Good afternoon, everyone. A very warm welcome to Nestlé India's Analyst and Institutional Investor Meet 2026. We are delighted to have you with us today and sincerely appreciate your time and participation. My name is Sarah Bhambre, and I am part of the investor relations team. Joining me today are members of Nestlé India's management team, Mr. Manish Tiwary, Chairman and Managing Director, Mr. Edouard Mac Nab, Executive Director of Finance and Control and Chief Financial Officer. We also have Mr. Rachit Chaudhary, Head FP&A and Investor Relations. Before we commence, I would like to draw your attention to the disclaimer slide. Thank you. It is now my pleasure to invite Mr. Manish Tiwary to deliver his presentation theme, Consumer First, Brands Strong, Future Ready. Over to you, Mr. Tiwary. Thank you. Thank you so much, Sarah, and thank you everyone for joining us today afternoon. It is a pleasure to be able to share how we see our performance over the last one year, and more importantly, how we see the path forward. What I would be doing today is spending the next 30-40 minutes on the growth journey, the way we see the opportunity in this country, and some of the key focus areas and takeaways, and then happy to take some questions post that. In Nestlé, whenever before we start and get into the business end of things, I always tell people that it is important to keep ourselves anchored on the purpose behind, which has guided Nestlé for the last 160 years globally and for the last close to 115 years, all of us in India. The story behind this company began in 1867 when Henri Nestlé developed Farine Lactée. This was an infant cereal designed to help working mothers to take nourishment to their babies. This really helped reduce infant mortality at that period of time. This simple invention was rooted in a very, very powerful belief for everyone in Nestlé, which is good nutrition has the power to improve lives. Over the last 160 years, we have evolved from a single product nutrition company into one of the world's leading food and beverage companies. The one thing which has remained the same is the purpose. The purpose behind Nestlé has remained unchanged. I always feel it is an important point to start any business presentation because that is what we are anchored around at Nestlé India. I would start with the growth journey. Before getting onto the numbers, it is important to remind ourselves we have been around for the last close to 115 years now, and we are truly a Make in India company. We manufacture most of our products in the country ourselves. We source close to 96% of our ingredients from India. Over the years, the presence of Nestlé in this country has grown. We have close to 8,500 employees today. Consumers can reach out to 6 million touchpoints and buy some of their loved brands. One of the greatest things which is quite unique about Nestlé in India is along with the trust which we have built with the consumers, with our partners, with our customers, there is also a very important stakeholder, the trust we have built with our investors. Today, we have a family of over 500,000 shareholders. Many of them have remained invested in this company across generations. Even today when I am traveling, I take flights, very often I run into people who tell me about their association with Nestlé, about how their parents or grandparents bought Nestlé India share decades ago. The wealth which got created through that investment decades ago has gone on to fund children's education, support marriages, and really help build the family legacy. To me and to all of us at Nestlé, that is the true meaning of long-term value creation. At the core of what we do is about the brands we love, yeah, and the brands which millions and millions of Indians have loved across generations. Today, if you look at our business, two out of three households in this country interact and engage with our brands. When you get up in the morning, the chances are very bright that you would start your day with a cup of Nescafé, enjoy your favorite Maggi, and then, of course, take a KitKat break. All of us have such fond memories about childhood consumption of Milkmaid. In the recent past, we've now entered some new segments. We are one of the leading players in terms of pet nutrition across the world, and very proud to share that Nestlé India is very active both in the dog and the cat nutrition space. Of course, we have an out-of-home business, which ensures that not only do consumers get to enjoy some of our brands at home, even when you're outside home, you interact with the multiple points of presence which we have. This business serves close to 535 million customers outside home. A very, very impactful presence across the country. Yes, some of these loved brands have resulted in the business performing really, really strongly. If you look at the trajectory over the last five years, as a company, we've always delivered double-digit growth. It's been a very, very resilient growth across the years. The great thing about this is it's not only the resilience, it's actually the acceleration which we are now witnessing over the last few quarters. I think this consistent performance is the result of the brands which I referred to, the strength of these brands. It's a result of some great disciplined execution and the result of the entire organization's ability to capture some of the new growth opportunities which are popping up across the consumer segment. The great thing about growth is not just that the value growth, it's been underpinned by a very steady recovery in volumes. Yeah. That's very important because it means more and more consumers are getting a chance to engage with our brands. We've seen the momentum build progressively. If you look at the last five years, we were getting a CAGR of close to 4.2% volume growth. What's been really heartening is, if you look at the last few quarters, we moved into double-digit volume growth consistently. This volume growth improvement reinforces that our growth is broad-based. It is volume-led, which is very critical, especially in a country with such low penetration, and it is supported by the super strong brands we have, the distribution width we've created, and of course, continuing to win consumer preference. That's the story of our growth, which is volume-led growth accelerating in the last four to five years. This, of course, has resulted in acceleration in our penetration. If you look at some of the numbers, these are the household penetrations. You can see the trajectory moving upwards, be it Maggi, be it Nescafé, or KitKat. What I want to draw your opportunity is, if you look at the actual penetration numbers, they're still in their mid-50s across, yeah. That clearly indicates that there is a significant headroom. Remember, all these numbers which I am sharing with you, these are annual penetration numbers. Basically, 50% of houses are right now enjoying Maggi in a year. That clearly indicates while that growth has been there, driven by volumes, there is sizable white space that remains across our current categories. As I take you through this presentation, I will dwell a lot on driving penetration, driving innovation, driving premiumization, to continue to invest strongly behind our brands. That is what our growth hypothesis is based on. This drive in penetration, we can also see very clearly happening in rural. If you look at the distribution coverage, it's one of the things all of us at Nestlé are really proud about. In 2021, we had around 13,500 distribution points. These are typical distributor points. There are various names we use, like CD, RD, depending on the population they serve, whether it's urban, rural, semi-rural. Our distribution points have gone up by close to 4x. As a result of that, if you look at our total village coverage, it shot up. It's very important. We are a foods business, we want to keep a direct control over the distribution channel to ensure the freshest products reach our consumers. Which is why whenever we drive distribution, a large chunk of it is driven by direct distribution, something which we are very focused on to ensure high-quality products with the right shelf life reach all our consumers. This has clearly resulted in the gain which we are getting in distribution overall, which is urban plus rural. Over the last five years, we've added close to 500,000 retail outlets. This is the reporting as per ACNielsen. What is also really heartening is when we compare our outlet addition, we have very clearly had the highest ever expansion in terms of outlet reach across our peer group. That clearly shows that today, more and more consumers across the country can access our brands. A wider reach basically means greater availability, stronger visibility for our products, more opportunities to drive penetration, recruit new consumers. That's why we are so excited about the continued improvement we have had in our distribution width, backed by bulk of it being direct distribution, not through indirect channels like wholesale. While we are very excited about rural, there is of course the emerging opportunity, which is e-commerce and Q-commerce. Very clearly, if you see our growth in this channel has been well ahead of the overall market growth which these customers, these partners are experiencing. I think there is something really great which is happening in the consumption story because of this channel. These channels are not just about overall consumption, but it's about acquiring new customers, more importantly, premiumizing our portfolio, then, of course, driving rapid innovation using this channel. The teams have worked very well with these channel partners to make these e-commerce and Q-commerce sites almost a launchpad for innovation. Even beyond innovation, we are working with these partners for fit-for-purpose portfolios. So for example, if you see that Maggi bowl, which was an iconic innovation we did with one of the Q-commerce partners, the Vietnamese Latte launch, a lot of new launches will start with these partners. What it is helping us is to deliver targeted activation, drive consumption occasions, and of course, we are even getting onto off-platform collaborations with them. Together with our partners in Q-commerce and e-commerce, these capabilities are helping us scale faster in urban markets, drive our innovations faster, and premiumize much faster. So a very significant role. Now when you think of it is now showing up in our premiumization drive. If you look at our premium portfolio, the contribution has grown rapidly from 11%-14%. More importantly, the growth in this part of the portfolio is well ahead of our overall growth. The premium part is growing by close to 500 basis points ahead of overall growth. I want to bring your attention to some of these innovations. If you look at the Nescafé can, which is there, the NESCAFÉ Roastery this is really high-class specialty coffee, barista-crafted beverages, and it really drives that immersive brand experiences we want. You look at KitKat Delight, again, one of our most successful premiumization efforts, and it's already become a very big success, especially with the Gen Z kind of consumers. If you look at Pro Plan, Pro Plan is a really scientifically designed advanced nutrition range. We've just launched it for cats, and it has some really specialized solutions which pet parents really care about. For example, in terms of urinary care, hairball control. These products have great science backing them up, and they address some of the most common and growing needs of our pets. Across the portfolio, backed with some great innovation, backed with science and R&D, we are very happy about our premiumization drive, has done well over the last few years and continues to accelerate, especially with some of our channel partners providing the right platform like Q-commerce and e-commerce. When we look back, I always keep on saying, a business is like a flywheel. Once the right ingredients come together, the flywheel picks momentum and starts moving faster and faster. We are experiencing that. We are very delighted with the way our value creation journey continues. It has consistently delivered, more importantly, this growth model is sustainable. As you saw through some of our numbers, our performance, it's not the result of one single initiative. It's the outcome of what I call very disciplined and running a model which is well-proven. What do we do? To put it simply, invest behind our brands, strengthen the customer and the consumer trust, expand our distribution. This results in higher sales growth, better profitability because we are driving volume-led growth. As a result, we have a stronger cash generation. This cash, again, gets reinvested behind our brands or behind creating capacity. That is the value creation. That's the flywheel I'm talking about. When you sit back and look at this disciplined approach, it's translated into superior shareholder returns for all our 500,000+ shareholders, with a TSR of over 15% in the last one year. I strongly believe the fundamentals of our business has never been stronger. With the significant growth opportunities which I referred to in terms of penetration, in terms of premiumization, we remain confident in our ability to continue to create sustainable long-term value for all our shareholders. I think it's important as we talk about the company, to take a step back and look at some of the opportunities India provides us with. Yeah. It's a matter of great pride for us that India is a priority market for Nestlé worldwide, and it's always been classified as a strong growth driver for the group. In a very recent interaction, and I'm sure some of you would have read about that, our Global CEO, Philipp, he actually called out India and said that India has delivered a very strong performance, crediting India's momentum to disciplined execution on product innovation, availability, and support. Yeah. It's also a matter of great pride for us that India, it's always been the largest market for Maggi worldwide, and now is also the largest market for KitKat globally. India clearly occupies a place of great importance for Nestlé worldwide. More importantly, when you think of the India opportunity, it just comes alive. Yeah. India's consumption story is very clearly entering a new phase. The rapidly expanding middle and affluent consumer base, it really creates some very exciting opportunities across those tiers. Yeah. By 2034, the number of affluent and aspiring households is going to increase significantly. Therefore, the share of their consumption, their expenditure will continue to rise. We believe, Nestlé, we are positioned very uniquely to capture this opportunity. Our portfolio spans across the entire income segments, and I'll talk a little more about it in the slides to come. Therefore, our growth story is therefore not just about gaining share, it's about growing alongside India's evolving consumer. Wherever they are on their consumption journey, we believe we have the innovations and the brand to actually engage with them. Let me shift and talk about some of the key focus areas which we believe, given where we've come from, some of the performance I spoke about, and the India opportunity, which all of us believe are important for the business as we go forward. The first, and something which is very close to all of us, the growth has to be led by volume. That's a very important thing given the low penetration. We believe there is a chance for more and more Indians to engage with our brands. Then, of course, at the same time, there is a massive premiumization opportunity. The second, we have to optimize across the value chain to make sure we save every rupee so that we can invest it behind delighting our customers and consumers. As we enter into this growth phase, we also realize our brands need investment. Two kinds of investment. One is, of course, to support the communication and the innovation, and then also to scale up capacity, because bulk of our growth, which has happened over the last two years, is volume-led. To drive the top three, there are a couple of things which are very important. I think one of the most important things which has really helped us leverage and deliver the kind of results we've been talking about is how to use technology. We strongly, at Nestlé, believe that technology can be the force multiplier as we enter into this growth phase. All of this put together in a disciplined capital deployment model and margin management, I believe these are the things underpinned with awesome execution, which we feel can lead Nestlé India to the next level of growth. Let me start with, I spoke about it a couple of times, about the growth opportunity. I spoke about penetration and premiumization. If I can just draw your attention to the left hand, the blue bars, it shows the penetration of noodles, and Maggi is a large player in that market, vis-à-vis some of the other categories like biscuits or salty snacks. When you look at the numbers, what it shows you very clearly, that compared to biscuits, for example, which have close to 100% monthly penetration, noodles is 1/3 of that. While we are very proud about what Maggi stands for, the fact that it's spent 50 years in India, it is the most trusted noodle brand, we still believe that with a brand as strong as Maggi, with the right innovation and investment, there is a lot of headroom to recruit new consumers, to drive innovations across format. Which is why we are so excited. We have the brands which have this really strong positioning in the mind of the Indian consumer, we have the opportunity to grow when we compare noodles to a salty snacks or a biscuits category. This is true across. If you move to coffee. A few decades back, minus south, we would say India is a tea market. That's shifting. That's shifting rapidly, and I'm sure all of you encounter it. You go to any office, and when you ask the machine operators, and we are one of the large machine operators in this country, the consumption is almost 50/50. 50% coffee consumption, 50% tea. At Nestlé India, we're not just growing our coffee business, we are actively shaping India's coffee culture. How are we doing it? Through the right consumer campaigns, through affordable entry packs, premium offerings, and creating new consumption occasions. That's the role of a category captain. That's what Nescafé is driving in India. If you look at it's delivered some great results. Last quarter, Nescafé recorded its 20th consecutive quarter of double-digit growth. Clearly shows a market shifting from tea to coffee and Nescafé playing the role of the lead brand in this space. It's clearly a reflection of the strength of this brand and the innovation which has gone behind. Of course, I keep on saying it, the consistent execution across brands and channels. If you look at the I'm sure a lot of you would have seen the Banao Apni Duniya campaign. It's an example of how we are elevating the Nescafé experience, the brand experience, far beyond just functional coffee, and making it an aspirational lifestyle proposition. As coffee consumption continues to evolve in India, we believe our brand, Nescafé, is in a unique position to sort of capture this growth opportunity. The same is true for confectionery. KitKat, it's a matter of pride now that India is the largest KitKat market globally for Nestlé. At the same time, we are super excited about what this brand can achieve. If you look at the penetration numbers, the purchase occasions, our market share, it clearly tells you that this brand should be growing rapidly. What the team has done in terms of innovation and brand building, this entire idea of a KitKat break really vibes with the Gen Z, with everyone who works in office. The Break The Loop campaign, I'm sure some of you would have encountered this campaign, which KitKat did with Spotify. It was almost to give consumers a lighthearted, relatable reason to pause their day and enjoy that KitKat. Some of the best campaigns, this is a brand which has won various communication awards. For example, the recent series with a globally popular anime, "One Piece," to launch an exciting collaboration. It's one of our most viral campaigns, it has now fans across the country. Clearly, KitKat has the momentum and the opportunity to grow rapidly. Within all these categories, the thing which stands out is not just low penetration, it's also premiumization. Clearly, while we've done well, we believe there is a lot of headroom for premium food and beverage categories. We have positioned really well to capitalize on this. Supported by some really strong brands, supported by some innovations. If you look at one of our most premium entries, Nespresso. In the last one year, we've expanded. We now have four boutique stores in three cities. We are seeing great traction on Nespresso across the country. If you just take a look at coffee as an example, if you look at our portfolio. I spoke about affordable entry packs, I spoke about driving consumption occasions, I spoke about premiumization. I think this portfolio brings it alive beautifully. At the entry point, we have INR 2 sachets. As consumers want to explore coffee, it's a very easy access point, affordable access point for them. To drive multiple consumption occasions. The reality is we now have Ice Roast, Black Roast. These are occasion-based to make cold coffee, espresso, therefore, we are driving that up. It keeps on getting laddered up. From INR 2- INR 100 a pod for Nespresso, the brand has the brand strength to cover the entire range of use cases. This laddered portfolio, it allows us simultaneously to recruit new consumers, drive consumption, and premiumize. Which is what I said at the beginning, our portfolio gives us that opportunity and that ability to straddle across the entire price range. It just doesn't stop at the product and in-home consumption. If you look at our out-of-home business, I think it's really Sorry, I just skipped a slide. My bad. Okay, sorry. If you look at the consumption occasions, one of the key things which is happening on the coffee space is cold. People are consuming cold coffee. One out of four coffee cups in summers is cold. By the way, even if you went to winters, it just changes to one out of five. Think of the opportunity over there. We launched these machines, if you look at that machine with that red and blue, it's India's first dispensing machine at scale. It's called the Nescafé Dolce Gusto. It can dispense both hot and cold beverage. It's complemented by low, zero sugar options. There is some major innovation happening in this space. The Nescafé Ready-to-Drink, it's been one of our most successful launches, and we are further strengthening it. We just launched the Vietnamese Latte, the iced cappuccino variants. You can clearly see that Nescafé, as a brand, is at the forefront of this trend. Whether it's espresso hot, Nespresso capsules, the ability to take on the cold opportunity, we have a very holistic way to make sure we engage with the consumer at every possible touch point. More and more consumers, the number of occasions consumers are consuming food out of home is increasing quite rapidly. If you look at it's close to double in the last decade. That's something which all of us experience when we go out, we have coffee, we have our favorite Maggi desserts. I'm really proud about how the out-of-home business has developed. It's already the second-largest out-of-home business for Nestlé in this part of the world. When I say this part of the world, I'm talking about Asia, Africa, and Oceania. When you walk into a Thai restaurant and have your green coconut curry, the chances are very bright that it's the Nestlé coconut milk powder which is being used in that recipe. It's not about the product. We actually train the chefs. When you have some of your favorite desserts, don't be surprised that Milkmaid would be a critical ingredient for that dessert. Similarly, on the beverage solution, I spoke about some of the innovations we are doing, and we are very excited about how this opportunity is panning out. Given our service plus brand strength, we believe we are in a good place to leverage and ride onto this changing consumer habit of consuming more and more food and beverage outside. I think at the back of all these innovations, what really makes us stand out as a food and beverage player is the science. Innovation has always been at the heart of what we do, and we have one of the largest R&D organizations in the world in the food and beverage industry, close to 4,000 people working. We spent close to CHF 1.6 billion behind research. The great thing is, one of the most critical research centers is actually next to our office here in India, in Manesar. That gives us ability to borrow and leverage global research and then marry it with what Indian consumers, South Asian consumers want. If you look at some of our businesses, the nutrition business is a good example, where we leverage the R&D which happens globally and some of the technological enhancements offer some of the best products in India. For example, we've just launched Nestlé NAN EXCELLAPRO with five HMOs and probiotics together. Lactogen's got relaunched with probiotics and prebiotics. It's not just restricted to human food and nutrition. Goes on to our pet portfolio. Pet food is Nestlé's second-largest business worldwide, and we have a dedicated Purina Pet Care Research Unit in U.S. This world-class R&D facilities, we've leveraged that so that we can meet the need of pets and pets' parents in India with specific formulations happening for this country. This business, which has been performing really well for us, what gives us confidence is the science which goes behind all these products. Yeah. That's really critical for a company which is all about nutrition, be it humans or be it our pets. To drive all this, some of the innovations, some of the R&D strength we spoke about, what is really important is, do we have the right cost structures? I'm really proud that one of the things which the team has done really well across is if you look at our cost-saving programs, it's really accelerated. In a normal year, we would be around 1.8%-1.9%. We've really stepped up. We wanted 2.6% in 2025, this year we are further accelerating on that. Why is this happening? I think one of the most important levers for unlocking the savings is it's been a very structured program with great governance across, the team has been ready to challenge status quo by looking at the outside in. How can we be best at India, best at Nestlé on every metric, which can help us delight our consumers and customers? That's what has unlocked efficiencies across the value chain. As a result of that, we are now in a position to invest more behind our brands. If you look up at our advertising, we've really stepped it up over the last few years. In the last few quarters, and we've reported this every quarter, the investments are growing up by close to 40%. This is what I call the flywheel impact. Invest behind your brands, generate the cash, make sure your cost programs work well, that further creates stronger brands, which generates the right bottom line and cash. Yeah. We believe that this investment will continue to help us. I spoke about driving penetration, premiumization, and share gain in a couple of categories. I think this is the investment which is required, the team is making sure that it goes into the right places. Close to 55%-60% of our money goes behind digital now because there is a large population which is the digital-first customer. For them, you know what happens is our investment into these channels, they really help because it's far easier to do performance marketing, it's far easier to measure the customer engagement. I personally believe that the increasing contribution of digital spends will just result in much better ROI and impact on our business. Very, very excited about our hypothesis of increased investment playing out to support our brand growth. To do all of this, it's very, very important that we continue to invest in our capital expenditure. Like I said, we are a Make in India. Bulk of our products are made in India. Bulk of our raw material are sourced from India. We've been on a capacity expansion to support our volume growth. If you look at the last five years, we've invested more than INR 64 billion. In the last one calendar year, we started a new Maggi line with close to INR 170 crore plus investment, a new Munch line where again, we invested close to INR 225 crore. I think the virtuous cycle of growth is moving, and capital expenditure is something we would continue to do to ensure we deliver quality products to our consumers. One of the things which I touched upon, which is really, really helping us grow in its current avatar without resources growing in the same linear manner is the use of technology. I think I'm very proud of how all of us in Nestlé India have jumped onto this opportunity of using technology as something which can deliver great value across the value chain. If you look at it, the fact is we have a great ERP system. We've migrated to the SAP S/4HANA system. When you have good quality data, it's very easy to embed the right heuristics, ML, and AI model on top. From end to end, right from the millions of touch points of sales right up to the raw material planning, we are integrating the entire value chain to drive the right kind of efficiencies, which will help us deliver it at the right cost to our consumers and customers. You would see it across, be it supply chain, be it operations, be it sales. Very, very enthused by what this can do, and it's really, really helping us build a far more agile, data-driven organization. Despite the kind of volume growth we are having, we see improved service levels, better productivity, and our cost efficiency is going up. Excited about what technology can do for Nestlé India and how it can be a growth multiplier. I've spoken about the opportunities, I've spoken about the India piece and what we are doing. While we do this, I think it's important, and a lot of people ask me, "What about the macro environment?" It's a very, very important factor for any CPG. Yes, there are a few headwinds, if you want to call that. There are a few things happening in the environment. The fact is, we are seeing a little bit of slowdown in market growth as reported by Nielsen. Also, there is a little bit of impact on food inflation. I would just like to point out, some of these macro factors impact you when your penetration levels are 100%. When your consumption levels are comparable to some of the other countries which have similar profile. While these are headwinds, inflation would be of concern. I just feel that given where we are on this journey in terms of penetration, in terms of the rural consumer, in terms of premiumization, I remain quite confident of our ability to handle these short-term blips. The same is true for the macroeconomic, the geopolitical situation. Yes, it's a challenge. There are some costs which are going up of things like energy, packaging, oil, shipping disruptions. There's volatility in the currency. Does it concern us? Yes. We try our best to have the best kind of PCPs in place to make sure we can handle that. I still believe the medium to long-term growth story for us does not get impacted. The team has the resilience to work around and address some of these challenges while continuing to delight our consumers in India. Therefore, the growth journey continues. I want to conclude by saying there is a great amount of confidence we have on our growth journey in India. It continues to remain stronger than ever. Yeah. We believe that India continues to offer one of the most compelling long-term consumption stories. Yeah. This is across, I am saying, the 190 countries which Nestlé operates in. Yeah. The fact that we have a strong portfolio of brands, we have great consumer understanding, local R&D support, and what is really exceptional is our execution capability across functions. That gives us the confidence that we would very successfully tap onto this growth journey. Yeah. It is built around a dual engine. While we continue to strengthen our core brands, the Maggi, Nescafé, KitKat, Cerelac, we will continue to expand and move into new consumption locations. Nespresso, Purina, out of home, these are just some examples of that. Yeah. Technology would be at the heart of what we do. Strongly believe what AI can do for our business is multiply the human capacity we have, and we will continue to depend on our people to drive the foundation of this success. Nestlé India, in a big, big way, is not just participating in the growth story in this country. I believe we are helping shape it, especially in the food and beverage part of the industry. With a strong, resilient model, exceptional executional capabilities, and a clear long-term strategy, we believe our best years of growth are still to come. Like my team keeps on saying, we will, as a group of people, the 8,600 people who work for Nestlé, and the thousands and thousands of partners and farmers who work with us, we would continue to be relentless in the inputs we control and resilient in the output. Thank you so much for giving me a chance to share with you how we look at the business and why we are so excited about the growth journey in India. Thank you. Sarah, over to you. Thank you, Mr. Tiwary. We will now open the floor for the Q&A session. Instructions for joining the queue are being displayed on the screen. We will pause briefly to allow participants to join the queue. When it is your turn, the moderator will unmute your line and invite you to ask your question. To ensure that as many participants as possible have an opportunity to engage with the management team, we request a maximum of two questions per participant. Thank you, we look forward to an engaging session. Over to you, [Inba] Thank you. Ladies and gentlemen, we will now begin the question- and- answer session. To ask a question, please click the Ask a Question button below the media player, enter your details, and wait for your turn to be announced. After your question is answered, you may click Leave to return to the webcast page. If you have a follow-up question, you can submit it the same way or use the Raise Hand button if you remain on the panelist platform. We will take the first question from Abneesh Roy of Nuvama. Please go ahead. Yeah, thank you. Am I audible? Yes. Sure. My first question is on your three new businesses. If you could tell us more about how breakfast cereals, pet food, and Nespresso has done. One follow-up on pet food is, Nestlé parent has a small stake in Drools. I wanted to understand, is there any cross synergy, if at all, between Drools and Purina? That is my first question. Okay. I will take this on, and you can jump in wherever needed. I think let me start with the cereal part of the business. We have seen some great success on the Munch portfolio. We are very happy with how that segment is developing. Also, it helps us create a master brand, which works across confectionery and cereals. A great place to be in, and Munch is our second strong pillar in that business. KitKat is the main confectionery brand, and then we have Munch. Very happy with the way the business is emerging. I think Nespresso has been a revelation to us in a positive way. There were people sourcing Nespresso through e-commerce websites. People would buy the latest capsule variant from duty-free in various airports and bring it to the country. Since we've introduced Nespresso officially in India, both through online and like I said, we now have four boutiques across three cities. Customers locally are delighted to be able to source the various variants we have, to source machines from India with a complete service backup, and it has really positively surprised us with the traction it's getting. I keep on saying that given the booming affluent population, I think Nespresso has a long, long runway to sort of work on, and very excited about the Nespresso part of the business. Pet food is a very interesting one. We are one of the global leaders in this, especially when it comes to cat food. If you look at India, even the pet adoption post-COVID has really shot through. The interesting thing is, in some of the metros, the dog and the cat population is almost 50/50. Yeah. We have very strong propositions both for dog and for cat with the Pro Plan portfolio, Felix portfolio, Friskies portfolio, and we are doing really well. One of the things which we always hold ourselves accountable and responsible for, we want to build the business in the right way. It's nutrition for our pet friends. Therefore, we work through the vet channel, through the specialty channel, through breeders. If you meet some of the top dog breeders in the country, they actually depend on Pro Plan. Very happy, excited with the way these businesses are getting built up. I call them icons. While we have the big trees of Maggi, Nescafé, KitKat, these are the icons which we'll build and will give us a chance to address more consumers and consumption occasions. Drools is just a financial investment which the Nestlé worldwide group has done. I don't have any specific comments on Drools per se. It's just a financial investment. Anything to add? No, just maybe I will add just on pet food. We gain market share in that category, and it's a category that is growing now and where we're growing actually also very strongly. Thank you. Sure. Thank you. My second and last question is on the spectacular scale-up company has seen after you joined. I wanted to understand, which is the most important reason for such sharp growth? There are three reasons. One is, of course, 40%-50% higher ad spend YoY, last three quarters. Second is, of course, your eight years experience in Amazon, and clearly Nestlé India pre your joining and now, clearly there was an opportunity to catch up in terms of Q-com. Third, of course, is GST. In your view, which is the most important reason in terms of the faster scale-up Nestlé has seen? Thank you. I think you're being very kind if you attribute it to me. I think it's very important. I keep on saying this. In our business, there are two things which are critical, the brands and the people. If you look at some of the brands we have, if you think of culinary, we have one single brand called Maggi, which is really loved and has great impact. Similarly for coffee on Nescafé, similarly for Cerelac and Lactogen. All of us have been brought up on these brands. I think the brands are extraordinarily strong. The same is true for our people. What we have done is we've unlocked a lot of investments behind these great brands, and that is what is moving the flywheel much faster. You spoke about the ad spend. These brands deserve more investment. The moment when you put your money behind something which is really strong, you can see the results. I think Q-commerce is doing well. I also think when you think of a Q-commerce player, they're close to 6,000 dark stores. They need partners who can reliably supply because that's one of their biggest challenge, because for two days of stock in 6,000 dark stores, it's not easy to manage that. I think the supply chain team has done. We are one of the best suppliers if you speak to some of our Q-commerce partners. GST was something which was, I think the government really should be congratulated on unlocking this for our consumers. It happened across the industry. I think the execution which the team did across the millions of outlets, across changing all the pack mat, pricing, weight, I think that was flawless. If you recollect, we did not have a GST downside in Q3 of the calendar year last year, nor did we have a downside in Q4 of the calendar year. We actually saw an upside. I think that's a proof of how well the team has executed it. The big blocks of brand and people is what gives us the strength. The fact that we are now optimizing cost and investing behind them is what is resulting in the flywheel moving faster. Just one last follow-up and I'll end there. It's on advertising. If I see 40%-50% higher ad spend by such a large company for three successive quarters, unprecedented in India. What is the reason for this? Was Nestlé under-indexed in its categories? Or second, if I see chocolates, where I think clearly you are a much smaller player than the market leader. For example, from your slide, Nestlé is at 23% penetration and chocolates overall is 63% penetration. Can you elaborate that your spends in the last three quarters, is it reflecting this 23% versus 63%? Or now you're outspending so much versus your advertising market share versus, say, volume market share that you're getting a benefit out of that. One, if you could explain why so much advertising is happening. Second, is this the main funnel for future growth also? You did say that you'll keep spending, if you could elaborate from Q3, what happens, right? Q3, the base becomes very high, what kind of growth you'll be expecting? Thanks for that. I keep on telling people that it's not about a base, it's always about the penetration levels we have and the future opportunities. Of course, there will be a quarter where the GST would be in the base, those are when you think of a slightly more medium term journey, it's about are you getting the secular volume growth, which we are right now. You touched upon the ad spends. Yes, we are dialing up the support and we are dialing it up because putting it simply, you would put money behind the Virat Kohli's. We believe our brands have that kind of legs. They have the strength to run a long distance, we are investing that. Obviously, it won't be 40% all the time. We have some pretty hard financial metrics around this investment, in terms of ROI, the ROAS, which we get on digital, and we monitor that very carefully. It's not, all cholesterol is not good cholesterol, and we are very conscious of it, and therefore we would never hesitate to invest behind the brand as long as it's giving us the right returns. At this point, we haven't, I would say the trend would continue. Would it be 40% every quarter? Obviously not because of the base catching up. Ed, anything? Yeah, maybe what I can add is that our investment is obviously funded by the efficiency that you were noting in your earlier discussion. I think that's a very important point because we keep on referring to the virtuous cycle, the flywheel. You can see it playing out for us in the last few quarters, higher investments, still better profitability because the growth is driven through volume, premiumization. I think those are the things which are helping us drive this flywheel faster. Thanks. That's all from me. Thank you. Thank you. We take the next question from Latika Chopra of JP Morgan. Please go ahead. Yeah. Hi, Manish, and team. Thank you for a lot of insights today. My first question was on our revenue growth outlook. You have talked about various levers of growth. A lot of it is execution-led, clearly. As you mentioned, there were some GST tailwinds as well. In FY 2026, just to set a context, you had a close to 11% volume growth. When you look ahead, do you think a double-digit volume growth for your business is doable considering what we saw today? You're talking about penetration, premiumization, and of course, a higher penetration and higher participation in fast-growing channels. I wanted to add, when you look at FY 2026, it seemed you had a disproportionately higher growth in chocolates and coffee, and hence the question on sustainability of this double-digit volume growth, if you could talk about this. Yeah. Thanks for that, Latika. I think, to start with, not getting into forward-looking projections on numbers, I really want to take a step back and all of us very strongly believe if we just do look at the market, and I compared, say, noodles to the biscuits category. I mean, biscuits has close to 100% penetration monthly. Noodles, and we are just one player in the noodles category, is still around 35, 36, yeah. Even in urban, we would be half of biscuits. We would be much smaller than salty snacks. That clearly tells you, because, I mean, what are we talking about? A family consuming one pack of Maggi in a month. Yeah. Obviously, given the brand love, given the kind of innovation, there is headroom. I believe across all our businesses, whether it's nourishment, we are still a country which has healthy child growth. The pet nourishment, one of the fastest growing countries in terms of getting pets into home and pet parents. Coffee, tea, I spoke about, it's a change shift you can see across every day. Confectionery, our shares are much, much smaller, and the category is growing in terms of penetration overall. I believe the secular growth opportunity exists. Having said that, it is for our teams, my team, and all of us to realize that. To realize that opportunity, we need the fuel behind our brands and our people, and which is why right now it seems to be working well. You referred to confectionery, and spoke about growth. If you look at the last few quarters, and we don't share category-wise growths, but suffice to say, all our businesses are getting healthy growths. I spoke about coffee, 20 quarters of double-digit growth. It's not just a confectionery thing. I think KitKat has now become one of those viral brands, and we're very happy with the way it's progressing. We did run out of capacity. We are putting in more capacity, but the growth we are seeing is equally strong. Keeping the relative positioning in mind, we're delighted with some of the responses we are seeing on Maggi, on the spicy range, on Double Masala. It's secular growth, and I believe it's up to me and the team to make sure we realize those growth opportunities. There could be quarters which could be a little off, but my belief and our team's belief on the secular, short to medium-term growth opportunity stays. Well, thank you for that. The second bit, is it fair to assume, given a focus on operational efficiencies, and a lot of digital tech that you talked about, when you look at margins, and I know you have to navigate various volatility on raw material, et c. At a very broad level, would the company be able to at least maintain or modestly improve margins on an [ADG] basis? Again, quarterly volatility, one can exclude, but more from a medium-term perspective. I think, overall, we are very focused on making sure every rupee we spend helps our consumer or our customers. That's a way we look at all our expenditure because this country is very price sensitive still. In our businesses across, we spoke about low penetration, which is why the price point back continues to be very important. That is a thrust which the entire team is driving because if we keep on sort of flexing the pricing, we will lose out on the penetration opportunity. As far as margins are concerned, Ed, you want to jump in? I think we have a track record of margin and maintaining our margin, and obviously our efficiency programs are here to tell on how we hold those margins. Just to double-click your comment on near-term outlook, this was more a caution from a macro perspective, but you believe considering the penetration levels in your categories are low, this is not an outlook for Nestlé India perspective. I was referring to very often we get asked this question. Latika, it's important, when you are in a category where penetration is 100%, what happens when a macroeconomic sort of shift hits you is very different from what happens when your penetration levels are much lower. While we are concerned about some of the rising cost and the challenges, I think the last one year clearly gives me the confidence that my team has the resilience to work around it. While there could be a month of up and down, I believe the secular growth story remains in place strongly. Thank you so much, gentlemen, wish you the best. Thank you. Thank you. Before we take our next question, we would like to remind participants to please limit your questions to two per party. Time permitting, you may come back in the queue for a follow-up question. Our next question is from Arnab Mitra of Goldman Sachs. Please go ahead. Yeah. Hi, am I audible? Yes. Yeah. Hi, Manish and team. My first question was actually on Milk and Nutrition, because this has been one segment where there has been a challenge in the last decade in terms of growth. Manish, as you have looked at this business from a new set of fresh pair of eyes, the diagnosis is growth has lacked in the segment. Can there be something that Nestlé can do here to accelerate the growth of this portfolio? You could talk about the various parts of the portfolio if that helps. Yeah, I think I am personally quite happy with the way the Dairy and Nutrition business has been performing. If you see the call-out we have had the last quarter, it has had good volume-led growth. It is important that when we look across the various businesses we operate in, our starting position can be very different. Yeah? When I think of a confectionery versus a Dairy and Nutrition position, the starting position is different. Having said that, the same opportunity exists when you look at penetration in terms of infant nutrition, in terms of dairy. The headroom for growth is there. I feel very good about the fact that we have some great science backing up our products. Therefore, I would say I continue to be as optimistic about that business as I would for confectionery. Keeping in mind, they're two different categories, the growth opportunities on both of them would never be identical. I am very, very enthused with what we are doing on some of our nutrition and dairy brands. Got it. Anything you want to highlight in terms of the last three, four quarters, which you've done in this Milk and Nutrition segment, which is different from the past and which is showing some promise of accelerating the growth for the portfolio? No. I think, Arnab, what's important is, I say this very often, and you know it more than some of the other people. 80% of points is on good execution, the day in, day out execution. Yeah. I started by saying, in this business, we are among the few countries which continues to have very healthy child growth. Yeah. It's true for me, it's true for you, and it's true for the next generation. People look up to trusted brands like Lactogen and Cerelac every day for their nutrition needs. I just think it's better execution, better science, which is supporting our journey on this business. Got it. Thanks so much. My last question is on, in the foods category, we are seeing these trends of protein adoption, nutraceuticals, functional food. What's your take on it? Is Nestlé participating, is going to participate more in these segments than what you do today? Any thoughts on these emerging growth areas, vectors, and nutrition and food? I just want to share that we already participate in some of these segments. If you look at the top end of nutrition and protein needs, it's always in the ICU. If you ever, hopefully you never get a chance, but if you ever went there, doctors in ICUs depend on Nestlé Health Science brands like Peptamen. There's a joint venture we have with DRL, Celevida. These are some of the brands which operate right at the top end of what you would call the nutrition needs when the human body is most fragile. We do address that, and we are globally in a very, very strong position, backed with the right science. Of course, there is work happening on some of these. What is important for us is, we've been around for 114 years. Whenever it comes to food and nutrition, we would be very thoughtful, very measured, and we would make sure that if it's a new trend, it's backed with the right research, the right product, and gives us the right to win. That's a slightly different approach, especially because it's a food thing and people trust the Nestlé brand. Like I said, on the top end, on the medical front, we already have brands which are operating. Yes, we are constantly looking for innovations and things which way could delight our consumers in India. Ed, anything to- Thanks so much. That's it from my side. All the best. Thanks. Our next question is from Avi Mehta of Macquarie Capital. Please go ahead. Yeah. Hi, Manish. Thanks for this. Just two bits. You did point towards this reach expansion opportunity. Could you kind of give us a sense on where we are in this journey? Would you say largely done 40%, 50%, or how any thoughts or clarity on that front? The second bit I wanted to kind of just get your thoughts was on the infant nutrition bit. We've done some new innovations in that segment to post those growth concerns that have emerged, especially around sugar. If you could kind of give a sense on what is the consumer acceptance, how, and your thoughts on how it is kind of trending as we speak. Those things. Thank you. Thank you. I think, Inba, someone's mic is on. Okay. It is Mr. Mehta's. I'll mute him for now. You may go ahead, sir. I think the first question was on reach, where are we? I think it's very important, I touched it earlier. It's not about reach, I would say it's about controlled reach. One of the reasons, one could step back and say, "Why were you not in rural? You've been there for so long." It's about did we have the technology to ensure that the product, when it lands in the store in our village, is still fresh, is still in the right condition. Therefore, we would always want that any store which is selling a Nestlé product, by leveraging technology we have, we can see the freshness of the product and the quality of it. Which is very important for us. We've been thoughtful and measured. Which is why, vis-à-vis some other peer group companies, you might say, "Have you taken longer?" I say, "No, we've not taken longer. We've done it the right way." The brands and products we sell deserve it in that manner. Where are we on this journey? A long way to go. It's not just reach. I would keep on saying, it's the contribution which comes from, say, quote unquote, the rural segment, is still half of what some of our peer group companies are. Let's face it, rural has been one of the more resilient parts of the market when I compare to urban. The kid in the village is as delighted to or is as eager to eat a Maggi or a KitKat as is the kid in urban. We have the right price point packs. We have a lot of packs which work at five, 10, all the relevant price points. We believe we have the brands, the proposition, and now the reach is enabling us. I would say it's still a journey. I wouldn't say it's X% of that journey, still a long way to go. Remember, contribution is always on a denominator. What we are eager is rural grows faster than urban, and that's what is more important. Right now it is doing that. That's the first part of it. I think on infant nutrition, if you compare some of our products, whether it is the science I touched on, the HMOs, the prebiotics, the postbiotics, the work we are doing, even today, EVERYDAY is one of the most tested creamers which we use for our tea, coffees. We have some extremely strong markets in Northeastern Kerala. When I think of nutrition, I think of science. I think of building that trust. Again, I'm very happy with the progress we are making. Whenever it comes to food, I would always say we would be measured, we would be a little cautious, because it is something which our millions of consumers consume. We've been around for 115 years. We'll be around for the next 100 years. We will build it up, but we'll build it up the right way. Okay, sir. Sorry, my question was largely on that infant nutrition bit. I do understand the other products and science behind. Any color on the new innovations because you did address. Okay. Sorry, you're referring to Cerelac, I guess. Yes. I just want to re-clarify. Cerelac, as a brand, has always met every standard which FSSAI had. It was below the FSSAI standards, for example, on sugar. We got some consumer feedback, and like I always say, the consumer is always right. We wouldn't just say because it's below regulatory level. We launched a ZAS version, which is zero added sucrose. Now across the entire Cerelac range, moms have a choice of using ZAS or the sugar within the permissible limit. I think both parts of the portfolio have traction, and this is a choice we leave to the consumer. Post a little bit of disturbance, Cerelac is back to where it should be. Both the ZAS, which is the zero added sugar, and the earlier part of the portfolio have traction. Like I said, moms make the choice for their kids. Got it, sir. Thank you very much. That's all from this end. Thank you. Our next question is from Nihal Jham from HSBC. Please go ahead. Yes. Hi. Am I audible? Yes. Yes. Good afternoon, Manish and everyone. Two questions. The first one was again on MPN. I know you've mentioned about the aspiration, but if you look at the historical track record, it's been sort of negative volume growth for this business for the last four, five years. For a volume-driven organization like we are, I'm sure that is obviously not as per what expectations we would have had for the entire portfolio. With that as a backdrop, since you've come in, what are the incremental initiatives that you have taken beyond obviously the launch in Cerelac, which you just highlighted? Is there a visibility that you can see this portfolio maybe going to a mid to a high single-digit volume growth in the coming future? I assume you're referring to the nutrition portfolio, right? Yes. Okay. I always keep on saying, in a company which has a history of 115 years, well-oiled machine, it's like a ship moving forward. I wouldn't say I have added something. It's just doing it a little better. I think on the nutrition portfolio, we now have the right product range. I referred to it in my earlier answer. As you pointed out, the kid birth story in India is still strong. We are investing more both in the R&D side and also in making sure mothers and doctors get the right nutritional information. Yeah. We believe this is a business where it's our job to help mothers as they bring up their children, and we look at it a little differently. Would we get volume growth on this business? Yes. If we have the right products, I feel very confident, and we have had volume growth in this business. I referred to it in the last quarter results. We saw good volume growth in this part of the business, I see no reason for that to change in the future also. Sure, Manish. Second question was on the chocolates and confectionery portfolio. Obviously, as per the annual report and the performance, it's obviously been a spectacular turnaround. Improvement, let me call it that way. I do understand there have been a few interventions. One is obviously you've mentioned about distribution expansion. There have also been a lot of product launches, like the pops and all that. Can you just highlight that what has sort of been the key driver? Is it the distribution that has led this kind of a surge, or is it, say, the launch of the INR 10 or the INR 5 SKUs, which is sort of driven? I know it could be a combination of both, but if you can just highlight what has been the key driver here. Yeah. No, I think you made my job a little easier. It is a combination. There is no silver bullet in business. I think what we need to realize, if we take a step back, I would say KitKat is one of the most valued global brands now. Yeah. We lose our track of KitKat and it becomes a global story. It's a product which is very unique in its format. Consumers who like KitKat love KitKat. I'm not exaggerating. Across age groups, I have these anecdotes about my grandmom used to eat a KitKat a day. Yeah. The brands are extremely strong. Both KitKat and Munch in their own ways are really, really strong. Yeah. What the team has done well is, in India, you need Visi Coolers to keep your entire range. If you don't have a Visi Cooler, the product can get melted. Some of the challenges we have. Today, we have started the right brands. If you look at KitKat, it's across delights, it's across pops. A lot of it is imported from the Middle East, KitKat Chunky. It's there in the right price points, which you referred to, and so is Munch. Munch is now across price points, has a max range. It's into value-added products. I think the whole story, all the vectors are getting aligned. Which is great distribution with the right Visi Cooler, the right brands, and the right money behind the brands, and the right innovations. You are right, it's one of our best performing businesses. More than that, what I'm really excited about is the brand strength which it has. Therefore, this is a business which we are very optimistic about in the medium to long-term future also. Sure. Wish you all the best. Thank you so much. Thank you. Our next question is from Mihir Shah of Nomura. Please go ahead. Hi. Good evening, Mr. Tiwary and team. Thank you for taking my question. Sir, since you have taken over, there is a material step-up in the growth that we have seen. The people, the brand, the secular growth opportunity that you highlighted was always there. Can you share the top two tangible factors that contributed the most for this trajectory shift? Everyone will have their own thesis, so will I, but I wanted to hear from you, what are these factors that would have led to this material step-up in growth? Part two of the question is: Is this growth rate a new normal that one should think about? The opportunity that you highlighted is huge, and the steps you're taking will be consistent. If this will not be the normative growth, what would be a normative band in your view? That's my first question. I think I'll repeat. I take the credit for all the hard work others do, but it's good timing. I really want to stress on the fact that when you have a starting point with the kind of brands we have, take a step back and think of any category. I've worked across multiple. I'm not mentioning those categories. There are very few categories where you have one or two brands which are so impactful, like a Maggi, like a Nescafé, like a KitKat, like a Munch, like a Lactogen, a Cerelac. When you have lesser but more impactful brands, portfolio management becomes easier. You can put a lot behind them. Like I said, I showed it in the numbers. They still have legs to run very far, based on penetration consumption locations. I think that's a very important thing. I referred to cricket earlier. It's like if you have the Virat Kohli's and Sachin's in your team, it's easy to win. The coach might take the credit, but it's the brands in this case. Then, of course, the people behind the brands. I want to narrate an incident which all of you are familiar with. During the GST transition, we were among maybe the only large CPG company which did not have a downside. The reason we didn't have a downside is the relationships which Nestlé has built with its partner vendors, with its distributors and retailers. There were retailers who actually had the confidence. At that point of time, there were all kinds of advice floating around on what is right, what is wrong. We have a large proportion of our business which goes through direct distribution, when the field people actually briefed the trade, I'm not exaggerating, but they said, "Okay. If Nestlé is saying it, we will work with you on this." Yeah. That shows the trust and the execution of the people. Everyone has a sales force, everyone has distributors. Why was Nestlé not impacted? Our vendors were willing to step up on packaging material, on change parts for volume or value changes. I think that's a very important thing, and that doesn't get built up with the change of a MD or a chairman. It's a legacy. I think the brands and the people contributed. Sometimes people like me are lucky that you come at a point where the vectors are aligned. Yeah. I think the two things which we are now focusing on and doubling down. One is how do we leverage technology to drive this kind of growth so that our costs don't grow up at a linear manner? That's important because when you have the awesome cricketers, which I keep on referring to, you need to give them the right coaching and the inputs. Yeah. That we are doing. I am blessed that I have been a little exposed to technology, and I can add some value on that front. Yeah, that's a little bit of an ingredient which I get. But that would be about it. There is nothing, no other silver bullet on that part. Yeah. I think on the what is the new growth, I called out the opportunity both in terms of penetration, consumption, and premiumization. When I speak about these opportunities, and if you reflect on the various sectors you cover within the CPG, you would acknowledge, be it confectionery, be it tea, coffee, be it culinary, noodles versus biscuits, some of the biggest opportunities sits for our portfolio. How well we realize it is now up to us. I wouldn't get into a forward-looking of what the new normal is, but am I and the team convinced that the growth opportunity is there? We are. We believe, based on the last performance of the last few years, our playbook seems to be working. Yeah. We'll have to keep on innovating. Yeah. Like I said, it's not a silver bullet. We'll have to keep on innovating. Given the quality of brands and people, I believe that we can pull this through, and that's why we are confident. Ed, anything? No, I just want again to re-emphasize the accelerated saving program that we've engaged that allows us obviously to reinvest behind our brands. I see that's a very minus as well. No. +1 to that. Absolutely. I think that was my second question, actually. Given the drive on penetration, how should one think about the interplay with the mix and the impact on gross and EBITDA margins? What would be again a very normative margin profile at a gross level that the brands can achieve or they have to offer? How should one think about brand investment spends, given the flywheel is coming together and working well? One may want to keep it going with higher ad spends. Can operating margins stay at the same level that they are, or can one expect some expansion on flow through from the gross level going into the EBITDA level as well? I'll touch upon a few aspects and then I think what's important is, as we talk about, I spoke a lot about penetration and premiumization. One of the critical things for driving penetration is the right price points. Yeah. Therefore, as a company, we need to innovate to make sure we can deliver those price points' value to our consumers, at the same time, while maintaining a certain profitability. Yeah. That's a task we have to do. You're aware close to 80% of the snacking market is still below INR 20. Yeah. Consumers, they aspire for the brands, but it's our job to make it affordable for them. We'll continue to work on that because that's a key to unlocking penetration. When we talk about premiumization, the kind of support, the media support, on-ground support it needs is obviously very different from large brands as a percentage. Yeah. I think to drive both of these, we need the investment to keep on fueling the right price points and the right support for our premiumization. Ed touched upon it. We believe as a company with our size and the fact that we are not getting distracted with too many priorities, I keep on saying there is enough headroom for our own categories. If we stay focused on it, I believe we can sort of drive the flywheel of virtuous growth, get the savings, get the scale benefits to be able to continue to maintain the required profitability margins across. That's something which we've established in the last couple of years. Ed, anything more to add? No, just maybe to add, we're not chasing growth at the cost of margin. We will deliver and maintain our margin in line with our past track record. We'll continue to spend, driven by those efficiency program that we put in place and lower overhead. Got it. Thank you very much, and wishing you all the way best. Thank you. Thank you. Our next question is from Nitin Gupta of HDFC Securities. Please go ahead. Mr. Nitin Gupta, please unmute your connection and ask your question now. Please go ahead, sir. Thank you. Manish, m y first question pertains to how you are looking at products from the PAN portfolio. I need to say, what kind of discussion do you have regarding new launches? Along with this, I would also wanted to check upon what are your thoughts around M&A to expand TAM? Do you want to sort of focus more on the organic initiatives? Could you repeat the first part? I wasn't very clear. The first part is more pertaining to getting a portfolio from the parent end. Okay. I get it. Yeah. I think we are blessed when you are part of such a large food and beverage company with some extraordinary brands across the world, and that is something which we actively keep on scanning for. Its brand, its formats, its sub-brands, all of them are important. We spoke about Pops and Delight and ready-to-drink cold coffee, the Vietnamese coffee. These are all product formats which will lean into the worldwide parent group. We spoke about Purina, the way we are accelerating Friskies launch, Nespresso. It's a constant work in progress to look at the portfolio and get in the right relevant brands. What is really important is the right relevance, because it's not just about getting it in, it's about also giving it the right support and executing it at the point of purchase. Like I said, delighted that we have a parent company which has that kind of portfolio. I think on the next point, which is on M&A, I think bulk of our focus on growth in the medium term, I believe we have the headroom to do it through our current categories. I spoke about the numbers. Sometimes I think it's very important, I keep on telling it to my teams, it's not only what you do which will define you, it's also what you do not do. Saying no is a very difficult thing, we have to remain focused on our big growth opportunities, invest behind them with almost relentless focus, that's what is giving us some of the results. It's not that we are close to M&A. Ed and team keeps on looking at some of the opportunities. We'll keep on scanning them. Nine out of 10 points is for continuing to build our current businesses. There is enough headroom for growth on this. Ed, anything you'd like to add? Thanks for the insights. My second question pertains to e-commerce. Please provide insights around the contribution of e-commerce. Would be great if you can share what is the current contribution and how has been the growth in the last couple of years. I think e-commerce, let me break it up into two parts. One is we've always had a very important play with the traditional e-commerce players like Amazon and Flipkart. A lot of our products, especially the nutritional products, moms depend on e-commerce. They look at the reviews, the ratings, and that really, if you looked at most of our brands, they do really well. Q-commerce has come in, and now it's playing a pivotal role in some of our culinary, nutritional portfolio, new products, confectionery. I think the way I look at Q-commerce and e-commerce is not growth. I always keep on looking at our share within the categories because there's a lot of inorganic growth happening, new dark stores, new cities, new players expanding. Growth can be misleading. It's about the relative growth, which is more important. I'm happy to report on most of our brands, we are growing ahead of the market wherever players share that data. I think the second thing about e-commerce is how we partner with the Q-commerce platforms. I still believe a lot of people don't understand the complexity. Think of 6,000 warehouses with two days of stock where you have to continuously replenish it. Yeah? When someone orders, there are two packs in that, and if one of that is out of stock, it really hurts the q-commerce players because there is an INR 30-INR 50 delivery cost. I think the thing which I'm really proud about is the way the supply chain team has worked with all the big players, Blinkit, Instamart, Zepto, Amazon Now, Flipkart, BigBasket. We have one of the best fill rates. Which is why I keep on saying that we have a far more sustainable collaborative model with the q-commerce platforms. As long as I continue to build share on that and grow the categories, to me that is the mark of success more than just absolute growth. Thank you, Mr. Nitin. Sure. Thanks a lot. Ladies and gentlemen, we take that as the last question for today. I now hand the floor back to Sarah for closing remarks. Thank you, sir. This concludes today's session. On behalf of Nestlé India, I would like to thank you all for your participation. A recording of this session, as well as the transcript, will be made available on our website, Nestlé India's website, and also will be submitted to the stock exchanges. Thank you once again, and we wish you a pleasant day ahead.