Please note that this conference is being recorded. I now hand the conference over to Mr. Percy Panthaki from IIFL Securities. Please go ahead. Hi, everyone. Good evening. It's our pleasure and privilege to host the results call for Pidilite Limited. From the company, we have with us Mr. Bharat Puri, Managing Director, Mr. Sudhanshu Vats, Managing Director Designate, Mr. Sandeep Batra, Executive Director of Finance and CFO, and Mr. Dharmendra Lodha, Senior Vice President, Finance. I'll hand over the call to the management for their initial comments, and then we'll open up for Q&A. Over to you, sir. Thank you. Thank you, Percy, and good afternoon to everybody on the call. I'll keep my opening remarks brief, so that we have enough time for Q&A. I'll take you through the headlines of the results for the first quarter, which were approved by the board yesterday. For the quarter, we reported underlying volume growth of 9.6%, with Consumer and Bazaar businesses growing UVG by 8%, whereas our B2B businesses reported strong UVG of 18%, driven by both domestic and export segments. Our growth in Emerging India continued to be higher than in urban markets. Our value growth lagged UVG due to pricing actions taken as a result of softer input prices, but as you would have noticed, the gap between value and volume has been narrowing. Gross margins continued to expand year-on-year on account of moderation in input prices, and for the quarter under review, improved by 465 basis points over Q1 last year. EBITDA margins for the standalone entity at 24.6% were higher than Q1 last year by 187 basis points. VAM consumption in the quarter was $1,022 a ton, versus $1,137 in the same period last year. We continue to invest in our brands, upgrading and building new manufacturing facilities and expanding our distribution network. The working capital situation remained healthy, and in absolute terms, was lower than March 2024, which resulted in strong cash flows. Consolidated revenues for the quarter were INR 3,384 crores, and if you adjust for the fact that in last year we had the Brazil and the US businesses, but adjust excluding those from the base period, the net sales growth is about 6%. International subsidiaries, again, excluding Pidilite U.S.A. and Pulvitec in last year's numbers, revenues grew by 9%, along with an EBITDA margin improvement by 190 basis points. Domestic subsidiary revenues remained flat. However, margins continued to remain healthy. We continue to increase our distribution touchpoints across India, both in urban and rural markets, along with effective use of digitization and analytics. That's about it in terms of an opening comments. Open the floor for question and answers. Thank you very much. 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 handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Abneesh Roy from Nuvama. Please go ahead. Yeah, thanks. Congrats on good set of numbers. My first question is on the Kerala market. One of the paint companies said that they and all the paint players saw very muted demand, in fact, dip in volume in Kerala, a significant slow demand. Would you have also seen slow demand in Kerala or any of the states in Q1? Because your overall volume growth is quite healthy. Wanted to check if there is any issue in Kerala or any of the markets. Good to hear from you, Abneesh. This is Bharat. Yes, Kerala, vis-a-vis other markets, has been soft. There is clearly an issue of demand in Kerala vis-a-vis the normal buoyant conditions. So I would say yes, there has been a demand issue in Kerala. You, you know, the magnitude of the demand issue may differ from company to company. Any logic you are able to put there? Because the paint companies are saying they don't have any specific reason for this. Because why I'm asking this, this could go to other markets also, because generally in India, we don't see slowdown being there for a long time in any of the markets. So any reasons you are able to pick up? See, right now, Abneesh, I would just say we are hearing all kinds of anecdotal reasons. Kerala as a market has always been dependent on the large amount of foreign remittances coming to the market, right? From a variety of geographies. Now, there are all kinds of, A, that and B, the government itself spending- ... are being cited as reasons, but frankly, I won't go there. I would just wait another, you know, the real time is now when Onam comes in August, September. If the same thing continues for the next three months, then we would worry. I mean, right now, let the monsoon in Kerala subside, then Onam comes, then the festive season is on, and Kerala normally has Onam to pretty much March as a good season. So that's when we'd look at the market. Sure. My second question is on your, CNBC interview. So you mentioned that, your exterior, new product is being launched, which is somewhere in a bridge between paints and cement. Could you talk, more about it, because this clearly is a very differentiated product with very long, shelf life or durability for the customer also. So in terms of pricing, et cetera, what is the, addressable market, you can, have from this over a longer time frame? Of course, this will take time, I understand that. But, longer time frame, how big can this market be, taking cue from, developed markets? See, I think, Abneesh, this question, we have just started piloting in two geographies, and we are obviously wanting to answer the same questions that you are asking. Namely, A, how big can it be? B, are there any application issues specific to India? C, what's the best demand generation module? D, what's the best selling module? So it's very early days. Ask the same question, I would say six months from now, and I'll give you good answers. But, I mean, if you look at markets like Southern Europe, you know, whether you look at France or you look at Italy or you look at Spain, this is like, you know, up to 15%-20% of the exterior market. Sure, thanks, sir. That's quite helpful. I'll ask this again after six months. Thanks a lot, sir. Thank you. All the best. Welcome. Thanks. Thank you. The next question is from the line of Sonali Salgaonkar from Jefferies. Please go ahead. So thank you for the opportunity, and congratulations on double-digit UVG yet again, now third consecutive quarter, I guess. So my first question is regarding the price rollbacks. We saw around mid-single- digit price rollbacks in FY 2024. Have you taken any pricing action in Q1, or, are we, you know, do we anticipate it to take any further? Good to hear from you, Sonali. As of now, in the first quarter, we have not taken any significant pricing rollbacks. What you are seeing is really the impact of what we have done over the course of all of last year. As far as further pricing cuts is concerned, as I said, you know, in this current geopolitical world, now, what happens 3, 6 months from now, we will have to wait and watch. If there are significant reductions in input prices, we would definitely look at price reduction. But from where we sit now, it doesn't appear that, you know, it's going to go much lower. But again, then, you know, these days it's far better to really fly the plane visually than plan six months in advance. Understood, sir. Very clear. Sir, if I may just ask, what is the VAM price currently? Sandeep, sir, did talk about the average of the quarter, but currently, what is the VAM price? Currently, the VAM price is alternating. I mean, it's fluctuating because one of the big guys had a force majeure, so on. I would say it's between $850 and $1,000, depending on where you are. Understood. So, sir, my second question would be any update on our NBFC business? On the NBFC business, as per plan, as we told you, it has just rolled out. We have started, we've given out our first set of loans. The same parameters remain. It is in one city, one geography, as a pilot with a limited amount of capital. We will give it about six months in the pilot and then come back to you and tell you fellows what we want to do with this, if we want to do anything. Got it. Sir, my last question would be rural versus urban. Now, yes, we have termed rural as Emerging India, and the growth in Emerging India has outpaced urban yet again. So, could we understand exactly, which spots in rural are probably, whether it is, consumer and bazaar or B2B that are growing well? Any color on rural growth would be really helpful. See, as far as rural is concerned, it is primarily B2C. There is very little B2B that is in rural/semi-urban. And as far as we're concerned, as we've always maintained, we find there is a substantial penetration opportunity still that exists for our products, and there is also a substantial range incremental opportunity that exists for our products. We have continuously, therefore, resourced to rural India, and we're now... You would see this is the eighth quarter where we have had double-digit growth in rural India. So as far as we're concerned, our all the efforts and the focus that we have put in... I mean, to give you a little statistics, we now have 14,000 Pidilite Ki Duniyas. We're now currently in a situation where villages below 10,000, we're now covering about 28,000 villages directly. There is a substantial amount of effort that we are putting in, and that effort really is the one which you would see now over not 3, 6 or 9, but over 24 months, is yielding us results. Frankly, as we look at it, in the next 2 years, we would look at rural outpacing urban. This is good to know. Congratulations once again, and all the best. Thank you so much, Sonali. Thank you. Ladies and gentlemen, this is a gentle reminder. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from the line of Divya Dalal from Credent Asset Management. Please go ahead. Hi, good afternoon, sir. Congratulations on the good set of numbers. So my question pertains more to our CapEx and capacity utilization. So on a longer duration, if you see over the last five years, we have done almost 6,000-odd crore worth of CapEx versus, you know, INR 1,000 crore in the previous five years to that. That is FY 2015 to 2019 versus FY 2020 to FY 2025. So we, we've seen that, you know, the asset turnovers have started to come down. So I would like to understand from you, has the nature of CapEx changed, or what would be the normalized level of asset turnover that we are looking at? I think that's a great question, Divya. I must tell you that your analysis is correct. Basically, two things have happened. On our core categories, you know, you remember, as a matter of strategy, we have consistently said, "Go grow core at 1-2 times, GDP growth 2-4 times, and keep adding 1-2 pioneer categories. Right, sir. Five years, you know, and because COVID in the middle actually became a little bit of a stop. We've added a lot more CapEx for our newer categories, whether they be tile adhesives, whether they be tile grouts, whether they be marble glues. So therefore, what has happened is, if you compare the 15-19 period, a large part of that, CapEx is really around core and a little bit of growth. In 19-24, it is now core growth and pioneer, and therefore, you are seeing a much larger asset base. Obviously, you're also seeing a much larger turnover, and therefore, as far as we're concerned, we are now in a stable equilibrium place. You will find us spend CapEx between 3%-5% of sale every year, as long as we maintain our double-digit growth ambitions. Okay. So has the nature of CapEx changed such that we will not be going back to the earlier asset turns, and we will. This will be the new normal, is that true? No, that is not true, because what will happen is some of these pioneer categories may take a little longer. In the end, our objective is to grow these at a far faster rate than the core. So you, you know, over a period of time, you will see because of the lumpiness that happened because of almost two years of non-activity because of COVID, you are seeing part of this. But this will all equalize over the next two to three years. Okay. Okay. Got it, got it. Thank you. Thank Thank you, that's very helpful. And what would be our current capacity utilization? See, it's very difficult for us to give you capacity, because, you know, you remember we operate across 30 different verticals. Right. If you are back on the envelope, we remain between 70 and 75. The moment we cross 75, we start looking at fresh capacity. Mm-hmm. As we speak, actually, 20 of our current plants are undergoing some form of brownfield expansion. We are on a... I mean, you know, this is a constant process that analyzes simply because of the wide variety of home improvement products and the range that we make. Right. Okay, got it. Thank you. That's helpful. Thank you. Thank you so much. Thank you. The next question is from the line of Latika Chopra from J.P. Morgan. Please go ahead. Hi, Bharat and Sandeep. My first question was, you know, if you keep the pricing where it is right now, how soon do you expect overall pricing growth to turn flattish? Or should the impact go away? Latika, firstly, always good to hear from you. As far as pricing is concerned, if we keep pricing at the current levels and we don't have any massive volatility or major volatility in raw materials, starting the second quarter, but definitely by the second half, you will see value and volume converge. All right, thank you. The second one was any color that you can share with us on your paints foray? You know, anything more that you can talk about now it's been, you know, many more months since the initial launch. As we said, Latika, last time, give us a little more time on paints because, you know, a company with our sales and distribution network and reach, just through a channel fill, you will always see good results in the first six months. I would be best equipped to answer this question after these markets have gone through one festive season, and we see where we settle. Having said that, we are happy with our progress, but we've always maintained that: Listen, we are not entering this ring with, you know, all, with this big bang and fighting with the three hundred pound gorillas. We will go about it our way, organically. Where we are, we are happy with where we are. So a flattish revenue growth. About some of the underlying, and what do we think about, you know, what happened in Q1 and what you anticipate in coming quarters? Thank you. That's my question. Sorry, Latika, will you just repeat that? The domestic subsidiary. Okay. See, as far as domestic subsidiaries is concerned, again, because of this, more of the heat wave and some part of the election, but frankly, by the second half, you will see them all normalize because demand conditions will continuously improve. I mean, the festive season really comes on from September onwards. So, to my mind, we're not a, not a cause of concern or worry as far as we are concerned. ... I think the line got disconnected. Okay. Ladies and gentlemen, this is a gentle reminder. If anyone who wishes to ask a question may press star and one... The next question is from the line of Percy Panthaki from IIFL Securities. Please go ahead. Hi, sir. So we have always held that we will keep a margin band of about 20%-24%. Now, this quarter, we are at the top end of that band almost. How do you see it for the rest of the year? If basically you are saying the input costs are quite stable, and in that case, your pricing will also remain stable, should we interpret that the Q1 margin will more or less continue for the remainder of the year? That's a good question, Percy. Good to hear from you. See, we've always maintained that, listen, we will, will be in that range. The way it looks right now, we may be at the higher end of the range, but, you know, 9 months is still a long period of time. What's going to happen geopolitically, what happens to oil price, so on, so forth. Let's play it quarter by quarter. As of now, as we said, we will be in the 20-24 range, probably a little more at the higher end. But as we see a sign of stability, we will invest back more aggressively for growth. Okay, but is there any particular seasonality this quarter which causes the margin to sort of be on the higher side? The reason why I ask is that, sequentially, that is, versus March quarter, your EBITDA margin has shot up quite a lot. See, there is always some element of seasonality, some element related to advertising and promotional spends. But, I mean, you know, we don't manage the costs on a quarter-to-quarter basis. We would obviously manage them strongly on a year-to-year basis. Where we think we are confident that, you know, we will be in this range, probably at the higher end of the range, if everything remains benign. So... But if we are finding that there is a certain amount of softness in input prices, we will take both pricing and aggressive actions in the market to take volume growth up. Got it. Got it. My second question is on the core, pioneer, and growth categories. So, could you give me a rough sense of what the percentage contribution to the overall revenue each of these three categories has today, and how it has changed versus, let's say, five years ago? See, I would say, when we started on this journey, Percy, we were 80/20. 80 was core and 20 was growth and pioneer. We are now close to 55/45. Okay. Okay, and this is over how many years? Over the last 7 to 8 years, I would say. Okay. And, again, within the core and pioneer, would I be right in assuming that pioneer would be, I mean, growth and pioneer, the pioneer would be significantly smaller than the growth categories? Absolutely, because the moment the pioneer category in three years touches INR 100 crore, it becomes a growth category. That's why we clubbed the two of them together. Sure, sure. Got it. Okay, Shubhangi, you can go back to the question queue. Sure. The next question is from the line of Jay Doshi from Kotak. Please go ahead. Yeah. Hi, thanks for the opportunity. Could you, you know, explain us a little bit, you know, about your B2B portfolio, and typically, what is the visibility you have in this business? For us, you know, a lot of that is kind of black box. Our ability to predict, forecast is limited. And how should we think from a 2- to 3-year perspective, will the growth rate be broadly similar to, say, consumer and bazaar, or, you know, do you expect it to grow faster? Or you think over a medium term, the growth rate can be probably lower than consumer and bazaar? See, that's a great question, Jay. So always good to hear from you. As far as B2B is concerned, very broadly, we define the B2B business in... We also have a core growth pioneer for, B2B, but, you know, purposes of simplicity, we have three large verticals. One is what we call industrial adhesives. One is what we call pigment and, paper and textile emulsion, which is the pigments division, which is the second part of the business. And the third is the B2B project business, which is largely waterproofing and a certain amount of other project businesses. These are the three. Right now, when we look at it, all three are growing healthily. The strong comeback has been from the pigments business, largely because if you remember in the same quarter last year, it was challenged. I would not definitely say that this 18% growth will not continuously repeat itself. We are very clear that not only this year, but on a 2- to 3-year basis, as we keep transforming this portfolio into a more value-added portfolio, the objective here also is very clearly double-digit underlying volume growth. Understood. That's helpful. Could you also give some color on your, you know, international, you know, international exports? What are the opportunities? How do you think for the medium-term perspective, especially Africa as a market? See, we always maintain that, we have a very simple strategy. We will perfect the model in India, and then we will do a cut, copy, paste to other markets, which is what we are doing in markets of Africa, the Middle East, the neighboring areas, so on, so forth. Now, we now have, in fact, have two factories and pretty much a large number of people in Africa. Africa is growing substantially for us. In fact, it's now, you know, on a consistent basis, over the last three years would have been a fast-growing geography. That is also true for the Middle East. So slowly and steadily, in our neighboring Indian subcontinent, the Middle East and Africa, we continue to grow in strong double-digit numbers. ...Understood. Lastly, you know, on the core demand environment in India, you remain as confident as you were maybe six months or a year ago? Has anything changed, in terms of the way, you know, you're seeing demand? You know, how I would answer this, Jay, is we remain as confident because there's no reason for us to not believe otherwise. But frankly, this question will be best answered in September. I know a lot of my colleagues across lots of sectors are all talking up quarter two, but frankly, quarter two is such a small quarter, and there is such a strong monsoon. The basic indicators of good festive demand and where the new normal is only emerges in September. We are all optimistic because there's no reason to see that demand should not be good, given what we've seen in the first quarter. But having said that, if you ask me where, where is my degree of confidence, I mean, I think we should ask the same question in the end of September. Sure. Thank you so much, and good luck with the coming quarter. Thank you, Jay. Thank you. Ladies and gentlemen, this is a gentle reminder. Anyone who wishes to ask a question may press star and one on their touchtone phone. The next question is from the line of Rishi Modi from Marcellus Investment Managers. Please go ahead. Yeah. Hi, Mr. Bharat Puri, can you hear me? I can hear you, Rishi, loud and clear. Yeah. So, so just, on the other expenses front, I see, a QOQ flattish, other expenses. The last five years, normally, Q1 has always been higher than Q4. So just could you explain what's happened in that expense line item? On the other expenses? Hmm, yeah. So nothing in that sense, which is abnormal or out of the ordinary. One of the biggest chunks of this other expenses will be advertising and sales promotion expenses, which is something that we have continued to dial up as we see opportunities to build our brands and categories. But across, whether you look at Q1 of last year or you looked at Q4, it's pretty much in the same trajectory. There's nothing abnormal. Okay. So we've not conserved our ad spends for the quarter, which we might reinvest in Q3. So we have already started, if you recall, increasing them in the fourth quarter last year, and that we have continued. And, quite honestly, it's not something that we plan on a quarter-to-quarter basis. It's something we plan for a longer period. And as our margin situation remains healthy, we will continue to step up investments behind our brands and categories. Okay, got it. Got it. Second question I had was on the rural front, right? A lot of our growth, what my understanding is, is largely penetration led, and hence there would be a one-time sale that we would be doing to, when we open new accounts. So if you were to split the rural growth, between what is an SSG or what is a repeat rate from accounts opened, say, in the last one year, versus what's the growth from new accounts, fresh selling, if you could just, guide that. And second, on the rural front, how much more do you envision, that we've got at a similar profitability or a similar ROC level that we can penetrate in the rural markets? See, firstly, Rishi, just let me clarify, 90% of our growth is same-store growth. The new outlets, et cetera, is less than 10%. So we still have a massive opportunity in penetration in existing markets with existing... So this is not one time where you are stocking an outlet. The fact of the matter is that the average rural consumer is unaware of a large amount of our range, and therefore, you know, we have a massive education opportunity, whether it be in the area of glues, whether it be in the area of waterproofing, whether it be in the area of tile adhesive, whether it be in the area of Araldite, which is an epoxy adhesive. So 90% of the growth, frankly, is same store. It is not, you know, new accounts which are getting stocked up once. That is a smaller part. We obviously continue that process. The largest part is penetration in existing accounts and the increase in range in existing accounts. As far as your question, therefore, of the runway for growth, frankly, for the next 2-3 years, for us, rural will continue to outpace urban. What's this multiple, if I can ask, rural or urban? Our internal objective is 1.5 times. 1.5x. Okay. And finally, Bharat, Mr. Bharat Puri, I just wanted to get your view on the VAM prices. Right now, we're seeing them below Q1 Q4 levels as well. Q1 levels, sorry, in Q2 INR 8,150 that you guided—you told us. In history, what's been the bottom for VAM prices, or is it nearing bottom? And secondly, in what level can we sustain in the 20-24 EBITDA band without taking price hikes? See, firstly, as far as the VAM bottom is concerned, when we speak to VAM manufacturers currently, in fact, the largest one of them actually declared a force majeure in its U.S. and Mexico plants because they found this, well, these levels itself not satisfactory. So I would say we are very near the bottom. This is very near the bottom. And as far as price... You know, is concerned, if it remains at this level, we are very comfortable with our 20%-24% range. And as we've always maintained, we have a very clear model on how much premium our products can afford. The moment we find the premium is going higher than that, we cut price, you know, because we are clear that volume, profitable volume growth is our objective. And if it is going lower, then we look at pricing actions. Right now, obviously, we haven't found the need either to increase or decrease price, but let's see what, how the next nine months unfold. Okay. All right. That's it from my end. Thank you, sir. Thank you. Thank you, Rishi. Thank you. Ladies and gentlemen, this is a gentle reminder. Anyone who wishes to ask a question, may press Star and One on the touchtone phone. The next question is from the line of Keyur Pandya from ICICI Prudential Life Insurance. Please go ahead. Congratulations to the team for good results. I have two questions. First, on the core category. So of course, we have maintained growth in the range of 1-2x GDP growth. But just as a proxy to, say, real estate link demand, have you seen any acceleration in the growth of core category, even within this range? Or, I mean, any color on whether we are seeing this real estate-led demand in core category or even in the growth category, per se? Good to hear from you, Keyur. See, right now, remember, we are largely beneficiaries of the real estate cycle in larger towns in the T plus three, T plus four years. The real estate boom, in most cases, is in its second year, so we are not seeing a sub-- We are seeing a substantial amount of inquiry. We are seeing some amount of institutional waterproofing sales, because obviously waterproofing takes place along with construction. But there is not a significant upturn in the other categories. Normally, what we've observed in the past when real estate has taken off, is it's year three and four that give you a, you know, multiplier much stronger than years one and two. So I suspect starting maybe the end of this year, beginning of next year, you will start seeing that multiplier as long as real estate continues to boom. Understood. So basically, the current growth rate is without those benefits, and probably it would accelerate from here. It's without a substantial amount of the benefit. There is some benefit for waterproofing, definitely. Yes, yes, yes. Okay. Second, on this B2B side, I heard—I mean, we are doing some say category or product study addition to cater to say electronic or electronic vehicle-related demand. If you can just throw some more light on this or anything other than that, are we adding to our portfolio in this B2B category? We are constantly adding to our portfolio, Keyur. We have a tie-up with a Chinese/German company in the area of electronic adhesives, which is just beginning off. We are in the initial stages. In some other areas, as and when the time is right, we will declare what we are doing. But obviously we keep a very close watch on where the market is going and, you know, whether we have a play in that part of the market and whether we can add value. So you will keep seeing that happen. Okay. Okay. And just last question, it probably may look repetitive, but I think, before, so at, at the end of the Q4, in the con call, you mentioned about double-digit volume growth for the full year with some deceleration in Q1. Now, with Q1, having some challenges like heat waves and election, if the volume growth is 8%, are we confident of the overall double-digit, double-digit volume growth for the full year? See, again, barring any black swan events, that's our clear objective. I mean, we have clearly maintained that for us, success is profitable, double digit. And remember, just for people on the call, I want to keep stressing, we measure underlying volume growth, which is turnover at constant prices. A large number of the home improvement companies, everybody reports total volume growth, which in a sense, you know, therefore, advantages people who are selling cheaper items. If we were to look at our total volume growth for the first quarter, our actual volume growth is 19%... in terms of tonnage. But frankly, we don't believe that's where I think underlying volume growth is a far better indicator of real growth rather than total volume growth. Also, just to clarify, Keyur, our Q1 underlying volume growth was 9.6%. It's not very far from the double-digit target that we have for the year. That mix may happen because, yeah. Okay. Noted. Okay. Thanks a lot, and all the best. Thank you. Thank you. Ladies and gentlemen, this is a gentle reminder. Anyone who wishes to ask a question may press Star and One. The next question is from the line of Bharat Sheth from Quest Investment. Please go ahead. Hi, sir. Congratulations on good set of numbers. Taking forward, previous participant question, as you said, that core category, real growth will start from real estate boom, end of, say, 3-year or end of second year. So does that mean that what we are talking of core category growth, double of GDP, that will start reflecting from next year onward? Is that understanding correct? Good to hear from you, Bharat. I see, what we are saying is, remember, for us, between new construction and repair and renovation, repair and renovation is normally two-thirds of demand, and real estate, construction, et cetera, is one-third of demand. Got it. In that one-third of demand, what we are saying, yes, that normally what we found in the past is when there is a real estate boom, in years three, four, and five of the real estate boom, you get a multiplier in terms of your product sales, simply because that's when projects come for completion. So if there are no unforeseen events and the real estate boom continues, we will definitely see greater benefits in years three, four, and five. Okay. Great, sir. Great to hear. Thank you, and all the best. Thank you so much. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press Star and One. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you very much. No specific closing comments. Wanted to thank all the participants on the call for their continued interest in Pidilite, and wishing each one a very good evening. Thank you. Thank you so much. Thank you. On behalf of IIFL Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.