Ladies and gentlemen, good day, and welcome to the Bikaji Foods International Q1 FY 2027 earnings conference call. 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ambesh Tiwari. Thank you, and over to you, Ambesh. Thank you. Thank you for joining Bikaji Foods International earnings conference call. Sorry to interrupt. Sorry to interrupt, Ambesh. Your line is not coming out clear. Could you please arrange your handset? Okay. Good afternoon, everyone, and thank you for joining the Bikaji Foods International Q1 FY 2026-2027 earnings conference call. From the management team, we have with us Mr. Rishabh Jain, CFO, and Mr. Manoj Verma, COO. I will now request Mr. Rishabh Jain to take us through the key opening remarks, after which we will have the floor open for Q&A sessions. Thank you, and over to you, sir. Thank you very much. Thank you to all the investors. This quarter, we've grown at close to 2.5%. This quarter is a story of two halves, where in the first 45 days there has been supply and production issue for two reasons largely. One, of course, our chairman is no more with us, so there are three, four days of plant impact across the Pan India. Number two, there were Bengal elections, so there were a lot of movement of Bengali labor. Post 45 days, we're seeing great demand across all product range, be it ethnic snacks, western snacks. From primary lens, we're growing at 2.5%, but what we see from secondary, we're seeing good secondary, tertiary overall in first 45 days also. June, July, we're seeing good growth in demand and overall this festivity. We enter into festivity this month, being Rakhi and next Diwali. We are getting very good response from our organized retailers, seeing good growth and maintaining 15% plus growth over all this year. That's what our target is. From bottom line lens, what we're seeing that there are multiple pressures, be it edible oil due to this geopolitical issue, this rainfall is less rainfall, so it is also having some impact on a few pulses, be it moong dal and chana dal, all are started increasing this year. We have taken two price rise in last four months, and we are trying to maintain and trying to passing on the price to the consumer. We have taken one MRP increase in April, till now we've not taken any other MRP increase. What we see that till Diwali, we'll maintain this price, what we're doing, because as we enter into festivity, a lot of gift packs and everything has been started. That's what number one. From EBITDA lens, this quarter our EBITDA was close 13.5% versus last quarter our EBITDA was close 12.2%. There was good increase in EBITDA margin compared to last quarter. From capacity lens, largely our new ASRS investment has been online this month. We have built close to 1 lakh pallet of transaction in Bikaner, where there's lot of supply chain ease that will be there going forward, where we'll keep close to additional 1.2, 1.3 lakh carton extra to ease our supply chain. This will help in overall maintaining this minimum stock level at our key stock point. As one of our growth driver, what we've identified is the reach, increase in reach. We continue to grow our direct coverage, and as we end this quarter, we are at 370,000 outlets plus as our direct reach, adding 17,000 outlets in quarter one. Talking about our marketing investment, in fact, if you look at, in this quarter, the gross margins are up, whereas EBITDA, it has slipped down. That primarily one of the key factor also is that we invested heavily in this quarter as well to build up our momentum for the festive season coming ahead of us. Pankaj Tripathi campaign we aired in this quarter as well, which was for UP. Some launches of our western snacks range, new products, what we did, participation in our international exhibitions as always what we do. Coming to the business, if we look at, delivered our overall volume growth of 7.7% and a top line of value of 12.5% growth. Within this, the ethnic snacks have grown at 11.4%, western snacks at 21.3%, sweets at 4.4%. Papad was a bit challenging for the quarter for the reasons that little bit of early monsoon, because June also we saw that stuff, and what happens is that being handmade papad, if there are the monsoon impacts our production per se as well. Talking about business from the geographies, if we look at core states have grown close to 11%, focus states grown close to 19%, and other states at 5.6%. Exports is the only channel where for the first time, we have seen that almost flattish or a negative growth of 2.2%, which primarily is on account of the U.S. tariff disturbances which is happening. More importantly, is the crude oil prices going up, which has taken up the rates 2x- 3x kind of a jump. Which is what it deferred certain shipments. That's where it is. Otherwise, we look at in terms of demand, export stayed as much strong for us. The mix between family and impulse pack, we look at family pack has grown at 11%, while impulse at 10.5%. The retail business performance, if we talk about, this has grown at 71.8% YoY, and our stores have increased from 15 to 28 over one year. From top line growth perspective, over last quarter, our EBITDA has grown close to 13% and top line has grown close to 2%. EBITDA has been improved compared to last quarter. That's all from the presentation. Thank you, and we'll be very happy to answer all questions. Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. 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 Abneesh Roy from Nuvama Institutional Equities. Please go ahead. Thank you. My first question is on the retail business. If you could tell us next one year, what will be the plan in terms of the retail expansion and, for the different formats, if you could give us some numbers in Q1 on the growth and the margin, and any learnings you have where some tweaking of the business model is needed in any of the formats. From retail lens, largely, we are mainly focusing on THS as of now. From THS lens, they will open close to 10 stores this year. Largely what we see that this business can grow at 50%-60% YoY for next three, four years. That's the plan we have as of now. From 28 stores to plus 35 stores this year and 50 stores in next two and a half, three years. That's the plan in THS. From Bikaji stores perspective, we are opening two stores this year. Already in plan, already work has started and post this we'll evaluate on our business largely. This business can from profitable lens also, we are also working on basically from THS lens, up to their retail, but they're mainly focusing on fresh, very premium sweets and gifting. That's a big business for them. That's where first store, we're targeting INR 7, 8 crore business from THS. That's overall plan. In terms of Q1, I think you have the only FMCG company which is highlighted, I think on the Bengal election impact on the manpower. Any long-term risk mitigation you can do because frankly, this is a solvable problem, and no other company has highlighted. If you can tell us why only you have faced this issue. Largely in Bikaner, you'll see your snacks is manufacturing across all plant in India. snacks has grown at +20% this quarter. we not have an issue, in Bikaner, largely, there are major Bengali labor which are there in Bikaner, and mainly Bhujia we manufacture only in Bikaner, core Bhujia. that's how we have got impacted. overall what we are targeting that we'll also see, and we learn from this, and we are targeting in this year that we'll manufacture Bhujia in two plants this year, and we'll try to manage the same quality there. that's what mainly the main issue was. Sure. Last question on any of the growth states, ex of those three states where you have a strong presence. If you could highlight where there has been slightly weaker performance than expectations and which are the faster-growing states, because yes, those states are growing faster than your three core states. still, I think, the gap isn't too much, and in fact, one or two quarter, those three states have in fact grown faster also. if you could tell us the faster-growing states and what are the learnings in the weaker states? Hi, Abneesh, this Manoj. if you look at focus states have almost grown 2x to what core states have grown. that's where it is. Within focus states, if you look at the states like UP where we have made investments as well, has really paid us dividend back and the fantastic growth rate we have got from there. across all focus states, growth is strong, not that any of the state has underperformed for that region. Core states for the fact, what Rishabh already spoke in quarter one, within quarter one also, if you look at the first half of quarter one, in April, where we lost our chairman and as mark of respect, three, four days, there was a shut. we could not make supplies, and ours is a very simply skewed supply, which essentially means is that it's not any week, high, heavy stuff. on a day-to-day basis, we do almost equal supplies throughout the month. any loss now impacts us. That was one, on account of shipments. also, the Bengali labor, because most of it is that staff, and in April until mid-May, because of this Bengal elections and SIR, all those stuff. we had no choice than to let them go, and they went, and that disrupted our supply. Which impacted more of Rajasthan and these states, the core ones stuff. Focus was still managed because we have our depots across. We had shipped stocks there and there, continued to get those stuff. Those were it. Learnings in terms of it as, again, one is that we realized that any catastrophe, any such unforeseen thing comes up, and Bikaner gets now isolated or disconnected, so would impact our overall business. Hence, we are decentralizing it. Already started working on that this Bikaneri Bhujia, not only in Bikaner we produce, outside Bikaner as well. Those were few learnings which we'll build in in our plans and strategy going forward. Sir, that's helpful. One quick last follow-up on the demand side and competition. If you could tell us on quick commerce, is there a very high competition? Because I'm seeing that few commerce is now launching their own private label. For example, Swiggy has got the brand, Noy, and they have offerings across Maaza and many other adjacent sweets. If you could generally comment on quick commerce performance, is it meeting expectation? Of course, everyone is growing very strongly. That is not the right metric. The right metric is it going as per the plans, and is your market share in quick commerce higher than your Pan India market share? Yeah. I think the right metric to look at how are we doing it is in terms of at what rate this category is growing on that platform, and within that, are we over-index or under-index? That would talk about gaining share or losing share on the platform. First let me talk about play of this category on the Q-com platform. Yes, it is exponentially growing, and so are we. Our growth, if we look at in quarter one, is upwards of 100% in the Q-com channel. Second thing, what you spoke about on the private label or their own brands. Any of the format, be it modern trade or Q-com, where you feel that the consumer or shopper footfalls are high, they tend to launch their own brands, and so is what Swiggy and others have started doing that stuff. It really does not work as much in end of the day, because the difference between a brand and their own private label brand is not as much, and hence consumer or the shopper stays back with the brand still. That's what it is. Well, it's too early to make a statement at this point in time, but we are growing faster or in line with what these channels are growing for this category and this stuff. Thank you. That's all from my side. Thank you. Thanks. Thank you very much. The next question is from the line of Nitin from HDFC Securities. Please go ahead. Hi. Thanks for taking my question. My first question pertains to what led to a surge in other operating costs. You have highlighted there were brand investment, but just wanted to have a more sense on what are the component for the surge in the other operating expenses. Plus also, if you can highlight how the spending going to be for the rest of the year. From other operation expense perspective, there are multiple things. There is due to this geopolitical issue, the coal prices also increased in last four, five months. Close to 0.3%, 0.4%, 30, 40 basis point manufacturing cost has been increased. From ad cost perspective, in last quarter, we've not done very significant ad. This quarter, we have done some sales promotion activity, some ads. This has given close to 40, 50 basis points hit. That's two point where overall below gross margin, our margin is impacted. How should we build this advertisement spend going ahead for the rest of the year? Overall, our year target is close to 2%. That's the target we'll maintain this year from overall planning perspective. Okay. Thank you. My second question pertains to, I've seen some of the product launches we are doing, expanding the extruded range, plus getting into non-palm oil offerings. Just wanted to know how material is the segment and what are thoughts and what are plan aspirations. I think this is being future ready and looking at the demand, what is coming up now from the Gen Z or the new generation and that stuff. While the mass or the bottom of the pyramid will always be very, very heavy, this would be icing on the cake, and we are ready in terms of to do that stuff. We have piloted it in on the Q-com channel, because that's where they are sold more, the B segment. This would not be a substantial share of business product going forward as well. Sure. Thank you. My last question pertains to your package sweets. How we think the growth going to be for this year? Q2 plus Q3 is the main season. For last two years, there is a 7% revenue CAGR, and prior to that, we were growing at 15%-20%. For the combined two quarters. From that lens, given the capacity, how should we build our growth for this year amid the festive season? I think what we are looking at is, you see, festive, when we speak also, there are two components to festive products. One is sweets, the other is our gift pack. What we look at it is that now the sweets should grow at about 12%-13% kind of a growth over last year, this quarter two, quarter three put together. The gifting would be even higher in this stuff. Sum total gifting would be pretty good in this stuff, and say upwards of about 17%-18% growth. Okay. This is really helpful. Going ahead, our acceleration will be growing in mid-teen or you want to sort of accelerate to high teen types of growth for the full year? We'll definitely look at for high teens, but mid-teens as we speak, we see clarity on that stuff. That's, say, close to about 16%± should be the growth what we should be delivering quarter-on-quarter. Sure, sir. Thanks a lot and all the very best. Thank you very much. The next question is from the line of Anand Shah from Axis Capital. Please go ahead. We have lost the line for the last participant. We will be moving on the second one. The next question is from the line of Percy Panthaki from IIFL Securities. Please go ahead. Hi, sir. Just wanted to know this production sort of outage that we had for four, five days. Did that really impact our sales? Because this happened in April. You had two months to recover the production. It is not as if we are running at 100% capacity. Why should it impact our top-line growth? No. If you look at now the progression of our billing, it is not like that everything is skewed towards last. It is not just about production in the month of April, more about dispatches. That dispatches were shut for three to four days. I mean, there is a pipeline, right? There is a distributor, wholesaler, retailer- Sorry to interrupt. Sorry to interrupt, ladies and gentlemen. We have lost the line of the management. Please wait while we reconnect. Thank you. We have the management back online, ladies and gentlemen. Please continue with your question. Sir. What I was saying is, there is a distributor, wholesaler, retailer in the overall trade pipeline. We would have maybe, don't know how much, but at least a 15-day sort of stock. If you're stopping dispatch for five days, that trade pipeline falls to 10 days. Later on when your production is online, would you not want to restore that pipeline back to 15 days? Exactly. That's what we said. There is now a story of two halves, first 45 days and second 45 days. What we are presenting here is the console for 30 days. First 45 days was even high, we made up in the rest of the June was the ever highest kind of a delivery what we did, and July continues with that momentum. This is what exactly we are saying. Understood, sir. What I just wanted to understand is for the quarter as a whole, April, May, June quarter, has the production loss of five days impacted your sales for the quarter? That is all I wanted to know. Yeah. Largely, one thing, of course, this is a loss because there was also labor issue going on during that time. It was not the case that we, in a normal scenario, of course, we will double our turnover, run day, night shift, but that was not the case till 18th of May. We have been able to run the plant with minimal production. There are two factors which are going on parallelly. Okay. Understood. Secondly, just wanted to first congratulate you on the ramp-up of your subsidiaries. They are doing really well. Question on the standalone business. If I look at this quarter, okay, let us ignore this quarter because there was labor issue, production shortage, et cetera. Even if I look at last year, full year, the standalone business, which is the core bread and butter, snacks, sweets, papads, et cetera, that has grown only at around 11%. What is it that is preventing growth higher? Because earlier when we used to speak three, four years earlier, the understanding was that the overall industry itself is growing at low double- digit, and then there is a share of organized gain from unorganized, and then within organized also there are some fringe players and we will gain from that also. The growth expectation was like 15%-17%, but it is coming closer to like 11% odd. Just wanted to understand what is it that has changed versus that expectation in terms of the delivery. Yeah. One is that if we look at, till two years back, the category was growing at double-digit growth. Whereas if you look at the last two years, it's been a single-digit growth and not just for the snacking category. Overall, FMCG, within FMCG, if you look at foods barring few categories, snacking still was better off. That's what it was. Last year also, if you look at the first half, which is quarter one, quarter two, were the weak quarters on account of the heavy rains and all those issues which came up. It was post GST relief what you said. There is a clear uptick thereafter. That's what is the time wherein, the GST moved from 12% to 5%, that relieved the inflation what had gone up. These benefits were passed back to the consumer, we saw the momentum moving up. It is not just for Bikaji. We would say that the overall category growths have also moved up in that stuff. For us, particularly these 45 days were the deterring factor that also purely from a primary lens. When we look at our secondary, when we look at our inventories at our distributors, they've got depleted. As you were asking that, if you are shut for few days and then when you start. The way you cut down on your inventories, similarly, you building up inventory also takes up time. It is not an overnight factor that you do that stuff. Therefore, this gives us comfort. The numbers speak louder than for what I can say. The way June came up, the way July, August we're already in, the things are moving up, it's all positive. Mid-teens towards high-teen would be the number we'll be able to deliver. Got it. Just one question on the PLI. This is I think the last year where you will get the PLI of approximately INR 50 crore and next year it will not be there. At the EBITDA level, this INR 50 crore will be a hit. Will you be able to either partially or fully mitigate it through some measures? From PLI lens currently this year it will be contributing close to 150 basis points in overall EBITDA. Right. What we're targeting, it will take 50 to 75 basis points improvement will take in our pricing and gross margin. That's what, but it will take another two years to reach again at the original margin. Got it, sir. Thank you. That's all from me. All the best. Thank you. The next question is from the line of Shirish Pardeshi from Motilal Oswal Financial Services Limited. Please go ahead. Hi, Manoj, Rishabh, good afternoon. Thank you for the opportunity. Manoj, just a quick question. The D2C brands are penetrating much faster than they're reporting a very strong growth. In your conversation, can you share what kind of packaged food contribution on the top three platforms and what is our share in that? Hi, Shirish. See, where they play is only on the Q-com platform. That's where they exist. If you look at overall contribution of this Q-com to overall category is low single digits. That's the overall, the TAM where they're playing. Here if you look at the top brands would contribute to about 50% of their category business and the balance 50 is from D2C and on the other small brands. Because this is where these Q-com players make their bottom line and the branded stuff gets them the top line kind of stuff. If you talk about the market share intel, yes, they would have some reasonable and certain brands have better traction within their product range. Also, you will see that they will have one or two signature products kind of stuff which is doing pretty well on that stuff. This is how it is. In terms of when we speak about these brands, the bottom line of their sustainability comes up as well. Question. It's handful of brands that you could sustain in this environment. I was more curious to understand, because even if I look at the quick commerce basket, there are at least six, seven brands which has crossed almost INR 100 crore year-over-year. Are they selling on the price point and quantity, or are they selling on the ingredient and safety and healthy? I'm just trying to understand, more curious, what is it that they are getting right? Shirish, it's mix of both. One is perception narrative that gets you trial, and once you try, you like it, you repeat in that stuff. It's a mix of both, one followed by another. Okay. Rishabh, we have done some exchange filing on the Nepal project. Can you quickly give me what is the update now, when we think we will go ahead? From Nepal lens, we've done JV, and we've done all the paperwork. Now the plant construction is getting ready. Both parties invest close to INR 15 crore each. By, I think in next eight to nine months, the plant will get started. We'll get local production from Nepal. That's the intention. This is on eastern side, or this is close to Gorakhpur? Nepal, it's between Birgunj and Kathmandu. Okay. My other question is on the upcoming season. We see that THS is the growth driver, which we have found. I was more curious, when I look at the math of the erstwhile stores, we are filing between INR 8 crore and INR 9 crore annual run rate for each store. When you're opening new stores, can you share some more math around the economy of scale or maybe some sq ft, and which are the localities and geographies which you are expanding? From THS lens, we are largely focusing on Tier 2 cities of India as of now. We're not getting Tier 1 cities. There are a lot of other players there, Tier 2. That's the focus, and normally we're targeting INR 6 crore to INR 8 crore of sale. We cannot say only QSR be the retail store, where we usually focus on getting gifting right, premium sweets, and that's contributing 65%-70% of sales. That's the focus, and from bottom line lens also, every store gives close to 25%+ core level EBITDA. Currently we're very confident with the team. We are actually investing into one multiple thing. Overall this business in the three, four years can become 15%-16% of EBITDA-driven business with 40%-50% of year-on-year growth. That's the position what we're targeting in this business. Okay. That's helpful. My last question. Last two quarters, there is something other. We had GST rationalization, inventory issues in the trade. Last quarter also we had some disruption. In the context when we see the raw material prices are inching up, can you share, Manoj, some thoughts on the demand, how it is panning out? Are we taking or have we taken any price increases in last 30 days, or are we going to take any price increase in next 30 days? Shirish, we have taken two price increase in last quarter, last 90 days if we look at. As to offset for what inflation or what price increase we could anticipate or has happened. Talking in terms of demand, pretty good demand. When we speak to be the Q-com channel, be the modern trade, and I'm talking these two more because they are organized retail. They also build their plans, their Diwali plans and all that stuff. Very good plan they have that gives us quite a satisfaction and confidence in terms of the business going forward. Similarly, GT, the commitments when we see the demand plan for next three months are very much positive. This looks to be the good times ahead now in that. For next 30 days, we are not planning to take any price increase because now we have all prices, all that stuff signed off with the large accounts as well. We'll not be doing that stuff unless and until some catastrophic comes up. Okay. Just one quick follow-up. Any good reason why our exports has declined? The only reason I would say is that now this, the Trump stuff, the policies, the tariffs, what's coming up, a little bit of uncertainty. That still we were living with for quite a while now. I think the biggest one was the repercussions of this crude oil prices going up and the availability of these containers and all this stuff. Prices have gone three times for when they were booked and now in time of exiting. There is some delays happening. That's the only factor. Looking at demand, there is no issue with that stuff. It's the dispatches deferment. Okay. Thank you, and all the best. Thanks. Thank you. The next question is from the line of Abhishek Mathur from Systematix Group. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Sir, we have managed to expand the gross margins in what was a difficult quarter. We are now saying that we are seeing some inflation in pulses, also in edible oils. We will not take another price hike till the festive season. Putting this all together, what does it mean for the near-term margins for the second quarter and also for the full year? What is our margin outlook now? Second quarter will be very high on sweets, which is high in gross margin overall. From numbers also, second quarter will be heavy. There will be lot of efficiency because there is fixed cost which will not increase as top line increase. Even gross margin will increase, our EBITDA will improve on that line. Right. For the full year, sir? From full year lens, we're targeting close to between 13%-13.5% margin. That's the target we are taking. Sorry, 13%-13.5%, you said? Yeah. Got it. Secondly, sir, just on the bakery segment, I know it's quite a small segment, but what would be the size now in terms of ARR for the bakery segment, and is it entirely comprised of exports or is there some domestic component now? I think I'm talking about only Bikaji Bakes. That's where our bakery business is. Currently, it will get started this. It is not started full-fledged production. Trials are going on on the R&D and everything. This year we're not taking any big number in our business plan. Maybe by end of this year will be a little bit peak quarter where we'll start production. We'll see. There will be two, three opportunity. One is export, one is our own eCom, Q-com channel where we will supply, and one is HoReCa. There's three channels where we are targeting. Overall in next two quarters we'll see how it goes, and next year we'll build some numbers in our gross P&L. Got it, sir. Thanks. That's it from me. Thanks, and all the best. Thank you. Thank you very much. Reminder for all participants, please press star and one to ask a question. Participants who wish to ask a question, please press star and one. The next question is from the line of Anand Shah from Axis Capital. Please go ahead. Yeah. Hi, team. Just a few questions there. One clarification, this margin guidance you gave, 13%-13.5%, this is ex-PLI? This is including PLI. Including PLI. Okay. Yes. This is lower, you are saying, is it? I mean, Q1 is at 13.5%, right? You said gross margin would remain sort of stable or so, and then your overall leverage is down. In next two quarters, ads will be heavy. Ads will be heavy. Yeah, because next two quarters, because we are entering to festivity, ads will be heavy. Overall, that's the target what we're taking. Okay. Yeah. That is one. Secondly, just I want to know on your international overall expansion. You invested in Bikaji Foods U.S. also, and then now in Nepal and also a subsidiary in Middle East. If you take a two, three-year picture, what kind of incremental revenue you are looking from these JVs or investments? In Nepal, if you look at even in current state also, we do business there, right? It is only when we do JV, we will produce locally, and that would save some monies in terms of those import duties and would make us more competitive in that stuff, will help grow faster. Invest to grow, that would be the capability for Nepal market. For U.S., when we talk about, it is investment what we have made, and the dividends, what we will see is over next few years. What we believe is that the U.S. business should be about three times now in next two years kind of a stuff as we set our things in place there. It is a huge growth opportunity in export. Okay. Is there a number right now that how much you are doing and in three years how much this can become from all these? If you look at currently, it is about 3%-4% business contribution. While overall business will also grow, in three to four years' time, you will see that this business contribution would be close to about 5.56% to our overall business. Okay. In terms of sales. Yeah. Okay. Got it. Thank you a lot. That's it. Thank you. Thank you. The next question is from the line of Soham Samanta from Motilal Oswal Financial Services Limited. Please go ahead. Yeah. Thanks for the opportunity. I just wanted to check, when can we expect this mid-teens kind of growth in core market? Is it from Q2 or maybe in H2? How do we expect it? Sorry, can you please repeat? You're not audible. Can you hear me? Now I can hear you, yeah. Basically, I am asking from when we are expecting that mid-teens kind of growth will be back in our core markets. Mid-teens, you will see this quarter onwards itself. That's where it will be. Core would be not growing as much because core growth would be in line with at what rate category is growing there. Because here already we have a high market share. This will be in line. It is only those focused markets where we are a small player, and there our growth would be disproportionately high. That's the reason. What we plan in our budget as well, what we look at it is the core market between 13%-15% there. In terms of focus market, like UP is one of our drivers always. In this quarter, what was the growth in UP market? It was about 37%. 37% growth in UP? Yeah. Close to 37%. Yeah. How do you look this market for a full year? 30%+ will continue? In our budget it is, yes, 30%+ is the budget. Little bit of here and there between quarters would happen, but yes, at a aggregate level, upwards of 30% growth. Got it. Whatever happened in export, I know it's a one-off. Going forward, can we expect again 35, 30% kind of growth momentum will continue in export market? Exports would see, U.S. is a very big share of business in our export market. With the freight charges, it is three times to what it was about four months back. In such time this settles down, we will see this disruption. This may get resolved in a quarter's time. It may take a couple of quarters. That we cannot anticipate at that point in time. Yes, in a long term, if you look at, yes, you will see that this kind of growth will come from U.S. market or the overall export market. Got it. Last thing from my side, when we are saying that first 45 days, next 45 days. If we break up 12.5% kind of growth, out of that what was the last 45 days growth number? If you look at the last 45 days, growth would be around, say, 20% kind of a growth. Okay. That is good to hear. Thank you, sir. Thank you so much. Yeah. Thank you. The next question is from the line of Vijay Jangir from Systematix Group. Please go ahead. Thank you, sir. Thank you for the opportunity. Sir, my first question is on other operating income of INR 14 crores. How much is from the PLI in this quarter? Sorry, your voice is not clear. Now is it clear, sir? Yeah, clear. Yeah, sir. Out of INR 14 crore of other operating income, how much is from the PLI? INR 12.5 crore. INR 50 crore will be income, which we'll book in this year. INR 50 crore roughly. INR 50 crore? Okay. INR 50, yeah. Divided into equal in four quarters. Okay. The second question, sir. May I know our papad segment declined by 6.5%, while as in [1Q 2026] it grew by 6%, and [1Q 2025] it grew by 14%. What happened this quarter to papad category? That is what I wanted to know. Papad, as I said, most of it is handmade and highly dependent on the weather condition, monsoons, and all that stuff. Those are the factors which impact papad growth. What we see now this time also a little disrupted of the disruption in the monsoons. When it rains, it doesn't get dried, therefore it becomes a production supply issues kind of stuff. We'll try and make up in this quarter, but again, it's not as big a business for us. It does not impact our overall top line and the bottom line. It's a 6% business contribution to our overall business. Okay. Okay, sir. Thanks. Thank you, sir. Yeah. Thank you. The next question is from the line of Abhishek Mathur from Systematix Group. Please go ahead. Yeah. Hi. Thank you for the follow-up opportunity. Rishabh sir, just coming back to that margin guidance of 13.5% that you spoke about. We have talked of maybe a 15%+ kind of a growth aspiration, and we have talked of maintaining ad spends at about 2% of sales this year. We're also saying that A&P will be higher in the coming few quarters. Also, I think a while back on the media interview on CNBC, our management has mentioned an aspiration of 15% operating margins. These numbers don't seem to be tying up together, if you can just clarify on these. No. 15% margin target is not for this year. It's long-term target that we want to be 15% next three years. That's the plan. This year will be 13.5%, then at least 15% improvement every year-on-year. That's the target we are taking on as of here. The next two quarters of, for this year, this industry has been impacted by multiple factors. We see ease off in next two quarters, and this will help us in overall getting margin back to a normal target. All right, sir. Maybe I'll take it offline. Thanks. Thank you. Thank you very much. That was the last question for today. I now hand the conference over to the management for closing remarks. Over to you. Thank you, gentlemen, for taking time out and joining us for this call. It was nice interacting to each of you, and we tried to answer the questions which came up. Shall be happy to take any follow-up questions which comes up, and our team will get back to you with the answers. Thank you very much, and happy season ahead. Bye. On behalf of Bikaji Foods International Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.