Ladies and gentlemen, good day, welcome to the Sula Vineyards Limited Q1 FY 2027 earnings conference call. As a reminder, all participant clients will be in listen only mode, 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 touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Mandar Kapse, IR Head at Sula Vineyards. Thank you. Over to you, sir. Thanks, Pri. Good afternoon, everyone. On behalf of the management team at Sula, I would like to welcome you all to the Q1 FY 2027 earnings call of Sula Vineyards. Today on the call with us, we have on the management team Mr. Rajeev Samant, founder and CEO, Ms. Rinku Moorthy, CFO. They will take us through the Q1 performance answer your questions. As always, we'll kick off the call with Rajeev sharing his thoughts on the operating environment and business performance, which will be followed by Rinku taking us through the financial performance in greater detail, then we'll open the forum for Q&A. Before we proceed, I would just like to draw your attention to the safe harbor statement regarding the forward-looking statements. Please note that various factors may cause actual outcomes to differ materially from those projected. With that, I now invite Rajeev to commence today's call. Over to you, sir. Thank you, Mandar, good afternoon, everyone. I appreciate you taking the time to be with us today. I trust you've had a chance to go through our Q1 results presentation press release, both of which are available on the stock exchanges on our website. Discussing our performance for Q1, I am pleased to note that the encouraging momentum that we saw towards the end of FY 2026 has continued into the new financial year. We delivered a revenue growth of 3% in Q1, led by recovery in our own brands business continued double-digit growth in wine tourism. Importantly, this marks six consecutive months of positive sales growth, giving us confidence that the business has returned to a path of consistent growth. Our own brands business continued its recovery trajectory, delivering 2% growth as demand trends normalize across most markets. The elite and premium portfolio, which is our focus, led the way, growing by 6% in Q1, with its share in own brands expanding by 310 basis points to an all-time high of 78%. This underscores the continued premiumization of our portfolio and is very much the direction in which we want our portfolio to evolve. Our flagship elite brands, The Source and Rasa, delivered excellent double-digit growth. The Source in particular, and this is something I've been noting over the past few earnings calls, has been a standout performer for us over the last several quarters now. Over the past year, we have made significant strides in expanding the distribution of The Source and Rasa beyond our core markets of Maharashtra and Karnataka. In fact, both brands have experienced excellent growth in markets such as Haryana, Goa, CSD, and exports. We will continue to expand the distribution of The Source and Rasa pan-India until it matches the distribution of our flagship Sula brand. We recently expanded The Source portfolio with the introduction of two new wines, The Source Chardonnay and The Source Grenache Red. I'm pleased to share that both these wines have seen an excellent response in the market, further reinforcing the strength of The Source brand. Together, The Source and Rasa now account for an all-time high of 16% of our own brand sales. Among the Sula classics, our newer launches, Sula Merlot and Sula Muscat Blanc, recorded a growth of over 100% in Q1 YOY, albeit from a small base. We are therefore ramping up both the production and distribution of both these labels. Further, our top label, the Sula Cabernet Shiraz, which is also the highest-selling, highest-grossing wine in India, recorded high single-digit growth in Q1 which is really good news because this is on a very high base, and this is now a 20-year-old brand, the leading single wine brand in the country. These brands accounted for nearly 45% of our own brands revenue in Q1. We expect them to lead the growth going forward. Coming to our economy and popular portfolio, this segment continued to face pressure during this quarter owing to continued unsustainable discounts by competitors in the market. At the same time, we also consciously prioritize our elite and premium portfolio as we have been doing for the past couple of years now. As a result, the softer performance in the economy and popular segment led to moderation of growth in our own brands. Moving on from a regional standpoint, markets such as Telangana, Haryana, Chandigarh, Exports, and CSD delivered strong double-digit growth during the quarter. Telangana continued to be a standout market, recording over 50% growth in Q1 YOY as the business continues to build on strong momentum following the resolution of the route to market disruption in December of 2024. We remain confident that this positive momentum will continue in Q2. In contrast, Karnataka has continued to remain soft, which is unfortunate because it is a very important market for us, although we do expect the market to turn a corner in the second half of FY27. In Maharashtra, our elite and premium portfolio remained resilient. However, softer performance of the economy and popular portfolio moderated the performance of the market. Moving on, as I mentioned in our previous earnings call, we have received preliminary approval for five additional brand listings in CSD, taking our total approved wines to 14 from the current nine when those brands are launched in CSD. This is a very positive development. We really hope to complete the listing process by Q3 FY 2027 and introduce the new wines in CSD before the end of this financial year. The last time we expanded our CSD portfolio, we saw a very strong acceleration in our CSD sales over the subsequent quarters, showing a thirst for well-made Indian wine in CSD. We expect to see a similar uplift once these additional listings become operational. To put this in perspective, CSD contributed around 4% of our revenues in FY 2026. We expect it to contribute significantly more in FY 2027. Turning to wine tourism, this business continues to be a solid performer with revenue growing 12% YOY to INR 15.5 crores in Q1. Wine tourism now contributes approximately 13% to our overall revenue. In terms of services, of course, that does not include the wine that we sell in our wine tourism when it actually goes higher than 20%. It is steadily emerging as an increasingly important growth frontier for us. Growth during the quarter was driven by higher room revenues following the successful launch of our third resort, The Haven, in Q3 last year, along with higher spend per guest from day visitors. Resort occupancy for the quarter stood at around 63%. Excluding The Haven, occupancy stood at over 70%, reflecting continued healthy demand. Encouraged by the sustained momentum in this business, we continue to allocate a larger share of our growth CapEx last year as well as this year towards expanding our wine tourism portfolio. I'd like to provide an update on the projects we announced during the previous earnings call. I'm pleased to share that all of them are progressing as announced and planned. The amphitheater expansion at our flagship Nashik campus was completed in July. We have our new bottle shop at Domaine Dindori set to open next week, which is in line with our guidance. Additionally, the construction of our new 5,000 sq ft events pavilion at our Nashik campus is on track for completion in Q3, in time for the all-important festive and wedding season. This facility, which is looking great by the way, will significantly strengthen our event hosting capabilities and support higher event-led revenues going forward. A key highlight for the quarter was the completion of the acquisition of the former Chandon Estate at an attractive price, as mentioned earlier, of INR 20 crores. We have now renamed the estate as Domaine Rāsā after our flagship elite Rasa brand. The tasting room, bottle shop and banquet facilities at Domaine Rāsā are already operational. We have taken handover of the estate, while winery operations at the estate are set to commence in Q4 during the 2027 harvest season. We intend to create another distinctive wine tourism destination here at Domaine Rāsā. We will disclose more details on the project in due course. Let me now touch upon profitability. Our EBITDA for the quarter was impacted by higher blended grape costs, reflecting a higher proportion of wine grapes relative to table grapes in our inventory mix. This resulted in an approximately 150-basis point impact on margins during the quarter. Importantly, this is not structural, but we believe just a temporary phenomenon. As we have guided previously, the higher blended grape cost is expected to subside in Q4 FY 2027 and fully normalize from Q1 FY 2028 onwards, the full impact will be felt in FY 2028, as the grape mix rebalances following harvest 2027. In fact, going forward, looking at the current climate conditions and state of the monsoon, there is a strong probability that table grape prices will come down meaningfully from current levels and from the levels of harvest 2026. Once the grape mix rebalances following the next harvest, we strongly expect to see benefit from lower grape costs in FY 2028, and that would be specifically for the popular and economy gift portfolio. At the same time, our strategic cost initiatives are beginning to deliver tangible results. During Q1, we reduced our operating costs by 3%. This has really helped mitigate the impact on our EBITDA. Moving forward, we remain focused on driving further efficiencies across the business through this year and in the future. While the last year and a half has been tough, the impact on our EBITDA margins is now, as you can see, steadily easing. We expect to recover to last year's EBITDA margin levels shortly. Then hopefully surpass them. We remain confident of achieving this before the end of FY 2027. Finally, before closing, I would like to introduce to all of you our new CFO, Rinku Moorthy, sitting here in front of me. She has been with Sula for eight years now. She has already taken over the reins. We welcome her to her first earnings call. Thank you. With that, I will now hand it over to Rinku to take you through the financials in greater detail. Thank you very much. Thank you, Rajeev, good afternoon, everyone. Following Rajeev's update on our business performance and strategic priorities, let me take you through the financial highlights for Q1 FY 2027. On the revenue performance, Q1 marked a continuation of the positive business momentum from Q4, with net revenue from operations increasing by 3% year-on-year to INR 121 crores compared to INR 118 crores Q1 last year. Growth was driven by healthy traction in our elite and premium portfolio, which grew by 6%, along with sustained double-digit growth in our wine tourism business. Performance in our economy and popular portfolio remained under pressure due to unsustainable discounting by competition in the market, which offsets an otherwise healthy overall revenue performance. In contrast, wine tourism delivered another solid quarter, with revenue growing 12% year-on-year, supporting overall revenue performance. The growth was driven by a 21% increase in room revenues, coupled with higher spends per guest from day visitors at our wine tourism facility. For our D2C wine sales from bottle shops at our own wine tourism facility grew by 7% to INR 10 crores in Q1. Looking ahead, as occupancy at our third resort, The Haven, scales up from the 43% level seen in Q1, we expect to see improved profitability throughput from this business. Moving to profitability, despite the 3% revenue growth in Q1, gross profit declined by 5% versus last year, primarily due to two major factors that impacted our growth margin. First, as we communicated in our last earnings call as well, as part of our conscious strategy to reduce the wine carryover liquid. We consciously decided not to source table grapes from open markets during harvest 2026. As a result, our grape procurement mix shifted sharply towards wine grapes, which accounted for nearly 100% of the total grapes procured in harvest 2026, compared with 80% in previous years. This shift in procurement mix impacted gross margin by approximately 150 basis points. The impact of this change in grape procurement mix is expected to weigh on our profitability for the next couple of quarters as well. However, from Q4 FY 2027 onwards, this higher grape cost impact will subside as grape mix will get rebalanced through table grape purchases in harvest 2027. Moving on, the second factor was an adverse geographical mix. As Rajeev mentioned, our sales in the state of Telangana, Haryana, Chandigarh, CSD, and exports delivered strong double-digit growth, outpacing our higher-margin core markets of Maharashtra and Karnataka. As a result, this adverse market mix reduced our gross margin by approximately 200 basis points. That said, it is important to note that while these markets operate at lower gross margin, they also have meaningfully lower selling and distribution costs as well. As a result, the impact at the EBITDA margin level is relatively modest. Moreover, we believe that wider distribution augurs well for the expansion of wine category and position us for long-term growth. Further, we continue to take decisive measures to optimize operating costs. Employee benefit expenses reduced by 6% year-over-year, supported by organization optimization initiatives and a lower ESOP cost. This action resulted into 3% year-over-year reduction in the operating expenses, helping to partially offset the impact on EBITDA. We will continue to execute our cost optimization programs through the remainder of FY 2027. Moving to items below EBITDA. Depreciation for Q1 increased by 12% year-over-year, primarily reflecting depreciation associated with our new resort, The Haven, which was accounted as per the Ind AS 116 under right to use assets as per the applicable accounting standards. Interest costs for the quarter declined 4%, driven by lower average debt levels and a lower cost of borrowings. Our net debt at the end of June 2026 stood at INR 319 crore against the INR 345 crore as on June 2025. Looking ahead, we expect the net debt levels to continue trending lower by the end of FY 2027 compared to FY 2026. This, together with our ongoing focus on balance sheet discipline, is expected to further moderate the finance costs during the due course. A quick update on our risk receivable position. Our risk outstanding receivables stood at INR 88 crore as on June 2026, compared to INR 86 crore at the end of March. During the quarter, we accrued INR 9 crore under risks and received payout of INR 8 crore. Subsequent to the end of the quarter, we received another risk GR, followed by payment of INR 10 crore in July, reducing the outstanding balance now to approximately INR 80 crore. While this factor affected the reported profitability during the quarter, however, as the grape procurement mix normalizes and occupancies at The Haven scales up, we expect profitability to improve over the course of the year. With that, I would now request the operator to open the floor for Q&A. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in this conference, please restrict your questions to two per participant. Should you have a follow-up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Abhijeet Roy from Nomura. Please proceed with your question. Thanks. My first question is on the opening remarks comment on the raw material. If FY 2028, you expect softer raw material, I wanted to understand, in the past, has there been rational behavior by the competition? Because there can be incremental approach to get more market share because you still have a 50%+ market share in the overall mass end of the consumption in this segment. What has been the past behavior of the other players? I'll take that. Of course, we don't have certainty in that. However, things start with the cost of the raw material, which obviously helps a lot in terms of controlling expenses. What we have seen over the past few years is that the volume of production of these wines has not been increasing that much. In fact, in a number of cases, we actually find that the volume of production is declining as some of these players learn that this is not a sustainable business. There's no point in crushing an excess amount of grapes and then almost giving it away. We are hopeful, but I must say that we cannot guarantee that. It does look quite sure that the table grape prices are going to be at much lower levels than what we saw in harvest 2026, when there was a huge spike of more than doubling of our table grape prices compared to previous harvests. Sure. Thanks. Last question. If I see last three, four years, your revenue is almost flat, broadly in that INR 600 crore range. One, has the wine industry also been flat last three, four years? Second, if we see the broader alcobev, something like white spirits is seeing very strong growth. Any long-term plans to diversify? One segment, obviously the risk is on the higher side, plus clearly white spirit is a very high growth segment. Yes, you are correct in that. The last two, three years have not seen much growth in the overall wine industry, neither in domestic nor in imports as per IWSR. After a real growth spurt in the two years following COVID, there has not been significant, Well, there's been maybe low single-digit growth in the overall industry. The numbers are not that easy to get on a consolidated basis nationally. We struggle sometimes to get the excise data from certain states, including our home state of Maharashtra. It's not always been easy to get. I think we can say that yes, it has been a period of consolidation, though I would say without looking across at white spirits, that we are quietly hopeful that that cycle of sort of destocking, et cetera, should have bottomed out, and we should start seeing some at least low-level growth moving forward. We don't have any white spirit plans right now. We always have some plans or the other in the pipeline, and we hope to give more color to some very interesting new segments that we're looking at in the near future. Sure. Thanks. That's all from my side. Thank you. The next question is from the line of Aditya from CLSA. Please proceed with your question. Hi, good afternoon. Thanks for the opportunity. A quick one. You indicated that obviously the mix shifted more towards wine grapes from table grapes. Had the mix remained the same, would the gross profit or gross margin been better or worse? I just want to understand. We would not have had the kind of increase in raw material costs that we have seen, that's for sure. Yes, that would have seen a better gross margin. If that was the case, and given that we are likely to reverse this again next year, what's the upside in making this mix shift? Aditya, we might see some upside, as of now it would be too early to comment on it. Definitely the negative impact won't be there from Q1. Definitely. Look, it's very dependent on climate. Considering the fact that last year the monsoon was almost six months long, it started in May. This year, because it started later in July, there's a very high probability that your grape prices are going to be much lower. Just to give some color here, where we have typically procured table grapes for less than sort of INR 15, INR 16 a kilo, last year, grape prices shot up to INR 35 a kilo for table grapes. It was just a shade below what open market wine grapes were available for. We do expect that those grape prices would moderate to less than INR 20 a kilo this time. That's what we have in our sights, which will definitely lead to a much better margin in terms of our popular and economy wines. Difficult to quantify, but definitely, because this year we have a large proportion of wine grapes in those blends, especially in any new blends we've made this year. That is not what our strategic blend is. We've had to deviate from what I would call our long-term strategic blend, where wines below INR 600 should be made almost exclusively from table grapes. Right now some of those wines have almost 60%, 70% wine grape in them. You can do the math from that. Understood, Rajeev. Thanks a lot. That was very clear. Thank you. The next question is from the line of Nikhil from SIMPL. Please proceed with your question sir. Hi, good afternoon. Thanks for the opportunity. I hope I'm audible. Yes, please go ahead. My question was specifically to our core markets. Now, in both the core markets, when we talk to others or we hear the calls of other alcobev companies They mentioned that the policies which are brought in Maharashtra for the Maharashtra-made Liquor and in Karnataka with respect to the new excise policies could be beneficial in some way or the other to the company. While you say that the markets remain weak in popular in Maharashtra and even in Karnataka, how do we attach what others are talking and what is happening for us? Is it specific to the category that the benefits others are talking about, we are not able to see? I would answer that it's very specific to our category. Wine is quite different than spirits. When you're talking about MML, Maharashtra Made Liquor in Maharashtra, obviously the impact on spirits producers, either good or bad, has been quite dramatic in Maharashtra, where the government has brought out a policy that's very positive for the MML and maybe not as positive for non-MML. It's a dramatic shift there. Wine is completely outside that. I'd say probably wine, the impact will be felt more with the FTAs, et cetera. Even in Karnataka, the rebalancing based on the alcohol percentage. For now, wine has not seen any changes. We continue to have the same excise regime that we had, for instance, two years ago. We would come under a different excise policy. Is that the case or it should be applicable to us as well, right? Especially, I think for Karnataka. In Maharashtra, on the popular side, which we have outsourced, we should also get some benefits. There is no change in terms of wine duty, not a single INR. This policy in Maharashtra is very much targeted at spirits. MML is a purely spirit category. It is not to do with wine or beer for that matter. It is very purely about spirits. In Karnataka, the realizations would have come down. Again, wine has a different way there. Again, no change in the duties or taxes on wine. What did happen in Karnataka, which would impact all of us, was that the beer prices have come down dramatically for the consumer. One of the things we have not mentioned here is the very hot summer and the delay of the monsoon in the month of very hot May and the delay of the monsoon even in the month of June. A very hot June has been probably very beneficial for beer producers, not that great for other alcobev, including wine in Karnataka as well as in Maharashtra. Probably there's been a fair amount of move over to beer during these months in these states and others. Okay. My last question, in Karnataka in Q3, we had done this inventory destocking and cleaning up of the channel. In Q1, we said there is some improvement in the market, in Q4, we said there is some improvement. Q1, we are again saying the market is not moving. What is exactly happening? Is it like the category itself is facing pressures or is it specific to us? What's your reading? Yeah, Karnataka is unfortunate. All our other markets, I would say, are doing right now decently well. We are being hit by the entire wine industry, having seen degrowth in Q1 in Karnataka as well as in FY 2026. Second half of FY 2026, we have seen degrowth. The entire wine category, unfortunately, has degrown in this all-important market. We have maintained or even improved our market share in the market in terms of our elite and premium wines, not in terms of popular and economy, where there are, even in Karnataka, many players. Frankly, we have given up market share in popular and economy, probably gained a little bit of market share in elite and premium, but very unfortunately, the entire category. In Karnataka, we get pretty decent data from the corporation. The entire category has seen degrowth, which we really hope will turn around in the near future. Yes, it's been a tough year in Karnataka. Sure. I'll come back in the queue. Thanks. I'll come back in the queue. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. I repeat, to ask a question, please press star and one now. The next question is from the line of Ayush from Consortium Securities. Please proceed with your question. Hello, sir. Good afternoon. Thanks for the opportunity. Sir, since tourism is fastest growing segment, wanted to understand what is the current capital employed in this business currently at 154 keys and existing tasting rooms. Soman, we don't look at wine tourism as a separate segment as such. It's part of the overall integral to the overall business and so there's no separate asset base or balance sheet that's required for wine tourism as such. Just to give you some flavor, the wine tourism business has a better profitability and better EBITDA margin versus the standalone wine business. EBITDA margin is more or less in the range of Yeah. Overall, it's more remunerative, more profitable than the standalone wine business. So you can accordingly estimate it to be better than the overall return ratios. Okay. It's obvious. Sir, any read or rough estimate on the CapEx per room, generally what it takes, sir? How much? CapEx. Could you repeat the question? Sir, any rough estimate on generally CapEx per room, what it takes if you want to build a new resort or new rooms? I would say that we have been quite fortunate that our wine tourism strategy and spend has been very asset light over the last couple of years. The new resorts that we're talking about, The Haven, for instance, those were not constructed by us. We have partners who construct the resorts, hand over to us on a management contract. out of our 150 keys, 70 are. 70 keys are ours, but we have not constructed anything since the last. How much to date? At least three or four financial years. All the keys that have been added in the last three or four financial years have all been constructed by other parties, and then we take them on a management contract. Hence, we are not able to give you a very clear answer to your question here. Having said that, moving forward, we are looking at some possibility of perhaps investing in constructing on our own and that we are studying it right now. Okay. Thank you, sir. Just last question, can you give some hint regarding the term of lease? Like how long it is and what's the rent extent, something like that. Typically, we don't sign anything for less than 10 years. Normally it's a minimum of 10 years, some may be even longer than that. Generally then there are your normal covenants in terms of the number of years after which there's an increase, and your increase per year and all quite standard. Okay. Thank you, sir. I'll join back in touch with you, sir. Thank you. The next question is from the line of Sujeet from An Individual Investor. Please proceed, sir. Am I audible? Yes. Yes. Good afternoon, Rajeev and Rinku. I have questions related to revenue numbers only, not on the cost optimization like EBITDA and the net profit. Okay? Rajeev or Rinku, either both of them, can any one of them answer? Since after listing, why quarter four and quarter one are always decreasing? When I took a plot of the last seven years, I want to know whether there will be improvement. The only revenue numbers, revenue from operation is quarter four and quarter one is always decreasing and then it goes up. I want to know why these two quarters are worse for Sula. Okay. There's a lot of seasonality in terms of our industry and consumption. It is very skewed towards Q3. That is all important. Normally you would expect 25% revenue in each of the four quarters. In our case, Q3 gets closer to 40%. That's the way it is. Q3 is generally our number 1 quarter. Q4- Correct. Is normally second in terms of revenue, and then Q1 and Q2 are usually quite far behind. There's a very clear seasonality and that's the way it works. Okay. Rajeev, other than wine, Sula doesn't sell white spirits or something else? Why I want to ask this question is, last year some takeover has taken over some spirits, sorry, I'm not sure. Asking this question, a takeover of a spirits business. Is that correct or wrong? I just want to know it. Sula sells complete portfolio in wine business only. To answer your question, we have not taken over any spirit brand in the last FY. We are completely into wine business. We hardly have two brands under our import portfolios. Those are also wines. Okay. Madam, this question is only related, second question is related to wine tourism only? Now, given the growth in wine tourism going in double digits, congrats to that. At least it is mitigating it. What I want to know going forward, since, Rajeev, as you mentioned it, other than Nashik, just now something, a new wine facility somewhere by another MNC, whether Sula has taken over it, will that be a wine tourism or is it addition to standalone wines also? Yeah, I'll take that question. It's very much both. It's a beautiful production facility, and we will be, as I mentioned, starting wine production there from this upcoming harvest, that is harvest 2027. Also a beautiful facility for tourism. Already, we took over an already beautifully constructed facility that was already welcoming visitors. Our aim would be to enhance that and expand that. What we've taken over already from day one that we took over the keys, or maybe you can say day two after a deep clean, we have already started welcoming visitors to our new facility of Domaine Rāsā, which is the Moët & Chandon, which is just about a 20-minute drive from Nashik Airport. We note that, once again, after the monsoon, we are expecting a good expansion of flight routes from Nashik as well as Shirdi. In fact, IndiGo has just announced a second daily flight from Delhi to commence in October, so very good news. This will be the people landing at that airport, if they want to have the quickest, the nearest high-quality wine tourism destination will be our Domaine Rāsā Moët & Chandon. Okay. Thanks, sir. Rajeev, two only question in wine tourism only. I just want to know it. First question is, other than Nashik, that is, I am assuming that Sula Vineyards has also a wine facility in Karnataka. Whether in Karnataka wine tourism is present or not? Second question, the upcoming Kumbh Mela in Nashik. Please note, not on the procession front I'm saying, after procession, like after all doing the Mela stuff, whether it will benefit tourism part, forget the wine part. Whether the tourism part, like you have resorts and all that, will help in the upcoming Kumbh Mela in 2026 or 2027, which will go till FY 2028, I'm not sure. That is one of my questions. We have our Domaine Sula facility outside Bangalore. That's the one you're referring to, and we very much have a nice wine tourism offering there. We would have preferred to have expanded that further. We have struggled a little bit with getting the permissions for building out a resort there. I would like to say that we are now hearing much more positive noises from the current government in Karnataka, and we are hoping to have a breakthrough there to get the permission to put up a nice resort there. We are hoping for that. We already have a tasting room and a restaurant, but we believe we can do much better in Karnataka. In terms of Kumbh Mela, we certainly hope with cautious optimism that it should be very good, not just for our tourism and our properties, but also for the entire Nashik region in terms of the entire hospitality and F&B. Having said that, we do need to work with the authorities to make sure that things are not too strict as has happened in the past. I must be quite candid in that. We have to find the via media there. We hope this time around it should be hopefully a different story than last time when it was frankly a bit disappointing finally for all the tourism and F&B business of Nashik, because some of the conditions were so strict that a lot of people just decided not to enter Nashik. Hopefully this time it will be a little bit gentler approach, and we are definitely gearing up. A lot of good infrastructure work also going on in and around Nashik, which should also ease the time taken to reach our places from, say, Mumbai, Thane, Pune. Basically, driving in is going to be vastly improved. Fingers crossed, looking forward to some good benefits from Kumbh Mela. Thank you very much. We should move on to somebody else in terms of questions. Okay. Thanks, Rajeev and team. Yeah. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand over the conference to Mr. Mandar Kapse for his closing comments. Over to you, sir. Yeah. Thanks, everyone, for joining this call. If you have any further questions, you can reach out to us. The IR contact details are given in the presentation. Yeah, thanks, everyone. Look forward to meeting you guys in the next call. Thank you. On behalf of Sula Vineyards Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.