initial quarters and we do see that ad spend and HR cost, salary cost has gone up largely in this part of the business. I wanted to understand, is this the peak level, or we can see more acceleration on the salary cost and advertising cost? In terms of numbers you have given out very clearly FY 2028 on the company level. Any long-term numbers you can give for this part of the business, either FY 2028, which I think is a bit early, or say even five-year number in terms of luxury revenue and profitability also, if you can give, that is my first question. Okay. Thank you for your question, first of all, Abneesh. You're right, I have done this same job earlier as well, but there is a little bit of a difference here that the premiumization journey of the country is now at the level which is maturing. Premium brands in the country are growing at a double-digit rate. The consumer is open to trying out new products, and it is at the right time that ABD has ventured into the premiumization journey. With a strong background of having been available in the mass premium and prestige and above segments, ABD's venture into ABD Maestro is commendable. We have launched 10 brands in FY 2026. It was established then, and this year is going to see it actually penetrating into the market more successfully. We have already reached a touchpoint of 5,500 premium outlets. We will expand that. The brands as of today are showing excitement in the marketplace. Brands like Woodburns, Arthaus Whisky, Yello Whisky. Zoya is faring pretty well. We have good vibes from the portfolio. As far as future outlook is concerned, we feel that the turnover that we clocked in FY 2026 was top line of INR 40 crore, which we will double in FY 2027. That is an indication of how the business is moving forward. On the cost side, see, ABD Maestro being a luxury product vertical, it is a minimum of a three-year gestation period when you will start seeing the fruits of labor fructify. I think it's too early to comment, but my gut feel is that this will actually, seeing the initial excitement, we are hoping that this will add to the value creation of ABD in totality and accelerate the premiumization journey. I would leave it at that for the time being. The expenses are not going to mount any more from where they are. In fact, they would rather be subsidized because ABD will come up and offer a lot of support in the marketplace in terms of expanding distribution. Sure. Thank you. My second and last question on the guidance you have given in the presentation and today's media interview also. Of course, quite ambitious, I'll say, on EBITDA margin in two years' guidance and even on the return ratio. One is, are you building in a sharp price hike in Telangana? It's a very large market for you. If you could elaborate any progress we have seen in terms of the talks which industry is having. If that doesn't happen, then is there any risk to this guidance? On this INR 24 crore global supply chain disruption, obviously, as we speak, the disruption inflation continues to remain. It had briefly resolved. Again, are you building in some resolution quickly on the global supply chain and glass inflation? This is something you have built in that, okay, two more quarters of pain will be there, and in spite of that, FY 2028 guidance can be achieved. If you can elaborate on these two points. Thank you. First of all, what I would say is that our two-year guidance actually remains the same. I would rather want to step it up from mid-teens. It may go even higher to high teens and an EBITDA margin of 18%. I'll tell you why I make this observation, because if you look at the first quarter performance, we have expanded our gross margins, we have grown in volume, actually ABD has outperformed the industry in both premium as well as Prestige and Above categories. Our growth has been higher than the industry. Having said that, I would say that the future is optimistic. As far as Telangana is concerned, I would also like to mention that dialogue is on with the government for a price increase, but we have built-in necessary guardrails in case of any eventuality, how we will stick to the guidelines given for budgets for the future. That's one. At the same time, I'm very optimistic about the alcobev space. If you look at the last three years, more than 80% of the states in India have given the alcobev space price increase whenever it has been required. When costs mounted during COVID, and even thereafter, there were inflationary pressures. Different states at different points of time have come forward, understood the problems of the liquor business, liquor industry, and given us price increase. I am very hopeful that states like Telangana, which are up to speed, have of late, if you ask me, become more responsive to the demands of the industry on issues like receivables, et cetera. I hope that the part for price increase will materialize in some time from now. Thank you. You had another question, actually. That was relating to What was the next question? The war impact. I agree with you that these are difficult times, I also believe that this is a passing phase. It's not like the Russia-Ukraine war that it will continue for years. This is a war that is affecting the whole world, and the whole world can't afford to collapse. I am extremely optimistic by saying that maximum that we would face pressure is by up to Q2. Q3 and Q4, we will all bounce back as an industry, and that's what we as ABD are also budgeting for. As I said, we will maintain our guidelines for budgets. Thanks a lot, Amar. All the best. Thank you. Thank you very much. Thank you. We take the next question from the line of Dhiraj Mistry from Jefferies. Please proceed. Thank you very much for taking me. First of all, what is the overdue from Telangana government over and above of normal course of business? What is the amount for that? Overdue from Telangana government is INR 400 crore. The good thing is, overdue figure keeps adding because our overdue period that we establish as benchmark is within 35-40 days, we have that issue. Right now what's happening is Telangana is paying us well within agreed timelines for all recent supplies. Whereas for the old due, everything that they had held back before 2024 has been paid up. There's a small due which remains for the industry that I think will also come through. It's a government machinery. There are no risks to payments. Got it. Sir, second question is for the, in P&A segment, non-ICONiQ White portfolio. You have clearly stated that you want to relaunch Officer's Choice Blue in 3Q and Sterling Reserve B7 in 4Q. If I look at last three years' performance of most of the brand other than ICONiQ White has declined by almost high teens kind of a volume tracker in that terms. What is the exact problem with all these three brands, Officer's Choice Blue, Sterling Reserve B7, and B10? I think this is a very important question you raised. We got listed in the year 2024. Prior to that, there were issues of cash flows. That is now behind all of us. After 2024, the first thing that has happened is that ICONiQ White has become the only brand to crack 10.4 million cases in a span of one year, and it has become the fastest-growing millionaire brand in the world. There is a progress that has been made. However, we have two other strong brands which have lost ground, which is B7 and B10. Let me tell you, first of all, what we are doing as a P&A segment is that I have two huge brands in the P&A segment, in the same price bracket, which is ICONiQ and Officer's Choice Blue. Officer's Choice Blue, as we speak, is getting launched with a completely new look and feel, new packaging, new communication lines, and we are hoping that this product is going to multi-cold gates here on as we expand across the country. It's already in the market of UP, and we'll soon get to know the response. As far as B7 is concerned, this product is also due for a brand reset. Most of the consumer products, after a span of time, when they have outlived their life, they go in for a new look and feel. I think this is long overdue for B7, and that's what I'm going to do this year. We have cracked a beautiful design, great packaging, great communication. During the year, which is H2 FY 2027, the product will be in the market. I think I am saying that between ICONiQ, OC Blue, and B7, we will make major advances in the market, and that's going to help the premium portfolio. Got it. Sir, third question and last question from my end is, what are your timelines to launch product, let's say, in a particular state segment or launch vodka or any other segment where you would like to fill your white spaces? Okay. I'll tell you what my white spaces that I'm going to fill up. In this year itself, in H2, is a deluxe vodka, which is in a 15-18 million case market, where the brand leader is unchallenged. It's a high contribution segment, and now ABD can make forays into this space. This will happen in H2 FY 2027. We will also come up with a premium whiskey in H2 FY 2027, which will again be a uniquely packaged product with a new concept altogether, which will promote our Indianization. I think that will be an addition to the portfolio. Both these will see the light of the day in H2 FY 2027. Okay. Thank you very much, sir. Thank you. Thank you. We take the next question from the line of Kaustubh Pawaskar from ICICI Direct. Please proceed. Yeah. Thank you for giving me the opportunity, sir. Sir, I have a couple of questions. First, in your initial commentary, you have given a guidance of around mid-teens revenue growth. In the first quarter, the growth was a little lower than what our other guidance range is. If we want to meet the guidance, or if we want to be close to the guidance, we have to perform well in the next three quarters. Now looking at your portfolio, ICONiQ is the only brand which is delivering consistent double-digit growth in terms of volumes. The rest of the brands are yet to perform. I just want to understand how we can achieve this guidance of mid-teen growth for this year, and what are your plans for the same? Thank you for your question. First of all, I want to say that in the normal course, if the geopolitical conditions were normal, I think my volume growth would not have been 6.2%, it would have been anywhere between 12%- 15%. Having said that, I would also like to mention that in the first quarter, we are not the only aberration. It is the industry. I just mentioned that ABD has registered the highest growth in premium brands by showing a growth of 11.6% in the industry against an industry growth of 3.9%. Overall, the industry grew by 1.9% in India, whereas ABD grew by 6%. We have outperformed the industry. The signs are very good. The challenge relating to the war and its impact is likely to continue in Q2, but as I said, I don't see it lasting beyond that period. The Q3 and Q4 business is bound to bounce back, and even in the previous year, we had registered growth, which was in the region of 15%-16% around that time. I think that will be a cakewalk for us at that point of time, primarily because I am coming up with the revamped packaging of OC Blue. I will get the full year benefit of ICONiQ White continued growth momentum. I will strengthen my presence of branding in Andhra Pradesh. I will strengthen my volume of Officer's Choice in Telangana and AP. Alongside, I'm planning to launch deluxe vodka and an Indian premium whisky. All these put together with the backward integration benefits is going to certainly give me the required margin expansion and the volume growth. Right, sir. Sir, my second question. You just mentioned to the previous participant question that your overdue from Telangana is around INR 400 crore. I just want to understand, out of the INR 400 crore, how much is the overdue which was there for last year or for earlier years? See, the old outstanding for last year is fully cleared. There is a policy under which, see, in the INR 400 crore, there will be a minimal amount for last year. Most of the last year's outstanding has been cleared by the government, and the new supplies are being paid on time. Right. Sir, are there any opportunities of price increase in some of your key markets in the near future? Well, you see, I have a very strong gut feel, which may be only mine and may not be with the industry. I personally feel that considering the first two quarters' margin pressure, the representations to most state governments that we have given will justify and maybe a few states, other states could also consider giving us price increases. I can see Telangana, which is in sight, and there are one or two other states. I wouldn't like to talk about it right now. Yes, there are one or two states on the cards. Thank you, sir. All the best for your quarter results. Thank you very much. Thank you. We take the next question from the line of Ishan Modi, an individual investor. Please proceed. My first question is about the guidance. You have been stating in the last conference call and this conference call also that we can go from mid-teens to high teens over the revenue over the time. In the company disclosure, it is all about the mid-teens. Why is there disconnection between the guidance and what has been stated in the company disclosure? There is actually no disconnect in the guidance. What I have said is that we had given a mid-teens guidance, which I would like to review and make it higher because of so many benefits that will come to us with new brand launches, with packaging revamp, the CapEx journey which having to become margin accretive. All that taken together, I am tempted to say that the margin expansion could happen. It will happen. My second question is about what can we expect, like there is a geopolitical situation, all this. What we can expect the FY 2027 EBITDA margin guidance from it? Also what was the ABD ARR this quarter? ABD Maestro ARR, I mean. Okay, as far as the margin guidance for FY 2027 is concerned, on EBITDA, we think that we will stick to the FY 2026 margin levels. We'll try and work out around that. The top line will also be around mid-teens by the end of the year. What is the ABD Maestro ARR revenue this quarter? ARR of ABD Maestro. Hello. Normally, ABD Maestro, we don't talk much right now because it's in the inception stage. It's too small a business compared to the overall business of ABD. We have just seeded the business last year, and this is the year when we'll try to penetrate it on distribution, establish the brands, create some awareness and communication, and trials. All right. My last question is that as of now our P&A volume growth is mainly driven by ICONiQ White, as stated by earlier analysts. We are also right now trying to relaunch other P&A brands. What I feel that as our ICONiQ base is getting increased, if let's say our play of relaunching the brands does not play out well, I think we will hit on P&A overall volume. Are we really confident that relaunching those brands will revive the volume of P&A again of those brands? Okay. First of all, I must tell you that ICONiQ has grown last year by a huge. In Q1, it has grown by 33.8%. Last year, in FY 2026, it grew by 93%. After having done 10 million+ case volume in FY 2026, I am hoping to take it to close to 15 million cases this year, 10% here or there. Alongside, I'm also launching other brands. This will, in totality, make sure that my growth numbers are protected. All right. Thank you. Thank you. That's all from my side. Thank you. We take the next question from the line of Sanjay from DAM Capital. Please proceed. Hi, sir. I have few questions. Though you have mentioned about ICONiQ White, but I believe this has become a sizable brand and the kind of growth you have achieved previously, it would be difficult to achieve those kind of a growth at this size. What is your sort of a growth driver specifically in the other existing brands? Or is there any white spaces sort of left for ICONiQ White in particular state, given the fact it's only probably one year where we have reached a pan-India basis. Is there any particular state where you think that there's an opportunity over to grow that brand? See, I think, as far as I am concerned, I feel that brand has enough headroom to grow in states like Karnataka, Telangana, and Andhra. Okay. I have just got a listing in the defense segment, CSD, which also will add to the momentum. Most important point is that, there are only three brands that are meaningful in this category. Without naming the other two, I can say that the other two brands are facing challenges according to us, which we will also capitalize on. This year, that is why I mentioned that ICONiQ will go from a level of 10.5 million cases to close to 15 million cases. We are very confident that the brand is buoyant, and with all these new channels and states that need to be strengthened, we will be able to register the volumes. Export market is also very important. We have entered 10 countries. We will expand beyond these countries. Right, sir. Secondly, on the backward integration initiatives. Firstly, what I understand, your overall ENA requirement were close to 80-odd crore liters. Is it the same number now? Has it increased with the kind of growth we have seen over the years? What is our ENA requirement now, and what is our journey sort of to take the full backward integration over the next few years? Let me explain something to you. I think the ENA capacities that we have in Maharashtra, in Telangana, and the expansion plans on ENA in Maharashtra as well, all that put together, I think for our captive utilization, we have enough capacity, and we will be able to use our own 100% capacity. However, it's a very dynamic situation. My take on ABD is that in the next three years, where I see ABD is undergoing a transformational journey of growth, the requirement may continue to grow, and I think there are enough capacities available in the country to feed us. I think I'm quite hopeful that we don't have an issue there. What you're trying to say over here is, given the fact that we have now overcapacity, probably, given the entire ethanol program, we may not require to sort of increase our own capacity, given the fact that prices are likely to remain benign. That's what I'm trying to understand. I mean, that's what I get from your answer. I'll tell you what. For the next four years, we have planned our ENA expansion plan in such a way that whatever we require will be met by our own captive sources. Okay. Understood. My last question on the ABD Maestro, because what I understand, it's not a very large business, it's a small business. If I'm not wrong, correct me if I'm wrong in my numbers, it must be somewhere around INR 50-60 crore kind of a revenue, I believe, what I understand. But is there any particular brand which is sort of more successful than the others, or where you see the more sort of growth or larger growth or sort of becoming breakeven first? Is there any particular brand which is probably doing better than the others? I think, if you look at it. Give me a second. I like to answer this question because it's about premiumization. Woodburns is a brand that I think has a lot of future. Arthaus, blended malt scotches, it has got a future. I think these two brands I'm betting on. While Yello has joined the gang, I think it has started showing great responses. Zoya Gin in its category, I am finding is really doing well, and this could become a serious contender to the market leader in the luxury gin. I think there are some very good brands in the form of Woodburns, Zoya, Yello, the whiskey, RANGEELA vodka. Arthaus, scotch whiskey. All these are some very good brands which we will continue to seed and grow them slowly in the market. We don't want to go very aggressive because that's when the brands start getting discounted. We will not do that and be cautious. Right, sir. That's all from my side, sir. Thank you very much, and all the best. Thank you. Thank you. Thank you. A reminder to the participants, in order to ask a question, you may press star and one on your touchtone telephone. Participant, in order to ask a question, press star and one now. Ladies and gentlemen, due to time constraints, we take that as the last question for the day and would now like to hand the conference over to the management for closing comments. Gentlemen, thank you for your time today. We enjoyed the set of questions that you asked. I can give you this confidence that ABD is on a transformational growth journey for the next three years. The company is buoyant. It has an optimistic outcome for the future. With your support, our distributors, our partners, our promoters, I think there are good times ahead. Thank you very much once again. Thank you. On behalf of Antique Stock Broking Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.