Ladies and gentlemen, good day, welcome to the Campus Activewear Limited Q3 FY23 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there'll 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 and then zero on your touchtone phone. Before we proceed with this call, let me remind you that the discussions may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our businesses that could cause future results, performance, or achievement to differ significantly from what is being expressed or implied by such forward-looking statements. The Campus Activewear's management is represented today by Mr. Raman Chawla, CFO, and Mr. Piyush Singh, Chief Strategy Officer. I now hand the conference over to Mr. Piyush Singh, Chief Strategy Officer, for his opening remarks. Thank you, and over to you, sir. Thanks, Mike. Welcome and thanks, everyone, for joining our Q3 of FY23 earnings call today. Our CEO, Mr. Nikhil Aggarwal, is under the weather due to viral fever and would not be able to join today's call. We apologize for this inadvertent change on his behalf and wish him a speedy recovery. Now, we are very delighted to share that our quarterly performance has not only maintained our progress on the growth trajectory and demonstrated a material uptick in our profitability trend vis-à-vis last quarter, despite inflationary macro environment and transient demand contraction in rural and semi-urban areas, which is still not out of the woods in our opinion. We are very bullish on the long-term growth and profitability prospects of both the sports and the leisure industry in general and Campus group in specific. There's been a sustained improvement in our year-to-date financials for FY23, exhibiting marked improvement in our top line and profitable growth across all our revenue streams compared to the same period last year, which was actually supported by pent-up demand tailwinds last year, with markets opening after second official lockdown in India on account of COVID-19. Now coming to the quarter. During Q3 FY23, we sold more than 7 million pairs at an aggregate level, thereby clocking net income of INR 4.66 crores and a year-on-year growth of almost 7.5% versus Q3 last year, where the top line was 433 crores. While trade distribution has de-grown by 13.5% on account of higher base and lower primary uptake on account of channel partners, taking a cautiously optimistic view on account of slower than expected demand recovery, especially in tier two and three cities and semi-urban centers. Our direct-to-consumer channels have delivered robust growth profile of more than 46% on a YOY basis versus Q3 FY22, supported by sustained secondary consumption by end consumers. With sales of 7 million pairs in Q3 FY23, we registered a YOY volumetric growth of roughly 6% in comparison to Q3 last year. Not only volume, quarterly ASP has also grown at 1.5% from INR 657 in Q3 FY22 to INR 669 per pair in quarterly FY23, despite a challenging inflationary environment. Our balance sheet demonstrates a position of strength with robust return ratios such as ROCE and ROE at 27% and 25% respectively. On a year-to-date basis, all our distribution channels, category cohorts and pricing segments have demonstrated robust growth, both in terms of volume and value, despite the challenging operating environment impacted by supply chain disruptions and inflationary trends. Business price segments, our sales trends have exhibited sustained premiumization till YTD 9 months FY23 vis-à-vis FY22 full year, wherein sales contribution from semi-premium and premium categories have increased from 64% in FY22 full year to 72.5% in 9 months FY23. Similarly, on a category basis, revenue mix across men, women and kids have improved from 84% for men vis-à-vis 16% for other categories in FY22 full year to 80/20 in 9 months YTD FY23. On a trailing 12-month basis, revenue from operations have increased by 25% year-on-year to INR 1,489 crores in TTM 9 months FY23 as compared to FY22 full year revenue at INR 1,194 crores. Similarly, TTM trailing 12 months EBITDA for 9 months FY23 stood at INR 278 crores compared to FY24 full year EBITDA at INR 244 crores, demonstrating a 14% year-on-year growth. TTM FY23, nine-month EBITDA margin stood at 18.5%, 18.7% vis-à-vis 20.4% in FY22. This marks a material improvement in our margin profile vis-à-vis last quarter. On the supply chain front, while prices have softened a bit for a few input raw materials, we continue to stay cautious on the uncertain and inflationary environment in the near medium term, ensuring raw material and semi-finished goods availability above everything else to maximize sales potential in the coming quarters. We continue to maintain a close watch on all our input costs and are confident of restoring our trendline growth trajectory and margin profile in the near to medium term. I will now hand over the mic to our CFO, Mr. Raman Chawla, to take you through more details on Q3 FY23 performance. Thanks so much, Piyush. Good afternoon, everyone, and welcome to the quarter three FY23 earnings call of Campus Activewear Limited. During the quarter under review, Campus as a brand demonstrated a lot of resilience. Campus delivered profitable top line growth and protected bottom line profitability while ensuring requisite investments in future capacity and brand building, which is essential for sustained growth and margin recovery. Revenue from operations increased by 7.5% YOY to INR 466 crores during the quarter. With both channels, trade distribution and D2C exhibiting profitability in this quarter despite industry degrowth in mass and mass premium segment across select consumption cohorts across India. EBITDA during the quarter was at INR 92.8 crores as compared to INR 93.3 crores in similar quarter, Q3 FY22. Our EBITDA margin stood at 19.9% for this quarter versus 21.5% in Q3 FY22. Our net profit during the quarter stood at INR 48.3 crores as compared to INR 54.7 crores in Q3 FY22. Our quarter three FY 2023 sales volumes registered at 7 million pairs as against 6.6 million pairs in FY 2022 quarter three, thereby generating a 6% year-on-year volume growth, while quarter three FY 2023 aggregated ASP stood at 669 per pair versus 657 per pair in quarter three FY 2022, thereby resulting in almost 1.5% year-on-year ASP growth. On the balance sheet side, our net debt has increased marginally from INR 174 crores at FY 2022 end to 187 crores as at 31st of December 2022. Our net debt to EBITDA ratio is constant at 0.7x in FY 2022 and in TTM 9 months for FY 2023. Similarly, our return on capital employed has been maintained at about 27% in TTM 9 months FY23, and we've managed to deliver a robust return on equity of 25% in the TTM 9 months FY23. With this, I'll conclude and hand over to the operator for question and answers. Thank you. Thank you. We will now begin the question and answer session. Participants who wish to ask a question may press star and one on your touchtone telephone. If you wish to withdraw 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'll wait for a moment while the question queue assembles. Participants who wish to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. We have the first question on the line of Ankit Kedia from PhillipCapital. Please go ahead. Just wanted to understand the underlying demand in the trade distribution channel. We have seen a 14% decline in, you know, revenue this quarter. What has happened in the north market last quarter, we had a 7% growth. Is there any because of the pricing action we are seeing the decline or is because of the primary and secondary mismatch? Yeah. Hi, Ankit. Thanks for your question. Ankit, the demand contraction is not only because of macro factors. It's also by virtue of a higher base last year, wherein we saw a lot of pent-up demand coming our way in quarter three FY22. On that higher base, we have seen slight contraction in some of the select cohorts, like Uttar Pradesh and parts of North India because these markets are still sluggish in terms of their overall recovery, especially in tier 2, tier 3 markets. That said, we are seeing a relatively positive trend line in terms of their recovery, but believe that it'll take another quarter for us to kind of maintain this. There's been no adverse pricing action that the company has taken on the existing portfolio so far. We have maintained this approach because of the sluggishness in demand in these markets. The channel has been slightly more sensitive to this aspect, that's why we have kind of curtailed from any pricing increase in our existing portfolio. In the month of December, there were some price cuts taken in select SKUs by you guys. You know, in the quarter-over-quarter, you alluded that end of the quarter or early January, there could be some price increases actually given the higher inflation. Today, as we sit, what are we looking at the price increase, price cuts or this, you know, 1.5% ASP increase? Is this on back of premiumization and mix change and not due to any pricing action? Ankit, just to clarify this, we have not taken any price increase on the legacy portfolio, while the newer introductions that we have done in the market are with a pricing action. That said, the newer portfolio takes some time to settle in and kind of expand its reach and acceptability amongst the secondary and the tertiary markets out there. As so far as pricing cut is concerned, there has been a pricing cut on a couple of styles only, which were slow-moving styles, and that has negligible impact on our top line or our ASPs so far. Just to add, hi, this is Raman here. You know, this discount is pretty much normal on a quarter-to-quarter. There has been no exceptional discounts which have been given and which really impacts our margin or our profitability. Sure. Thank you. I'll come back in the queue for more questions. Yeah. Thank you. Participants who wish to ask a question may press star and one on your touchtone telephone. We have the next question on the line of Harsh from InCred Capital. Please go ahead. Yeah. Hi. Thanks for taking my question. Sir, on the distribution front, in the, let's say, the Western markets, are we seeing any growth there? Even, the Western markets has, I mean, has been subdued in terms of distribution case? Hi, Harsh. We have seen a very robust growth profile in our Western, in our Western territory, which happens to be our emerging market portfolio. For example, in states like Maharashtra, we have seen, on a like-to-like basis, we have seen a quarterly growth north of 40%, for us, which has largely I mean, compensated for the contraction in growth across the Northern markets. The growth profile, as you said, is starkly different in Western markets compared to some of the Northern markets. Okay. Sir, in the Northern markets, have we lost any shelf space to, let's say, other categories or other brands? We don't believe so, because the market at large has contracted in line with the channel, taking a cautiously optimistic approach. We believe, we have rather gained market share in these territories rather than losing market share. The market on an overall basis has, degrown, quite a bit, to the tune of 20%, 25% in these select cohorts. Okay. Okay. What... And sir, what was the e-commerce growth, the D2C growth for the current quarter? I just missed that number. Yeah. D2C growth put together is north of 46%. If you have to split, our e-commerce growth is 41% on a year-on-year basis, and our D2C offline growth is around 75%. Okay. Thank you so much, sir. Thank you. Participants who wish to ask a question may press star and one on your touchtone telephone. We have the next question on the line of Tejas Shah from Spark Capital. Please go ahead. Hi. Thanks for the opportunity. Just wanted some more insight from you on consumer sentiments in general and then for our category in particular. We have seen in athleisure segment, which was beneficiary for opening up last year or early part of the post-COVID period. We are seeing some deceleration in some of the results that we have seen so far. Just wanted to know, if we keep the market share or footprint expansion aside, how are you reading consumer sentiment from the same cohort of consumer that you were catering earlier? Hi, Tejas. To answer your question, across the various subcategories within the athleisure segment, we believe sports and athleisure footwear segment is the least impacted. That said, the channel at large has taken a cautiously optimistic approach. While the tide is turning, we believe quarter four to be in line with the performance that we have seen in quarter three. Maybe some operating leverage will kick in, the channel is taking some more time to open up. That said, we don't see any drop, any significant drop in the secondary offtake of our product, which is kind of substantiated and triangulated by the robust growth that we have witnessed across our D2C portfolio, which is roughly 46%-47% of our overall top line. There are select cohorts which have been adversely impacted by macro, and we are just expecting that macro turn to reverse. On a long-term basis, we maintain a very bullish outlook on this entire segment and the way franchise has kind of harnessed market share so far. Our long-term prospects in our view are very, very bullish so far as this segment is concerned. Yeah. And the way last quarter has played out for the retailers in general, where October was good and November and December has been kind of a difficult period, depending upon which categories we talk about. Most of the retailers actually ended up post Diwali, post festive season, more inventory than they initially budgeted for. How do you see the competitive landscape, especially in terms of aggressive pricing or discounts going ahead in the coming quarter and perhaps a quarter after that? Look, Tejas, there's been a couple of factors. It's not the slowdown in demand. There are three key drivers for our category and especially the segment that we operate in, which is still aspirational for 90% of the country. This is the advent of winters and the advent of festive season and the advent of marriages. Festive season was there in October, which led to a robust secondary and tertiary offtake by the retailers and the end consumers. However, the entire winter season got delayed by a good 15-20 days, especially in the northern part of the country. The impact was largely visible in early January till early February. Similarly, only a small part of the marriage season was kind of aligned in second half of November till late December. The rest of the season is expected to resume so far as marriages are concerned in as we speak in this part of February. All these factors have a cumulative impact on the tertiary offtake that happens in these markets across the segment that we operate in. While there was a transient slowdown in early November, we saw the markets rebound so far as tertiary offtakes are concerned. Because of driven by all these factors. On a very near-term basis, we believe that quarter four should give you a positive hope, a positive twist in terms of rebound of the market. Channel as such, one will take a cautiously optimistic approach in terms of demand and outlook takes some bit to reverse. The good part is, given secondary offtakes are not impacted to that extent, we believe that turnaround to happen sooner than later. Sure. Then what was the full price sale in 3Q for us? What proportion? While we don't report that number, but we can certainly connect offline, to give you some flavor around that, Tejas. Great. That's all from my side. Thanks. To answer our discounts, our discounts have not increased in this quarter or in YTD nine months as compared to similar period last year. Got it. this is Yeah, very clear. Very clear. Thanks and all the best. Thank you. We have the next question from the line of Aliasgar Shakir from Motilal Oswal. Please go ahead. Yeah, thanks for the opportunity, Piyush and Raman. I wanted to first of all just understand how the RM prices are trending. You know, when do we see that seeing benefit, if at all they have been cooling off? How do we plan to, you know, I mean, use that? Do we plan to pass on some of the benefits, if at all there are any, you know, cool off or that should help us improve our margin, cross margin? Yeah. Hi, Ali. Ali, before we get into the current pricing trends, we like to maintain that we, as we have mentioned in our previous quarterly earnings update calls, that we had maintained strategic levels of inventory just to ensure availability at the right time, because we believe that availability of the merchandise is paramount in uncertain times where supply chain fluctuations are plenty. On account of these fluctuations in RM prices, especially EVA resins and packaging materials, we had kind of maintained inventory levels to ensure availability throughout the year for the merchandise. The good part is, while we have seen almost 0.5% of margin contraction on a year-on-year basis in Q3, this is on account of consumption of higher priced raw material, that we had kind of maintained in order to ensure availability of the product, because this gives us a once in a lifetime opportunity to gain more market share and more shelf space in the relevant markets. So far as current pricing trend is concerned, while EVA resin prices are kind of stabilized, packaging material is still going through a lot of variability. These two are the key raw material components for us so far as consumption is concerned. We are actually working on long-term engagements or long-term associations so far as packaging material sourcing is concerned. Some of some very good work is ongoing internally, and we'll update the investor community as and when we make some material breakthrough in that aspect. So far as this goodness is concerned, we would first try to recoup the lost margin in absolute sense before we pass on any benefit to the channel or to the end consumer to answer your question. Understood. This is very useful and detailed. Just if you could quantify a little bit, you know, EVA and other raw material you mentioned is stabilized. Have they come down? We typically have a nearly four to five months of inventory, if I'm not mistaken. Had it gone up? From when should we see benefit of that coming? That's point number one. Point number two is this packaging material. Correct me if I'm wrong, it's close to about one-third contribution of our total raw material. How much of that should, you know, offset the benefit of at all any EVA? I'm just trying to understand, basically not in Q4 if at all, and should we see some, you know, basically benefit of raw material in FY24? Ali, just to answer your question directionally, as overall inventory levels have come down materially in quarter three, which was expected compared to last quarter. The improvement is holistic across all inventory cohorts, including raw materials, semi-finished goods and finished goods inventory. Just to give you some directional quantum, it has come down by more than 50 crores in absolute sense in this quarter alone. In terms of pricing, while EVA prices have kind of stabilized, we still see a lot of fluctuation happening across packaging material and adhesives. All these three input materials put together contribute roughly 30%-35% of our raw material cost. Got it. We believe that it will take another quarter or couple of quarters for packaging material prices to also kind of stabilize. It's dependent on a larger macro outlook and Understood. We are just hoping for things to stabilize. Understood. just to reconfirm the online, you mentioned, overall D2C, including online, offline, both has grown 46% in this quarter on YOY, is that correct? Yes, that's correct. Okay. Against overall YOY growth of about 7%. Right? To that extent, offline would have degrown in probably nearly around 25% level. That's fair assumption, right? No. It's 13 and a half% degrowth in MBO, 41% in the D2C online, and 75% in our D2C offline. The mix is almost 54% in MBOs versus 46% in the other two categories put together. Okay. This online also includes nearly about INR 30 crores of the spillover that we spoke in the last quarter from 2Q to 3Q? That spillover was roughly INR 25 crores. INR 15 crores was on account of online, and INR 10 crores was on account of offline. Got it. If I exclude that, it's about 2% kind of growth. Mm-hmm. Understood. Where do we expect, you know, our margins to stabilize in the long term, you know, given there are multiple levers, one, as you mentioned, gross margin, depending upon how the raw material prices move, you know, we've been a little aggressive in the past related to our ad spends. You know, in a relatively medium to long term, where do we expect our margins to stabilize at an EBITDA level? Ali, before we get into the margin profile, I would like to correct you on the growth profile piece. In the absolute sense, the e-commerce business in this quarter has ended at INR 181 crores. Last quarter numbers you already have with you. That was roughly INR 140 crores. Our MBO business is INR 245 crores and our EBO business is at INR 36 crores. Got it. Sure. If you could answer the question related to margin. Yes. We believe that we should be back in the same trend line that we have exhibited in FY22 in the next couple of quarters on a TTM basis. We expect our, I mean, while we don't give any directional outlook on EBITDA margin, we believe that we'll be maintaining a very healthy EBITDA profile in the near medium term, north of 20%. Understood. This is very, very helpful. Thank you so much, Piyush and Aman. Thank you. We have the next question from the line of Bharat Diyani from MoneyControl Pro. Please go ahead. Yes, sir. Thanks for the opportunity. While the weakness in the demand has led to because of slowdown, and obviously you also highlighted that quarter three there was a pent-up demand factor as well. What's your top line, what's your volume growth assumption for the next fiscal and the medium term? What is the ASP growth that we are targeting per year over the next over the medium term? Bharat, while we refrain from giving any concrete outlook on the near medium term, we believe that directionally we'll maintain the same growth profile and margin profile in the medium term. As already mentioned, we maintain a very bullish outlook on the overall industry and our own performance and the franchise in the not only in the near medium term, but also in the long term. We believe that the prospects are very good and we'll keep on demonstrating healthy healthy growth profile as well as a very profitable bottom line. Okay. Just related to that, you have highlighted that the industry demand has been muted bit. What's your reading that, when do you think that the demand at the industry level, you know, will kind of bounce back or will exhibit growth? What's your reading on that? We believe that it's a mix of a multitude of factors, including inflationary trend, the income profile of tier 2, tier 3 and semi-urban centers, plus the cautiously optimistic outlook that the channel partners have taken, especially in these markets. A confluence of all these, while it's a crystal ball gazing for anyone to do, we believe that it should start coming back in the next couple of quarters. Okay. Okay. Okay, thanks and all the best. That's all. Thank you. Participants who wish to ask a question may press star and one on your touchtone telephone. We have the next question on line of Jaspreet Arora from Equirus. Please go ahead. Yeah, hi. I hope I'm audible. Yes, we can hear you. Request you to kindly come much more closer to the microphone. Yeah. Hello? Yes, Jaspreet. Please go ahead with your question. Okay. Thanks for the opportunity, gentlemen. The first question was this, average selling price of INR 669, what we report last quarter, what does it mean for in terms of a ballpark cost to consumer? Average blended retail price would be somewhere in the ballpark of, INR 1,350-INR 1,450 per pair. Okay. Okay. The difference is all taxes and the channel margin. Yes. It's a blend of multiple channels. The realization across channels is different. Some aggregate is almost, 2.2 kind of a multiplier. Got it. The rates remain at that 5% and 18% depending on MRP sub 1,000, plus 1,000? Is that the way it's still working? It got revised in January last year, and the slab was up from 5% to 12%. Anything which retails below INR 1,000 is, attracts a tax of 12%, and retails above INR 1,000 is, attracts a tax of 18%. Okay, got it. Yeah. Sure. Thanks. From the month of September 2019, the GST, inclusive GST is 12%. Anything which sells above INR 1,180 has an inclusive GST of 18%. Okay, got it. All right. In terms of competition, if you could talk about that in terms of, you know, how much do we compete with the unorganized market or maybe the whatever is the way you call it, and in what sense some of the other branded players that we would be competing with at the mid to lower end, whatever you can discuss? I mean, it's less than INR 1,000 MRPs, where normally the unorganized sector really plays in. Okay. continue to kind of, you know, on the strength of our designs that we go out and launch, and the value equation that we offer to our consumers, we maintain that position of strength even in that category. That category is also important price category because that's like the catchment for the new consumers to come in, and we continue to focus on that as well. Just to add some quantitative perspective to this. 70% of our sales comes from our portfolio above INR 1,000 MRP, which where our competition is largely regional labels and branded play. Only 30% of our sales comes from the economy segment, which is sub INR 1,000 kind of a profile, where largely the competition is the unbranded or cheap imports. Got it. Got it. That's helpful. Maybe you've discussed this, uncertain, on one of your previous calls, if you could just highlight it about the, about, you know, some details about the typical customer in terms of maybe the age profile, the gender and, you know, working versus non-working, whatever. Just to get a sense of a typical age of a Campus shoe profile. Whatever, you know, where a large chunk of them would fall in the pyramid for Campus. Our core target audience is 18 to 34 years in terms of age profile. We essentially target college goers and first jobbers, and a family of 4 with an income of INR 10 lakhs-INR 15 lakhs per annum. Our periphery age profile starts from 35 and goes as high as 55, 60 for us. That said, 10% of our portfolio is concentrated on kids as well, wherein we are one of the largest players in school shoes and kids footwear in the country. Got it. Superb. Just, I think on how much of our sales comes from full price versus sale, if not for the last quarter, can you just highlight numbers from the previous year, FY22, if possible? I mean, we refrain from sharing. Okay. detailed data because this is, kind of proprietary and industry sensitive in nature. Directionally, just to give everyone comfort, our discount levels have not increased in the last many quarters. Okay. Got it. We have remained, both on similar discount levels. Got it. Just lastly, on the margins for volume. just trying to compare Q3 FY21. I'm just using that because that was possibly the best margin we did, at least in the data available, which is 24.8%. The price point then was the average selling price then was INR 547, and we are now at INR 669, which is materially high. obviously our revenue has also doubled, possibly since then. Has the volume. Just trying to get a sense that the drop in margin would essentially be the entire spike in raw materials. Is that the way how to look at this? I mean, I won't call this as drop in margin. I'll say that this is how the portfolio and the sales mix is maturing for us because a couple of years back, we were only focused on men's footwear. Now, we have added multiple other categories like casual footwear is coming into play. Our focus on women and kids footwear has increased because we see a lot of growth coming from that segment. At the same time, we have also entered into open footwear, which is a relatively lower margin segment, while it continues to be a filler for us. All these factors put together has kind of stabilized our margins at 20%-21% levels on an annual basis. Similarly, quarter three for us, if we talk about specifically quarter three, last year, the margin was 21.5%. This year, margin is 20%. That said, there has been a material increase in our ads and business promotion spend. A couple of years back, we were only spending around 3.5% of our top line towards brand building. Now, the number is as high as 6.5, 7%. The delta that you witness in margin profile, if we talk about quarterly or if we talk about the annual trend line, is largely because of our enhanced spends on our ads. Part of it is getting funded by the operating leverage that we are generating, and part of it is the kind of investment that we are making towards a robust brand building exercise. Understood. Understood. Just a quick last one on the volumes. You know, the last 5 years we've done almost 20% volume growth CAGR. You know, given that we have now at a reasonable market share and a reasonably good revenue base, do you think I'm not talking about the next year or two, but do you think the next 5 years could more be like a high single digit to more like a 10%-11%? Would that be a practical thing to look at given the penetration and your level of market share today? I mean, Great question. As always, we like to add the global perspective here. If we talk about any major economy globally, the contribution of sports and athleisure footwear vis-a-vis all the other categories put together is one is to one. In India, the contribution is one is to ten. China was at a similar stage as India 15 years back. If we directionally follow the same trajectory, so the industry in China was close to $2.5 billion in size at that point in time. Today, the same industry in China, being the most recent example of this explosion, is roughly $50 billion in terms of retail size. If we believe that India, like any other segment, would mimic China or follow directionally the same trend, we expect a very bullish horizon so far as the long-term prospects of this industry is concerned. We are just at the tip of the iceberg. We believe a lot of substitution and a lot of holistic growth will come in. Oh, okay. Okay. Understood your point. What would be the industry growth in the period at which we have grown 19.2% volume CAGR? I mean, that's a very subjective question because there are multiple agencies which cover this. Whatever the ones that you track or, that you keep a handle on. It's close to 13% to 15% volumetric growth. Okay. Okay. Okay. Okay. I got your point. Yeah. Thirteen to 14% and your, you've done 400-500 basis points higher than that. Okay. You, you okay. A very big lever of growth would be the industry growing at a very high growth rate for the next few years, the athleisure and sports category. That's the house view we maintain. Got it. Got it. Fair, fair point. Fair point. Thank you so much for the, for the patient replies to all. All the best and congrats on the comeback quarter. Thank you. Thank you. Thank you. Participants who wish to ask a question may press star and one on your touchtone telephone. Participants who wish to ask a question may press star and one on your touchtone telephone. We have the next question from the line of Bhargav Buddhadev from Kotak Mutual Fund. Please go ahead. Yeah, good evening team, and thank you for the opportunity. Is it possible to break up the revenue performance in the more than 1,000 MRP portfolio and less than 1,000 MRP portfolio on a YOY basis? Hi, Bhargav Buddhadev. We can give you a directional trend which is handy with us in terms of nine months. More than 1,000 for us is contributing 72.5%, and less than 1,000 is contributing the rest on the nine-month basis. Which for FY22 was 64% for more than 1,000 and the balance 36% for less than 1,000. In this quarter, has there been a growth in terms of volumes in the 1,000 MRP plus portfolio? Yes, there is certain growth. Okay. Okay. Second, in terms of ad spends, as a% of revenue, has it been maintained, in this quarter versus the same quarter last year? Look, it has gone up by almost a percentage point versus last versus the same quarter last year. This year our ad spend is in quarter three is at 6.7% vis-a-vis 6.2% for FY22. Okay. Okay. Thank you. Thank you very much, and all the very best. Thank you. Thank you. Participants who wish to ask a question may press star and one on your touchtone telephone. That was the last question. I would now like to hand it over to the management for closing comments. Thanks, Mike. I mean, thanks everyone for participating in our earnings call. We would like to thank all our investors, all our channel partners and our end consumers for the belief that they have shown in the franchise. We assure you that we will keep on maintaining our growth trajectory, and at the same time, we will keep on improvising on the brand in terms of its perception and the overall portfolio. Raman, any last words you want to add? No, completely echo the thought and, the focus on the profitability, needless to say, that, robustness continues. Thanks, everybody. Thank you. On behalf of Campus Activewear Limited, that concludes this conference. Thank you for joining us, and in case of any further queries, please reach out to Campus Activewear's Investor Relations team at ird@Campus C-A-M-P-U-S shoes S-H-O-E-S dot com. You may now disconnect your lines.