Ladies and gentlemen, good day, and welcome to Barbeque Nation Hospitality Limited, Q2 FY24 earnings conference call hosted by Ambit Capital. 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 over the conference to Mr. Viraj Sanghvi from Ambit Capital. Thank you, and over to you, Mr. Viraj Sanghvi. Thanks, Malcolm. Good evening, everyone. Welcome to the Q2 FY24 earnings conference call of Barbeque Nation Hospitality Limited. From the management, we have with us Mr. Kayum Dhanani, Managing Director; Mr. Rahul Agrawal, CEO and Whole Time Director; Mr. Amit Betala, CFO; Mr. Bijay Sharma, Head of Investor Relations. Before we begin the presentation, I would like to remind you that some of the statements made in this conference call by the company may be forward-looking in nature and may involve risk and uncertainty. Kindly refer to the earnings presentation for a detailed disclaimer. I now hand over the conference to Mr. Kayum Dhanani. Thank you, and over to you, sir. Thank you. A very good evening, ladies and gentlemen. I take the pleasure in welcoming you to q uarter two FY 2024 conference call of Barbeque Nation. While the demand environment continues to remain challenging, we see improvement on sequential basis, specifically versus the lows of quarter four, FY 2023. During the H1 FY 2024, our operating revenues were flat at INR 626 crore. Operating revenues declined by 2.8% in quarter two FY 2024 due to the impact of increased number of vegetarian days in the second quarter. This specifically impacted dine-in demand in our business as compared to the previous years. Our dine-in revenues were lower by 5% during the quarter and lower by 2% during H1. Our delivery revenue remained strong, with a growth of 11% during the quarter and 12% during H1 FY 2024. During the quarter, we opened four new restaurants, which included two restaurants in Barbeque Nation, India, one in Toscano, and one in Barbeque Nation in international business. We closed four restaurants during the period, resulting in the net network of 212 restaurants. In our core Barbeque Nation India business, our focus during the year has been to increase capacity utilization rather than addition of new stores. We were focused on rationalizing the existing network through market consolidation in few trade areas and existing few underperforming Tier 2 and Tier 3 markets. We also launched our first Fiesta restaurant in Kolkata, which has seen encouraging initial response. Our Toscano business has grown at 20% versus the previous year with a strong operating margin. Similarly, our Barbeque Nation international business also continues to do well with over 25% year-on-year revenue growth and a strong operating margins. In October 2023, we also completed the acquisition of 53% stake in Blue Planet Foods, which operates a la carte pan-Indian cuisine restaurants under the brand name of Salt. The customer segment catered by the brand is similar to Toscano, and we believe both brands will complement each other well. We believe that the demand environment has bottomed out, which is evident from the sequential improvement that we experienced in Q1. Also, our revenue run rate per outlet in Q2 this year was better than in Q4 FY 2023, which is a seasonal stronger quarter. Our medium to long term growth now remains intact. We remain focused on driving SSSG growth for Barbeque Nation India business and expansion-led growth for other businesses. Moreover, the launch of Fiesta and acquisition of Salt has resulted in the additional levers of growth for us in the near term. Our focus is on network rationalization, and therefore, our pace of network expansion will remain slow. Our portfolio rationalization initiatives will be completed by end of the year, and we anticipate an increase in our network expansion pace by early next year. For the last five years, we have diversified from a single brand-focused food service company to a diversified food service company with a strong and scalable brand across all you can eat, à la carte, and delivery segment. We endeavor to grow each of these brands to reach sizable scale, which is reflecting of the India growth story. With this, now I hand over to Rahul to take you through the performance during the year. Thank you very much. Over to you, Rahul. Thank you, Kayum. Good evening, everyone. The company delivered an operating revenue of INR 626 crore in H1 2024, and INR 302 crore in quarter two FY 2024. As compared to the previous year, the operating revenues were flat in H1 and registered a decline of 2.8% during quarter two. Our dine-in revenue for the quarter declined by 4.9% to INR 258 crore. Our delivery revenue recorded a strong year-on-year growth of 11.3% to reach INR 44 crore. Delivery sales accounted for 14.5% of the total revenue during the quarter. Same-store sales growth for the quarter was negative 10.7% compared to last year, predominantly due to high number of vegetarian days during the quarter compared to the previous year. During the four months of July to October, around 76% of the period, as against normally 50%, was spread over days where non-veg consumption is not preferred in India. Mature restaurant portfolio reported an annualized revenue per restaurant of INR 6.1 crore during the quarter, with a restaurant operating margin of 13.3%. We noticed same-store sales were decline in this portfolio. New restaurant portfolio reported an annualized revenue per restaurant of INR 4.7 crore, with restaurant operating margins of 5%. With increase in average aging of new restaurant, the revenue run rate and operating margins of this portfolio improved on year-on-year basis. Gross margin for the quarter was 65.9%, an improvement of 200 basis points on sequential basis, and it was in line with our historical trends. Consolidated reported EBITDA for the period was INR 48.6 crore with margin of 16.1%. Our Pre-Ind AS adjusted EBITDA for the period was INR 17.7 crore with a margin of 5.9%. The EBITDA margins remained relatively flat compared to quarter one FY 2024, despite around 7% sequential decline in operating revenues. We were able to restrict the impact of operating deleverage and retain our margins due to improvement in gross margins, portfolio rationalization, and various cost control initiatives undertaken over last few quarters. Our restaurant network as of September 30th, 2023, stood at 212 restaurants. This included 188 Barbeque Nation India restaurants, eight Barbeque Nation International restaurants, and 16 restaurants of Toscano. During the quarter, we added four new restaurants, which included two Barbeque Nation restaurants in India, one Toscano, and one Barbeque Nation International. We also closed four restaurants during the quarter. Over the last two quarters, we have calibrated store expansion in our Barbeque Nation India business, and we are focused on increasing capacity utilization of existing stores. We focused on rationalizing existing portfolio through market consolidation and exiting few unprofitable Tier 2, Tier 3 markets. Over the period of last 12 months, we have consolidated some of our mature trade areas and closed 12 restaurants in these trade areas. While overall revenues have shrunk due to closure of these restaurants, our overall restaurant operating margins increased by upwards of 10 percentage points, and remaining restaurants also registered encouraging same-store sales growth. The absolute operating profit has also been higher in these trade areas. Similarly, over the past one year, we have cumulatively exited seven restaurants in Tier 2, Tier 3 markets. We continue to operate 50 restaurants in Tier 2, Tier 3 markets and have noticed improved performance in overall portfolio. We have another six restaurants under watch in our network rationalization plan, and we may decide to exit these in H2. This brings us to the end of our network rationalization plan. During the quarter, we launched our first Fiesta restaurant in Kolkata. Fiesta is a multi-cuisine, all-you-can-eat format with a vibrant and youthful interiors. The brand retains the core attributes of Barbeque Nation through its focus on value, experience and service. The network rationalization strategy, coupled with cost control measures, has helped us to retain our margins sequentially, despite being a seasonally weak quarter. We anticipate the benefits of these initiatives to further enhance our margins in the coming seasonally stronger quarters. We also continue to invest in enhancing guest experience through community developments as well as restaurant upgrades. During the first half, we have completely renovated four of our existing restaurants, relocated two restaurants in the same trade area, and also undertook minor refurbishment across 10 of our restaurants. The performance of Toscano remains strong, with year-on-year revenue growth of over 20% in quarter two FY 2024. During the year, we have already added two new stores to the portfolio and three stores are in pipeline, which are expected to launch this fiscal year. In our Toscano business, the focus would be expansion-led growth, coupled with maintaining same-store sales growth. International business also continued its strong performance with year-on-year revenue growth of over 25%. During the year, we have added two new restaurants in the portfolio. Our focus would be to enhance capacity utilization of these newly opened restaurants and ensure that they reach their optimal levels faster. Delivery business continued to grow both on year-on-year and sequential basis. Growth in our delivery vertical was driven by volume growth for BBQ, coupled with increased penetration of our biryani brand, Dum Safar. We have also added an additional lever of growth by acquisition of brand Salt. It currently operates six restaurants, and another two are under construction, which are expected to launch during this fiscal. The focus for this brand would be expansion-led growth, along with maintaining same-store sales growth for existing assets. Going ahead, we remain cautiously optimistic that various initiatives undertaken by us, coupled with upcoming seasonally strong quarters, will help deliver strong growth and improve our margins. Thank you. With this, we can open the session for Q&A. 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. The first question is from the line of Harit Kapoor from Investec. Please go ahead. Yeah. Hi, good evening. I just had two or three questions. The first thing was on the store expansion. So, Rahul, if I look at, you know, you're going from 212 to 220 and probably closing five or six also in the process, that would be like a 14 store addition and, you know, with three or four being non-BBQ, probably eight-10 kind of stores in BBQ for the first for the second half. Assuming that, you know, next year we don't have any closures because you'd be done with it by then, would that be a gross run rate to look at, like a 20-odd store expansion, or is it still too early to kind of finalize FY 2025 plan? So, thank you, Harit, for this. So I'll tell you, when we say 220 by end of the year, we also include Salt, that we start consolidating in our numbers from quarter three onwards, which is fixed restaurant, currently. Like we mentioned, today we have around four brands that we can grow. Toscano will have around three. International, we don't have any pipeline currently. Salt again will have another three. And in Barbeque Nation, we have around five restaurants, you know, under construction, under pipeline. But, you know, all these put together, including some closures, we expect the network to be around 220 by end of the year. Next year, again, I think my guess is we will be in a range of between 25-35 restaurants, which will be a mix across all these four brands, which is Barbeque Nation, Fiesta, Toscano and Salt. Got it. Thank you. The second question is on Fiesta. So if you could just kind of explain what kind of, you know, customer set are you looking at? What, what, why you felt that there is another need of a all-you-can-eat kind of a format? You know, and is it just the fact that, you know, this is a lower price point? You know, did you feel there was a kind of a ASP issue at Barbeque and that you could use to another price point? Just if you could just give some thoughts on, you know, why Fiesta? Yeah. So, you know, I think, we are just capturing the food services market and specifically all-you-can-eat food services market at a different price point. This is, there's some difference in cuisine. Barbeque Nation cuisine is more tilted towards, you know, high protein items, like seafood, prawns, and also North Indian cuisine. This is, pretty much multi-cuisine, which addresses a different segment. We don't have live grill on the table, which also reduces the cost of CapEx in this segment, as of now. We, you know, the menus are being also suited to give a different option to the, to the same Barbeque Nation customers or also look at opportunities to grow in some of the Tier 1 and metro markets that we are in. So, the response from the first Fiesta store for two months has been very encouraging. We'll wait for maybe, you know, a couple of quarters to look at how this unfolds and then can take it forward. But currently, we are also in the process of looking at opening two Fiesta this year. Got it. And the third, you know, question was on the demand side. So you did mention obviously, you know, this has been a unique year, you know, where, you know, where some of those days have been lower. I would understand that even October would have been challenging. So, anything to suggest that, you know, the maybe the second half of October or early November, has seen an improvement, you know, in growth? Because I think you've not had more than two weeks of data to kind of talk about it, but just wanted to get your sense on it. So you're right. So, the two weeks data and, during the Shradh and Navaratra, which is again the same days, I know the business was slow, but post that, two weeks have been very good. But, I would not jump to make any conclusion in such a short time frame. I think, we should, we should wait for maybe November to go and see how, how this, this improves. But just to answer this, these two weeks have been, have been good for us. Right. And, and, you know, you know, basis, you know, what you've seen in terms of, you know, seasonality. Last question is on the margin side. So, would, would it be fair to assume that given the y ou know, you've shut down these stores, and I think that's driven you at least maintaining sequential margins, versus, in spite of a lower, lower growth. With, with the shutting down of stores or the mix would have been the key factor driving it? So yes, one is that, and also, improvement in the gross margins. And there are some cost initiatives that we have taken, both at the front end and the back end level. So it's a mix of all three. And you know, if you look at the history of our company, quarter two has been you know, one of the lowest margin periods for us. But you know, if you look at over a period of last three quarters, maintaining those margins and in fact, gradual margin increase on this, is very encouraging for us. Got it. I have some more, I'll come back. Thank you. Okay. Thank you, Harit. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Harsh Shah from Dimensional Securities. Please go ahead. Hi. Good evening, sir. My first question is on gross margin. Was it aided by lower cost of supplies or, it has to do something with, better realization? And a follow-up would be, what would be the trend in realization going ahead? I believe the discounts had pulled our realization quite a bit in the last quarters. So what is the trend we are expecting from here on? It is both. The bigger one is increase in realization. So if you remember in quarter one, we had done some aggressive promotions, which have reduced our gross margin, and once those discontinued in quarter two, it helped improve. Secondly, we have also seen softening also of our input costs, mostly meat items. And other meat items also while pretty much the entire meat basket has reduced in terms of cost. We got some benefit also on prawns, fish, this quarter. So the gross margin impact has been mix of both. Going forward, I think we don't intend to increase our prices. I think we'll remain at as where we are. While we have some projects undergoing in terms of cost initiatives, but I feel comfortable that gross margins would be pretty much around 66%, that we have been reporting for quite a few quarters now. Have we removed the discounting that we were doing during Q4 and Q1, or some impact is still there in the Q2 numbers? No, so, Q2 numbers have usual levels of promotions and offers going on. We typically don't do any different discounting, but, in order to attract demand at different, you know, day parts or different, weekdays or weekends, we do peak our pricing, in different markets. Okay, and. Sorry, do not have any abnormal, you know, discounting or some of these peakings. Got it, got it. And next question is on the opposite behavior trend that we are seeing between dine-in and delivery, because I believe having more vegetarian days will impact both the business. So just wanted to understand the stark contrast, because dine-in is down by 5% only, delivery is up quite a bit. And even between mature and new stores, our mature portfolio fared poorly in SSSG was negative 7%-8%, while new stores did relatively well. So just wanted to understand the contrasting behavior. So, you know, thank you for Barbeque Nation. Our dine-in business is a very group-oriented, celebration-oriented brand, be it in terms of, you know, we are at this group size, approximately five, right now. So when a plan is being made, and the group, you know, somebody follows strictly these vegetarian days, then, you know, it gets tilted towards, you know, maybe individual consumption or à la carte sort of space or something. So, you know, and Barbeque Nation is also pretty commonly known for non-veg, so that does impact dine-in business. On delivery, you know, we're also coming off from a very small base or a lower base in the previous financial year. Otherwise, on delivery, we have seen decent growth pretty much across both our brands, Dum Safar and UBQ. Okay, thank you so much. That was from my side. Thank you very much. Thank you. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, you may press star and one to ask a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The next question is from the line of Mythili Balakrishnan from Alchemy Capital Management Private Limited. Please go ahead. Thank you for the opportunity. Sorry to interrupt you, Mythili, your voice is very faint. Could you speak a bit louder or from the headset? Right. Is this better? Much better. Go ahead. Got it. Couple of questions. One is, if you could help us understand whether the SSSG trends were different across the different formats that we have, for example, Toscano or, others. Just wanted to get a sense of is there any difference between what we are seeing in the core Barbeque brand versus the others? Yes. So, Toscano is positive at lower single digits. International also is positive, again, at lower single digits. And Barbeque Nation India business is negative overall. Delivery itself as a SSSG is positive. And in India also, I think specifically North West, they have done better than South. So North and West have done better than South? Yes. Got it. Also, to get a sense of the OCF, if you could help us understand the, you know, Pre-Ind AS, OCF for the first half of how we have fared on that front. Overall, we have around INR 42 crore of operating cash flow in the first half. Okay. This is after accounting for lease rents. Lease rentals and all that. Got it. Yeah. Got it. In terms of the improvement that we have seen in the margins, especially for the new outlets, right? Just wanted to get a sense from you of, you know, is this a function of the aging of them, or is it a function also that even the new ones that you have opened are sort of performing well? It's a function of aging, specifically. Plus, also what happens is, when you add a new restaurant during the quarter, there's a drag from those new restaurants. So those drags, as they're not opening up many more in over the period of last two quarters, those drags are also not, not there. So as the existing portfolio that we opened up, maybe two, three quarters back, they by aging are naturally doing better. Got it. But just to also get a sense of the, you know, the movement in those restaurants or the sort of operating performance change which is happening in those restaurants. Is it different from our past experience, or is it the same in line with that for the new restaurants? No, it's pretty, pretty similar. So some of the new ones that we opened up in, say, malls, so they are doing, much better right from the beginning. And some of the new ones that we opened up in, say, clear domesticated markets in, in high street sites. They have a natural, you know, path of, increasing, as their age increases. Got it. Thanks a lot, Rahul. Thanks a lot for this. Thank you, ma'am. Thanks. Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Giriraj Daga from Visaria Family Trust. Please go ahead. Yeah. Hello, team. Just a couple of questions from my side. First, you mentioned 220 numbers. That was including Blue Planet, or you mentioned that we will open roughly net four restaurants in the next two quarters, and we'll end the year with the 220? No, 220 is including Blue Planet. Six systems of Blue Planet. Okay. So, so like we are looking to end the year with a 220 kind of a number, right? Yes. Okay. Second, when I look at your, gross overhead cost, basically I'm doing, gross profit minus EBITDA. So last year, roughly, it was about INR 690 crore. And this year, the looking at the first half number, we are growing at about 4%-5%. So let's say we end the year roughly about INR 730 crore-INR 735 crore kind of a number. What should be the number we should look at? Like, I'm excluding the impact of the new opening restaurant. Let's say the base number should grow at what rate? Sorry, I didn't catch your question. So last year we had a gross margin of, gross profit of about INR 819 crore. We had a pre-interest profit of about, EBITDA of INR 127 crore. Right. So the overhead cost was about INR 690 crore. Okay? This year, first half number, we are growing at that overhead number by about 4%-5%. So we are probably likely to end that year at roughly about INR 730 crore kind of a number. Right, full year. Now, I'm saying, assuming that, let's say we are not growing anything, we're not opening new restaurant, the base number of INR 730 crore should be how much in FY 2025? Should it be, take 5% growth? Should it take 8% growth? Should take 10% cost inflation there? In FY 25? Yes. So, I think, at the same base, without any new store expansion, our inflation numbers would be anywhere between 3%-4%. Now, this doesn't assume any variable linked costs that are in the cost structure. So, for example, we also pay, you know, incentive at the outlet level, which is linked to the sales. So if scale number grows, then those incentives will also grow. But otherwise, in terms of my fixed cost, which is rent, you know, manpower, all these high fixed cost items, the inflation will not be more than 3%-4% next year. Okay. And second, assuming, let's say this incentive must be linked with the above second level ofS SSG, right? Yes. Okay. So I. So if the, if the sales come down, then, it's, it's a, it's a small percentage of the top line. Okay. Okay, I understood. I understood. Sure. Thanks a lot from my side. Thank you, Giriraj. Yeah. Thank you. Before we take the next question, a reminder to all participants that you may press star and one to ask a question. The next question is from the line of Manasv i Singh Shah from ICICI Prudential AMC. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity, and hope I'm audible. Yes, ma'am. So my first question is about, you know, the multiple new formats that we have started or have acquired, right? Does this in any way reflect, you know, a reduced confidence on our core format, which is Barbeque Nation, and hence the need to diversify and, you know, do multiple formats across brands? So, no, we don't look it that way. So if you look at a five-year journey and not the recent two-quarter journey, like you also mentioned, five years back, our core India dine-in business, which is I'm assuming, you're assuming, you're referring as core, was around 97%, which today is around 70%. And even the beginning of the year was around 75-odd percentage. So, very consciously, since last five years, we are incrementally adding areas of growth in a very cautious manner and seeing what can help us to grow. While we had very, you know, initial setbacks in our international business, but for a period of last three years, our international business has been delivering very good results, and we are very cautious about how to grow it year-on-year, at an upwards of 20% growth rate, right? Similarly, we did that with Toscano, you know, just before COVID-19 came on hold. Post-COVID, year-on-year, this business has been growing 25%. We are never saying that we will grow this business at, say, a 100% growth rate, but, cautiously growing it at, say, upwards of 20%, and I expect that this will continue in the same format for another five years, right? Similarly, Salt, which is also managed by one of the founders of Toscano, you know, came as a natural extension. In the current of that also, out of six Salt, four are actually co-located with Toscano. I think we got a right, you know, opportunity to look at consolidating that business with Toscano, and that's when we went ahead with that. As we refine sites for Toscano and maybe take it from maybe Bangalore back to other locations, we'll also do it for Salt. Importantly, the business was very good. The customer feedback was very good, and the pricing was right for us, and we took that decision. On other formats, you know, Dum Safar has been, you know, a natural extension to our core capabilities of serving biryani for 17 years. That business itself, we started almost a year back, today, on an annual basis, that's upward of around INR 30-odd crore. You know, I see a lot of potential in that brand. We are experimenting it with an offline model. You know, we'll see how it performs, and then we will scale it back. And Fiesta is just a different twist to what our learnings have been over the years in Barbeque Nation, right? So much so, Mansi, not that we are doing this now because our belief on Barbeque Nation brand has come down. But the thing about Barbeque Nation is that, you know, the market opportunity is there, but given our current, you know, response of the market, it's better to not expand Barbeque Nation brand so aggressively and consolidate ourselves. And once we believe that this has come to the expectation levels of where we have delivered, you know, in terms of revenue per store margins, we will obviously also go and expand, start expanding Barbeque Nation brand. Okay. So a follow-up on, this. One, what are the synergy benefits that you think, you know, you can draw out of, you know, your core business into these, new, entities? And, the second is, you know, any constraints, you know, or any changes required, to ensure that management bandwidth is, not an issue? Yes, specifically speaking about Toscano and Salt, these have been part of our company now for more than three years. I think there is a very exceptional set of operating team, and they run their day-to-day operations. We at Barbeque Nation, given that we have a very strong backend structure built in terms of site development, IT, HR, finance, provide all the required backend support to help them grow and move from just a single city in Bangalore to multiple cities. Similar structure will also be followed by on Salt. So, this, I think, is very well integrated in our system now, and it doesn't take additional bandwidth of the Barbeque Nation team. You know, like, in Barbeque Nation, I think, one of the reasons for success has also been that you've been able to standardize, you know, food and operations quite a bit, and hence it was very, you know, it was relatively easy to scale up in multiple parts of the country. Is a similar thing possible with Salt? Yes. So at Barbeque Nation also, you know, it has been a journey over the last 10 years. So as we, as we moved from 20 stores to 200 stores, you know, give or take, we, we kept on improving ourselves, right? I think the advantage that both Toscano and Salt will get is some of these learnings, which can be applied as they also grow, right? So today, if you ask me, at the current scale that we are in, I think that can be very well managed, with the existing, culinary team that we have. But, as we, as we start expanding there, and as the, as the management bandwidth values of the top, you know, operations team, we'll obviously move towards, towards moving towards standardizations and like we have done in Barbeque Nation. I think the only, in that journey, the path which Barbeque Nation has already taken will only help both the brands. Okay. Just one last question from my side. Any other, you know, acquisitions, you know, on the cards from a medium-term perspective, say, 2-3 years? We are evaluating a few, but nothing at a stage where we need to come and discuss that with you. Okay. Okay. Done. Very clear. Thanks. Thank you. Thank you, Manasvi. Thank you. The next question is from the line of Nirav Seksaria from Living Root Analytics. Please go ahead. Yes, hello. Yes, Nirav. Yeah. I just wanted to know, what is the amount of revenue mix that you are looking to split between dine-in and delivery in the future? So, I think we would be around 15%-17%. We are currently at around 15%, that ratio should hover around the same number. Okay. And so, I missed out little, how many stores are you planning to open next year? And could you also give the split between Toscano, Barbeque, India and international? I think we are at a range of 25-35. As of now, very difficult to give that range. But broadly, international, I don't think we'll be more than three. Between Toscano, Salt and Barbeque Nation, we would have remaining done. Okay. As we are adding new brands under our portfolio, are we looking forward to reduce the reliance on Barbeque Nation? No, we are not looking to reduce our reliance. I think Barbeque Nation is a very strong brand, INR 1,000+ crore sort of, you know, brand in the country. Does well, the guest feedback are great. I think what you're only saying is that today the time is not to just invest more in adding more doors. The time is to try and utilize the capacity that we have already put in and maximize the revenues from those existing assets, which in turn obviously will go down to your margin. So that is the short-term plan. But on the medium to long term, you know, not opening up of aggressively opening up of Barbeque Nation restaurants doesn't mean that w e believe that the opportunity is there. I think in our journey, when we were 70 outlets, we had a period where we slowed down the growth and then obviously restarted it and got it to current levels, over a period of next five years. So, I think the phase which is what is a conscious call taken by us to go slow on the expansion of Barbeque Nation India business. Okay. So, sir, in the future, in the long term basis, what kind of revenue contribution do we see the other brands giving to the top line? Is there a specific range in mind or so? Each of these brands are having their own growth trajectory. My belief is that given the base at which Toscano, Salt and international business is at, they should grow at the parts of 20%. And at Barbeque Nation level, given the base that it is at, maybe it will grow slower. But I think I would wait for, you know, for the next two quarters to pass. Let's see how the demand pans out over the next two quarters and then look at it. I think what I'm clearly saying is that the focus has been margins. I'm very thrilled to see gradual improvement in margins, even though it's marginal in a very seasonally weak quarter. We're just sticking onto, onto that. Okay, sure. Thank you so much, sir. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Please go ahead, sir. Thank you all for joining, and we look forward to see you again next quarter. Thank you. Thank you very much. On behalf of Ambit Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.