Ladies and gentlemen, good day and welcome to the Q1 and FY 2027 earning conference call for REDTAPE Limited, hosted by EY. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kasturi Sharma from EY. Thank you, and over to you, Ms. Sharma. Ladies and gentlemen, the management line got disconnected. Request you to please stay connected while we reconnect them. Thank you. Ladies and gentlemen, good day and welcome to the Q1 and FY 2027 earning conference call for REDTAPE Limited, hosted by EY. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Kasturi Sharma from EY. Thank you. Over to you, Ms. Sharma. Thank you so much, Danish. Good morning to all the participants on the call, and thank you so much for joining us. Before we proceed, let me quickly remind you that the discussion today may contain some forward-looking statements that may involve known or unknown risks, uncertainties, and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance, or achievements to differ significantly from what is expressed or implied by such statements. Please note that the results and earnings collateral have been emailed to everyone, and the same are also available on the company's website. In case you haven't received these, you can write to us, and we will be happy to send them over to you. Now, to take us through the results and answer your questions today, we have the management of REDTAPE Limited, represented by Mr. Arvind Verma, Director, and Mr. Vivek Agnihotri, the Chief Financial Officer. We will start the call with a brief overview of the quarter gone by, followed by the Q&A session. With that said, I'll hand over the call to Mr. Verma. Over to you. Thank you, Kasturi. Good morning, everyone, and thank you for joining us on the call today. Before I get into the numbers, let me first set the context for the quarter. Q1 FY 2027 was a mixed quarter for discretionary consumption. The early part of the quarter saw some softness, reflecting broader macro headwinds and cautious consumer spending before demand trends improved as the quarter progressed. The longer-term drivers for branded footwear and apparel, such as organized retail, broader acceptance of branded products, feminization, and omni-channel buying behavior remain in place. At the same time, the quarter also saw near-term unevenness across channels and pressure across key cost lines, including inputs, labor, and sourcing. For REDTAPE, the operating stance during the quarter was clear. We chose to protect consumer value and manage the cost environment through sharper execution across sourcing, supply chain, and retail operations without taking price increases. This discipline also translated into a strong bottom-line outcome. Profit after tax grew 19.4% year-on-year to INR 47 crore, marking REDTAPE's highest-ever Q1 profit in absolute terms. The performance was achieved despite wage-related pressures in key manufacturing states, reflecting the strength of the operating model built across the business. Revenue on a standalone basis grew by 3.7% year-on-year, reflecting the resilience of the core India business despite an uneven demand environment in the early part of the quarter. This is more relevant indicator of underlying performance as it captures the strength of our primary business across retail and domestic channels. The growth was delivered while absorbing key operating cost headwinds, reinforcing the importance of execution-led efficiencies and disciplined channel management during the quarter. In the e-commerce channel, online marketplaces continued to push for higher discounting to drive turnover. Our approach remains measured and disciplined. REDTAPE does not believe in pursuing volume at the cost of brand strength or margins, and therefore, chose not to participate in the incremental discounting beyond levels we considered appropriate. This had a near impact on e-commerce turnover. However, it helped protect channel profitability and ensured that the online business remained aligned with our broader profitability-first approach. After some softness in the early part of the quarter, the core India retail business saw improving trends and continued to perform well overall. This remains an important indicator of the underlying health of the business, reflecting the strength of the store-led model, REDTAPE's consumer proposition, and demand across our primary operating channels. On profitability, the quarter reflected efficiencies across sourcing, supply chain, and retail operations. The key point is that we were able to protect margins without compromising either our pricing architecture or our consumer proposition. Average selling prices improved sequentially across footwear and apparel categories, including select categories such as open footwear. This was driven by product and category mix within the existing price architecture rather than raw-based price increase. On the numbers specifically, standalone revenue for Q1 FY 2027 was INR 480 crore compared with INR 460 crore in Q1 FY 2026, reflecting growth of 3.7% year-on-year. Gross margin stood at 47.5%, EBITDA margin was 20.4%, and PAT came in at INR 47 crore compared with INR 39 crore year-on-year. Moving to some key business highlights for the quarter, there was a strategic portfolio expansion in April 2026. REDTAPE acquired the rights to the globally recognized sports footwear brand Sprandi for India, Bangladesh, Nepal, Bhutan, and Sri Lanka, and some other countries, strengthening its sports and leisure portfolio. The brand is expected to be launched in India through online and retail channels by end of September. E-commerce discipline. The company consciously avoided excessive marketplace-led discounting, prioritizing brand integrity and healthy margins over short-term turnover growth. The core India retail business remained healthy, with demand improving as the quarter progressed after a softer start. ASP improvement was supported by a better product and category mix across footwear and apparel. As we move through the rest of the year, our priorities remain consistent: disciplined growth, stronger execution across channels, better operating leverage, and continued focus on efficiency while protecting REDTAPE's consumer value proposition. With this, we can open the floor for questions. Thank you, everyone. Thank you, sir. Ladies and gentlemen, we will now begin with the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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. First question comes from the line of Nishita with Sapphire Capital. Please go ahead. Yes. Am I audible? Yes, you are. Hello. Yeah, good morning. I just wanted to know. In this quarter, we opened 33 new stores. I just wanted to understand what is our target to open how many stores in FY 2027, and if you could give quarterly, how many stores do we expect to open? Yeah, hi. We have opened 33 stores this quarter, and we have aspirations to open 150 stores by the end of the financial year. That's what we would like to answer on this. Right. How fast are we able to ramp up these new stores? It depends on the size and the location of the store, and with the scope of the landlord's scope of work and our furniture fixtures. Basically, it depends on the size of the store. If it's a 1,000 sq ft store, for example, we're able to ramp it up within 45- 50 days. If it's a store which is almost 3,000 sq ft or 4,000 sq ft, then it takes around 75 days. Okay. We are able to do it within three months? Yeah. We are able to do it, definitely. Okay. What sort of growth are we expecting in FY 2027? We hope to continue the same growth we have been showing over the years. We hope to continue in the same stride. Our margins, are they going to stay in the same range of 20%? Sorry, what? 20%? Margins, yeah. Yes, hopefully. Hopefully, yes. Okay. With this new brand, Sprandi, what sort of target market do we have, and what sort of growth do you see in this brand? Sprandi is a sportswear category. It is a sportswear brand all across the world. We aim to put it in the sportswear category, and it will be everything related to sportswear. Initially shoes, but later on, apparels also, which resonate with the sportswear category will be put across in this brand. Okay. We are going to first initially get only the shoes and then eventually we will get the apparel also. Yes. Exactly. Okay. Understood. Thank you so much. That is it from my end. Thank you. Thank you. Our next question comes from the line of Sameer Gupta with IIFL Capital. Please go ahead. Hi, sir, and thanks for taking my question. Just wanted to understand this weakness in this e-commerce channel in more detail, if you can elaborate. What exactly happened? Which were these marketplaces which were basically going for larger discounts? This is a sizable channel for the company. Is there an algorithm that we have that, beyond this percentage discount we will not participate? How do we ensure that we do not really lose sales to the end consumer with this approach? That would be my first question. Yeah, hi. We don't see this as a weakness. The degrowth in e-commerce was largely a conscious outcome of our channel strategy during the quarter. Online marketplaces continue to push for higher discounting to drive turnover, but we chose not to participate in incremental discounting beyond levels that we considered appropriate for the brand. We have always maintained that e-commerce should be a profitable and brand-accretive channel and not merely a volume-led channel. Therefore, while this approach had a near-term impact on e-commerce revenues, it helped us protect margins. We are trying to avoid dilution of the brand's pricing architecture and maintain discipline across channels. What we need to acknowledge and understand is this is not indicative of any structural weaknesses. It was a deliberate choice to prioritize sustainable, profitable growth over discounted turnover. That I understand, sir. But can you give a quantum as to what is the percentage discount beyond which you are not comfortable participating in this channel? We cannot end up on saying, "This is the discount we want to give, and this is not the discount we want to give." It ultimately boils down to what is the event, how big is the event, how big are the numbers we are going to see, how does it impact our overall margins? It's an ongoing process. We cannot say, "Okay, this is a discount. I'll never cross this structure," or, "I'll never cross this benchmark." This is not, I think, how business in e-commerce works. It purely depends on the event, say, whether it is a BBD or a Right to Fashion sale. It purely depends there. How we work is, we see what is the volume expected, what are the numbers expected, and what are going to be baselines for margins. The first quarter, if you see, we have consciously focused on keeping our margins intact, in fact, bettering them than previous years. That's what the call is. It purely depends on how it works. Although we see this as a small blip. We don't see the numbers will not increase. We are very sure that the numbers will definitely increase across e-commerce channels also. Fair, sir. But at the end of the day, if you are not participating, some other brand would have participated and you would typically lose that sale. If let's say tomorrow, during the festive, again such an opportunity comes through, you will again have to make this choice. But at the end of the day, growing a brand should also be a priority, right? Maybe you could participate it via some lower priced products or some sub-brands, maybe. That's a call we'll definitely consider and take in the future. But I would also like to put a point here that there's not a case of we not participating. There's a case of how much deeper discounting we want to get into and what are the base margins we want to work on. That was a call we said we will protect our base margins and see what the numbers come in. Rather than giving a customer a heavy discount today and then during the bigger event, the customer is always expecting a much higher discount. We need to bring that efficiency in the pricing structure such that it does not dilute the top line as well as the margin. Got it, sir. That's very helpful. Second question is on broad inflation, sir. What kind of broader inflation in your overall basket are you witnessing? There have been some states where there have been large quantum of minimum wage hikes announced. I understand you are a franchisee-driven EBO, but your franchisees would be facing higher costs. So, one, what kind of quantum of inflation you are facing, and what kind of price hike do you foresee in the immediate future, if any? If you see our results also, we have taken this into our account, this minimum wage thing and the other inflation cost due to the ongoing war and everything, but we have not increased our prices. We are trying to bring in efficiencies, which is the easy way out, I think, in increasing prices and everything. We are still continuing to bring efficiency in our sourcing also, and in our selling ways also in the retail environment and the online environment. That is what we are focusing on. As of now, we have taken a conscious call not to increase the MRPs as such. We are trying to keep the prices at the same level. Hopefully, by bringing in more efficiency and everything, which we have seen in this quarter, we will continue to do so. Any quantum of inflation that you are facing, if you could quantify how much is it? Not really. It's a regular business for us. Got it. I'll come back in the queue for follow-ups. Thanks. Yeah. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Our next question comes from the line of Amit Dharnidharka with ACPL. Please go ahead. Yeah. Good morning, sir. This is regarding your online revenue. In your presentation, I read it has come down from 30%- 22%. I heard about your deep discounting model that you are following, avoiding the deep discounting model. Is this revenue from online going to come down for the rest of the year, or it is a one-off thing, or how does it work? We would like to believe it is a one-off thing. Of course, e-commerce is a big channel for us, has been a big channel for us. If you see, the reason why it has come down to 22% from 30% is because retail has grown, right? Correct. We have not seen a growth in e-commerce because we did not get into the higher discounting in the first quarter. Yes. Generally, what happens is, we've seen if there's a higher discounting, if we get a little finicky and get into higher discounting at the. Quarter one, quarter two are generally weak for us. If we get into higher discounting today, then by the time the season comes in, by the time the big BBD sales of the world come in- Right. ...you have to get into that deep waters and get into more discounting and everything. We have sustained that. We have managed to keep that discounting in a very clear manner where our margins don't get affected. Having said that, this has also brought in a little bit of mindset in the consumer calls, the pricing is not going to wait. The pricing is such if there's any further discounting, that that's the best price. Got it. We're very clear on it. Basically, it's a brand protection in the e-commerce sector. We need to not dilute our brand image there. Yeah. Going forward, the revenue guidance for the financial year would be the same or would there be a change then? On this thing, I would not like to comment on e-commerce specifically. We, as of now- Not on e-commerce. I am talking in total, in total revenue guidance. No. We are very hopeful that we will continue the same growth story which we have been doing in the last three, four years. We will continue the same growth. Okay. And the new stores that you are opening up, what would the sizes be of that? Are they online, offline, or it is a mix? It is a mix of both, but the smaller stores are more in number. More in number. Instead of fitting into the south, east, and west of the country- Correct. ...we are opening stores which are in the range of 800 sq ft-1,500 sq ft- Right. ...the numbers will be more. The store numbers will be more. Will be more. Okay. All right. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. Next question comes from the line of [MS Arun] with Capital Market. Please go ahead. Good morning, sir. What is the reason for the shortfall in the other income? Is it because of lower rebate and discount from online portals? Mr. Vivek will be taking your question. Hi. Yeah. Basically, the rebate income which the e-commerce platforms gives, that has been reduced considerably. Basically, the reason of lower rebate income from the e-commerce platforms. What is the actual amount for this quarter, sir? It is around INR 8 crore. INR 8 crore or INR 9 crore. INR 8 crore or INR 9 crore. Corresponding to this quarter, sir? Previous quarter, from the last it was around, I think it was around INR 28 crore. In the same year, last quarter. Yeah, INR 28 crore. Okay. Okay, sir. Thank you, sir. Thank you. Thank you. Anyone who wishes to ask a question may press star and one. Next question comes from the line of Sanjay Munjal, an individual investor. Please go ahead. Hello. My question is on the accessories segment. Last year, we launched luggage and the sunglasses. I just wanted to know, is it available across some of the stores or it is live on all the 700- odd stores? Yeah. Sunglasses, you can find in most of the stores. Almost 80% of our stores now carry sunglasses because we are seeing a good traction in sunglasses in our retail stores. Okay. With respect to hard luggage category as in overall has moved to online rather than offline. So hard luggage is more present on the online platforms such as Flipkart, Myntra than our stores. Some of our stores, I would say only 10%, 15% of our stores carry hard luggage. The primary business of hard luggage has now gone online, and this is for everybody, for the whole category, for the whole industry. Okay. We do not plan to get the hard luggage on all the stores? No. Will that not help us improving our same-store sales growth? See, we need to understand what we are trying to do here. Just as I mentioned, sunglasses, because it's a category which is still being bought offline, so they're almost in 80% of the stores now. But hard luggage as in category, it has moved online. Most of the brands, most of the stores of, I would say, legacy brands, I have also seen their numbers coming from online more rather than offline. That's how the category has shifted. We're doing that. Okay. That's fine if the industry is moving to online platforms. Second question is regarding our presence. In North India, we have a very good presence in the high streets, but little to no presence in the shopping malls. Do we have any plans of entering the shopping malls, maybe via the REDTAPE Mile kiosk? Because we want to expand our accessory segment, and that will help us maintaining our brand positioning maybe. Do we have any plans of entering the shopping malls? I'll take this question a little differently. I would say North India does not have as strong a mall approach like we have in South India or West India. South India has more shopping in malls, rather than in North India, which still has more shopping on high streets. Right? I would like to look at it that way. Having said that, whenever we are getting into newer territories, we are getting into South now, West now, we are also approaching malls and we will be opening in good malls. For example, we have recently opened a store in Forum Mall, Kolkata. It's basically the need of the zone, the city, where we are expanding. If it's a mall which is stronger than the high street, we'll definitely opt for a mall. Okay. My last question would be on the overseas revenues. Recently, we have a good number of stores in U.A.E. and East Asia. Because of this Iran war, do we have any impact on store revenue from that? How much is the store- Our overseas store in U.A.E. are basically franchise-driven. It is not our own stores. Having said that, there was an initial downfall on revenue there, but it is now again building it up. Okay. What we are hearing from them is the customers have largely coming back and the numbers are better than last year, for the last month. I would not say about the full quarter. Initially in the quarter it was impacted. Just one last thing, can you show some guidance on the exports revenue? Going forward, maybe we are having good FTAs with other countries, and do we have any guidance or plan for increasing our exports revenue? We are currently in the process of approaching some good retailers and distributors. We definitely have aspirations to grow in the international market, and we have been approaching different master distributors or retailers who can stock in our stock and everything. For example, we have appointed a master distributor in U.K. by the name of Style Label in Manchester, and the transaction has already started, and we hope that we will be getting good numbers there. Any guidance, like a rough guidance, like in numbers? It is too early to commit on any numbers because it is a new market, so it will take some time to- Okay. ...bring in that numbers and goodness. Yes. Thank you. That is it from my side. Thank you. Thank you. Our next question comes from the line of Pawan Kumar with Shade Capital Private Limited. Please go ahead. Thank you for the opportunity. My first question is, I think there is a good improvement in gross margins. What led to that? Sorry, come again. I think we can see a very good improvement in gross margins. What is the reason for such a good improvement of more than 200 basis points? Mr. Vivek will take this question. Sir, basically the increase in margin, basically the retail impact. The retail margins are really good this quarter, vis-a-vis as compared to last year. Also there are some operating leverage in optimized supply chain. In that case, we have got the good EBITDA margins increased. Okay. Sir, do you provide same stores? Yeah, sorry. Please. Actually, basically if you see, we have worked on the operational efficiency of the company. That is why you can see that we have good margins. We have control over the expenses also, supply chain expenses also, operating leverages. Basically I am referring to gross margin, sir. The gross margin is basically for the retail impact, you can say. We have a good retail impact. Okay. Sir, can you tell me about the same-store sales growth, that number if you can provide for this quarter? 17%. I think we will get back to you on the SSSG. The SSSG normally in the first quarter is not very good for everybody in the industry, I would say. But we will come back to you on this. Sure. And sir, regarding Sprandi, at what price point you want to position it vis-a-vis your current products? It is a mid-price brand across the world. So we will have the same strategy here. Okay, sir. And lastly, sir, I think you have alluded there was many reasons why e-commerce sales has dropped. Now it is roughly 22% of your revenue. At an annual level, would we be expecting the same level of percentage from this channel? Of course, yes. The aspiration is there. The aspiration is there that e-commerce remains at the 30% level. That's the scale it has always been within our turnover. We expect that it will come back to that. Okay. Thank you for all the answers, sir. These are my questions. Thank you. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, press star and one. Our next question comes from the line of Nishita with Sapphire Capital. Please go ahead. Yes. Thank you for the follow-up question. I missed the export contribution in Q1 FY 2027. Can you please reiterate that? Sorry, can I have the question again? Yeah. I missed the export contribution in Q1 FY 2027. If you could just reiterate that number. What is our export number? It is around INR 2.5 crore. Around INR 2.5 crore. Okay. Understood. My next question is, do we plan to do more acquisitions to expand our portfolio? Is there anything in pipeline currently? There is nothing in the pipeline as of now, but if there is an opportunity, we would like to certainly go through it. We never say no. We have that approach. If there is a good opportunity, we will definitely consider. But as of now, there is nothing in the pipeline. Right. In what category are we going to look for the acquisition? We would like to remain in the same category we are currently in. It is fashion and lifestyle, and we like to be rooted here. Like what product category? I meant- It could be footwear. Apparel or It could be footwear and apparel both. Okay. Understood. My next question is that currently in the brand mix, REDTAPE is contributing around 95% to the revenue. Do you see this brand mix changing? Do we expect other brands to contribute more and the REDTAPE contribution to hence then go down because the other brands are contributing more? In an ideal scenario, when we grow, and the kind of growth we have shown over the years, if we have the same growth, we would like our sub-brands to also grow accordingly. We plan to make Ozark and Sprandi bigger by the year. Okay. Thank you so much. Thank you. Thank you. Our next question comes from the line of Yash Agarwal with Landmark Capital. Please go ahead. Yeah, good morning. Wanted to understand what were the inventory days currently stand, and what are the targets for the full year. Mr. Vivek will take this question. The inventory levels, if you would say, it has gone down considerably from the last year. It is now 173 days, and we are targeting to reduce it to 150. Okay. Another thing- Actually, I would like to add in here, but currently as we see the big season, the Q3, Q4s generally have very bigger numbers, and we do not want to lose on opportunities wherein we have less stock and so on. So there will be a buildup now till Q2. Sure. From Q3 and Q4, it goes down. So that's traditionally how the inventory pileup works. Okay. The second thing, earlier in the call, I remember you mentioned that roughly 200-250 new stores target was there for the full year. So is there any change in the target or are we still maintaining that? We're still maintaining that. That's an aspiration we have. So 33 stores we have already opened in the first quarter, and 150+ we are aspiring to open. So we generally want to remain close to that number. Fine. And another question, I wanted to understand about the status of the September 2025 income tax search proceedings. Is there any further communication that we have received that could result in any material tax or any provisions or liability, something? So, with respect to the income tax seizure and things, it is an ongoing process. I think this is how the department works. This is what we have been told, that it will take two to three years to eventually close it down. But as of now, there has been no claim of any material, and there is no risk of any material. That is what we would like to say. And it is an ongoing process. Right. Okay. That is all from my side. Thank you so much and all the best. Thank you. Thank you. Ladies and gentlemen, in order to ask a question, you may press star and one. Next question comes from the line of Kushal, an individual investor. Please go ahead. Hello, am I audible? Yes. Please go on. My first question was, I actually joined the call late. Can you please provide a category-wise footwear, apparel, accessories growth year-on-year Q1 FY 2026 versus 2027? Share. We would like to let you know the share. Footwear is 56% of the quarter one turnover, and 39% comes from apparel and 5% has come from accessories. No. Actually, I am talking about growth. Year-on-year growth category-wise. For a complete year, apparel and footwear work very differently for us. Apparels are very stronger in the Q3 and Q4. That is where we actually see a lot of growth in apparel. During the Q1 and Q2, footwear is what keeps us afloat. To compare, we haven't made a comparison as for Q1 versus Q1. I think we will make that and share. Okay. Second question was on, do we have non-BIS inventory? Is that liquidated or the issue is behind us? No, we still have some non-BIS inventory. The industry has got an extension for a year. We are hoping that we will be able to. I think there will be one more extension for this, and hopefully we will be all clear. The industry will be clear, not even us. It will be clear for the industry as well. Okay. My last question was, there has been some market discussions regarding potential stake sale by a promoter to private equity investor. If you could give color on that, whether that is true or not. We would not like to comment on any market speculation. Okay. I think that is not there. Thank you. That is it from my side. Thank you. Thank you. Our next question comes from the line of [MS Arun] with Capital Market. Please go ahead. Sir, you have attributed the margin improvement to the retail sales, higher retail contribution to the top line. You also commented that the e-commerce contribution to the top line will be back to 30%. Will that mean that there will be moderation in the operating margin from Q1 levels going forward for the rest of the year? See, what we can say as of now is we intend to keep our margins intact, right? To do that, and actually take it upwards. So that is the core focus on us. Although we are focused on our top line, we are making sure that our margins do not get hit at any stage during the quarters. So I would like to say that there is an aspiration to increase the margin. At the same time, we are very sure that the targets we have set out for, we will be achieving them. Okay. Thank you. Thank you. Next question comes from the line of Pawan Kumar with Shade Capital Private Limited. Please go ahead. Thank you for the opportunity for follow-up. Sir, can you provide category-wise breakup of maybe gross margin, if possible? Sorry, category-wise gross margin? Gross margin or maybe EBITDA margin, if you can provide some color on that. We do not have anything ready as of now. We will share it later. Yes. Okay. It would be better if you send a query to EY and then we can sort of reply to that. Sure. Sir, what is your aspiration for the EBITDA margin for this year? Would it be on the same line, or you want to increase or maybe decrease a bit to maybe increase the revenue? Can you get some sense on that? We would like to remain as it is now. We would like to be stable. Roughly at 20%, right? Yes. Okay, sir. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one. As there are no further question from the participant, I would like to hand the conference over to Mr. Arvind for closing comments. Thank you and over to you, sir. Thank you. Thank you everybody for joining us today and for your questions. To conclude, Q1 FY 2027 reflected REDTAPE's disciplined approach to growth in a mixed consumption environment. While near-term demand trends remain uneven across channels, the underlying strength of our core India business are focused on protecting brand value and continued execution across sourcing, supply chain, and retail operations, which has helped us deliver a strong profitable outcome. As we move ahead, our priority remains to drive sustainable growth across channels, maintain discipline on pricing and margins, and continue strengthening REDTAPE's consumer proposition. Should you have any follow-up questions, please feel free to reach out to our investor relations partners at EY, Kasturi and Nikita, and we will be happy to engage further. Thank you. Thank you so much, sir. Ladies and gentlemen, on behalf of REDTAPE Limited, that concludes today's conference call. Thank you for joining us, and you may now disconnect your line.