Ladies and gentlemen, good day, and welcome to Campus Activewear Limited Q4 and FY24 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 the conference call, please signal an operator by pressing the star then zero on your touchtone phone. Before we proceed on this call, let me remind you that the discussion 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 achievements to differ significantly from what is expressed or implied by such forward-looking statements. The Campus Activewear management team is represented by Mr. Nikhil Aggarwal, Whole Time Director and CEO, and Mr. Sanjay Chhabra, CFO. I now hand the conference over to Mr. Nikhil Aggarwal, Whole Time Director and CEO, for his opening remarks. Thank you, and over to you, sir. Thank you, Steve. Good evening, everyone. I thank you all for joining our Q4 and FY24 earnings call today. As mentioned in our previous calls, we view FY24 as a transitional one. Campus Activewear experienced a robust resurgence in H2 FY24, with a renewed emphasis on expanding its trade distribution network and introducing new products, including Campus OGs NitroFly, NitroBoost, and Air Capsule styles. The company effectively captured the attention and spending of consumers through strategic investments in branding and launch for new R&D-enabled products during H2 FY24. Campus Activewear further widens its presence across India by inaugurating 66 new stores in the Western, Southern, and Eastern regions, bringing the total number of exclusive brand outlets to 268 by the end of the year. In spite of a challenging economic macro, we stayed focused on fortifying our balance sheet strength. The company paid off debts amounting to INR 156.5 crores in FY24, reaching a net debt-free status during the year. It gives me immense pleasure to share that Campus Activewear generated the highest ever net operating cash flow of INR 264.5 crores in FY24. We also saw a notable reduction in our working capital cycle, cutting it down from 108 days in FY23 to 79 days in FY24, thanks to a decreased inventory levels and a deliberate effort to reduce the receivable days. Campus Activewear is dedicated to offering its consumers top-tier global designs and technology in sports and leisure footwear. Our extensive range of products, variety of color options, and commitment to affordability ensures that we meet the growing, diverse needs of our consumers. We are committed to strengthening our brand identity by crafting compelling narratives, fostering deep connections with our target consumers. Our ongoing efforts to expand our product range are in line with our aspiration to establish ourselves as India's premier sports and leisure footwear brand. With a robust balance sheet position, the management is determined to grow and enhance Campus Activewear's omni-channel presence, provide us outstanding consumer experiences through innovative product offerings, and enhance the customers' Campus's recall value as the most preferred sports and leisure brand amongst Indian households. We are geared to create a long-term value for stakeholders through our distinct integrated business model, combined with a strong balance sheet position. I will now hand it over to our CFO, Mr. Sanjay Chhabra, to take you through more details on the Q4 and FY24 performance. Thank you. Over to you, Sanjay. Thank you, Nikhil, and good evening, everyone. Thank you for joining us in our Q4 and FY 2024 earnings call. Looking at the financial year 2023-2024 in review, our operational revenues stood at INR 1,448 crores, lower by around 2.4% year-on-year, successfully navigating the disruption caused by O2O and B2B business channel. Most of the revenue loss from these channels were recovered by the marketplace business. The company sold approximately 22.2 million pairs in FY 2024, lower by around 5.6% year-on-year. The average selling price increased by 3.4% from INR 631 rupees to around INR 652 rupees during the full year FY 2024. The revenue mix between men and women and children categories stood at 80:20 during FY24, a marginal shift from 81:19, reflecting our efforts to expand the women's category. Our EBITDA for the full year was at INR 215.3 crores. Turning to the balance sheet, as Nikhil mentioned, we have seen a significant decrease in the net debt from around INR 180 crores to around INR 24 crores as at end of FY24. I'm happy to state that we have achieved a net debt free status in FY24. Our balance sheet remains strong, strong, showcasing strong return ratios with return on capital employed at around 19.2% and return on equity of around 14.9% as of 31 March 2024. With that summary, I would now conclude my remarks and open the floor to the moderator for the Q&A. Thank you. Thank you very much, sir. 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 withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset 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 Videesha Sheth from Ambit Capital. Please go ahead. Hi, thank you for the opportunity. My first question was on the overall, demand landscape. So some of the consumer companies have been talking about some uptick in rural. So can you talk about the overall, demand scenario, including market share trends in each region for the quarter gone by and the current quarter? And, in the same context, as a follow-up, how are you thinking of premiumization and overall volume growth over the medium term? That would be my first question. Hi, Videesha, Nikhil here. Thanks for your question. So, during the quarter, right, so we've seen, we've seen increase in our north and west business by north, by almost like a 10% increase, year-on-year. The other regions have, sort of been flattish, like east and central and south have more or less been flat. So therefore, we've seen definitely an uptick, between these two territories, and this is where we called out last time as well, if you remember, the states of UP, Bihar, and Maharashtra is where we were, we were specifically focusing a lot of energy to revive those states. So I'm happy to share that, especially in these three states, we've seen a significant improvement by up to 20, 14, and 10% respectively. So, rural demand, we have definitely seen our fair share of subdued demand over the year, especially in quarter two and some bit in quarter three. But, with our renewed focus towards certain strategies that we have implemented, you know, including portfolio optimization. So as of today, you know, we've basically launched a complete and very comprehensive portfolio of designs, catering from all price points, starting at INR 799, going up to as high as INR 2,299. So we have very good, adequate number of designs in good throughput, in good volumes at each and every price point. So we have made sure that there is no gap in the portfolio which is unaddressed. And we have definitely seen good momentum from that strategy, you know, coming in. Therefore, we are fairly confident of navigating the rural demand, you know, as it needs- Uh, yeah. As it has happened in quarter four. Yeah. Got it. So, Nikhil, just in that context, do you think the premiumization journey is getting a little delayed, as we're focusing on addressing all the right pricing gaps? So it could be slightly. I mean, so see, we have, we have premiumized a lot over the last five years by almost, 5%-6% ASP increase every year, average, right? So the company has premiumized significantly in the last three, four years. Given how, I would say the last eighteen months have gone, and clearly we have seen some stress, towards premiumization as well, slight stress. So therefore, we've pivoted to the strategy of increasing our economical portfolio as well. That is, you know, from, eight ninety-nine, basically up to thousand bucks MRP. So that would definitely give us, additional volume, and any margin, you know, there would be compensated by additional volume from... and create operating leverage. Therefore, you know, we have to navigate the macros, as the demand, you know, team commands. So we cannot run our strategy in silo. We have to understand the market dynamics. And they call today for a complete and comprehensive portfolio from the company side. Got it. Got it. Very clear. The second question was on our network. There seems to have been a drastic change in the MBO and distributor network. The retail reach has increased from 20,000 to 23,000, whereas the distributor reach seems to have been rationalized from 400-425 to 300. Can you explain what's exactly happened over here? So it's just part of the consolidation, like we called out. We've been, we've been, following up with various strategies in the distribution channel, and therefore, you know, that has resulted definitely in some, decent growth this quarter. So we've seen about 7.5% growth in, terms of value in our, trade channel in quarter four. And this is primarily due to these two or three initiatives that, we have quite aggressively run. So one is the consolidation of, distributors, as you, as you, pointed out. So one is that, and the other is, increase in the count of retailers, increase in the count of our own, feet on street, our own sales force, to, you know, give better coverage and better service, serviceability. Along with that, like I mentioned, we've given a full assortment of products at every single price point. And, finally, we've also rationalized and optimized the schemes and incentives and made much better, I would say, distributor-friendly, distributor-friendly policies. So combined with all of these factors, we have seen a decent trend, a decent, I would say, growth in the distribution channel in quarter four. So, largely, that consolidation of distributors and increase in retail network is part of the strategy. Okay, and this consolidation, has it been pan-India, restricted to any specific, region? It's mostly pan-India. It's across- Uh-huh. depending on the territory. Yeah. Okay. I had a few more questions. I'll come back if okay. Thank you. Thank you. The next question is from the line of Umang Mehta from Kotak Securities. Please go ahead. Yeah, thanks for the opportunity. Nikhil, in imports of footwear, we've seen a significant decline in the January to March period. Have you started to see any green shoots already? No. So you, you're right. The imports have certainly declined, and this is the news also that we're getting from the channel. But because, you know, the BIS norms dictate that we need to upload the non-BIS inventory onto the portals by first of August this year, and the government has given time till first of June 2025 to liquidate all non-BIS goods. Therefore, we believe that, you know, a lot of, I would say importers did some loading off, off inventory early on. Therefore, we will see, you know, some, some bit of liquidation from their end over the year, maybe up till even June next year. But we've been not too really bothered about that because from our side we have taken adequate measures to make sure that we are fully covered and on track within terms of growth. So but as of now, to answer your question, we don't see any significant green shoots coming in from the stock of imports. They will certainly come, but maybe in the next two or three quarters. Understood. And, the second question was on your other expenses. We've seen a significant decline of around 17% on absolute basis, despite a 4% volume growth. So was there any one-off or a provision reversal during the quarter? Hi, this is Sanjay. I'll just like to take that question. Other expenses primarily are a subset of three big buckets. 1 is our factory overheads plus freight, and then the admin SG&A, and also the advertisement and promotion spend. So you see a dip versus last year, it's a combination of, again, three things. The factory overheads have come down. Primarily, we have realigned our workforce based on the production requirement for this quarter. Last year, same quarter, the production was higher and hence our cost was high. This year we recalibrated that cost. Number 2, we did do a front loading of A&P spends in Q3, which is in the season. So this year in Q4, our A&P spends are lower by around INR 6 crore. However, on a H2 basis, the spends are higher versus last year. And also, the third line, which is online commission, there we got certain rebates during the campaign period. It's a rebate from the platforms, and it was adequately offset through a sort of reduction in the ASP during that campaign period. So it's a line shift. However, on a full bucket basis, we have been able to control back-end cost. A&P is a saving thing, and this online commission is driven by campaigns, specific campaigns. Understood. Very clear. Thanks for that. And just one clarification. So you mentioned trade distribution mix to be 66% in one of your slides. However, if we do that, then your trade distribution revenue goes beyond INR 800 crore. So I'm assuming that's a typo, right? Or is my understanding incorrect? Could be in certain slides, maybe, it's including net sales or dispatches. So that could be a sort of miscalculation. Yeah. Sure. Sure. Thank you. Thanks a lot, and all the best for the next year. Okay. Thank you. Before we take the next question, we would like to remind all participants that you may press star and One to ask a question. The next question is from the line of Mehul Desai from JM Financial. Please go ahead. Yeah. Hi, sir. First, I wanted to understand... I mean, you did allude to the fact that trade distribution has grown by 7.5% for the quarter. If you can give the same growth rate number for your D2C online as well as your D2C offline for the quarter. Sure, Mehul. Yeah, Yeah, Sanjay? So Mehul, the D2C channel has shown sort of 6% degrowth for the quarter. Distribution has grown, but D2C has degrown. That's again, primarily... Still we are sitting on some of the impact of B2B and O2O channel, which has degrown by around 55%, but marketplace has simultaneously grown by 32%. So by and large, it has offset. Net-net, our value growth is around 4.7% for the quarter. Okay, and- Year on year growth. Yeah. What is the D2C offline channel growth, I mean, for the quarter? D2C offline, again, is more than 30%. So I mean, our COCOs and FOFOs have grown up by in the range of 30%-35%, and large format stores have also grown, 40%+. in the quarter. Okay. Obviously now, how do you see, I mean, if you could give some color on how the April, May month has panned out, are you seeing the moving back to high single digit kind of volume growth? And lastly, how do you see the gross margin and EBITDA margin trajectory for FY25? Mehul, as much as we'd like to answer this question, I hope you'll appreciate that we can't comment on any forward-looking statements. But, certainly we'll aspire to, you know, maintain and grow the business certainly from here in terms of growth rate and, you know, certainly maintain the margin profile as well. So we believe the company is definitely back on track with all the right initiatives in place, which are being, you know, you can see it from the balance sheet position, which is the best basically that we've ever seen in the history of the company. From here on, you know, we're just focusing largely on very fundamental, three or four major initiatives across the company on which the entire, all the functions are aligned towards, right, so that we materialize them and deliver on growth. So we are fairly confident, but I would not like to comment in terms of numbers here, please. Yeah. And lastly, if you could give me a reason for the gross margin compression on YOY and QOQ basis? Yeah, Mehul, just to explain it, there are a couple of factors, both, I mean, common factors both for quarter-over-quarter and year-over-year. So as I mentioned that we see a, in other expenses, there is a drop, which is primarily driven by lower online commission. During campaigns, we got certain rebates on online commission, and we did pass on a part of that through lower ASP for the B2C channel. That has resulted in around 1% lower gross margin. Apart from that, we have taken a one-time NRV hit of roughly INR 1.6 crore, so our costs have gone up to that extent, and that has also resulted in a drop of roughly 40 basis points. That's roughly 1.5%, which is getting reflected both in quarter-on-quarter and YOY. Sorry, this INR 1.6 crore, what was it? I- It's a NRV hit, meaning that the net realizable value of some of our articles, overaging inventory articles, are lower versus the cost. So we have sold certain articles, subsequently in the subsequent period at a lower than the cost of production, and that has impacted the P&L by INR 1.6 crore. Understood. Got it. Got it. Thank you so much. Thank you. The next question is from the line of Ankit Kedia from PhillipCapital. Please go ahead. Hi. Sir, could you please share what is the, you know, ASP difference in online versus trade channel? Are we seeing premiumization play out there? Because, you know, historic years, we have seen a strong premiumization in online and EBO channel. Right. So, there has been certain ASP increase in both the channels. We have definitely seen some bit in, in online as well. But, like I shared earlier, you know, we, we are focusing on a complete portfolio, comprehensive portfolio strategy as of now, going forward, right? Because this is what the market demands. So there could be slight dip in ASP. I mean, maybe the ASP won't grow at the same pace, but that would be more than offset in terms of the higher volumes that we'll be able to, you know, command, and, and that will offset the any loss in terms of ASP. So that's basically the strategy as of now going forward, Ankit. Sure. So is it fair to assume that now, the online channel is going to get an inventory after a few months of offline launch, of the comprehensive strategy you're doing? Or what is the strategy, you know, how do you play that strategy? If you can just dive a little more on that. Sure. So portfolio is specific to each channel, so we don't have a common portfolio anymore. There is no conflict, especially between the online and GTM. So, there is a complete, you know, segregation of portfolio across all price points between both the channels. EBO, however, continues to carry common portfolio because this is company-owned stores, and we control all the merchandising there. And LFS again is specific to, they have a separate portfolio specific to their needs. So, basically, we have a complete comprehensive portfolio across every single touchpoint today, across all the channels, across all the price points and categories, including not just limited to shoes, but we've also increased the salience slightly towards more open as well during seasonal times, right, during the summers. So we needed, we need to give a higher portfolio in terms of sandals, slippers, and school shoes as well. So, we've... That's basically the strategy that, you know, complete full range across all price points and in decent volumes, right? Given that, you know, the current inventory levels are healthy, do you think discounting in the market has got lower in the current season compared to the past by the retailers, because the feedback we were getting in the market for past two quarters was that they were undercutting each other because, you know, your breadth of retailers has increased and, you know, some are usually selling at, you know, single-digit margins. So now with the distributor consolidation happening, and however, the retailer reach has increased. So on the ground, in terms of the healthy portfolio, what has led to, you know, this kind of growth, which, you know, you spoke of in a couple of questions earlier? No, so it's not, it's not related to, I would say, any sort of discounting. Discounting at depth has become better, only it's gone lower, at the ground level in terms of retailers, mainly due to consolidation of distributors. So we have rationalized the margins. We have reassessed the schemes and incentives, and the way they've been designed is basically for a win-win situation, both from the company's perspective and the partner's perspective. So that's the way we are addressing this current, you know, issue at hand. And going forward as well, we will continue because the strategy has panned out really well, and we have seen growth coming in from this. So we will continue to maintain it. I don't see, you know, any challenge in terms of discounting, like, we've not gotten that feedback. It's lately become much better, especially after segregation of the online and offline portfolio. We don't hear of over discounting at the moment from the market. Sure. Thank you so much, Nikhil, and all the best. Thank you, Ankit. Thank you. The next question is from the line of Videesha Sheth from Ambit Capital. Please go ahead. Yeah, hi. Thanks for the opportunity again. Just one small clarification. When you said that there is no discounting in the channel anymore, I mean, does that also mean that the channel inventory is largely normalized at the moment? No, what I meant is that, the... So a retailer, you know, in in distribution business, they end up giving at least 10%-12% average discounts, across all geographies. So that is just, like, the average that we know of. And, initially, when there used to be conflict, then the discounting became higher when there was conflict between the online and offline trade. So what I meant earlier in my earlier statement was that, that conflict has gone away. Therefore, the discounting has been normalized and have come back to the 10% levels in the distribution business at the retailer level. Got it. Therefore, keeping that in mind, we've rationalized, and optimized the margin structure across the channel trade now, to make sure that discounting does not increase again. Okay. So where does the channel inventory stand as of today? Is it still elevated or now it's largely normalized? It's fairly in control. We don't see, barring maybe just one or two areas, which is not very concerning. We are fairly comfortable in terms of, channel inventory at the moment. Got it. Thanks. That's all. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. Ladies and gentlemen, if you wish to ask a question, you may press star and one. Thank you. The next question is from the line of Tanmay Gupta from Motilal Oswal. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Sir, actually, our plan was to increase the channel mix from to 50/50 versus trade distribution and D2C. And now, giving that trade distribution channel has been growing, you know, faster than D2C, how we look this mix to, you know, reach again to 50/50 levels? Hi, Tanmay. No, so we are definitely still very much on the same track, you know, in terms of 50/50 split. We are very happy with how the distribution channel has come up in quarter four. But that does not mean that online channels will not grow. It was just a transient thing this year, where online, you know, sales got substituted between O2O and then marketplace. Therefore, but now that channel has also reached a level of stabilization in terms of that split that happened. And, you know, going forward, we will definitely see growth from the online channel as well, which would take us back towards 50/50 split. Understood. The advertisement level will continue to remain higher for that? Yes. So we have been trending at about 7% A&P spend this year, FY24. We do not foresee any reduction in that at the moment, so we'll probably continue to spend in the range of 6%-7% for sure. Okay. And sir, last on the current environment. So we have seen that the last year was not been very encouraging in the sports category. We have seen a decline in revenue. So is the market is still challenging, or we are hoping some kind of recovery in the second half or in second quarter? It's difficult to comment, I mean, in terms of, the outlook, right? The macro trends, at the moment seem normal. I mean, they're not too bad and not too great. They're pretty average. But, and also, this is really not the main season time for, us as a brand. So quarter two, as you know, quarter one... Quarter two is basically the smallest quarter and followed by quarter one. Mm-hmm. But certainly we've made some, you know, some portfolio adjustments and changes in terms of incorporating a bit more towards the economical segment and open category to- Hmm. offset the a bit of cyclical and seasonal nature of the business toward quarter 1 and 2 as well. So we'll continue with that, but I mean, I won't be able to really comment toward the macro side of things, how the market pans out. So North India was basically degrowing versus the other parts of the country. So is that continued to see, like, right now also? Not in quarter four. In quarter four, we have, we've grown north by almost 14 odd percent, the north, the entire north put together. So we have seen, you know, a decent recovery in the north on the distribution side and, therefore, you know, I'm sure we'll continue on that momentum. Sure, sir. Thank you. Thank you. Thank you. A reminder to all participants that you may press star and one to ask a question. Ladies and gentlemen, if you wish to ask a question, you may press star and one at this time. The next question is from the line of Ankit Kedia from PhillipCapital. Please go ahead. So one question on margins. You know, given that the A&P spends will remain elevated levels, and pricing will not tinker much, do you think the steady state margins now is around 16%-17% for the company instead of 20%, you know, last two or three years, which we enjoyed? So, Ankit, we're, we're coming out of a tough macro situation this year, as you all know, and, I would say it's a decent recovery in terms of margin in quarter four. So going forward, certainly we'll aspire to, you know, maintain our margins in the range of, I would say 17%-19% EBITDA levels. You know, that is, that is the aspiration and, even in this quarter four, we delivered at 18.3. So, I mean, we are taking, you know, whatever initiatives we have to take at the company level in order to, maintain and maintain these levels, I would say. Sure. My second question is on the EBO business. You know, we are at around, you know, 270 on EBOs today. Over the next three years, what is the aspiration from the EBO side? You know, one is on the growth, second is on the mix of COCO, on COCO EBOs. So we, barring FY24, previously, we've continuously opened about 100 stores on average every year. FY24 is the only year after 3 years, where we've opened slightly lesser number of stores at 67. The reason being mainly because of the macros, the way, you know, this year has tended. So we just, took a more cautiously optimistic approach and opened lesser number of stores. But going forward, as we see, you know, better visibility, and, you know, I would say BIS impact also coming in, we would certainly like to get back on track in terms of opening about, 80-100 stores, you know, from FY25 onwards again. Most of which would be FOFOs. We've been trending at about, I would say 75-25, FOFO to COCO ratio. We'll continue probably to trend at that level. My last question will be on the competitive intensity. You know, while given that the imports have reduced and, you know, probably in a quarter or two, we will see them reduce further, are you seeing some of the unorganized markets, you know, launching their own smaller brands and, you know, fueling the market, at the entry-level price points, at the lower level? Or, you think, you continue to gain market share, and premiumization is the way forward? I wouldn't honestly say premiumization is the way forward for FY25. Like I mentioned earlier, FY25, you know, coming out of a tough macro environment for everyone, especially in the consumer discretionary sector, we will have to be more conducive towards the, you know, market environment, and therefore, we've decided to go in for a holistic, comprehensive portfolio approach for FY25. You know, so I would not really say premiumization could be there, but lower than, you know, previous years. But that would definitely be offset by higher uptake of volumes, and that would bring in operating leverage. So, we're not particularly too concerned about the competition, you know, at bay, because every company has their own strategy, and Campus as a brand has been doing really well. The top-of-mind recall and the brand pull is one of the best in the industry and the category. So, we'll continue to leverage on that position in terms of volume uptake and the category offering. So we're fairly confident of navigating the, I would say, competitive landscape. So, you know, just a follow-up on the competitive landscape, you know, product plays a very critical role in this. Given that you have in-house assembly and now a big part of sole manufacturing, and the kind of, you know, SKU launches which you have been doing. Now, how important is that, and how early is the competition able to copy your products in the market? Because that will give you a clear edge versus them at obviously affordable price point. No, great question. So, you know, we definitely take pride in our supply chain and our, the integrated supply chain, rather, right, which is one of the largest in the country. So it's not easy for anyone to replicate, in terms of the lead time, especially, that we offer. This is the shortest, and we still trend at about 60-65 days of lead time from, from let's say, sourcing to product launch, which is one of the best, you know, out there. So we do not... I mean, for anyone to even copy firstly, is not that easy anymore because we have been very proactive in terms of protecting our IP and designs. You know, we have been registering a lot of the designs in real-time basis as soon as they and before the launch. But at the same time, even if somebody does copy it, it takes the industry at least 4-5 months because our offerings are basically the first time that's being offered to the country. And they are latest in terms of designs and fashion and material science and color combinations. So for anyone to bring all of that in real time, it would take them a few months, at least 4-5 months. So we do enjoy that, you know, lead time advantage, being the category winners in this. Sanjay, would you like to add something? Yeah, and apart from what you mentioned, copying our designs, I mean, the ability to churn more designs every season, that also plays a very important role. And having said that, we now focus more on the four large platforms like NitroFly, NitroBoost, OGs, and Air Capsule Pro. And we invest all our might or our marketing spend behind those styles. And the articles in these particular style or bucket, they have shown a decent amount of throughput in the distribution channel. And that's what the focus would be going forward. Sure. Thank you. That's very helpful. Thank you. Ladies and gentlemen, if you wish to ask a question, you may press star and one. Participants who wish to ask a question may press star and one at this time. Thank you. you. The next question is from the line of Umang Mehta from Kotak Securities. Please go ahead. Yeah, thank you for the follow-up opportunity. Nikhil, in past you have shared that on Flipkart, Campus site gained share. Would you have any update and would you be still having access to some of that competitive data on marketplaces? Have you gained share? Sorry. Hello? Sorry, I was not sure if I was audible. Yeah, yeah. Can you hear me now? No, I heard you. Sorry, I thought you were saying something else. No, so we, we don't get that. We don't have that data at the moment, but, you know, the strategy that we followed for marketplaces, we have been gaining share across, across the channels. And, even Amazon, and both Amazon and Flipkart, which are the largest portals in the country, have done very, very well for the brand. Therefore, the marketplace business, you know, salience, I would say, has gone up, across both these platforms, followed by Myntra as well. And, you know, so that has basically made up for the, loss in terms of the O2O business. I won't be able to comment on exact numbers, but we have seen a fair share of growth across the three platforms. Sure. Sure. That helps me. Thank you. Thanks. Thank you. The next question is from the line of Levita Lasrado from Mirae Asset. Please go ahead. Hi. Thank you for the opportunity. So, you mentioned the growth in some of the key regions that we cater to. So do you think we are yet to see recovery in some of the markets? If yes, then which are those markets? And also, what would be our key selling point? Do we see a large aspirational value as compared to the competition at the moment? Thank you. Hi. So, we do have, you know, many pockets of, I would say, low-lying or low-hanging fruits, across the trade channel, especially in the regions of, I would like to maintain South and West. North as well, you know, wherever we did lose, in terms of, little bit of market share over the last two, three quarters, we have, significantly recovered in quarter four. And South and West do continue to be the priority, territories for us. And for, for those also regions, you know, we have calibrated the portfolio accordingly, which is specific to, the territories, and that's the approach we've taken. So, these largely would be the, focused, I would say, territories for us. What was your follow-up question on this? ... So, then second question I was highlighting is, what would be our key selling points, from here on in? Do we see large aspirational value as compared to the competition in our categories? Absolutely. Like I mentioned earlier, the brand recall is extremely high. It's the number one top of mind brand. We have been spending north of 6%-7% for the past few years now in terms of A&P spend. And you know, that is in terms of absolute value, by far the largest in the category. Therefore, you know, we'll continue to invest in terms of marketing and brand building, which will lead- which will, you know, continue to lead towards brand aspiration and the value for, you know, the brand that we offer is basically parallel to none. So certainly we'll continue to focus on that. Okay. All right. Thank you so much. Thank you. The next question is from the line of Akshen Thakkar from FIL Industry. Please go ahead. Yeah. Hi, team. Most of my questions have been answered. Just a very basic first principle question. If we think about BIS implementation now, given that it's been delayed and there have been extensions and competition would have had, you know, time to source material, et cetera, you know, how do you see BIS implementing your business, let's say, over the next six months and then over the next three years? That's the only question from my side. Thank you. Hi, Akshen. So, you know, six months, I would say there could be, you know, little bit of flooding of inventory in terms of non-BIS inventory from a number of brands out there, which are out there. But, over the long term, we certainly see a lot of value being derived because Jan onwards, all the imports have anyway been stopped. So there is very limited volume as of today, or, or inventory across, various brands and, in, in terms of imported goods. So that would obviously have a limited, you know, days of inventory. So we are not very concerned about, like I said, the next six months, we have a very good strategy which has been panning out really well in terms of, you know, we have a very good focus on the non-BIS goods as well. And we have brought down the number of days of non-BIS holding significantly in the last, I would say four to five months, given the focus we've had month-on-month. So we're tracking it very closely. We're monitoring, you know, the liquidation of this inventory at very, very good prices. Therefore, we are very confident of, selling the entire non-BIS inventory much, much ahead of, the June 2025 deadline. Therefore, we don't see any short-term impact, from the, let's say, flooding of that inventory from other players in the market. But we certainly see a good upside in the long term, over the next two to three years. Just, just one follow-up, Nikhil, to that. You know, last year, year and a half, have been challenging for the company with the macro, with certain D2C businesses not doing well. Given where we are and the pivot in the strategy that we have done, what is your confidence level of getting to, let's say, double digit growth to start with, and then a mid-teen kind of growth that, you know, one would have thought a company of your scale, size, and the industry that you cater to, should be possible? Do you... You know, I'm, I'm not asking you for a guidance. I'm just trying to understand, are you confident that you can get there in a few quarters, or you think, you know, it's, it's still wait and watch? No, sure, Akshen, fair question. So we do have a good visibility in terms of getting there sooner than later. The only question remains, again, is in terms of macros, as long as they remain stable and not too volatile or too depressed, right? I don't see really much of a challenge from here on, given the new strategy that we've pivoted to. And, you know, so fairly confident of getting there, soon. Sure. Thank you. Thanks, Akshin. Thank you. A reminder to all participants, that you may press star and one on your telephone to ask a question. Participants who wish to ask a question may press star and one at this time. Thank you. The next question is from the line of Harsh Shah from Bandhan AMC. Please go ahead. Yeah. Hi, team. Good evening. Thanks for the opportunity. Nikhil, you mentioned in your opening remarks that we've taken deliberate attempts to kind of bring down our receivables. So just wanted to understand, between the D2C and the trade distribution, what are the receivables now and current, I mean, compared to what they were before? This is Sanjay. We have seen an overall reduction in our receivable days, primarily driven by the shift in channels. So, when I talk about distribution, the normal outstanding there is in the range of 45-60 days. As far as D2C is concerned, there is again a mix of B2B, O2O, and marketplace. So marketplace business normally churns cash faster in terms around 21-30 days. Last year, we had a major chunk in B2B business as well, which has shrunk to roughly 50%. So that shift in channel from B2B, O2O to marketplace has resulted in a B2C DSO improving by at least 50%, and that's what has got reflected in the overall DSOs, right? So it's a channel dynamics impact. And as far as the conscious effort from the organization is concerned, we have become more, you know, sort of there are robust reviews to ensure that our dues are collected well in time. And whatever cash discount and schemes are there, they are like pay-for-performance mode. So, that's what we are driving, and that has all resulted in a reduction, overall reduction in the receivables or rather, overdue receivables. Okay, so this is the level which we can expect going ahead as well, right? Yeah, if the channel mix continues to be same. We need to understand that it's a sum total of all the channels we are operating and what kind of saliencies we have in those respective sub-channels. Okay. And, secondly, on ad spend, this quarter, the ad spends were low, right? So I mean, they declined over the similar base quarter. So is this more of a timing issue, or is it kind of something else, basically? Or is it something to do with, like, the channel mix, like, since our D2C, I mean, payments would have come down or- No, nothing of that sort. As I mentioned earlier, that, ad spends you need to read, at a H2 level. That would be more meaningful. Why? Because we did consciously, front-ended as far as ad spend is concerned. We overspent in, in, Q3 or rather, in the season, both in terms of ATL spends, TV, and also the performance marketing. And accordingly, and then H2 was, sort of recalibrated or, it's, it's purely a phasing or, phasing between two quarters. But overall, if you look at the H2, our spends were higher versus last year by roughly around INR 10 crore. Okay. And in our DRHP, we had given the data of digital spends as a proportion of ad spend, right? What would that number be for FY 2024? By digital spend, if you, if you mean the performance marketing spend, that would be roughly around INR 60-odd crore. INR 60-odd crore out of the INR 100 crore, which you spent this year, right? Or roughly- Yeah. Okay, fine. Thank you. Thank you. The next question is from the line of Umang Mehta from Kotak Securities. Please go ahead. Yeah, thanks again for the follow-up. Just wanted the split of online in terms of B2B and O2O sales in FY24, and what was that number in FY23? Just that we know, I mean, how much sales you lost in the online channel in these two. That number has come down to half. It was roughly 300-odd crores last year, and which is in the range of INR 160 crores this year. I understand. Thank you so much. That's it, Sanjay. Thank you. Thank you. A reminder to all participants that you may press star and one to ask a question. That was the last question for today's con call. 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@campusshoes.com. You may now disconnect your lines. Thank you. Thank you, everyone. I appreciate your time. Thank you. Thank you.