Ladies and gentlemen, good day and welcome to the Patanjali Foods Limited Q1 FY 2027 earnings conference call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjeev Asthana, CEO, Patanjali Foods. Thank you, and over to you, sir. Thank you, and good morning to everyone joining us today. A warm welcome to all of you on Patanjali Foods Limited's call to discuss the financial performance for Q1 FY 2027. I am accompanied by the company's CFO, Kumar Rajesh-ji, along with Mr. Priyendu Jha from investor relations, and our IR partners, the Strategic Growth Advisors. The results collateral has been uploaded on the stock exchanges as well as on company's website for your reference. Let me now take you through a quick snapshot of our financial performance for the quarter. During the course of the call, we will be referring to the standalone financials. We continued to build on this momentum, delivering our fourth consecutive quarter of highest-ever quarterly revenues, supported by healthy growth and profitability. Specifically, revenue from operations stood at INR 11,337 crore, growing 29% year-on-year. Operating EBITDA for the period was INR 543 crore with a margin at 4.80%, while profit before tax stood at INR 453 crore, translating into PBT margin of 4%. Turning to the segmental performance now. Our edible oil segment delivered quarterly revenue of INR 8,505 crore, marking the highest-ever quarterly revenue with growth led primarily by the mustard oil. Quarterly EBITDA margin came in at 5.22%. On the oil palm plantation front, the company generated highest-ever quarterly revenue of INR 740 crore in Q1 FY 2027. The revenues grew by 25% year-on-year. This growth is closely aligned with the government of India's National Mission on Edible Oils - Oil Palm, which has strengthened farmer viability pricing and planting assistance to drive India towards self-reliance in edible oils. As of 30th June 2026, the cultivated area stood at 115,861 hectares, with nearly 37% of the area in the prime yielding phase of seven to 25 years against total allocated area of 6.63 lakh hectares. Turning now to our FMCG segment. The quarterly revenue stood at INR 2,938 crore with EBITDA of INR 190 crore and EBITDA margin of 6.45% in Q1 FY 2027. This segment contributed nearly 26% of revenues and nearly 30% of EBITDA, excluding unallocable income during the quarter. Within FMCG by category, the biscuits generated revenue of INR 560 crore, registering year-on-year growth of 27%, reflecting continued consumer trust and preference with EBITDA margin of 15.35% versus 9.35% in the same period last year. The revenue from consumer staples segment stood at more than INR 1,000 crore in Q1 FY 2027. A confluence of weather and geopolitical factors are expected to create some challenges here, but healthy government grain inventories and timely policy intervention should help mitigate the impact. The textured soya product division recorded revenue of INR 160 crore in Q1 FY 2027, growing 14% year-on-year and 50% quarter-on-quarter with EBITDA margin of over 18%. Our beverage portfolio generated revenue of INR 38 crore driven by extended summers, aided by delayed onset of monsoon, as well as new product launches including Mango Chutney, Mango Panna Juice, and Orange Juice. Ghee sales were softer during the quarter and generated revenue of INR 219 crore, reflecting the seasonal nature of demand and lower summer offtake in export-oriented markets, particularly in the Middle East, where geopolitical tensions disrupted normal consumption and trade patterns. Our other food categories, including honey, dry fruits, spices and condiments, herbal products, et cetera, collectively generated revenues of INR 203 crore during the quarter. Revenue from nutraceuticals stood at INR 18 crore with sports nutrition gaining significant momentum. Our home and personal care business delivered a strong performance with a total revenue of INR 629 crore in Q1 FY 2027. Within the category, the skincare emerged as a major revenue growth driver and dental care instruct on EBITDA and EBITDA margin side. The dental care segment generated revenues of INR 325 crore, followed by skincare at INR 165 crore. Home care revenue stood at INR 83 crore while haircare and other product generated INR 56 crore. Let me now give you a brief overview of the operating environment. With a combination of delayed monsoon and West Asia conflict, we saw commodity price inflation in Q1. This cuts both ways for us. On one hand, we carry long positions in edible oil, so the resulting commodity price inflation has actually been a net positive for the business. On the other, the same inflation raises input costs for several of our FMCG businesses, weighing on their profitability. Next slide. The impact on Patanjali as a whole is smaller than it would be for a pure-play FMCG company, though we are operating in a challenging environment through this quarter and into the next. In edible oils, we have witnessed substantial drop in veg oil EBITDA last year. This, however, we are seeing inflation returning in volatile veg oil markets driven largely by petroleum prices and genuine supply shortages across the spectrum. This is working in our favor, offsetting much of the input cost pressure elsewhere in the portfolio and keeps us on course to deliver both the growth and the overall margin construct we have guided to for the company, even after accounting for the raw material inflation flowing from delayed monsoon. In this dynamic environment, we remain agile on pricing as input costs evolve. We took calibrated price increases in the edible oil segment while using targeted discounts in our FMCG portfolio to remain competitive. We also introduced smaller pack sizes to address changing consumer needs and market requirements. This calibrated approach to pricing and pack architectures has helped us navigate the environment effectively. Such pricing measures are continuing in the current quarter as well as across the industry. Despite some delay in the monsoon, recent data on sowing of crops, including rice, pulses, oilseeds, sugarcane, et cetera, has showcased resilience. Acreage gap has narrowed to 1.9% over the last year. In fact, oilseeds saw a rise in the area, which is expected to get further boost with widespread rainfall across key growing regions. On the input front, the palm oil prices, which began firming in March 26, remained positive following the onset of the war, but turned marginally lower after de-escalation in the latter part of the quarter. Futures factored in the same, and prices turned lower. Still, domestic prices were supported by rupee depreciation of 2.5%, and again by festival period palm oil prices reached two-week high in mid-August. The soya oil price futures increased by 40% towards the end of March, then stabilized towards the end of June. The FOB prices corrected by 66% amidst lower demand, leading to a sharper decline in physical prices, which further showing similar to palm oil price trend. In the current environment, physical-oriented hedging strategy rather than reliance on futures alone, along with timely import purchases, helped us in capturing divergences and improve the margins. Wheat prices have remained largely stable during the quarter, while milk prices trended upwards on the back of higher procurement costs. Sugar prices, too, stayed firm amid lower domestic production and tighter inventory levels. Certain home and personal care products continue to face elevated input cost pressures. In addition to all, we saw an increase in packaging, freight, and logistics costs during the quarter. Let me now move on to some of the other key business updates for the quarter. I want to take a moment to share some updates on our team. Our CFO, Kumar Rajesh, was honored with the Best CFO of the Year award at the Asian Business Leadership Awards. On behalf of the entire team, I want to congratulate him on this well-deserved honor. During the quarter, we launched several new products, including Rose Kanti Soap, Dant Kanti Sensitive Toothpaste, Super Dishwash Liquid, Sweet Lemon Pickle, Almond & Raisins Cookies, in addition to our summer-focused launches. We've also rolled out a range of new Dant Kanti variants that are performing exceedingly well. We are increasingly micro-segmenting this portfolio by population, by choice architecture, and specifically to address the Gen Z requirements for the toothpaste. The staples category is expected to see the most rural stress-related pressure this quarter, while home and personal care overall should continue to grow well. On the distribution front, we continue to strengthen our presence across e-commerce and quick commerce channels. We remain confident in Patanjali's own right to win health, wellness, yoga, Ayurveda, and what I'd call the Indianness of our proposition remain a core differentiated category for us in a market that is self-expanding. We feel strongly and comfortably positioned to keep growing at the pace we have guided to, even as the overall FMCG landscape becomes more competitive and different players go about it in different ways. I want to reaffirm a full year guidance range we have laid out for the business. Edible oil margin construct between 3%-5% volume growth for the year. Food and FMCG, 8%-10% growth, with beauty and personal care growing at around 15%. FMCG vertical EBITDA growth at 12%-15% for the year. On that note, I would now like to open the floor for questions and answers. With this, I conclude my opening remarks and hand it over for the Q&A session. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Abneesh Roy with Nuvama. Please go ahead. Yeah. Thank you. My first question is on the dishwash. In the dishwash category, we have seen one large MNC temporarily kind of exit the market. We are also, obviously, that announcement has come that Godrej wants to exit the liquid dishwash. Currently, obviously, this segment is dominated by India's largest company, FMCG company. Wanted to understand what is your thought on getting success in this segment, and do you see a big potential given the segment is currently seeing less competition because of the MNC vacating? Thank you. Yeah. Abneesh, look, the dishwash is actually a fairly strong, both as a category and as a line that we have, and it has done exceedingly well. We have no intention of either exiting or slowing down on that. We will continue launching on the variants. That market is expanding. To be specific, name of the company that you mentioned, that is a more a personal decision they have made on the corporate level, what might have been decided, but we are pretty much doing quite well in that segment. I do not have the number readily available specifically for the dishwash part of it, but very happy to share that with you post this call. Understood. My second question is on biscuits. Last six months in biscuit industry, we have seen two, three players operate at the odd pricing INR 4.5, INR 9. If you could tell us now that mostly everyone has exited, how does this impact the overall growth for the market leader and for you also? Again, actually it is one of our stronger stories or good success stories of our brand has been that how we have kept not just the quality part exceedingly in control, have kept the unique positioning being the only atta biscuit player in the marketplace, and have grown that consistently. That brand of Doodh Biscuits that we have in the category of INR 5 and INR 10, we do almost INR 3,800 crore of business annually. So it is a huge brand for us. Beyond a threshold, as you would see that even the EBITDA margins have continued to expand quarter-on-quarter and year-on-year. This quarter, for example, we did nearly 15% + in EBITDA on the biscuits. I would say that very substantial part of that has been driven by the back of the success of Doodh Biscuits on continued expansion. While we balance the portfolio of biscuits by launching, as we mentioned, that both the Almond & Raisins Cookies and the Chyawanprash Cookies which were launched, there are series of SKU products towards the premium end of the offering that we are planning. But we are very committed. We see a very positive growth in that segment, and we will continue to remain very active in that segment. Yes, we might go towards maybe premium Doodh Biscuits. We might look at more variants in line with the brand building that has happened over the years. But otherwise, we are very committed to INR 5 and INR 10 sort of price points at which we are doing. I think that served exceedingly well the company's objectives overall. Sure. Last quick question. When I see your initial comments on staples and your recent media interviews, I find your comments a bit on the cautious side. If I see the Q1 call of other staples companies, generally, they are reasonably positive. Of course, price hike will further accelerate. On the volume demand side also, generally companies are quite okay. No one is sounding overly cautious. I want to understand, one, why there seems to be some difference, and second, what kind of price hike, if you can tell us, you have taken in which categories? Thank you. The two factors which are driving this caution, and I think we'll see that unfolding over this quarter and the subsequent quarters. One is that this El Niño impact is still very unclear in the way how markets are going to react, both on the production side and the availability side. A very direct impact of that could be on the food inflation, which is there, number one. Number two is the rural incomes and the rural market demand side. We'll have to watch with a great deal of care as to how they play out. If at all we see some stress and resurfacing of some demand contraction there. I'm largely very positive in terms of the price outlook and bullish on the commodity pricing. That has both sides. One is that in terms of the top-line growth, it can continue to sustain. I'm very much aligned on that. But in terms of the margin and the demand side of it, and in terms of how that goes out, I think there we'll see some potential challenging environment I see definitely there. This may also have an impact on the margin construct. But the most important part that we still have to see that the reaction from the policy side, if indeed we see back to certain commodities control order and essential commodities, et cetera, invocation of that. We'll have to wait for that. That's why I've been a little cautious on that front. But overall, staples will continue to grow. There's no question about it. That we are positive ourselves, and we have, in any case, given a guidance of 8%-10% growth on the staples side, in the overall food business also, and we pretty much stay true to that. Sure. Thanks. That is all from me. Thank you. The next question comes from the line of Abhishek Mathur with Systematix Group. Please go ahead. Yeah. Hi, Sanjeev, sir. Good morning, and thank you for the opportunity. Sir, the foods segment seems to have recovered quite well this quarter after some time. Just wanted your thoughts on what is leading this recovery across both ethnic foods as well as the staples. Seems to be quite strong turnaround. Yeah, that is my first question. Yeah. So we had a very good, as I was mentioning earlier, both in terms of the volumes and in terms of the revenue. There has been an inflationary sort of buoyancy which has driven that. Growth versus sequentially, if I look at the previous quarter itself, our overall revenue of staples have grown almost [INR 2 60 crore], which is 30% growth. And we grew our ethnic food side, there was some contraction that we witnessed. But net-net, the overall expectation is that this will continue to grow partially by volume and balanced by the price inflation that we are expecting to see across the board. The second part is that there was an extra focus on some of the unique product categories that we have, like Kesar and rice, et cetera, where we saw the immediate buoyancy in both the demand side and the pricing side. We benefited from that, and I think we will continue to drive that to grow. We have come out with new variants also, both on the lentils, on the pulses side, as well as on the side of Besan, et cetera. We are seeing some bit of the added demand as it is getting driven, and the company will continue to focus. While it generates lesser margin, it is one of the good indicators as to the reach that it develops and builds up and completes our presence in the kitchen. That is something which is a stated target that the company has and which we continue to sort of work towards. Right. Sir, and just as a follow-up, what was the approximate breakup of the growth in foods in terms of pricing that you took for the quarter and the volume growth? Overall, the volume growth has been around 7%-8% is what we have seen across the segment. I have just got the specific number. The volumes have grown by 5%, and the pricing inflation that came in was almost about 12%. Understood, sir. Secondly, maybe in case I missed, what was the EBITDA number for our HPC for staples and for ethnic foods, these three divisions separately, if you can give it out? Yeah. For ethnic foods, our EBITDA was INR 9 crore. For the HPC as an overall basis, our overall HPC EBITDA was INR 122 crore. Right, sir. For staples? For staples as a category, we had INR -59 crore. Understood, sir. Thanks. That's it from me. All the best. Thanks. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Sanjay with R.SS. Investments. Please go ahead. Hello? Hello? Sanjay, please go ahead with your question. Hello. Good morning, management team. My first question is regarding the current situation in the case with Ashav Advisory. What is the current situation? That, because it is matter sub judice, we can take it up and we can discuss it post the call. How should I connect to you post the call? Hello? I said you can take our number from the Strategic Growth Advisors, and you can reach out to us, and we can discuss that separately. Okay. Sir, my second question is regarding the nutraceutical deal going in the international market. Are we aware of that? Medtronic buying, Bain Capital buying. [crosstalk] Hello? I would not be able to comment. Look, I don't have the specific details of these deals, so I would not be able to comment on that. Sir, for example, Bain Capital buying Vitabiotics at a very huge price. I just want to know your comment on that. I can give you a general comment, not on the specifics of Bain Capital's acquisition, that nutraceuticals is one of the fastest-growing segments in the health and wellness space across the board, and this is across the world itself. Yes, I think in India also, you're seeing the proliferation of brands and companies which have gone into this segment. We ourselves did a serious amount of work on nutraceuticals. Then we took a step back, reconstructed our entire portfolio, started building that up. And we've turned positive now from earlier marginal negatives that we were witnessing. We have now turned positive and we intend to continue to grow that. And I'm hoping that it will become one of our stronger performing businesses in the future. Okay, sir. Thank you. That's from my side. Thank you. Thank you. The next question comes from the line of Rohit Kumar with ADM Advisors. Please go ahead. Rohit, please. Hi, sir. Am I audible? Yes, Rohit, please go ahead. Yeah. Rohit, please go ahead with your question. Yeah. Hello. My first question was on, since we have seen that historically, we have observed that TSP doing well in terms of when we observe higher food inflation. Are we observing similar trends currently as well? Sorry, your question was related to the TSP, right? Yes. Okay. What was the question? Can you repeat that again, please? It was slightly muffled. Yeah. Historically, we have seen that TSP doing well when we observe higher inflation, food inflation. Are we observing similar trends currently as well? No. You are right. In fact, TSP at a higher commodity inflation tends to do not so good. But Nutrela is a strong brand. We nearly have 40% market share. This quarter, for example, we did INR 160 crore of business, and we had 18% + of EBITDA margin on that. Because the commodity soybean prices tend to go up sharply, and our ability to pass through that price increase regularly is limited, so typically it tends to do less better. Overall, it is becoming a hyper-competitive space as well. But we are quite confident that we will continue the guidance that we have always given, is that our margins will be 16%-18% on the TSP. I think we will be able to maintain that. We are doing a little shade better than 18%, but I am confident that we will maintain that for the year as well. Okay. And sir, looking at the current environment, how are we looking at the revenue contribution from the FMCG segment in coming quarters? In coming. For this year. Last year, we have done close to INR 10,000 crore of revenue. This year, overall, my expectation is that [inaudible]. We have given a guidance of more than 10%-12% growth we will overall witness. For example, last year, our total sales from FMCG overall was, including the HPC, was INR 11,000+ crore. This year, my estimation is that we should certainly cross, increase it by 10% plus, and we should be somewhere closer to INR 12,500 crore in our revenues. Okay. One last question. If we look beyond FY 2027, what are the biggest structural levers that can take Patanjali Foods from its current earning potential to a significantly higher ROCE and EBITDA margin business? Will it be FMCG mix, or it will be premiumization, or it will be higher distribution productivity, or backward integration, or maybe something else? Can you put some light on it? Yeah. So look, there are three factors which are driving the growth of Patanjali's businesses and profitability. One is our strong momentum that we have on the oil palm plantation. We have consistently shown a growth. This year, our anticipation is that we should have a growth momentum of more than 15% again on our business, and that on a structural basis is going to become a large profit generator and a consistent margin generator for the company. That is one. Second is there is an effort across the board that the high profit-making category businesses like HPC and similarly our Nutrela and biscuits. We will expand our margin construct in that. So that should be the second big driver of the growth. The third is that in terms of superior risk management that we have, in terms of the brand building that we do on the edible oil side, how do we increase our margin construct, typically what we say between 2% and 4%, towards consistently 5% +, will be a big driver of growth. So if you notice that our performance across all the business categories have shown very good performance. Other than one or two blips that we had on the food side, which is also by way of abundant caution in terms of some inventory markdown in case of certain quality issues that we saw in pulses, in the stocks that we had. The higher input inflation in terms of packaging, in terms of commodity and otherwise, which has had some impact on our overall foods business. Our margin construct across the board is very strong. We continue to perform exceedingly well in biscuits. Nutrela is very good. It continues to sort of outdo itself in terms of projections. Nutraceuticals has turned a corner. Oil palm plantation is doing exceedingly well. Our fresh business is doing very well. Our edible oils category is doing very well. The only blip that we had this quarter was on the food side, and within food, specifically on the staples and partially on the ethnic foods. That, we are reasonably confident that we will be able to tide over it. There is some challenge that the industry is also facing, that we are also facing. So net-net, in terms of the overall growth momentum, these steps, I believe, is going to drive our growth in the future. In terms of the next trajectory and level of moving closer to INR 2,500 crore of EBITDA, hopefully, I think over the next 18 months on an annualized basis, I am reasonably confident that we should be able to head in that direction. Thank you, sir. That is it from my side. Participants, please press star and one to ask a question. The next question comes from the line of Payal Shah with Billion Securities. Please go ahead. Yeah, hi. Thank you so much for the opportunity. I just have two questions. First, how are our newly launched products performing in the industry, and how is pipeline of the upcoming products looking? Sorry, what was the first part of the question? The relaunch of what? No, no, sir. I just wanted to know how are the newly launched products performing in the industry, and what is the upcoming pipeline of products that we are looking at? Okay. The newly launched products, in general, have tended to do well. As you know that the success rate is always dependent on factors of the market acceptability, et cetera. We do have a part that between 30%-35% of the products that we launch typically do not tend to do as well, and then either we tweak them or work through that. Our success rate, I would say, is 60% of our launches typically tend to do well in the marketplace, and they take time in terms of further attention and drive that we have to give. A balanced set of products, if they are not up to the level, then either we tweak them, either we reorient them, and work towards that. I would say 2/3, 1/3 is a success rate. Our pipeline for new product development, I would say, is amongst the better performing parts of the Patanjali, where our ability to innovate and come out with products in a quick succession. Our new product development set of teams are constant work that we do in the marketplace, I think is one of the stronger points that we have. You will see in the coming quarters a slew of new products that are getting launched in the FMCG category, a slew of products that we are working on in terms of the multiple variants that we have on the. As I mentioned in the initial remarks as well, on the dental care, on the skincare, there are large number of products. On the biscuits, we launched multiple different new products. I think there is a very strong architecture of layered new launches that we will do. I am quite confident that we will see a reasonably good success rate in these newly launched products. Okay. Thank you so much, sir. That is quite helpful. My next question is, competitors are going big on e-commerce and quick commerce platforms as a mode of distribution. How are we looking at these channels, and what kind of revenue contribution can we expect from these channels? We are very strong, as I have mentioned in the past, that we are growing at 25% year-on-year on both quick commerce and e-commerce. Currently, if I were to put those numbers together, we right now do close to about 15% between modern trade and e-commerce, quick commerce. We want to take that number up to 20%, and I am confident that over the next 18 months, we will see our numbers reaching 20% of the overall revenue through these channels. We are available across the board on all these platforms, and we continue to increase our presence on that basis. We have moved up in the last 15 months from 12% to 15%, and taking it from 15% to 20% is one of the stated objectives the company has on these emerging distribution channels, and we continue to drive that growth. Okay. That is quite helpful, sir. That is it from my side. Thank you. The next question comes from the line of Keshav Harlalka with BHH Securities. Please go ahead. Hi. Thank you so much. Is this Sanjeev Asthana sir I am speaking with? Yes. Yes, hi sir. I was sitting behind you when Ramdev Baba came to BSE in July to give a presentation. Oh, okay. Just the day prior, our stock price crashed 14%. I have a question that we have paid INR 1,100 crore and we have acquired Patanjali Ayurved's home and personal care business. As file, we have paid big purchase consideration of INR 1,100 crore. There is some misgiving in the market that we have overpaid for this acquisition. Can you give us some color? Can you give some release on BSE and NSE? What is the valuation methodology we have followed, and how shareholders are benefiting from this acquisition? How will the numbers look for, because we have acquired it in July, I think we will see the numbers from this quarter onwards. How will the numbers be better and different this quarter onwards versus the corresponding quarter previous year? What is the P/E multiple we have acquired the business at? What kind of earnings addition can we see for this new business we have acquired? First of all, let me tell you, there is no earning multiple or nothing. It has almost come free to Patanjali Foods, the listed entity. We paid on a slump sale basis in November 2024 on the business, which has generated almost INR 600 crore of EBITDA margin last year. If my numbers are right, Rajesh, we paid INR 1,100 crore or INR 950 crore? INR 1,100 crore. Non-core was for INR 1,100. It is a business of INR 2,900 crore. It was generating a margin of INR 600 crore, and we have paid INR 1,100 crore, which is less than 18-19 months of volume. In the last 18 months, it has already repaid that much and built up our business substantially. That answers your question straight up. There was no valuation methodology, nothing. It was just straight as on a slump sale basis that we acquired the business. Patanjali Foods is quoting at a P/E multiple of 20, so you basically acquired it for almost free. I am just saying that if you can give some clarification, some valuation, some slump sale, that the shareholders have got a very good deal. This price fall from INR 415 to INR 345 is disconcerting. If you can give some clarification to NSE and BSE, some valuation, some note we can give it will definitely help all the shareholders. So- It is just a suggestion from my side. Sure. Rajesh-ji, I will just answer then you give your answer. Yes. That clarification- We have done three acquisitions in the business, in Patanjali Foods, the listed entity. The first one that we acquired was the biscuits business. Then we acquired the foods business, and then we acquired the HPC business. All the three businesses we acquired on a slump sale basis, which is basically just the assets that we paid for and the inventory that they carried at that point of time. There was no valuation methodology. There was nothing. This was almost gifted by the parent to the listed entity, and at a slump sale basis, which is a standard methodology of how the transaction can be done under the Indian law. There cannot be a better form of these acquisitions, which has tended to help us with the level of. They paid, biscuits, for example, has paid multiple times of its acquisition cost. You know the amount. Similarly, the foods business has already paid off completely what we acquired it for. Likewise for HPC, that is already paid up for that. I do not think it requires any clarification on this bit because there is a complete misconception or complete wrong piece of information that they carry, which just makes no sense at all. Got it. Thank you, sir. I would like to further add, this information was already given into the stock exchange at the time of acquisition of this business to Patanjali Foods Limited. Basically, detailed explanation was given to the stock exchange and in the shareholders' meeting also. All these transactions were approved by the shareholders in the shareholders' meeting. I do not think any further clarification is required in this case. Got it. Just one last question from my end. Sir, we showed an 84% growth in profit in Q1 of this year versus Q1 of last year. Can we see a similar trajectory going forward for Q2, Q3, Q4? Can you give us some light on what we could expect for these coming three quarters? As I mentioned that I think the performance is subject to obviously the market condition. Broadly, the guidance that we have given, I would like us to stay within that we will grow at the rate of 10% + year-on-year on the margin construct. That is how it is going. Our top line, I have already mentioned, that foods overall between 8%-10%, HPC at 15%, and our edible oil is between 2% and 4%. Our margin construct similarly, that on EBITDA margins overall basis, we should be between 10%-12% growth in the margin construct as we go forward. Okay. Thank you so much, sir. Bye. A reminder to all participants, you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Sanjeev Asthana for the closing remarks. With this, I conclude the call. I sincerely thank you for your continued support and trust in Patanjali Foods. If you have any further queries, please reach out to us via our investor relations advisory. Thank you very much, sir. Thank you, sir. Ladies and gentlemen, on behalf of Patanjali Foods Limited, that concludes this conference call. Thank you for joining us and you may now disconnect your lines.