Note that this conference is being recorded. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, sir. Thank you. Good afternoon, everyone, and thank you for joining us on Varun Beverages Q4 and CY 2024 earnings conference call. We have with us Mr. Ravi Jaipuria, Chairman of the company, Mr. Varun Jaipuria, Executive Vice Chairman and Full-Time Director, and Mr. Raj Gandhi, Group CFO and Full-Time Director of the company. We will initiate the call with opening remarks from the management, following which we'll have the floor open for a question-and-answer session. Before we begin, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation shared with you earlier. I will now request Mr. Ravi Jaipuria to make his opening remarks. Good afternoon, everyone, and thank you for joining us on our earnings conference call. I hope all of you had the opportunity to go through our results presentation that provides details of our operations and financial performance for the fourth quarter and year ended 31st December 2024. We are pleased to conclude calendar year 2024 on a strong note through adding geographical presence into new territories of South Africa, along with distribution rights for Namibia, Botswana, Mozambique, and Madagascar. We also started greenfield operations into a new country of Democratic Republic of the Congo, DRC. The growth has been driven by organic volume growth and improved product mix. India volumes grew 11.4%, reflecting the strength of our distribution network and operational execution. Consolidated volumes increased by 23.2%, largely led by new territories, resulting in consolidated revenue increase by 24.7%, EBITDA growth of 30.5%, and PAT growth of 25.3% for the year. We are progressing well in South Africa as we grew our sales volume by 12.5% in the first year of operation. We are consciously reducing our reliance on modern trade channels and enhancing our distribution network in general trade. As an enabler, we have placed more Visi-Coolers in the South Africa market in a single year than what was cumulatively placed till date by previous operators. We are working on plans for backward integration in the territory. We also entered into a share purchase agreement to acquire PepsiCo's business in Tanzania and Ghana, pending regulatory and other approvals. Integration of these acquisitions, along with our operations in South Africa, shall strengthen our presence in key international markets. This, coupled with the commissioning of new greenfield facilities in India and DRC, shall enhance our manufacturing and distribution capabilities, ensuring we are well-poised to cater to growing consumer demand. Additionally, our foray into the snack foods business with PepsiCo in Morocco, Zimbabwe, and Zambia marks an important step in enriching our portfolio and leveraging synergies with our existing infrastructure. In a significant development during the quarter, we successfully raised INR 7,500 crores through a qualified institutional placement, QIP. We appreciate the confidence and trust placed by leading domestic and foreign institutional investors. In our long-term strategy, business fundamentals, and execution capabilities, this capital raise strengthens our financial position, providing the flexibility to pursue strategic expansion opportunities, enhance our operational capabilities, and reinforce our balance sheet. Further, in line with our commitment to deliver value to shareholders, we are pleased to share that the board has recommended a final dividend of INR 50 per equity share, subject to shareholders' approval. Looking ahead, we remain focused on sustaining healthy growth in both Indian and international markets through deeper market penetration, strategic capacity expansion, and continued investments in technology and sustainability. Our focused efforts in strengthening last-mile distribution and deploying Visi-Coolers in under-penetrated regions will enable us to reach a broader consumer base with a stronger foundation in place. We are confident in our ability to drive long-term value creation for our stakeholders in the years to come. I would now invite Mr. Gandhi to provide the highlights of the operation and financial performance. Thank you. Thank you, Mr. Chairman. Good afternoon and a warm welcome to everyone joining us today. Let me provide an overview of the financial performance for the fourth quarter and the year ended 31st December 2024. Revenue from operations, net of excise and GST, increased by 24.7% to the level of INR 20,007 crores in the calendar year 2024, in line with strong volume growth. Consolidated sales volume grew 23.2% to a level of 1,124 million cases from the level of 912 million cases in calendar year 2023. Organic volume growth in India stood at 11.4%, while international organic growth was 6.3%, restricted by the transition to a zero-sugar portfolio following the implementation of a sugar tax in Zimbabwe. Net realization per case increased by 1.3% to the level of INR 177.9 in the calendar year 2024. In quarter four, 2024, consolidated sales volume increased by 38.1% to the level of 215.1 million cases from the level of 155.7 million cases in quarter four of 2023. The growth was supported by expanded international operations with 43 million cases from South Africa and 7.8 million cases from DRC during the quarter. For the full year, CSD contributed 74.2% non-carbonated beverages to the level of 6.2%, packaged drinking water 19.6% to the total sales volume. In 2024, mix of low-sugar and no-sugar products increased to 53% of our consolidated sales volume from 42% in calendar year 2023, reflecting our commitment to the healthier products. Our gross margin during the year expanded by 165 basis points to the level of 55.5% from 53.8% due to strategic procurement and the storage of PET chips to leverage price benefits, along with efforts to reduce sugar content and increase backward integration. Now, we have three dedicated and 14 integrated manufacturing facilities for backward integration. Also, approximately 16% of our total energy consumption comes from renewable sources of energy as a result. EBITDA increased by 30.5% to the level of INR 47,110 million, with EBITDA margin improving by 105 basis points to the level of 23.5% in calendar year 2024. This net improvement in EBITDA margin is in spite of consolidation of South African markets with low margins due to 80% mix of own brands and fixed costs associated with new CapEx, which are yet to be fully utilized. On a standalone basis, our income stood at INR 3,539 million, supported by a dividend receipt of INR 1,316 million from Nepal and a maiden dividend from Sri Lanka, interest on loans to subsidiaries amounting to INR 967 million, and a foreign currency gain of INR 714 million. These items are eliminated in consolidation as they represent intercompany transactions and merely shifts from international to the national basis. Depreciation increased by 39.1%, and finance cost rose by 68% in 2024, substantially till the QIP Proceeds Credit date of 21st November 2024. This increase was due to acquisition of BevCo and the establishment of four new production facilities in India and DRC. As a result, PAT grew by 25.3% to the level of ₹26,342 million in 2024, from a level of ₹2,108 crores in 2023, driven by volume growth and improved margins. On the balance sheet front, net CapEx stood at ₹45,000 million at the end of 2024, of which ₹24,000 was spent in 2023 itself. ₹32,000 was allocated to four greenfield facilities in Supa, Gorakhpur, Khurda, and DRC. Additional INR 8,000 crores was invested in international territories for brownfield expansion in Nepal, Morocco, and Zimbabwe, including backward integration at Morocco, Zambia, and Zimbabwe. This balance sheet comprises land acquisitions for future projects and CapEx from using glass bottles, pallets, visi-coolers, etc. In fact, some increase in CapEx is on account of land purchase for future projects as well as CapEx for South Africa, which is added during the year. We have already started improving facilities there. Investment yield over the past two years has significantly expanded our production capacity in India with an increase of 45% during the season 2024 over the capacity of season 2022. This expansion reinforces our ability to meet growing demand and drive future growth. CapEx of calendar year 2025 season is projected at INR 3,100 crores, out of which, as of 31st December 2024, CWIP and capital advances already paid for are INR 16,500 million or INR 1,650 crores, out of total projected CapEx of INR 20,000 million is towards greenfield facilities at Prayagraj, Damtal, HP, Buxar, and Meghalaya. The balance CapEx is for snack manufacturing facilities in international territories, brownfield expansion in India 3 cities, HoReCa facilities in India, and expansion in DRC. We are pleased to share that during the current quarter, the company became net debt-free following the repayment of loans using proceeds from QIP issue, while our financial position has strengthened. We have continued to optimize operations and drive efficiencies. Despite inorganic expansion into new markets, including South Africa and DRC, our working capital days improved to 31 days as of 31st December 2024, as compared to 34 days in the previous year. As we close 2024, we are proud of the progress we have made at VBL. Our investments in greenfield and brownfield expansions, coupled with the expanding global footprint, have strengthened our foundation for long-term growth and positioned us to deliver long-term value to our stakeholders. On that note, I come to the end of our opening remarks and would like to now ask the moderator to open the forum for any questions or suggestions that you may have. Thank you. 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 the 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 questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Vivek Maheshwari from Jefferies. Please go ahead. Hi, good afternoon, sir. A few questions. First on the India business, the second half volume growth is, let's say, about with single digits and with exit also at about 4%. Do you think this is mainly due to the seasonality bit, and you still think about industry growth at double digit in the foreseeable future? Vivek, we have always guided we cannot take growth based on one quarter. Sometimes it's colder, sometimes it's rainier. But we have always said that our annual growth would be in double digits, which we feel we've already delivered, and we see no reason why we will not deliver that going forward also. Got it, got it, sir, and the other bit is, given and you have explained in detail in the last quarter also, but the noise has picked up on the competition side from Campa. Anything more you want to add upcoming season? Any low-price pack from your side? So we are, you see, there have been B brands to the level of about 20% in India in any case, which were lower priced. So there is a market for lower-priced products, and we'll always remain. Our products are not competing exactly against that, and we feel there is enough room for everybody to grow in this market. We are only going to about 4 million outlets out of the 12 million FMCG outlets. Our business is to be how we can grow this market and ultimately reach to that 8-10 million outlets going forward. And we are adding about 10%-12% additional outlets, which is 400-500,000 outlets, which is making our business grow. And I think after a point, people will get into the habit of drinking, and this is going to enhance the market, actually. So the more players it is, the better. There will be more competition. There will be more players in the market. The India market is still very huge, and it's not even being tapped. So we don't feel there is any threat of our growth in the market. That's quite interesting. But what we have observed is the end consumer price points are lower, the retail margins are far higher, and we have seen incentives. And again, I admit that these are more anecdotal, but there have been incentives where retailers are actually pushing Campa, given that their margins are far higher. Do you think there needs to be some B-brand logic? I understand, but do you see any risk or you basically having to retaliate with some product which is lower priced than what your current portfolio is? I don't think at the moment we need to because the only thing half of that this quarter is also gone, and we are not seeing any drop in our growth. Rather, we are seeing enhanced growth. So I'm very happy with if we can grow at this level, I don't want to do anything, actually, and expand the market and increase our go-to market. Got it. That's really reassuring. And on your comment on South Africa, what you mentioned about enhancing distribution via general trade, so would the dynamics be somewhat similar? And when you move from modern trade to general trade, the working capital cycle would be something like India. Can you just talk about the nuances of focusing on general trade in South Africa? Let me explain. South Africa is a very large modern trade market. It's not like India. India is less than 10% modern trade, whereas South Africa is close to 40%-45% modern trade market. And that is where your margins are diluted, and some of the large retailers really squeeze your margins. And the go-to market is always difficult. It's much easier to go and sell to one customer. So that is where we are expanding our volume, which is the 60%-65% of the market, which is the general trade, where the margins are better, and we will not be dependent on one or two customers. And that is what is going to give us much better growth and much better margins going forward. And South Africa, we have not even started doing our backward integration. So as we have said, it takes about a year to understand the market in a new country and another year to consolidate and go forward. And in the first year, we are still looking at double-digit growth. We have consolidated part of our business. Our margins are getting better, and I see no reason why South Africa will not become something close to India. I would not say exactly, but it's a huge market, and if we can keep growing at the right pace, that will become a very interesting market for us. Got it. And just a follow-up, sir, when you talk about general trade, that includes own brands as well as PepsiCo brands, or you are primarily focusing on the PepsiCo brands? All the brands. All the brands. Okay. Got it. Got it. Thank you, and wishing you all the best. Thank you. Thank you. Next question is from Aditya Soman from CLSA. Please go ahead. Hi, good afternoon. So two questions. Firstly, on the capacity increase that we are building in the four plants in 2025, can you give us a sense of how much the capacity will go up? You've shown 45% over 2022, so how much would it go up over 2024? And secondly, in terms of volumes, can you give us a sense of how much of the volumes are now in India are non-core, so non-Pepsi, Mirinda, 7 Up, and do we see competition? When you say non-core, what do you mean? I mean, most of our portfolio is PepsiCo related, except our dairy products. Everything is PepsiCo products. No, no, no. I meant just the pure Pepsi, Cola, Mirinda, and 7Up, so outside of that, so energy drinks, Mountain Dew, all of that, how much do they contribute now? See, Aditya, the first part. So let me explain you. CSD, what you mean is about 57%, which includes Mountain Dew also. And Sting is about 15% of our market volumes. Juice is about 7.5%. And water is about 18%. That's what the mix is. And capacity, we have already increased in the two years about 45%. And last year increased what? About 25% would have been last year. From 68 to 58, that was 25. Does that clarify? You need it. Yeah, no, no. My question was actually capacity for 2025 that will go up because we are surviving. It will go up by about 25%. 25%. All right. That's very clear. What we have expanded already and what we are already expanding for the new plants. So, very clear. Which will be in production by March. Hello? Yeah. No, no. That was it for me. Thank you. Okay. Thank you. Next question is from Percy Panthaki from IIFL Securities. Please go ahead. Hi, sir. Many consumer companies across different subsegments of consumption have been talking about urban slowdown. Are you seeing any kind of slowdown in the soft drinks market in urban India? No, Percy, that's what I said. As we are expanding, because a lot of the FMCG companies may be not expanding the market as we are expanding. Because the first thing I said is we are only reaching four million outlets against the 12 million outlets. So we are trying to add as much as 10% more outlets every year. That itself gives us a growth potential, plus our organic growth which are coming. So that's why we are comfortable when we say we give you comfortably double-digit growth, and we see no challenge in that, at least for the next few years. More than that, I don't know, but at the moment, we don't see any challenge. Even this quarter, half the quarter is already over, and we are seeing very healthy growth. Yeah. Understood. So my question was more on the industry overall rather than beverages or Pepsi. That's what I'm saying. Industry-wise, soft drink industry, I think we are all expanding. So I think the soft drink industry is growing much faster than the other FMCG categories. Got it. Got it. Also in South Africa, given that your market shares are extremely low for Pepsi and even including the other brands, the market share is just about, I think, close to double digits. What should we expect in terms of the growth over the next three years here? If we look at something like Zimbabwe, Zambia, you have grown significantly, like 30% plus over five, seven years. So is that the same kind of ambition that you have for South Africa, or there are some other nuances that we should be aware of? So ambitions are even greater, but ambition, I wish all ambitions can come true. But we are definitely in South Africa also looking at better than double-digit growth. So we are looking at very healthy growth. I feel what you are saying, 30% in three years, definitely we are looking at better numbers than that. Right, sir. And in Ghana and Tanzania, what is going to be the strategy? Like you said, in South Africa, the strategy is to expand in general trade. In Ghana, Tanzania, is it the same strategy, or there are some other priorities which will give a bigger bang for the buck, you think? For Tanzania, we are. Pepsi is already market leader. So we just need to enhance our go-to market and put some more capacity. And Tanzania is doing extremely well. Ghana, we have to redevelop the whole market. PepsiCo portfolio is very small, and it's like getting into a new territory. Understood. So Ghana plus Tanzania put together, I think we should be more modest in our growth expectations versus South Africa. Would that be a right way of looking at it? No, I think most of the African countries looking at double-digit growth is reasonably realistic. Okay. Okay, sir. Yeah, that's all from me. Thanks a lot. Thank you. Thank you. The next question is from Devanshu Bansal from Emkay Global. Please go ahead. Yes, sir. Hi. Thanks for taking my question. So you mentioned that trends are pretty strong. So just wanted to check if you can quantify what are the kind of trends that you are seeing in the domestic geography. Sorry. I couldn't hear you properly. Is it better now? Excuse me. Sorry. Is it better now? Yes. Yes. Please go ahead. Yes, sir. So you mentioned that the trends are really interesting so far in the current quarter. I wanted to check if you can quantify either quantitatively or qualitatively what are the kind of trends that we are seeing in the current quarter. I've always said we'll grow double digits, and which is what we are seeing. We feel that is realistic, and we'll continue to do that. Understood, sir. So the second question is on low sugar and no sugar mix, right? So that has been continuously increasing for us. This year, it is about 53 odd%. What all is included in this? Is this only Pepsi Black and Sting, or can you highlight as in what all is included? We are doing 7Up. We are doing Mirinda, so every product will slowly start getting into Mid-Cal and no sugar. So currently, do we have no sugar or low sugar products across our brands, or majority of this 53? So we have for 7Up and Pepsi, no sugar. And we have Mid-Cal for Mirinda and, of course, Mid-Cal for Sting. Understood. And sir, just want to check the traction in Pepsi Black. So if you could just highlight how has the product been from a consumer reception perspective? Consumer has accepted well, and we are doing extremely well. I think we are about Coke's level of zero sugar. I think I don't have the exact numbers, but we are doing quite well with Pepsi Black and 7Up Zero. Understood. Last question to mind is there is distributed opening of food plants in CY25 for food business. What is the scale of business that we can do in 25 and over the next two, three years? If you could just highlight that. See, Morocco, we have already started. We are expecting this year to do close to between $25 million and $30 million, and maybe a little more. But till we start the plant, very difficult to say because the plant will be commissioned only in June. So it will give us only six months of that. Till that time, we are importing and selling. And in Zimbabwe and Zambia, we have just started importing the goods from South Africa. And we have started only in February, so it's just a few days. And the plant will come up in the third quarter of this year. So the growth will enhance at that point. So is it fair to assume, sir, current year we will be doing revenue, but margins may not be very good because we are importing and selling? So is this a fair assumption? Margins are reasonably good because we've agreed with Pepsi for reasonable margins. They have been kind enough to give us reasonable margins so we don't dilute ourselves and we can enhance our market. Understood. Last question. It will be different products which we are going to be producing, so there will be some differentiation. Understood. Sir, last question. You mentioned that we are working on a Dairy for the upcoming season. Any update you can provide on that? This is my last question. Thank you. We are working on it, and I hope PepsiCo could provide us the product very soon. I hope we can come up with the product this season, but we don't have it yet. Got it, sir. Thank you for taking my question. Thank you. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Omkar Ghugardare from Shree Investments. Please go ahead. Sir, if you could briefly elaborate on what has been your learnings in the last one year understanding the South African markets? I can only tell you we are still learning. What we found was we were skewed very heavily towards modern trade where the margins are very low. We were not going directly to the market, which is the most important thing, and that's where your margins and revenues are. That's why we have started doing that, but it's a bit too early. It's only been about six months we have started. It will take us a year to start gearing up ourselves. Hopefully, this year, we will start seeing the results of that coming. Even when we have started, we have seen double-digit growth. Hopefully, this year, we should do better. In terms of margin level, so far, what you have seen, the margins are similar to the Indian levels, or how they are? No, no. Margins are not as per Indian levels. South Africa margins are lower. But once we go into backward integration, which will take us a year, our margins will significantly improve. And once we go to the general trade, which is go-to-market, instead of focusing on modern trade, our margins will improve. And year on year, you'll see major improvements coming. How much time it will take for you to significantly skew towards the general trade? It will take us at least another year, and hopefully, some movement will happen this year, and balance will start coming from next year. Okay. The second question is on the capacity expansion you talked about, 25% increase as compared to the current year, the 2024 calendar year. But all the capacity which you have mentioned will be commissioned from the March level, last quarter March level to this year? It will be commissioned before the season. Okay. All the capacity remaining, right? Whatever you have planned. Yeah. Okay. Just a small thing. This year, you have kept the dividend levels same as last year. Any reason for that in spite of growing profitability? For the moment, we have kept it at that. Maybe if the season is good, we'll improve it and do better. Okay. Thanks, sir. Thank you. Thank you. Next question is from Lathika Chopra from J.P. Morgan. Please go ahead. Hi. Thanks for the opportunity. My first question was on margin strength. Clearly, CY24 was pretty good in terms of operating margins for you, both on standalone and consolidated basis. And there were a variety of factors which drove this. I wanted to check with you, what is the comfort that you have for sustaining the domestic India margins at the current levels? And similarly, for the international pickup to happen given the backward integration investments that you're planning, any thoughts on that? For India, we've always said that we can comfortably remain at 21%. We have never given guidance beyond that, and fortunately, we've been able to perform better than that, but we have never given guidance beyond that. There's no reason why we should not be able to sustain these margins going forward, and internationally, our margins will only improve because we are getting into newer territories, and recently, we've got into a large territory. Once we consolidate and do backward integration, and as I said, that once we start going to the general trade instead of just going to the modern trade, our margins will improve, and we see margins improving this year and will significantly enhance next year after we are backward integrated. Sure. I heard your comments to the earlier question on competition, but clearly, we have seen the new entrants kind of putting out a number of 10% market share in select states. Just wanted to check, are you sensing any geographic variances in terms of need for higher promotions, etc., in any of the key states that you operate in? The promotions are always good, and we are always looking for more promotions, and we keep pushing our parent company. But the question is, India market is so large which has not been tapped properly. And the opportunity is so huge that there is enough room for enough players, and as many players will come in, the market will only grow. We are not seeing any dent on our growth. And that is the key what I wanted to say. I'm not saying the other people will not sell or not grow or not compete, but I think the market will grow, and there's enough room for everybody. Understood. Any comments on market share for you? We are doing extremely well right now, so I don't know. I think it's available with Nielsen and other people. So we never comment on market share. All right. Thank you so much. Thank you. Thank you. The next question is from Amit Purohit from Elara. Please go ahead. Yes, sir. Thank you for the opportunity, sir. Just wanted to understand, in light of a scenario where competitive intensity rises, in that context, I just wanted to get your perspective of how does the process happen? I mean, tomorrow, if there is a margin increase by the competition increases, and then who would take the decision? And if there is any pricing, how does that play out? Just wanted to have your thoughts on that. No. I mean, fundamentally, we take the decision, and we may have to make the market calls. Of course, we discuss with our parent company. But the question is, the market is large enough. So as I said, there were already enough people who were selling at the lower prices. So I think with the lower prices, the market will expand in a huge way, and there will be room for our pricing and their pricing. So I don't see any reason why anybody has to really be concerned. I think the market itself will grow, and then people will upgrade themselves. Sure. Okay. And can you just highlight the couple of launches which probably we could see this year? One is 7Up and any other launches that. We are looking at adding another flavor in our energy drink, which is going to be Sting Gold, which we are hoping to launch very soon. We are looking at some other products which hopefully will be there ready before the season. Sure. Okay. Thank you, Lathika. Thank you. Thank you. Thank you. Next question is from Nitesh Dutt from Burman Capital. Please go ahead. Thank you for the opportunity. I had a question on our Indorama JV that you had announced a few quarters ago for fulfilling our recycled PET requirements. Just wanted to understand if that is on track and whether we'll be able to meet 100% of our requirements for FY26 in-house? Yes, we should be very close to it. The project is on track, and the production will start this year. And we feel that we should not be short of recycled products. Got it. So when do you expect the production to start? And also, any? We are looking at starting early third quarter. Early third quarter. Understood. Any details on what kind of investments and whether they will have any financial implication on our numbers once? No, I don't think so. I don't think so. It's not a large investment, and it's not so I don't think it will have any effect, actually. Got it. Sure. Thank you. Thank you. Next question is from Ashish Agarwal, who's an individual investor. Please go ahead. Yeah. So my question is that given that we are expanding very aggressively in the African countries, especially in South Africa, which is kind of 10% of our revenue at the moment, so what is our strategy for risk mitigation of currency volatility? And I'm not talking for diversification in multiple countries. If we look only at South Africa, what is our strategy for protecting ourselves from this volatility of currency? I think if you look at the currency devaluation, it is less than India right now. So I don't think we have to worry too much. And if there is a higher devaluation in any country, then we pass it to the consumer. So it doesn't affect overall. Slight variations obviously happen in different parts of the world. But the market is so large that it will give us so much room to play and enhance our volumes that if there is a minor currency variation, it won't make a difference. Okay. I was talking more from the long-term perspective, and especially from South Africa, where there has been. Long term, all of Africa is like that. But as we have seen, we've been in the African market for more than 10, 12 years now. And we pass on if there is a major fluctuation in currency, then we pass it on to the consumer, and the consumer accepts it. We have not found any unless some country has a major devaluation, that's a different story. Then you have to face a challenge for maybe six months or a year. Okay. Thank you. That's it from my side. Yeah. Thank you. Next question is from Devanshu Bansal from Emkay Global. Please go ahead. Yes, sir. Hi. Thanks for the follow-up opportunity. So you mentioned this expected launch of Sting Gold. So wanted to check, does this launch add to some new consumption occasions versus the earlier flavor that is there for Sting? So what's the strategic thought behind that? I think it will give more opportunity for people for a different taste, different product, and it will expand the market. Energy market is a huge market. If you look at in the surrounding countries or developing countries, energy market is 15%-20% of the mix. India is still 5%-6% of the mix. We have a lot of room. We have to keep on enhancing this market with different flavors. People like different flavors and different products. So does this also improve our portfolio for HoReCa channels, sir, from marketing terms of as a mixer or something like that? Not understanding your question. Sorry. Marketing, sir, does this also improve this drink in terms of mixing with? That's not what the consumers have to make. But we suggest they can have it directly. But if they want to mix it with anything, they're called. But it's a great product, and we feel it will do extremely well. Understood. Sure. And last couple of seasons were impacted due to rains or extreme summers. But this time around, there are reports of an early summer turn. So what is your sense on capacity utilization for the upcoming season? So assuming that if the summer season has no interruptions, what would be the level of capacity utilization that we can see for the upcoming season? See, we have enough capacity. We have expanded enough capacity, and we are seeing healthy growth. We can never be 100% sure with exact capacity utilization. But we are not going to be short of capacity this year for sure. And we are seeing very healthy growth and very happy with what is happening. And Mr. Sir, just a small follow-up. So if things go well, I'm just asking to get the maximum potential. So if things go well, can we also reach 100%, or that's not the case that can happen? 100% growth? No, no, no. Not 100% growth utilization. I wish we could. I will be very happy if we are able to. We have enhanced our capacity quite a bit, so. Yes. Yeah. So I think, and especially with the new greenfield plants coming up this year, I think we'll have enough capacity. I would be very happy if we are anywhere close to 90%-95%. Also, I'll be very happy. That's not realistic. Understood, sir. Okay. Thanks for taking our question. Thank you. Next question is from Ayush Sharma, who's an individual investor. Please go ahead. Hi, sir. Previously, we have seen the launch of Sting Blue, and nowadays, we don't see it much. So any reason why we have sort of left that product? Sometimes we launch certain products for in and out, and that's just to give a taste. That was what Sting Blue was. This is a long-term product like the Sting red color berry which we have. That was basically it was a year of the cricket for the. They put a blue drink which was for the Indian cricket team. It was basically just the flavor and just the in and out product. Okay. Okay. And will this Sting Gold be the kind of similar product, or this will be a permanent? So Sting Gold is going to stay, and it's a long-term. Okay. Thank you so much, sir. Thank you. Thank you very much. That was the last question in queue. I would now like to hand the conference back to the management team for closing comments. Thank you very much. I hope we have been able to answer all your questions satisfactorily. Should you need any further clarifications or would like to know more about our company, please feel free to contact our investor relations team. Thank you once again for your interest and support and taking time out to join us on our call. Look forward to interacting with you soon. Thank you very much. Thank you very much. On behalf of Varun Beverages Limited, that concludes the conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.