Ladies and gentlemen, good day and welcome to the AWL Agri Business Limited Q3 FY 2026 earnings conference call hosted by ICICI Securities 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 0 on your touch-tone phone. I now hand the conference over to Mr. Ashutosh Joytiraditya from ICICI Securities Limited. Thank you, and over to you, sir. Thank you, Rituja. Hello and good afternoon, everyone present on the call. I, on behalf of ICICI Securities, welcome you on AWL Agri Business Limited's Q3 FY 2026 earnings call. I would like to thank the management for giving this opportunity of hosting the call. From the management, we have Mr. Angshu Mallick, Executive Deputy Chairman, Mr. Shrikant Kanhere, MD and CEO, Mr. Saumin Sheth, Executive Director and Chief Operating Officer, and Mr. Pankaj Goyal, the interim CFO. I now hand the call over to the management for any opening remarks. Thank you. Thank you, and good evening, everyone. Thank you again for joining this call. I will begin with a brief overview on the operating environment, followed by our Q3 performance and the key business updates. During the quarter, operating environment remained mixed, with a heightened volatility in sunflower oil following the intensification of the Ukraine conflict, even as Russia emerged as the largest supplier to India. Edible oil prices, more or less, remained largely range-bound, with grammage-led value offerings continuing across the industry. We also saw oil-led Indonesia delaying the B50 mandate and a continued availability of cheaper soya imports under the SAFTA route into India, shaping overall market dynamics. Edible oil imports have remained broadly flattish over the past two oil years now, close to 16 million tons in both the years. During the current year, imports across all three major oils—palm, soya, and sunflower—were lower compared to last year, indicating measured consumption and inventory discipline. Sunflower continued to trade at a premium over soya and palm during the quarter, and at the same time, the price gap between the soya and palm widened meaningfully, influencing customers' choice and a portfolio mix across the categories. Finally, we are seeing the chart which usually we used to see a couple of years back, where sunflower was sitting on the top of the table, followed by soya and finally palm. On the wheat side, this year, the wheat prices, more or less, remained range-bound, between the range of INR 27-INR 27.5 to INR 28.5-INR 29 a kg, a flattish kind of price trend that we have observed. This essentially puts players like us into a disadvantageous position who procure a significant amount of wheat during the harvest. And of course, it puts into an advantageous position for all the smaller and repackers who normally work on a replacement basis. On the results snapshot for the Q3 FY 2026, against this backdrop, Q3 FY 2026 overall volume grew by 3% year-on-year, while revenue increased by 10%. Profitability during the quarter was in line with the management estimates, reflecting disciplined execution in a stable pricing environment. Our core brands continued to perform well, with Fortune Oil's-Fortune brand, rather, I would say-and Food, delivering a very healthy growth of 13% year-on-year. Kohinoor, which we acquired in May 2022, registered a strong growth of 32%, while King's, which is now the second-largest brand in India, oil and food together grew by close to 7% year-on-year. Growth was broad-based across the channels, but the alternate channel and Horeca, plus the branded exports, delivered even stronger momentum. On the P&L, on a standalone basis, volume grew by 2% during the quarter, with a revenue growth of 8%. On a per-ton basis, that is what we always suggest to look at our profitability metrics. Both the gross profit as well as the EBITDA remained in line with our stated management estimates. On a consolidated basis, volumes grew by 3% year-on-year, with a revenue growth of 10%. The difference between standalone and consolidated profitability reflects improving performance of our Bangladesh subsidiary and a consolidation of GD Foods and Omkar Chemicals, both of which are scaling up well. On quarterly gross profit trends and EBITDA trends, we are delivering strong improvements in the gross profit and EBITDA per ton as compared to the previous quarters. This reflects better operating leverage, product mix, and a sustained cost discipline. On the business updates at a company level, volumes grew by 3%, led by oils, with food remaining broadly flat, excluding G2G sales that we had last year. Industry essentials declined due to challenging macros in castor, while Oleo continued to scale steadily. Our last 12-month EBITDA now is close to INR 2,200 crores, and the Q3 EBITDA stood at INR 637 crores. Consistently, we are delivering an EBITDA of 600+ crores quarter after quarter. Alternate channels for us continued to scale very rapidly, with last 12-month revenue from this only channel close to INR 4,800 crores now. The demand environment remained moderately challenging, though the offtake improved in the second half of the quarter. Edible oil volumes grew by 8%, with broad-based growth across categories and double-digit growth in mustard. Market share improved sequentially on a quarterly basis, supported by high marketing intensity and continued grammage play that we saw across the industry. On food volumes, we were impacted by pricing action in the wheat and flat G2G sales. However, our domestic branded rice business delivered robust and sequentially improving growth. We maintained market share in wheat flour and saw meaningful improvement in the Basmati rice market share. Now, Basmati rice market share is now, on a math basis, actually crossed 11.9%. Products other than rice and wheat continued to grow in a strong double-digit and now contribute to 30% of the food or FMCG volume. These products are basically sugar, nuggets, pohas, suji rava, maida, and other products, which constitute now 30% and are growing in a double-digit. On the industry essentials front, volumes were impacted by macro challenges in castor, while Oleo volumes are flattish. Oleo contributes about 30% of the segment and continues to deliver high single-digit margins. We are steadily diversifying into specialty chemicals, which now contribute close to 7-8% of our Oleo volumes and offer higher margin potentials. On GD Foods, which we acquired this year in April 2025, the business delivered a revenue growth of 15% with underlying volume growth of 18%. Material margins stood at healthy 54%, and distribution expenses remained the key focus. Alternate channels grew sharply for this particular business, as GD is increasingly leveraging AWL's distribution and infrastructure plus bundled offer along with the AWL products. Our priorities for GD Foods include accelerating distribution expansion, leveraging AWL's infrastructure, and scaling channels beyond general trade. We are also focused on driving growth in tail-end products to broaden the portfolio and improve overall throughput. On brand investment, we are consistently investing in this. We stepped up brand investment during the quarter with multiple new advertising campaigns launched across the region. These investments are aimed at strengthening brand salience and supporting medium-term growth across the categories. As far as the distribution is concerned, now we reach close to 950,000 outlets across the country directly. Rural distribution has scaled up to over 60,000 towns now, and we are now focused on improving throughput and distribution efficiency. Alternate channel remains one of the core focus areas for us, as this is the channel of the future and growing very fast. Alternate channels continue their strong momentum this quarter also, with volume growing by 42% year-on-year. Quick commerce now accounts for close to 30% of our overall alternate channel volumes, and we continue to invest behind this channel given its growth potential. Quick commerce volume grew by a robust 65% year-on-year during the quarter. Our brand strength is clearly reflected in the market leadership across the categories, with strong shares in oil, soya nuggets, besan, sugar, and maida. We continue to invest in expanding our meaningful portfolio and, therefore, in that direction, in the health and convenience portfolio. We launched Fortune Multigrain Atta during this quarter, and the initial feedback is quite positive on the product. Our value-added and convenience offerings across oils and food are also steadily scaling, as we plan to expand this portfolio further in the coming quarters. With this, I think I am done with the initial thoughts about the performance of the company for the quarter. And now I hand over the call to the Chorus Call team to open the lines for Q&A. And me, along with Mr. Mallick and Saumin and Pankaj, are here and happy to take questions from the participants. Over to 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 the touch-tone 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. First question is from the line of Sanjay Shah from KSA Securities Pvt Ltd. Please go ahead. Yeah. Good evening, gentlemen, and thanks for the opportunity. Sir, your guidance regarding your guidance for 3,500-3,000 EBITDA per ton as a sustainable so now, in the stressed commodity cycle, what are the biggest levers where you can use to protect these numbers? See, actually, the levers are basically more to do with the proper risk management that we follow. I mean, in a sense, the guidance that we give of INR 3,500-3,600 is based on all the risk management that we have put in. This is generally what we have been able to deliver. Given the fact that our positions are not speculative in nature, and therefore, we and that is the basis at which we are giving this estimate of INR 3,500-3,600. Generally, we have not seen these per ton margins going down below this, even in very strong bearish or volatile trends. Sir, in the food business, we have become now EBITDA positive. What margin band should we expect when the scale and when this business grows meaningfully? See, this business to actually deliver meaningful EBITDA, I think we will still have to allow some more time to this business. As we have said earlier, we took some pricing correction this year, and therefore, we are EBITDA positive. But however, having said that, this business will still remain in an investment phase or a growth phase as we go forward. For meaningful EBITDA margins, I think we will have to wait for another two to three years where it will start delivering. And as we have been saying earlier also, the food has got a better margin profile than edible oil. And what we have seen in our competition, the EBITDA margins anywhere between 5%-6% or a little over 6%-7% are something which we can look at for the food. However, having said that, as I said earlier, this business, for at least some time in the next 2-3 years, will still remain in an investment phase. My last question is regarding GD Foods. As we have done 54% material margin, how much of these margins' advantage can we retain as volume scale using AWL distribution channels? No, so I think we have already retained these margins. In fact, when we took over GD Foods, the material margins were actually in the range of 50% kind of margins. Actually, while scaling up the business, we have been able to retain these margins. So it's not, so we don't want to grow by being aggressive on the pricing in the market. Rather, we want to leverage the AWL distribution. That is what we are doing. So to answer your question straight, I think we will maintain these margin levels but will be able to showcase growth just by leveraging the AWL distribution. That's good. So thank you very much, and very helpful to understand. Thank you. Thank you. Participants who wish to ask a question, please press star and one now. The next question is from the line of Harit Kapoor from Investec. Please go ahead. Yeah. Hi. Good evening. I had a few questions. So the first was on this soya, palm, sun kind of pricing situation. It seems like things are a little bit normalized. Your volume growth is also back. Just wanted to get a sense of how you are kind of thinking about the macro context on the edible oil prices. You have a strong team who kind of works around this. And how, in turn, could that kind of affect the overall volume growth? Maybe a near to medium term would be helpful. This is your understanding. See, one is that we have been in all the categories of oil that we work. So as a brand or as a company, we are present in all the oils. So whenever there is an escalation in the price of one particular oil, say sunflower oil, then soya oil is there with us, or mustard oil, or palm oil to back up the volume. So if you see the growth that is happening, it's an all-round growth which we are doing. In all the oils, the growth has come from mustard oil. It has come from soya oil. It has come from sun oil also. Overall, price-wise, there has been some escalation in prices of particularly sun oil because of the tightness in the market, in the supply chain. But otherwise, palm oil and soya have been range-bound, so it has helped us to grow the volume. Going forward, we are confident that with the brand and with the type of distribution that we are expanding, it's possible for us to continue with the volume growth. Your mention about the smaller grammages, market moving to 750 grams. So what's happening here? Why the movement downwards? Is it a price thing? Is it affordability driving up affordability? Is it competitive intensity? If you could give some color on what's happening in the market as you're moving down SKUs. See, among all the food products, if you see last year versus this year, edible oil prices are almost 20% higher. So what happened is with the inflation pressure, at least three, four months back or a year back, the pressure on prices was huge. So what happened was when the packaging order law changed that you can have any grammage, as long as you mentioned the same. So competition started reducing the weight so as to reduce the price. And it started from 10 grams to, say, 900, and then 850, then 800, then 750. Now, at 750, it is almost stable at 750, and all the competitors are at 750 levels. This is only to reduce the price and create affordability. And I'm sure if the edible oil prices remain stable or calm, the grammage might go up, and it is possible. But in the case of mustard oil, we have seen there is no grammage cut. This is mainly in palm oil and soya oil. We have seen that. Even in sunflower oil, we have seen grammage cut. Got it. Got it. And if you look at EBITDA per ton this quarter for edible oil, actually very healthy, if you add back the derivative gain. So is there something where we can apart from what's sitting in the other income, which is the derivative gain, can we also assume that because of the way the prices did move up, there would have been some kind of mark-to-market positive gains on commodity as well in this quarter on edible oil? Ex the derivative, ex the forex bit. Yeah. Yeah. No, that's fine. I think very perfect, I mean, right question to ask. When you look at our numbers, I think and this is we have been saying this for quite some time, is looking at a quarter number is not the actually right way of looking at it. In our scheme of the things, since we plan everything for 90 days, given the fact that we are quite a big operator dealing in more than 3.5 million tons of oil, our planning cycle goes beyond 90 days. And therefore, when you plan it in such a way, you always have an overlap of some M to M between the quarters. And therefore, if you really look at a six-month level or a yearly level, is there something which gives you a right number? So always, you have either some overlapping shifting from previous quarter to this quarter or something getting shifting from this quarter to the next quarter. That's the only reason. Therefore, we say that on a guidance level, you should be working on anywhere between INR 3,600-INR 4,000 a ton, and that we should be able to deliver. Got it. Right. And the last question was on FMCG. So we've seen this kind of muted situation on the volume side, but now we are actually seeing your sequential market share is also kind of improving in the higher growth categories, in the branded categories. Just wanted to get your sense on when do we start to see an ex G to G, which is now pretty much not in the base also, when do we start to see an acceleration in volume growths in food and FMCG? I mean, what is your kind of thought process outlook there? Yeah. On food and FMCG, when you see and you break down all the products, you will find that except for non-Basmati rice and chakki atta, all our food products have shown a very healthy growth. In some of the products, it's 20%+, whether it is sugar or Poha or Maida, Suji, Rava, dal, besan, even Basmati rice. As you see, Basmati rice also, market share has improved substantially. Now, what has happened in non-Basmati rice is that we have done some consolidation internally. Last year, we expanded rapidly, but then we found that non-Basmati rice needs to be understood well at each geography. And so we consolidated it. And then again, we are now getting back into the action after our learnings how to get the business well-structured. That is one. And you will see going forward that our non-Basmati business is giving us volumes. That is one. Two is that chakki atta, as said in the presentation, that wheat prices did not increase. As a result, we did not get the carry cost as every year we would get if we stored the wheat. We generally stored the wheat for 6-8 months only to ensure that the quality remains consistent throughout the year. Now, local players have the advantage that they work on hand-to-mouth inventory. Obviously, they could buy the wheat at a cheaper price and be much more competitive. That is why we did not grow much in both non-Basmati rice and chakki atta. These are two big portfolios in the food. Had we had grown there even 10%, the overall food basket would have grown by 15% or so. We are confident that going forward, things would be better. As we see now, January also, we have seen both non-Basmati rice and chakki atta have started showing better results. New crop is awaited anytime. From March, we will get the new crop of wheat. Non-Basmati rice will be better. The conference is now being recorded. The conference is now being recorded. Things are a little bit better. Got it. Last question, if I may, your outlook on the prices for wheat and rice, given that new crop is likely to come in soon, prices haven't moved up much, as you rightly mentioned. Is there a, even if one could guess for the next six, 12 months, is there a stable price outlook right now? Is that how you're thinking about it for both these commodities? I think the non-Basmati crop has been very good this year. I think it is one of the highest production of paddy, outpacing even China to become number one. The prices are very affordable, stable. Anything at INR 38-INR 40 rupees, you get today, Sona Masoori, at the mill level, ex-mill level, is a very good price, affordable price. Wheat also, if you see, the production is going to be very good, better than last year. That is because very good monsoon and a couple of weeks so far, the weather conditions are very good. So wheat production also will be higher than last year, which makes both the commodities as very, very stable prices. When there are stable prices, obviously, the brands have advantage. Very nice. Come back for more. Thank you. Wish you all the best. Thank you. The next question is from the line of Dhiraj Mistry from ICICI Securities. Please go ahead. Yeah. Hi, sir. Good evening, sir. Sir, first question is regarding edible oil. So last quarter, you highlighted that there is a soya oil import from Nepal, which is particularly impacting our business in the north part of the region. What's the status on that now? See, Nepal exports only soya oil. And that also in consumer pack, what is the under-sector, they can do that. And most of the market they penetrate are Bengal, Bihar, UP, Jharkhand. These are four big markets where AWL has over 50% market share in soya oil. So it has surely impacted earlier. But slowly, what we are finding that with competitive prices and palm oil becoming cheaper, so that is fighting against the imported soya oil from Nepal. So Nepal influx has reduced by almost 30%-40%. At its high, it was almost 200,000 tons per quarter. Now, it has come down to roughly around 125,000 tons per quarter. So it has reduced. Not that it has become zero, but the impact has surely come down. And that is why you see our market share also seen improving in Q3. Okay. Okay. And sir, second is on foods business. So our aspiration of INR 10,000 crore, which was there earlier for FY27, where are we in terms of you would expect any delay in terms of achieving that INR 10,000 crore of top line? Yeah. I think, see, so this INR 10,000 crore estimate that we gave, of course, bases the kind of growth that we saw on the food side in FY 2023, 2024, and 2025. 2026 was flattish for us, and I think we spelled out the reasons why it was flattish. As we go forward in 2027, I don't think we will have any such reasons which we had this year will be there. Having said that, I think if meaningfully GD Foods also contributes to it along with a couple of more interventions that we are going to take, I think we if not 10,000, I think we would be in a striking distance that we are trying to work out. Yes. But FY 2027, INR 10,000 crore seems to be now kind of number which we may not be able to achieve. Maybe it may go up to FY 2028, but we would suddenly be into a striking distance of this number. Got it. Got it. And sir, in foods business, we have seen a lot of innovation where there's a new product launches has been quite aggressive in a way. What would be the contribution of NPD to the overall growth of FMCG and foods in our portfolio? See, in our portfolio, we have not been very aggressive in ready-to-eat because only ready-to-cook we have gone into, in which we have these biryani kits of different varieties. We have double-roasted suji that we have put. We also put Xpert functional oils, which have started doing well. So these are some of the NPD products which have done well. But as a percentage, it may not sound very big because our general staples business is quite large. In edible oil, obviously, if you look at our total volume, it's very large. So these all put together, NPD will be roughly around INR 500 crores or something in that range. No. Got it. I was asking that NPD contribution to the foods and FMCG. Yeah. But INR 500 crore, I can reverse calculate. And it would be safe to assume that all this NPD would be more of a margin accretive for you compared to the existing portfolio of FMCG and foods? Yes. Surely. The margins are higher. The only thing is that in the beginning, you need to invest in some of the brand building or promotion or creating some consumer connect. That cost, if you take it out, then surely it has much, much higher margin. If you take our Xpert oil, say immunity oil, this oil gives us at least 3 x more margin than the normal. These are new oil which you need to advertise or you need to inform consumers in any way. We have now cold-press oil. We have just launched cold-press oil. We have Pehli Dhaar as first press. Now, I have introduced cold-press mustard oil. We are working on cold-press groundnut oil. We have multigrain atta. We have just launched multigrain atta. We are working on high-protein atta. There are a few more products on which we are closing very fast. Got it. Got it. Sorry if I missed, but if I look at only foods and FMCG business, what would be the? Your passcode has been confirmed. Please wait while you are joined to the conference. Business, 25% business comes from alternate channel, 75% comes from your general trade. These are at all India level. Now, when you go to different towns, say rural, there isn't any alternate channel. Everything is general trade. But rest in towns, when you go, you have different alternate channel doing well. Now, modern trade has been growing at around 15%-20%. But quick commerce is the fastest, growing at around 65%. And e-commerce is growing at around 45%. Overall, overall, the alternate channel has been doing much better. And you can say around 35%-40% is the average growth rate of alternate channel versus 5%-8% in general trade. And in some of the towns, when you go further breakup, whether you take Bangalore, Pune, Mumbai, NCR, you will find food and staples business, 50% comes from alternate channel. Got it. Sir, on profitability and market share, can you comment on for this alternate channel? E-commerce gives us slightly more. Modern Trade also gives us more than General Trade for the simple reason that we don't employ or deploy a lot of people in the trade or in the thing. Distributors are not there. Most of it is direct dealing with the clients. So we supply directly to Reliance or DMart or anybody. So that saves us one cost, as well as the manpower cost is less, delivery at one point. So these are all some of the savings that you get. Overall, alternate channel gives us better margin than General Trade. Got it. Sir, last question from my end. Can you give some color in terms of demand? Let's say, what on-ground demand environment do you see, be it in terms of geography-wise, north, east, west, south, or in terms of rural versus urban? And is there any pickup you have been seeing or what your analysis has been that how the FY 2027 would pan out in that terms? Thank you. Okay. Good question, huh? See, first is that first half was very dull. Both rural and urban was dull. Q3 onwards, October onwards, we started seeing some uptick in consumption, both rural and urban. Now, OND normally is a good consumption month because all festivals, Dussehra, Diwali, and then marriage season, and then overall, up to Christmas and New Year, the market is always good. So OND is good for all. But 15th November onwards, we found that rural market started giving us much more consumption. And there was a demand that we could see clearly. And this demand continues even till today. Urban markets, I would say, tier two and tier three towns showed very good results and very good demand, which also continues till today. Only the pressure remains in the metro cities where possibly the stress is still there, and alternate channel is taking some business away from the general trade. So that is the possible thing. Otherwise, the demand is up. Going forward, what we feel is that with the prices stable, market mood sentiments are positive. Agri production is increasing. Overall, overall, the consumption mood is much better. And staples, normally, people come a little later on buying bigger quantity. They first buy other products. But once they now see that rice, wheat, flour, sugar, and all these prices are stable, consumption starts growing. We are looking at at least single-digit growth in edible oil and double-digit in food going forward. That is what indicates gives indications are like that from the market. Thank you. Thank you very much. That's it from my side. Thank you. Participants who wish to ask a question, please press star and one. The next question is from the line of Ashutosh Joytiraditya from ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity, sir. My question is on the foods business. Given the aggression that you have on the food business, is the company looking for any other opportunities as well as maybe the? I'm sorry to interrupt you, Ashutosh, but we are unable to hear you so clearly. Your voice is breaking. Can you please check? Hello. Am I audible? Yes. Please go ahead. Yeah. My question was on the foods business. Given the aggression which you have, are you looking for any inorganic opportunity as well in the particular foods segment? Also, if you could just elaborate more on the initiatives that you are taking to grow the overall foods business. See, as far as the inorganic opportunity or inorganic route to grow the business, I would only say that as a company, we keep evaluating a lot of proposals which comes on our table. And that's a continuous process that keeps going on. I would not comment anything whether the opportunity is there today, yes or no. But I think, yes, as a process, we continue to look out for such kind of any opportunity that comes into. And if it fits into our valuation and it fits into our bill, we certainly do it as we did in the past. We acquired Kohinoor and then GD Foods. And of course, in oleochemicals, we acquired Omkar Chemical. So that always will be there. As far as the various initiatives are concerned to expand the food business, of course, we would be a little bit aggressive as we go forward on some of the product lines like wheat, flour, and rice. And of course, the big work that needs to be done, of course, even on the distribution side. So while we say that we are leveraging oil distribution, but answer is, are we there in terms of fully leveraging oil distribution, yes or no? I think the work is still in process. So the big initiative that we would be taking is on the distribution side, number one. And number two, given the encouraging results on the quick commerce and alternate channel, we would be spending quite a big focus and big efforts on this particular channel because this has given us quite a significant growth along with a good market share. These are the two things we will continue to do particularly for the food. Okay. Okay. Sure, sir. And sir, you have highlighted just now to the earlier participant that Q3, the demand has been good. But in general, is there any downtrading kind of trend which you've seen, particularly in the edible oil portfolio? Any movement from Fortune to maybe Bulk or regional players, something like that? No. No. In fact, we are finding people are coming back to Fortune. Growth of Fortune is higher than our second brand. That can be very clearly seen because Nielsen is also catching the same thing. We have seen our brand, Fortune, doing better. If you see our All India Fortune share has increased, and that's an indication that consumers are, one, getting back into consumption. Two, they are getting back into their preferred brands. That is possibly because weight reduction was done to ensure that the affordability remains of the brand. That is why consumption of Fortune is higher than our second brand, King's. Okay. Okay. And one last thing, sir. So on this U.S. tariff, so would the company see any better opportunity for expansion for this oleochemical exports? Anything on that? See, I think the deal has just been announced. It's not been even 24 hours. I think details will be soon out. We have not yet seen exactly what and how part of the deal. But yes, certainly, on a branded export side, we will certainly get benefited because till now, the branded exports were attracting more than 50% of tariff, which now come down to 18%. And the oleo and other things and the bean oil, and there are a lot of discussions going around what will happen, whether India will import bean oil from U.S., yes or no. I think once the details are out only, then anyone can be able to comment on it. Okay. Okay. Sure, sir. That's all from my side. Thank you, sir. Thank you. Ladies and gentlemen, this was the last question for today. I now hand the conference over to management for closing comments. Yeah. Thank you once again for all the participants for joining the call. And if you wish to ask any further questions, any queries, you can certainly reach out to our investor relationship team through an email, and we will certainly see to it that your queries get answered. Thank you very much again. Thank you, everyone. Thank you. Ladies and gentlemen, on behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.