Ladies and gentlemen, good day and welcome to Varun Beverages Limited's earnings conference call. 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 call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 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 Q2 CY 2024 earnings conference call. We have with us Mr. Ravi Jaipuria, Chairman of the company, Mr. Varun Jaipuria, Executive Vice Chairman and Whole Time Director, and Mr. Raj Gandhi, President and Whole Time Director of the company. We will initiate the call with opening remarks from the management, following which we'll have the forum 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 you had a chance to review our results presentation for the second quarter and half-year ended June 30th, 2025. We delivered a resilient performance during a quarter in spite of unusually early onset of monsoon rains in the peak summer months in India. We could keep our realizations per case and EBITDA margins intact due to growth in international markets supported by strong positive currency movement. Company ended the quarter with a positive PAT in- spite of a 3% decline in consolidated sales volume. In international markets, Varun Beverages Morocco has commenced commercial production of PepsiCo snack product Cheetos. This marks another milestone in strengthening our presence in the high-potential snack category, complementing our beverage portfolio and diversifying our revenue streams. We continue to focus on growth opportunities in the South Africa market. We have enhanced our capacity by setting up a can line in Dabar, one of our existing production facilities. We are awaiting approval from the Competition Commission of South Africa for land parcel purchase adjoining our production facility in Boksburg to further enhance capacity and backward integration. These are just a few steps in our series of initiatives to revitalize South Africa territory. Strong currency and our efforts in implementing backward integration last year have resulted in enhanced profitability in all our countries. We have further strengthened Zambia, DRC, and South Africa subsidiary balance sheets, and through this process, equity infusion raising our stake in Zambia from 90% to 95%. In line with our dividend policy, the Board of Directors has approved a second interim dividend of 25% of face value, that is, INR 0.50 per share, resulting in a total cash flow outflow of approximately INR 1,691 million. Although unseasonal rains have impacted performance during the quarter, we have successfully navigated such challenges in the past, and we have emerged stronger. We continue to strengthen our infusion by adding more visi- coolers and ensuring wider product availability across retail touchpoints. With robust capacities now operational, an expanding product portfolio, and a sharply focused distribution network, we are well-positioned to capture emerging opportunities and drive sustainable long-term value creation for all stakeholders. I would now like to invite Mr. Gandhi to share the key highlights of our operations and financial performance. Thank you very much. Thank you, M2r. Chairman. Good afternoon and a warm welcome to everyone on this call today. I will take you through the financial and operational performance for the second quarter and half-year ended 30th June 2025. Revenue from operations, net of excise and GST, stood at the level of INR 70,173 million in Q2 of 2025, down 2.5% year-on-year. For the first half of the year, revenue grew by 9.3% to INR 125,843 million. The decline in Q2 was primarily due to a drop in consolidated sales volume, which stood at 389.7 million cases. In India, volumes were impacted by abnormally high and unseasonal rainfall all through the quarter, resulting in a 7.1% decline in India. However, this was partially offset by healthy growth in international markets, where volumes grew 15.1%, led by a growth of 16.1% in South Africa. Net realization per case at the consolidated level improved marginally by 0.5%, supported by a favorable mix in the international markets p er case realization recorded a 6.6% increase. CSD accounted for 75% of the total volumes in Q2 of the CY 2025, with packaged drinking water contributing 18% and MCD making up the remaining 7%. Gross margins remained steady at 54.5%, reflecting a balanced product mix and cost discipline. EBITDA stood at INR 19,987 million, with EBITDA margin improving by 82 basis points year-on-year to 28.5% in Q2 of 2025, driven by operational efficiencies and a strong currency in international operations. This margin expansion is a pleasant development considering the higher fixed overheads from the commissioning of four new grain field plants at Prayagraj UP, Damtal Himachal Pradesh, Buxar B ihar, and Mendipathar Meghalaya. These plants significantly enhance our production capabilities and supply chain agility, laying a strong foundation to capitalize on long-term growth opportunities in the Indian beverage market. The four newly commissioned plants have been established to reinforce our growth priorities in high-potential and under-penetrated regions while improving operational and logistics efficiency. With multi-line configurations across CSD, JBD, and water categories, these large-scale facilities provide the flexibility and scale needed to meet rising demand and capture market share gains over the coming years. As we ramp up volumes, the fixed costs associated with these new facilities will be better absorbed, further supporting margin stability and operational leverage. PAT grew by 5% to the level of INR 13,254.9 million, supported by improved operational efficiencies and lower finance costs. Depreciation increased by 26.3% due to the commissioning of the new plants in India and the DRC. Along with Brownfield expansions in other geographies, finance costs have been reduced significantly, with the Indian business now net debt-free following the QIP proceeds, and the remaining costs largely attributable to South Africa, including lease adjustments under Ind AS 116. For the first half of the year, EBITDA increased by 9.5% to the level of INR 32,627 million, and PAT rose by 13.6% to the level of INR 20,568 million. Low or no added sugar products contributed around 56% of the consolidated volumes in H1 2025, reflecting our continued efforts to evolve the consumer preferences. In H1 2025, we capitalized net assets of approximately INR 25,000 million, which included investments in the four Greenfield plants across India, brownfield expansion in Sri Sriti, and strategic projects in DRC, Morocco, and South Africa. Additional CAPEX was allocated towards visi- coolers, returnable glass bottles, pallets, and logistics infrastructure to strengthen our on-ground execution. As of June 30th, 2025, capital work in progress stood at INR 6,000 million, primarily for phase II of the Greenfield expansion in India and the upcoming snacks facility in Zimbabwe. Working capital days remained roughly stable at approximately 35 days compared to last year's 33 days, supported by disciplined inventory and receivables management, despite high-capacity additions and an expanded operating footprint across both domestic and international markets. Looking ahead, we remain focused on driving growth by leveraging our enhanced capacities, diversified portfolio, and strengthened distribution network. The commissioning of new facilities, expansion into high-potential markets, and sustained investments in distribution assets like visi- coolers position us well to capture demand recovery in the coming years. We are confident that these strategic initiatives combined with operational discipline will enable us to deliver consistent growth and create long-term value for our stakeholders. With that, I conclude my opening remarks and invite the moderator to open the floor for questions. Thank you. Sure. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their 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 Abneesh Roy from Nuvama. Please go ahead. Yeah. Thanks for the opportunity. I have two questions. My first question is on the other cost and general comment on the cost. The cost control this quarter has been very good. The second question is, other cost is down around 11% YoY. I think 1/3 of this component is basically the freight cost, etc. If you could explain how you have controlled this cost and is this sustainable going forward. Hi, Abneesh. How are you? A couple of things what we've done, Mrs. Varun, in terms of freight cost optimization, we've consolidated a lot of distributors of ours, which has helped us, obviously, send larger load sizes as well, which has helped us in our freight cost per case. At the same time, we've opened larger plants as well, which are closer to distributors. That has kind of helped us, obviously, reduce our freight cost going forward because the distances have come down. These are two major things what we've done in terms of cost reduction and, yeah, in terms of the freight optimization. The other thing what we've done is that we've done a lot of manpower cost optimization as well. We've re-looked at all the routes what we have, and we've delayed the structure as well going forward of our sales structure and other structure as well. That's where we've kind of been able to rationalize our manpower even more effectively. When it comes to power and fuel, we've got, obviously, newer lines what we've put up. The efficiencies of the newer lines are, yeah. The newer lines, the efficiencies are much higher. Your cost to produce is much lower. Of course, we've added more renewable energy as well due to the sustainability angle. I think these three, four elements in a larger way have helped us to reduce our cost as well going forward. We'll continue. I mean, And this is all sustainable and will continue going forward. Understood. Second question is on the demand side. Yes, this quarter, April, May, June, all summer categories have suffered. We have seen AC companies report 20%, 25%. Even FMCG cooling summer categories have suffered. My question is now on the outlook front. You have mentioned one interesting comment that because of these challenging scenarios, you always come out stronger. I wanted to understand now September quarter, again, the base is favorable at around 5%-6%. In fact, next two quarters. But September quarter, in the scenario of high rain, which currently, I think every forecaster is expecting that, until now, we have seen high rain. How have you seen the demand till now for the start of the quarter? And how do you see this quarter? Can you benefit because of the soft place also? I think the real answer would depend on the rain gods, which is very difficult to predict. I mean, July has been, the rainy season has been quite prevalent, and it's not been the best of the seasons. Overall, we are looking quite positively because last year was not a very good quarter. Hopefully, with slight breaks in the weather, we will do well. Otherwise, we are well poised for growth, and things are looking good. Our products are doing well. I don't see any reason, but depending on the rain as that, I don't really have the answer. Overall, if it rains earlier, it normally is a little better in the second quarter. I think we just have to wait and see. Our costs are under control. The plants are under control. Everything else is under control. A little bit weather break, we'll do extremely well. Sure. Thanks. That's all from my side. Thank you. Thank you. Next question is from Vivek M. from Jefferies. Please go ahead. Hi. Good afternoon, team. A couple of things. First, you mentioned about the cost savings in this quarter and India business. I mean, do you think in the context of—and I know every call we are discussing competition quite a bit—you think in the context of high competition, there is a merit in plowing back some of the savings in the form of generating consumer demand? I know the quarter was marked by this unseasonal rains, but how do you think about it from a more medium-term perspective? I think, Vivek, consumer demand is there. I do not think that is a real challenge for us. We have increased our go-to market as we are adding more chilling equipment, which is visi coolers, and our routes to go-to market. I think the only dampening part in this quarter has been the rains, which is totally unpredicted and was much heavier than it has normally been in this quarter. I do not see any other challenge at the moment. Of course, competition is there, and they will get their share, and we will get ours. Right. But you know, Mr. Jaipuria, in the context of, let's say, the rising competition and whatever media is talking about, significant CAPEX investments by the new player, your margins are, let's say, first quarter are fairly high on the operating level. Do you still think that these margins are sustainable, or do you see a need to, as you go forward, as the competition further picks up, there's a need to basically? We have always predicted margins at 21%. We have never gone beyond that. We have been showing better results. That is a separate issue. We are quite clear on the margins and the challenges we are going to have. That is why we are becoming more and more nimble. We are cutting costs where it needs to be. We are making sure our plants are more productive. They are newer plants and more closer to the distributors. Wherever we can save, we are saving in efficiencies. Plus, the company is totally debt-free, so there is no interest cost. Rather, we are actually accruing interest on the funds which are lying in the bank. Everywhere, we are much more stronger, and I do not see any reason why these margins should come down. Sure. Just a last follow-up to this. I completely understand and respect the part that you have always maintained margins at a level which is lower than where you are at. Do you think that gets reached or the current margins get reset to those levels given the pickup in competition? Why you want me to keep saying what I have been repeating, Vivek? The reality is we keep showing you what the reality is, but we never said that we'll reach this level. We are always trying to attain better than what we say, and that's where we want to keep ourselves. Sure. Sure. Thank you, sir. The second question is, how has been the response to Sting Gold, and where are you in the distribution journey over there? Sting Gold, we tried, and these are new products. Some of them work very well. Some do not work very well. Sting Gold has got a mixed reaction. It has not been anywhere close to our Sting Red. Certain markets have accepted it. Certain markets have not accepted it. I think I should add to that, Vivek, at the same time, that the last quarter two is the main quarter we have. Looking at the unseasonal rains, what we got, we are going to obviously keep pushing Sting Gold again for the next two quarters. I think we will have a better and a clearer picture in terms of whether that is time. Got it. Got it. Thank you, and wishing you all the very best. Thank you. Thank you. Thank you. Next question is from Devanshu Bansal from MK Global. Please go ahead. Yes, sir. Hi. Thanks for the opportunity. Sir, this quarter numbers are obviously weak due to unanticipated rain. In some way, it is also shadowing the distribution expansion that we must have done ahead of this season. I just wanted to check if you could throw some light on how many retail outlets are we catching as of now, and what is the target ahead of next year's season? Currently, Devanshu, we are at about 4 million outlets. Post that, this year, the goal was to increase by another 10%, about 300,000-400,000 outlets. Now, of course, given that when it rains, rural demand goes down, and there are a lot of temporary outlets which do open and close. We are hoping that with the new lease report, which comes out post quarter two, we are able to achieve that number. As per the last report, we are close to what we had planned. Understood. Maybe we may end towards like 4.3-4.4, right, by this year's end? Maybe a little less, maybe. Yeah. A A little less. We might not have been able to achieve exactly what we wanted because of the unseasonal rains. Understood. Understood. Mr. Jaipuria. The second. Industry phenomena, at the same time, Devanshu, it won't be just us. The temporary outlets in rural, which usually do open up, those might not be there this season. Hence, you will see that gap at the outlet level of the industry as well, not just with us. Fair enough. Thanks, Varun. Sir, the capacity utilization would be currently lower, sir. I wanted to check if you could sort of indicate the CAPEX intensity in the coming two, three years. That would be helpful. We are close to 70% capacity utilization, and I think we have enough room for the next two years at least, hopefully. I do not think our CAPEX would be very much, except mainly in international markets, our CAPEX would be there, and Indian markets would be much lower. Any quantitative terms, sir? Maybe in terms of any quantitative number or maybe in% of sales or? I'm looking at more than INR 600-INR 700 crore maximum. Outside, internationally, we haven't done the exact numbers, but internationally, we are looking to expand in South Africa and some other countries. Okay. Understood. Sir, last question. I have on balance sheet funds. There is some INR 1,000 crore of additional investments that we have made in the overseas operations. I wanted to check by when these international operations will be able to sort of sustain their growth with their own internal approval. There are some thoughts around that. Maybe geography-wise, some geographies will already be doing. If you could indicate either via geographies or on an overall level, till when do we need to sort of help those geographies sustain their growth? In fact, the amount which is reflected as capital, this was a loan earlier given DRC, for example, or in Dubai or in South Africa. These are converted into capital to strengthen those balance sheets. It is not that we had to send the money now to sustain their operations. They are doing well already. Sir, even if I add back, so sorry for continuing on this, but INR 3,400 crore was the total loan and investment. This time around, it is around INR 4,500 crore. So, net-n et, it is a INR 1,000 crore investment that has been planned, if I'm reading it correctly. Basically, there are three projects which we are undergoing: DRC, the backward integration, South Africa one-canning line, and the plots which we are going to take. Morocco, we have this year completed the snack foods plant in the last quarter. Zimbabwe, snack foods plant is under implementation. The broad thing on the capital account is only conversion, but the funding which was required was under these three things. Got it, Mr. Gandhi. Thanks for taking my question. Thank you. Thank you. Thank you. Next question is from Jay Doshi from Kotak. Please go ahead. Yeah. Hi. Thanks for the opportunity. Could you give us some outlook on three or four international territories, geographies that you operate in: Zimbabwe, Morocco, DRC, and South Africa? Also, I believe that the snacks plant in Zimbabwe has probably started commission a little bit ahead of expectations. How should we think about the revenue trajectory from that portfolio and the other two plants in the other two geographies on the snacks side? Especially because Zimbabwe was quite weak over the last three, four quarters since the introduction of sugar tax, is the demand in the beverages portfolio there sort of stabilizing now? Regarding Zimbabwe, the demand has started to stabilize. Our volumes are coming back to original volumes, and I hope this quarter will start growing. The snacks was Morocco was started, not Zimbabwe. Morocco started last month. I think in June, it started. Zimbabwe is going to start in October. Those are the two snacks, and the initial response is very good in Morocco. We have started distribution in Zambia and Zimbabwe for snacks. The plant will be starting in October-November. Understood. Volume growth for beverages portfolio in the other markets, DRC and Morocco, if you could give us some color on how should we think about at a fuller level this calendar year? I think Zimbabwe will stabilize. I mean, it's instead of going negative anymore. The other markets are doing well. Morocco is doing well. South Africa is doing well. DRC is a new plant, so we need to wait. This is the first year. We need to wait and see. Overall, all the international Zambia is doing well. All the territories are doing well internationally. Sure. Thank you so much. Thank you. Thank you. Next question is from Percy Panthaki from IIFL Securities. Please go ahead. Hi, sir. I was just looking at the India numbers. There is a 7% volume decline and a 9% value decline, which is that the derived ASP is negative by 2%. Any idea why this is happening? Yeah. The reason this has happened this quarter is because to make sure that the route profitability for a distributor ends up coming in the end of running the route, we push water a little bit more. Realization has been lower, which usually does happen during the off-season period. We have consistently pushed water a little bit more. That is why the water mix has gone up by 2% as well, if you see, for this quarter. The realization is down a little bit. Within the CSD portfolio, is it that there is a change year on year in terms of the large pack versus small pack salience? When people are stepping out of home less, I would assume that the decline in the small packs would have been larger than the decline in the large packs. The large packs would also be at a lower ASP. Is that also one of the reasons why the overall ASP is negative? Not really. I think it's the opposite, actually. The smaller packs are still doing well because of the sweet price point at which we are selling. The larger packs have declined also because due to the unseasonal rains, events happening less, weddings have probably happened less, outdoor functions are happening less. Our small pack continues still to do much better than the large pack because that is the industry norm. Got it. Understood. On water, at an end consumer level, would I be right in assuming that the demand for water would be more affected because it is almost an entirely out-of-home consumption product, unlike CSD, which has some in-home portion? Therefore, the increased salience of water is mainly just a pipelining issue which will reverse next quarter? No, no. It's not a pipeline issue. It's a question of how much we want to push water. The overall market is much bigger than what we are selling. It's only how much% we want to push water. We push water. Otherwise, we don't push water. It's simply a commodity. The cheaper you go on water, you get into different categories of competing with a lot of brands, locals and regional. It really depends how much you want to discount on water. It's nothing to do with the reason what you had mentioned. Given that your margins are not impacted, I am assuming that you have not taken the discounting route, right? We have taken some little bit support to the distributors, which does not actually overall impact on the discounting. Just to support our distributors, which we normally do not do in the season. This quarter, because of the weakening of the season, we have supported our distributors. That is how we have done. Understood. Understood. Second question is on the international. Yeah. Sorry. Sorry, sir. Please continue. Yeah. If you take in the rainy season, out of home, people in this season, for infections, to avoid that, they consume more water as it is. Because the rains are higher, and therefore the water sales have gone up, although the beverage sales have come down. There is a small realization difference. Otherwise, we should not read too much between the lines because it is a very small difference. Got it. Got it, sir. Secondly, just wanted to understand on the international. If I derive the international by doing a console minus standalone, the sales growth is 23%, and the EBITDA growth is 45%. What is driving, which region is driving the high 23% kind of sales growth? Also, where is the margin expansion coming from? Because the EBITDA growth is double that of the sales growth. Basically, Percy, one is that backward integration at three locations: Zambia, DRC, and then Nansing in Morocco, which has started. In South Africa, the land thing which we have said that if we get the approval from competition commission, ASAP, that will be started. You will have more surprise impact on that. That helps us a lot. India, we had been doing a lot, but there it's just the beginning on these three things. Secondly, currency also supported us. Once the volume and those things start going up, they definitely help us. Also, partly, sugar prices were lower in the international market, which have helped. Right. So in the 23% sales growth, which geography is driving that mainly? Except Zimbabwe, I think all the geographies are doing well. Zimbabwe only temporarily dipped down because of the sugar tax and the prices going up, which is also starting to bounce back. South Africa was higher than the average for the international, which also we. Got it. Got it. So basically, you're saying 20% plus kind of growth is normal even going forward for international geographies? We are not saying that. We keep trying. Okay, sir. Okay. Thank you so much. Thank you. Thank you. Next question is from Aditya Soman from CLSA. Please go ahead. Hi. Good afternoon. Two questions from me. Firstly, on this cost reduction, is there any element of reduction in marketing spends in India? In terms of the volume mix in India, is there any meaningful change other than the sales increase in water salience that you talked about? Is there any change in the other products, particularly energy drinks or otherwise? Thanks. No. See the ATL, the top line, the ATL marketing is under Pepsi. The BTL marketing is what we do. There is no change in terms of what spends we have done because those spends usually happen by March before the season comes in, right? The spends are as per what the budget was. There is no reduction. On the other side, we are obviously working very closely with Pepsi to grow categories, right? The hydration category under Nimbooz has done very well for us despite the seasonal rains because we have been pushing that. Our own brand, which is Value Added Dairy, we have launched newer flavors. We have been building on that trend for the last few years. We have added more capacity last year on that as well. That has done very, very well. Energy is, of course, holding on. We are not seeing any dips in energy. At an overall product into portfolio plate, these are the categories which are outstanding and doing well for us. Understand. Thanks for being very clear. Just to clarify, on the margins, there's no reduction in the BTL side, right? No, no. There isn't. Perfect. All right. Thank you. Thank you. Thank you. Next question is from Onkar Guradre from Sri Investments. Please go ahead. Hello. If you look at the newly commissioned four capacities which you are talking about, how much would be the total capacity if you can quantify, excluding that? Excluding what? Excluding the newly commissioned four capacity plants we are talking about, the capacity. Also, as I just said, we are about 70% utilization of the capacity. We have enough headroom for the next couple of years. We do not need any major CAPEX in India. We just wanted to get a sense how much these new capacities have contributed in Q1. It just came up by March, April. So there's very little this has contributed. These lines are actually now available for next season because this season was not very strong anyway. We had reasonably enough capacity. Basically, you had to read it like this. If overall my volume stays the same and new facilities have come up. Instead of focusing everything shifting here or staying with the earlier plant, we have rationalized our freight. We have rationalized our other expenses and used these facilities to bring in other savings which are reflected in our P&L. Okay. All right. The second question is on the cash. What would be the utilization of that? Would they be used for adding new markets or acquiring companies? Or you have already said that not that much of CAPEX will be for the Indian market. How will they be used? We are looking for new acquisitions, and we are very actively looking at it. We are also looking at expansion in the international market. Mostly it will be utilized for the new acquisitions in the overseas markets, right? Acquisition and expansion in the existing markets internationally. Okay. All right. Thank you. Thank you. Next question is from Sheela Rathi from Morgan Stanley. Please go ahead. Yeah. Thanks for taking my question. Sir, to the previous participant question, you said that we will be looking for more international expansion, probably international M&A, and within India, we are not seeking any CAPEX at this point of time. Just want to understand from. Major CAPEX, but major CAPEX There is some CAPEX depending on the location, but major CAPEX will not be there for the next year or two years. Understood. The question I have is that, are there any opportunities which lie ahead of us in the India market from an investment standpoint? Just trying to get your thoughts here as to what lies ahead within the India business model. My second question is that while we have always believed in building our own capacities, if there's an opportunity to rely on a third-party bottler in certain markets, do we choose that route? These are my two questions. We have not chosen the route of third-party manufacturer as of now. At the moment, we are not looking at it also. We are definitely looking at expansion and acquiring new territories or new businesses outside India. In India, there is very little room to expand at the moment because capacity-wise, we have enough capacity, except that it could be in one region that suddenly we are short, so we do not want to pay extra fare. We will be expanding our energy segment, which will be solar energy, so that we can further save costing on our energy portfolio. Other than that, no. Understood. Sir, just one question because you have talked in detail about how we are working on our GTM strategy. Just on the visi-coole r side, is there a number to keep in mind in terms of what is the kind of expansion we should see this particular calendar year? We have expanded our Visi placements. Our Visi placements have gone up by more than 50% from last year. I think we will continue at this pace going forward. Sheela, you should see that today we have made an announcement of forming a JV with Everest Manufacturer Visi in-house. If we will have that kind of availability, we will definitely try to use that in the expansion of our business. That will be for India as well, I should, yeah. As we had already announced that we have already taken 50% equity in the Sri Lankan plant of Everest. We are already going to start using that facility for our south and west territories. Understood. Thank you very much, sir. Thank you. Thank you very much. We'll take that as the last question. I would now like to hand the conference back to the management team for closing comments. Thank you. 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 the company, please feel free to contact our investor relations team. Thank you once again for your interest and support and for taking the time to join us on this call. Look forward to interacting with you soon. Thank you very much. Thank you very much. On behalf of Varun Beverages Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.