Bajaj Consumer Care Limited — Q3 FY26

Bajaj Consumer Care Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=yULK8fyC-A4 Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Paj Consumer Q3 FY26 earnings conference call hosted by ICICI 0:08 8 seconds Securities Limited. As a reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions 0:17 17 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero 0:25 25 seconds on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:32 32 seconds Ashoto Joti from ICICI Securities Limited. Thank you and over to you sir. 0:40 40 seconds Thank you Saga. 0:42 42 seconds Hello and good evening everyone present on the call. I on behalf of ICIA securities welcome you on Bajage 0:50 50 seconds Consumer Care's 3Q FY26 earnings call. I would like to thank the management to give this opportunity of hosting the 0:57 57 seconds call. We have with us Mr. Naven Pande, managing director, Mr. Tilipkumar Malu, CFO and Mr. Akash Gupta, head of 1:06 1 minute, 6 seconds finance. I now hand the call over to Naveen for his opening remarks. Thank you. 1:14 1 minute, 14 seconds Thank you Ashato. Good afternoon everyone. 1:18 1 minute, 18 seconds Um as we are aware uh at Bajad consumer care we operate uh primarily most of our business in the coconut oil and hair oil 1:26 1 minute, 26 seconds category and that's close to a $2 billion revenue size. Um multiple times people have asked this question as to 1:33 1 minute, 33 seconds you know how this category has been performing and I would like to mention as mentioned in the second slide that this category has been growing uh over 1:41 1 minute, 41 seconds the past 3 years with a volume kagger of close to 4 and a.5% and a revenue kagger of around 8.2%. 2%. And this period was 1:49 1 minute, 49 seconds a tough period for the category. As you would see uh you know the macroeconomic headwinds have turned into tailwinds and 1:57 1 minute, 57 seconds we are seeing good economic growth along with inflation at one of the historic lows and this provides great tailwind 2:05 2 minutes, 5 seconds and environment for the category and for our business as well. Uh with that I would like to welcome you for the call for the quarter. Uh this quarter 2:14 2 minutes, 14 seconds registered a strong growth for us across all segments demonstrating early results of the action initiated by us towards improving our revenue growth and margin. 2:23 2 minutes, 23 seconds When viewed sequentially you would see the significant journey we've been able to cover over the past few months. On a standalone basis the revenue of the 2:31 2 minutes, 31 seconds company stood at 287 crores registering a growth of 27% on a y basis. On a consolidated basis, the revenue stood at 306 Kores with a growth of 32.7%. 2:44 2 minutes, 44 seconds The gross margin on standalone basis stood at 59.8% for the quarter, registering a significant improvement of 800 basis points on a YI basis. The 2:53 2 minutes, 53 seconds improvement in gross margin as previously shared has come on back of a mix of actions around strategic pricing, revenue management, and mix improvement. 3:02 3 minutes, 2 seconds Consequently, EIA on a standalone basis for Q3 grew by 99% to deliver an absolute EITA of 58.4 crores, which translated into an EITA margin of 20.4%. 3:14 3 minutes, 14 seconds This is an improvement of 740 basis points over the same period last year and in line with our last quarter. On a 3:22 3 minutes, 22 seconds consolidated basis, our ABA grew by 109% translating into a margin of 18.6% 6% which was again a 600 in basis point improvement over last year. 3:33 3 minutes, 33 seconds The standalone pack for Q3 stood at 47.6 crores with a margin of 16.6% and the consolidated pack worth 46.4 crores with a margin of 15.1. 3:44 3 minutes, 44 seconds The quarter also saw strong recovery in our general trade channel which grew in line with the company. This performance came on back of volume growth both in urban and rural segments. 3:55 3 minutes, 55 seconds Both the key sub channels named in urban namely direct retail and wholesale have done well for us in this period. As you are aware the rural business where we 4:03 4 minutes, 3 seconds were making significant changes in our coverage model had been muted in the first half of the year. However, as we've entered quarter 3, we have seen a 4:11 4 minutes, 11 seconds strong revival in this channel. Having said that, this channel is relatively uh weaker as compared to our urban growth 4:18 4 minutes, 18 seconds and we are working on to ensure that we get crud to its full potential. 4:24 4 minutes, 24 seconds Organized trade continues to perform well by registering a strong double-digit growth year on year in quarter 3. Within the organized trade, 4:32 4 minutes, 32 seconds modern trade and e-commerce have performed well whereas CSD and CPC channels were a bit muted. On 4:40 4 minutes, 40 seconds international business, uh there this quarter has continued to be challenged and this overall business of international has been weak. uh you know 4:47 4 minutes, 47 seconds over the last couple of quarters uh this quarter we declined mid-s singledigit on a YI basis within that uh the markets I 4:56 4 minutes, 56 seconds would want to mention which found better over Nepal where we saw a revival in growth after geopolitical issues impacting revenue in the last quarter 5:04 5 minutes, 4 seconds and in Bangladesh where we have taken a model correction saw sequentially grow over Q2 and also achieve operational uh 5:11 5 minutes, 11 seconds break even moving ahead at a brand level I'm very very happy to share with you that ammon drop hair oil has delivered a 5:18 5 minutes, 18 seconds very very strong value growth on back of double-digit volume growth. We saw strong performance across back groups. 5:26 5 minutes, 26 seconds Our ASP spends of the quarter were up uh nearly 37% as against the same period last year. What this meant was that we 5:33 5 minutes, 33 seconds ensured that ADHO continues to operate on a very very strong soom ratio. Our aggression in digital spends ensured 5:41 5 minutes, 41 seconds that we reach the digital and the new age audience across all significant platforms at a very high frequency. 5:49 5 minutes, 49 seconds On front of coconut oil, Bajach coconut witnessed a growth of uh mids single digits uh in quarter 3. Over the past 5:57 5 minutes, 57 seconds two quarters, we've taken a correction in our pricing and discount index against the market leader and have got it to a level which is sustainable. 6:05 6 minutes, 5 seconds While this correction has led to a temporary volume-ledd impact for us, it has helped us achieve sustainable margins. We also believe that most of 6:12 6 minutes, 12 seconds this impact is now settled and behind us and we should see revenues built up over time. Bajage golden rich coconut hair 6:20 6 minutes, 20 seconds oil which was launched by us previous quarter saw very good response both from trade as well as consumers. Punjara which was a brand acquired by us under 6:29 6 minutes, 29 seconds Vishal personal care also registered a very strong 15% year-on-year growth for this quarter. Operating margins of this 6:36 6 minutes, 36 seconds business also remain stable in mid- teens. Our integration plans are online with internal timelines and we have already integrated two states within 6:45 6 minutes, 45 seconds Stout where we visited witnessed a very strong positive response to the integrated portfolio of Baras and Baj personal care being carried into the 6:54 6 minutes, 54 seconds market. The integration for the rest of the southern states has already been initiated and would be complete over the next quarter. On the front of input 7:02 7 minutes, 2 seconds prices, uh we have seen LLP moving upwards over the last couple of quarters as against previous quarter. This quarter the prices were up by 2%. 7:11 7 minutes, 11 seconds However, in case of refined mustard, we saw a sequential easing of inflation with pricing decline prices declining by around 5% as against previous quarter. 7:21 7 minutes, 21 seconds On COPRA uh we have seen significant softening of prices uh as against quarter 2 and we expect that uh in the 7:29 7 minutes, 29 seconds coming month copra should ease a bit further. The rest of the basket except of copra is likely to remain rangebound. 7:36 7 minutes, 36 seconds Uh thank you for your attention. Back to sager uh for the question. 7:41 7 minutes, 41 seconds Thank you very much. We will now begin with the question and answer session. 7:46 7 minutes, 46 seconds Anyone who wishes to ask a question may press star and then one on their touchstone phone. If you wish to remove yourself from the question queue, you 7:55 7 minutes, 55 seconds may press star and two. Participants are requested to use handsets while asking a question. 8:02 8 minutes, 2 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 8:06 8 minutes, 6 seconds Again, to register for a question, please press star and then one. 8:25 8 minutes, 25 seconds participants. You may press star and then one to ask a question. 8:30 8 minutes, 30 seconds Our first question comes from the line of Abnish Roy from NUAMA. Please go ahead. 8:37 8 minutes, 37 seconds Yeah, thanks and congrats on extremely good set of numbers. So Navin uh two quarters uh previous quarter you delivered 10 quarter high revenue growth 8:46 8 minutes, 46 seconds and this time uh even more explosive. So specific question is uh what is the sustainable growth rate given Q3 there 8:54 8 minutes, 54 seconds was a GST transition impact some companies uh saw pent up kind of a pipeline filling in Q3 also. So is that 9:02 9 minutes, 2 seconds helping? So would you expect a slower growth rate say in Q4 and Q1? Uh that is that is my first question and second 9:11 9 minutes, 11 seconds margins last two quarters 18% uh very sticky kind of margins a bit margins where do you see the journey towards 9:19 9 minutes, 19 seconds higher margins that's first question uh so uh thank you um first of all uh 9:26 9 minutes, 26 seconds regarding your question regarding pent-up demand from quarter 2 or depric see we had even in quarter 2 we had said that on quarter 2 base we had possibly 9:36 9 minutes, 36 seconds estimated did an impact of around 2 to 3%age of growth which would mean on those numbers anywhere between around 5 to 7 cr kind of a number would have 9:44 9 minutes, 44 seconds happened. Uh now uh if you carry it forward and look at it on quarter three numbers or or going forward it is not a 9:51 9 minutes, 51 seconds material impact and I don't think so we should be too worried about it. Um having said that obviously when you are in the high growth trajectory you can't 10:00 10 minutes really predict to the decimal point but yes we are uh we are working towards and all our actions are uh designed to 10:08 10 minutes, 8 seconds sustain a higher level of growth than what we've witnessed in the past and that is what our endeavor would be. Uh second moving on to margin question. 10:17 10 minutes, 17 seconds uh I think uh you know as we had shared earlier uh you know a couple of quarters back there have lot there have been a 10:26 10 minutes, 26 seconds lot of actions which have been taken in not just in the last 3 4 months but over a period of the last 7 8 months uh 9 10:33 10 minutes, 33 seconds months which have kind of accumulated into a set of margin improving in and there is a certain amount of improvement 10:41 10 minutes, 41 seconds which has h happened because of actions which I would say are lowerly fruits or which are uh you know um quicker 10:48 10 minutes, 48 seconds delivery on margins and I we have seen that we will see further improvement on margins gradually and slowly our aspirations on margin profile is higher 10:57 10 minutes, 57 seconds uh but the next set of movement will come in gradually rather than more knee-jerk 11:03 11 minutes, 3 seconds sure N one followup on the demand side so we are seeing uh the other obviously the big daddy of hair oil Marico report 11:12 11 minutes, 12 seconds very strong bajo numbers last few quarters even dabber is doing reasonable really well and now you are also doing well. So is this a industry-wide uh 11:21 11 minutes, 21 seconds large company revival in hair oil or is it every company has its own reasons and 11:27 11 minutes, 27 seconds uh second is uh uh your base was very soft last year. So general trade was extremely challenging last year. Uh so 11:35 11 minutes, 35 seconds my question is in terms of strategic changes which uh you want to do or have done uh given last 5 years for the 11:44 11 minutes, 44 seconds company was very difficult and you had lot of new ideas given the Marico kind of background. If you could tell us from 11:51 11 minutes, 51 seconds a strategic input uh change what all has happened which are uh the ones you are happy with which are the ones you are 11:58 11 minutes, 58 seconds not that happy uh that will that is my next question. I think Anishh I will start by saying that we have a fantastic 12:05 12 minutes, 5 seconds team here at Bajat. So it's not Marico idea being copy pasted here. I think we are doing our own job and uh uh you know I'm proud extremely proud of what the 12:14 12 minutes, 14 seconds team has been doing. uh but uh you know um in terms of um um the category yes 12:23 12 minutes, 23 seconds there is a certain amount of buoyancy in the category which we see uh and that would translate into most of the brands 12:30 12 minutes, 30 seconds which can get their act right benefiting from the same uh so yes there is a there's a better consumption momentum which seems to be there in the 12:38 12 minutes, 38 seconds environment and and that is coming into play uh with regards to us see we've been very focused uh I I think uh we've been focused on our core brand ADHO. 12:48 12 minutes, 48 seconds We've invested back a lot of margins in terms of higher advertising which you see you see us committed and focused on that and I think that is something which 12:55 12 minutes, 55 seconds is working for us. Um and uh we intend to continue our endeavors on that same and see that you know um take it forward. 13:06 13 minutes, 6 seconds Sure. Last question. uh Copra uh from the peak how much has the correction been and uh both you and Marico do 13:15 13 minutes, 15 seconds expect more correction. So what will be your view on how the crop is how much can be the correction and related question is you have been saying that 13:23 13 minutes, 23 seconds you want to focus on the core which is ADHO given overall company is doing well adho is doing well and copra is 13:30 13 minutes, 30 seconds correcting would you like to also now focus a bit more on coconut versus your initial plan given uh there is there is 13:38 13 minutes, 38 seconds a raw material cushion there is a overall buoyancy in the market any change in the plan for coconut where you want to be now a more rational player 13:45 13 minutes, 45 seconds rather and focus more on the core of ADHO. So any change there? 13:50 13 minutes, 50 seconds So uh first of all Aish I think uh market is expecting a sequential correction over uh you know this quarter 13:57 13 minutes, 57 seconds and then the subsequent. Now how much of it will come in uh you know this quarter? How much will come next quarter I think is speculation possibly you know 14:05 14 minutes, 5 seconds I'm not best suited to answer that but yes the crop seems to be good and uh we are going to uh you know expect a price 14:13 14 minutes, 13 seconds correction. That is what is seeming to be most likely. Uh what we have done is that we were operating at a certain 14:21 14 minutes, 21 seconds indexation to the market leader by offering a certain higher benefit to the consumer and trade. We have got 14:28 14 minutes, 28 seconds ourselves aligned to what we believe is sustainable which will allow us to operate profitably in this category and invest behind our brand. I think we've 14:37 14 minutes, 37 seconds uh by and large tweaked ourselves to get to that position with this. Yes, we will have aspirations to do well but our aspirations would be not by cutting 14:46 14 minutes, 46 seconds prices and and and doing more but would be to build the brand the right way and to gain a fair share in the market. Uh 14:53 14 minutes, 53 seconds so we will yes we will while we focus on ADHO we will also focus on coconut but it will it will not be a price route it 15:02 15 minutes, 2 seconds would be more a brandled route which we will take to uh build the business up. So thanks uh that's all from my side. 15:09 15 minutes, 9 seconds Thanks. 15:12 15 minutes, 12 seconds Thank you. Our next question comes from the line of Rahan Sayyad from Trin Asset Managers. Please go ahead. 15:22 15 minutes, 22 seconds Uh yeah, good evening. Am I audible right? 15:29 15 minutes, 29 seconds Uh yes sir, you're audible. 15:31 15 minutes, 31 seconds Yeah. Uh so so my first question is around I want this understanding regarding the productivity of your 15:37 15 minutes, 37 seconds Arohan sales. So the you have seen 25 to 40% increase in outlet coverage in 15:45 15 minutes, 45 seconds the average state given this massive response to physical. So why is the as 15:51 15 minutes, 51 seconds the nonth portfolio only growing a bit distribution currently to focus on the 15:58 15 minutes, 58 seconds flagship brand and what is the specific timelines for this orders to start contracting with the rest of the hairare 16:05 16 minutes, 5 seconds company? Uh sorry to interrupt Rahan sir your audio was slightly muffled. Uh if you're using a speaker phone may request 16:13 16 minutes, 13 seconds you use the handset and uh management if you can please confirm if you were able to hear uh the participant. 16:19 16 minutes, 19 seconds Uh yeah I I think I've heard Ran let me try and answer Ran's question. 16:23 16 minutes, 23 seconds Sure. So Yan first question is uh you know the way we measure RO1 is RO1 is nothing but you know our attempt in 16:31 16 minutes, 31 seconds terms of building a solid uh you know direct distribution system and we've 16:37 16 minutes, 37 seconds been uh you know doing that um uh you know both by uh looking at adding new outlets in urban as well as changing our 16:46 16 minutes, 46 seconds go to market in rural and getting going more direct there. So uh in that exercise we've seen in the states where 16:53 16 minutes, 53 seconds we operate we've already seen anywhere between 25 to 40% addition of outlets uh you know in terms of uh those states and 17:02 17 minutes, 2 seconds at an overall level we've added more than uh 10% outlets to our direct reach. 17:08 17 minutes, 8 seconds uh coming to your question on why is it helping ADHO more than the other portfolio I think that's the question on 17:14 17 minutes, 14 seconds what we are focusing as a portfolio and uh it has not focused it has not benefited as much on coconut because 17:21 17 minutes, 21 seconds we've also taken a strategy of correction and we've changed our market inputs behind that brand uh over a period of time direct distribution will 17:30 17 minutes, 30 seconds help us not only benefit uh the sales of the top brand but will also help build the overall all portfolio range in an 17:39 17 minutes, 39 seconds outlet and uh that is something which would be a long-term benefit you will see acrewing to us. Um I hope I've been able to answer your question. 17:48 17 minutes, 48 seconds Yeah. Yeah. Fair enough. 17:51 17 minutes, 51 seconds Uh and my second last question is around the international business that you facing structural challenges. So uh has 17:58 17 minutes, 58 seconds this been a recurring theme of unstable go to market issues particularly in GCC and Africa where revenues fell in 6% 18:06 18 minutes, 6 seconds given that the distributed transition in KSA is only now behind you what structural challenges changes are being made to ensure that the seasons don't 18:14 18 minutes, 14 seconds continue to track on a consolidated growth so are these purely operational or are we facing a fundamental brand set 18:22 18 minutes, 22 seconds in this specific geography I don't think so the issue issue is brand relevance or brand I think the issue is more partner choice go to 18:31 18 minutes, 31 seconds market uh people on the ground and uh those are some of the fundamental corrections see in a direct market like 18:39 18 minutes, 39 seconds India where you are operating with your own teams uh it's far easier and far quicker to sometimes influence and make changes around this in markets where 18:48 18 minutes, 48 seconds you're working with country distributors some of these changes have to be done more gradually and you have to work with partners to get the changes done so uh 18:56 18 minutes, 56 seconds that's that's where it is uh you know it is going to take a bit more time but we are confident of what we are doing and 19:03 19 minutes, 3 seconds uh we hope we will get there in the next subsequent couple of quarters. Yeah. Thank you. 19:12 19 minutes, 12 seconds Thank you. 19:13 19 minutes, 13 seconds Thank you. Your next question comes from the line of Amit Purohit from Ara Capital. Please go ahead. 19:21 19 minutes, 21 seconds Yeah. Uh thank you for the opportunity sir and congrats. uh just on the uh growth in the standalone business was 19:27 19 minutes, 27 seconds trying to understand uh last quarter we saw uh much of the growth was priceled and volume was broadly flatish if I'm 19:35 19 minutes, 35 seconds not wrong on the ADHO and this quarter we are talking about a good double digit growth what would be the uh price 19:42 19 minutes, 42 seconds increase we would have taken in ADHOD and what would be the price growth so overall uh as you would as you would 19:52 19 minutes, 52 seconds remember we talked about that last uh you know time the difference was close to you know a double digit kind of a 19:59 19 minutes, 59 seconds number and that is a result of not just price increase but also price and mix change and revenue management activities which we've done which is the spread 20:07 20 minutes, 7 seconds between what you will see as the revenue growth and u you know the volume growth we would not want to further bifurcate 20:16 20 minutes, 16 seconds into how much comes from which activity because I think that'll be too sensitive okay but uh is that um when I look at 20:25 20 minutes, 25 seconds the other segments like I mean coconut uh or even for that matter international business uh so is it I mean uh you 20:33 20 minutes, 33 seconds talked about double digit but would uh would ADHO be like high team kind of a growth rate volumes or for us to achieve 20:41 20 minutes, 41 seconds this kind of a number or would it be mid- teens if you can just give a flavor on that I'm I'm sorry it's not high teams for 20:49 20 minutes, 49 seconds sure uh uh but Yeah, beyond that, beyond that, let me just restrict myself. 20:56 20 minutes, 56 seconds Sure. Sure. Sure. and um and and and and just on the uh margin side uh like I 21:03 21 minutes, 3 seconds mean we this quarter itself uh we've done pretty well uh one on the growth side as well as uh uh obviously the leverage has helped us to improve our 21:12 21 minutes, 12 seconds margins um uh uh but then uh the outlook 21:17 21 minutes, 17 seconds when you uh look at uh say beyond FI26 and how do you think this uh new 21:26 21 minutes, 26 seconds strategy of GTM would probably when do you think that this will can uh get completed uh maybe in full of FYI 27 it 21:34 21 minutes, 34 seconds would have be or first half of FI27 what is the timeline of this your question is on Arohan um 21:42 21 minutes, 42 seconds yeah yeah uh there would be there would be some parts of the exercise which will get concluded for example we've concluded it 21:50 21 minutes, 50 seconds for a few states this year we will pick up the balance states and do that in next year but then some of part of the exercise like direct distribution expansion is something which is ongoing. 22:00 22 minutes So it's it's not that it will get over in a year but we will keep on sequentially working and improving on from where we are to the next level uh 22:10 22 minutes, 10 seconds you know of um maturity and next level of depth in the outlet. So that will be an ongoing work. 22:17 22 minutes, 17 seconds Sure. Sure. And so uh large part of this growth uh would one you indicated some consumer uptake and also uh because our 22:26 22 minutes, 26 seconds focus on our ro and GTM operation that is working well for us across channel right at least that what 22:34 22 minutes, 34 seconds yes that's that's fair to say that's fair to say okay thanks thank you sir 22:43 22 minutes, 43 seconds thank you our next question comes from the line of netic from NVR the alpha fund. Please go ahead. 22:51 22 minutes, 51 seconds Hi sir, thanks for taking our question and conversations on a very good set of numbers. Uh so my first question is if you could highlight what is the number 22:58 22 minutes, 58 seconds of direct outlets uh that we have as on we we broadly we broadly do around six 23:08 23 minutes, 8 seconds lakh outlets basically urban plus rural put together uh you know as a direct coverage. 23:15 23 minutes, 15 seconds Got it. and any any ballpark number that we are looking at adding uh next year to this see uh and I think our uh stated point 23:24 23 minutes, 24 seconds of view has been that we want to expand around 10% coverage every year and uh you know do it year on year for the next 23:33 23 minutes, 33 seconds four years to 5 years I think that's that's what that's what our committed strategy is now obviously it might not be spread equally across every year we 23:42 23 minutes, 42 seconds might do a bit more in one year and a bit less in next Good. And so my second question is you 23:48 23 minutes, 48 seconds know uh apart from this uh program where we have increased our distribution and some in the uh you know demand center is 23:57 23 minutes, 57 seconds there anything else or any action that you would like to highlight which has helped us uh you know sort of get the strong growth. 24:04 24 minutes, 4 seconds Sorry I was not able to hear you. Can you please repeat? So, so, so from what I've understood two key reasons for this growth is one our approach on our own 24:12 24 minutes, 12 seconds program increasing the data cre in the general sentiment. So, apart from this, anything else that you would like 24:20 24 minutes, 20 seconds to highlight which is led to sign our our growth which have been there if you're wanting to understand why we have 24:27 24 minutes, 27 seconds grown very simply we put in we focused on our brand we put in efforts behind distribution. We've invested behind the 24:34 24 minutes, 34 seconds brand in terms of advertising uh keeping the media spreads up and our overall strategy execution has helped us get 24:41 24 minutes, 41 seconds there. I think that's that's the way I would uh state it. 24:47 24 minutes, 47 seconds Got it. Got it. I think my last question is if I if I have to understand uh no year over year organic growth would be 24:55 24 minutes, 55 seconds fair to I think 2020% would be the organic growth that we have achieved. 25:01 25 minutes, 1 second any growth uh as in Val so the base quarter would not have standalone standalone basically Val is 25:10 25 minutes, 10 seconds not there if you were to remove Vishal's roughly around 15 crores of revenue uh from the consolidated number and 25:17 25 minutes, 17 seconds recalculate you'll get the number which comes up got that's it for my sister thank you so much 25:25 25 minutes, 25 seconds thank you your next question comes from the line of Deepak from Unifi Capital Please go ahead. 25:33 25 minutes, 33 seconds Hi. Uh thank you for the opportunity. So first question if you can provide uh the mix. Am I audible? 25:42 25 minutes, 42 seconds Yes sir, you're audible. Please go ahead. 25:44 25 minutes, 44 seconds Yeah. Yeah. So firstly I would want to understand the product mix between ADHO and nonADO currently. Uh since we are 25:52 25 minutes, 52 seconds focusing more on the ADHO category uh how is the product split today versus what it was earlier? That is the first question. 26:00 26 minutes Uh and the second question relating to ADHO is that we already hold a high market share in that category. So what 26:09 26 minutes, 9 seconds are the uh strategic levers left for us uh to tap on so that we can grow higher than the industry growth rate. 26:21 26 minutes, 21 seconds Thank you. Broadly what I can share with you is that our ADHO nonAdho mix if you were to look at the other portfolio and 26:29 26 minutes, 29 seconds ADHO portfolio you can use the thumb rule of 8020 uh beyond that we don't give very specific numbers but 80/20 if 26:36 26 minutes, 36 seconds you were to use will by and large for you uh second uh coming in in terms of um 26:45 26 minutes, 45 seconds sorry I missed the question what cate your your point was on category and growth and how yeah my question was that we are already 26:54 26 minutes, 54 seconds the leader in the category. So, uh how much what are the levers left for us to grow beyond the category growth rate? 27:01 27 minutes, 1 second Thanks. Thanks. Thanks for reiterating that. The way we look at it is that we are playing in the larger uh hair oil 27:08 27 minutes, 8 seconds plus coconut oil space which is being used uh you know by the consumer for their needs. We don't see ourselves 27:15 27 minutes, 15 seconds necessarily as a player only within light hair oil and hence we have significant headroom of growth and 27:22 27 minutes, 22 seconds acquiring consumers uh in this larger space. So um you know we have we have a lot of headroom to win new consumers and 27:30 27 minutes, 30 seconds that is what our endeavor is going to be. We don't necessarily are see ourselves only as a player in light heroin. 27:38 27 minutes, 38 seconds Okay. Got it. And uh so second uh thing that I wanted to check in the nonADHO portfolio which is 20%, the bulk of it 27:45 27 minutes, 45 seconds would be coconut oil. Uh is there is there any new product that you're thinking of introducing or uh existing 27:54 27 minutes, 54 seconds products which can scale up in a big way under the Bajad brand? Uh should we should we hear from you on the new 28:00 28 minutes categories anytime soon and if so then how big can those categories be? 28:08 28 minutes, 8 seconds So um you know deep u coconut is the next uh sizable but it is not all of 28:16 28 minutes, 16 seconds 20%. First of all uh we have uh brands within this portfolio which have the potential of growing much bigger. We've 28:24 28 minutes, 24 seconds also acquired Vishal personal care which brings in the Barara brand into our portfolio which I believe has a 28:32 28 minutes, 32 seconds significant scale up opportunity and we will also launch some products which unfortunately I can't talk to you about till they are launched. So you will see 28:40 28 minutes, 40 seconds innovation from us but you will see calibrated innovation and spaced out innovation which will come in quarter uh you know at a time uh wherein we believe 28:49 28 minutes, 49 seconds we have opportunity to scale up that innovation and make it big. So you will see action from us on that front but gradually. 28:56 28 minutes, 56 seconds Okay. Uh so lastly if you can touch upon uh the channel mix of our company between general trade, modern trade uh 29:05 29 minutes, 5 seconds and also the geography split urban rural. uh what I want to understand here is firstly the mix between channel and 29:13 29 minutes, 13 seconds geography and also the actions that we've that you have taken uh to correct uh to correct the uh channel level and 29:22 29 minutes, 22 seconds geography level uh you know wrongdoings that had been in the past the actions that you've taken channel wise and 29:30 29 minutes, 30 seconds geography wise both thanks so um see we've uh uh in general trade 29:37 29 minutes, 37 seconds we started our work on uh you know making certain corrections quite a while back and we've also suffered pain for 29:45 29 minutes, 45 seconds it. Uh people who've been tracking our company for a while would know that we've started doing certain corrections in wholesale uh you know three quarters 29:54 29 minutes, 54 seconds back. Uh we've started our work on our own close to around a year back. Uh what you're seeing is a culmination of all of 30:01 30 minutes, 1 second those works coming in together and uh kind of working for us uh at this stage. 30:07 30 minutes, 7 seconds Um uh with regards to the question around what is the mix of business broadly what you can use at 7030 for 30:14 30 minutes, 14 seconds general trade organized trade and if you were to take a split within general trade you can take a 50/50 split between 30:22 30 minutes, 22 seconds rural and urban those thumb rules would by and large be oddly okay for you. 30:30 30 minutes, 30 seconds Understood. And uh so given the uh you know the disturbance the company used to face due to the wholesale uh wholesale 30:38 30 minutes, 38 seconds channel and also the read and also the rural uh geography. Uh has all of those issues been solved or uh should we 30:48 30 minutes, 48 seconds expect any further more corrections uh to happen in the subsequent quarters? 30:55 30 minutes, 55 seconds I find that very difficult to answer is you know certain amount of issues are like a person's health you know uh you 31:03 31 minutes, 3 seconds know you have to continuously work on keeping yourself healthy that is the same way as for a distribution organization it's not a static thing we 31:11 31 minutes, 11 seconds have to continuously work on but yes uh what I would want to give you confidence on is that a lot of work has happened over the past few quarters and we feel 31:19 31 minutes, 19 seconds very happy and confident where we are today. 31:23 31 minutes, 23 seconds Understood. No, what I what I wanted to uh why I was asking the question is my assumption that uh my assumption was 31:31 31 minutes, 31 seconds that it could be a structural issue but uh by the way you're saying it seems to be like a cyclical thing and hope it recovers soon. 31:42 31 minutes, 42 seconds So we've done a lot of work already on rural I don't think so there is there is uh something which is there I think a larger part is where I think the 31:50 31 minutes, 50 seconds qualification comes in more let me clarify more than anything else I think our in absolute our rural numbers our 31:57 31 minutes, 57 seconds urban numbers our direct numbers our wholesale numbers all in absolute are are very good uh but when you look at it 32:05 32 minutes, 5 seconds and compare to the market commentary most of the companies are indicating that rural performance is better than urban and I think that is not there in our case. I think that is the only call 32:14 32 minutes, 14 seconds out being given to you. Beyond that there is no problem which is being highlighted or nothing else which is being indicated. 32:21 32 minutes, 21 seconds Okay. Thanks uh thanks Nam all the best. Thank you. 32:26 32 minutes, 26 seconds Thank you. A reminder to all the participants if you wish to register for a question you may press star and then one. 32:35 32 minutes, 35 seconds Our next question comes from the line of Percy from IFL. Please go ahead. 32:41 32 minutes, 41 seconds Uh hi Navin and team. Uh couple of questions from Maya. Uh firstly uh on 32:48 32 minutes, 48 seconds the growth that uh you have shown uh uh congratulations on that very good growth this quarter but just wanted to 32:55 32 minutes, 55 seconds understand how much of it is uh like new outlets that you have reached for the first time and you have placed the 33:03 33 minutes, 3 seconds merchandise and how much of growth is coming from that and how much do you think is coming from actual consumer 33:10 33 minutes, 10 seconds demand? Of course, exact numbers on this are not going to be available, but whatever sense you have from the market 33:18 33 minutes, 18 seconds understanding that would uh help on that. That's my uh first question. Navein. 33:23 33 minutes, 23 seconds So peri always a large amount would be consumer demand because if you will recollect we have a reach availability 33:30 33 minutes, 30 seconds to 4 and a half million outlets. So even when we are going direct and we are reaching the outlet what is happening is that we are executing the range better. 33:38 33 minutes, 38 seconds It's not that we are making our product available for the first time. So uh you know it'll be very very difficult to 33:44 33 minutes, 44 seconds determine uh you know um that in the outlets which we are directly reaching for the first time what was the earlier 33:52 33 minutes, 52 seconds business they had from wholesale and hence what is the net contribution I think would be very difficult but uh uh yes there would be some 34:00 34 minutes improvement which would be coming of that and um because the reason I'm asking is that uh 34:07 34 minutes, 7 seconds uh I mean I mean we've had a certain trajectory of growth not only uh uh Q2 but even before that I'm not going back 34:15 34 minutes, 15 seconds too far away where the performance was really bad but the recent couple of quarters uh uh we had a certain growth 34:22 34 minutes, 22 seconds trajectory and now it has uh really accelerated very materially from that this quarter just trying to understand 34:29 34 minutes, 29 seconds what is the reason like do have we put in some new ad communication which has been a real big hit or uh uh uh I mean 34:38 34 minutes, 38 seconds we've taken prices up so that cannot the reason for the volume growth acceleration if at all it can only suppress. So just trying to understand 34:46 34 minutes, 46 seconds what can I hold sort of accountable for this uh huge acceleration that we have seen this quarter 34:53 34 minutes, 53 seconds lot of work which has happened over uh you know the past few quarters on both brand and distribution 35:01 35 minutes, 1 second okay okay because it's just that it's come very suddenly it's not been a gradual ramp up uh that is why I was 35:08 35 minutes, 8 seconds asking because if it has been over a few quarters then we should have seen partial impact of that in Q2 also which we did not I mean even adjusting for the GST issues. 35:19 35 minutes, 19 seconds Sorry for surprising you pers but you know I I don't think no it's a pleasant surprise so that's okay. 35:24 35 minutes, 24 seconds I don't think so we can we can micromanage outcomes to this level. 35:27 35 minutes, 27 seconds We've been we've been the team has been working the best they can and I think uh it's been a happy quarter for us as well 35:34 35 minutes, 34 seconds but uh the confidence of double digit growth going ahead is uh there right? Yes. 35:41 35 minutes, 41 seconds Okay. Okay. Uh second question is on uh portfolio. So when we had last met uh uh you had basically said that you would 35:50 35 minutes, 50 seconds make the portfolio more focused. Of course uh ADHO and coconut would be the two things. Uh but out of the remaining 35:58 35 minutes, 58 seconds seven eight different things you have you might choose only one or two and defocus the rest. So one is can you give 36:06 36 minutes, 6 seconds a clearer idea of how you plan to play the portfolio and second is that we already have so many products in our 36:14 36 minutes, 14 seconds portfolio actually is a problem of uh plenty with many of the small uh products sort of contributing to a very 36:21 36 minutes, 21 seconds small uh tail but large in number of SKUs. So uh in context of that I was a little surprised uh when uh a few 36:30 36 minutes, 30 seconds minutes ago you said that there are some more product launches uh in the pipeline. So uh can you just comment on these two things please? 36:39 36 minutes, 39 seconds So uh peri I think uh by and large from a strategy perspective I think we are very happy where we are on ADHO and 36:47 36 minutes, 47 seconds coconut. I think by and large going forward from here you will only see tweaks of strategy around this and bulk 36:54 36 minutes, 54 seconds of the heavy lifting on what needed to happen on these two portfolios has happened on the rest of the uh you know 37:02 37 minutes, 2 seconds um you know portfolio I think we have to we have to do our work and as and when we are ready and we have actioned that work only then will I be able to come 37:11 37 minutes, 11 seconds back and tell you of what choices we've made and how we are looking at going forward. 37:17 37 minutes, 17 seconds uh the the products which you might see us additionally uh which might come in uh would uh you know also be thought 37:25 37 minutes, 25 seconds through and they will come in in specific uh opportunity areas where we believe uh you know uh we can optimize. 37:33 37 minutes, 33 seconds Let me take an example from hindsight. 37:36 37 minutes, 36 seconds While we are focusing on getting our price indexation on coconut right, as we have uh seen the opportunity, we've also 37:45 37 minutes, 45 seconds come up with an enriched coconut oil which we were not doing before. So we found that opportunity and we've launched that product and we feel good about it. So I think there would be 37:53 37 minutes, 53 seconds opportunities which will come across and we have some of them in mind wherein we will introduce new products while we continue to optimize our strategy on the current portfolio. 38:04 38 minutes, 4 seconds Sure. And any timeline uh as to when clarity can emerge on uh the uh rest of the portfolio as to uh what you plan to 38:14 38 minutes, 14 seconds do with it whether you will select any of them to be a focus or whether you will sort of phase them out. When do we expect that clarity? over the next two 38:22 38 minutes, 22 seconds three quarters we will start seeing most of it happening uh per se uh as and when we do the changes we will obviously talk 38:29 38 minutes, 29 seconds about it uh so you know when the changes are happening we will talk about it once once they've happened but you should see 38:37 38 minutes, 37 seconds more clarity emerging on the balance portfolio over the next two to three quarters okay sir thank you very much that's all 38:45 38 minutes, 45 seconds for me all the best thank you person thank you participants You may press 38:51 38 minutes, 51 seconds star and one to ask a question. Our next question comes from the line of Abhijit Kundu from Antique Stock Broking. Please go ahead. 39:00 39 minutes Yeah. Hi Nin. Uh great set of numbers and very strong outperforms. Uh my one question was that uh you know the the 39:08 39 minutes, 8 seconds the decline in uh uh suppos GST revision the decline in duties uh there would have been some correction we must have 39:17 39 minutes, 17 seconds taken in ADHO right I mean sequentially there must have been some correction or you know uh grammage increase something 39:25 39 minutes, 25 seconds of that sort right that must have also helped I mean to drive overall demand uh so some packs yes uh you know vijit 39:34 39 minutes, 34 seconds for example like the one rupees sache we couldn't have made it uh whatever 89 if I say so obviously there has been a 39:41 39 minutes, 41 seconds gramage increase an MLH increase in in that pack and that does support uh a little bit in terms of extra volume uh 39:49 39 minutes, 49 seconds so yes to that extent on packs where there have been uh gramage additions uh because uh pricing interventions were 39:58 39 minutes, 58 seconds were not feasible or possible there there is a there is a positive uh you know volume tailwind event because of 40:05 40 minutes, 5 seconds that action as well and on the big packs also there would have been some uh correction in prices I mean sequentially because you had taken 40:14 40 minutes, 14 seconds there where price hike so uh that would have also played out right I mean that is the reason why overall volume growth has also been pretty strong strong 40:22 40 minutes, 22 seconds yes that that that that plays out more in terms of so there are there are packs where in like 1 rupee 10 rupee where 40:31 40 minutes, 31 seconds volume would have been a plus and there are packs where revenue would have been actually neutral because uh in those packs you would have passed on a 40:39 40 minutes, 39 seconds reduction in consumer pricing to the extent of the duty reduction and hence the uh the net revenue impact would be 40:47 40 minutes, 47 seconds nullified uh you know on those packs but no I'm just saying that uh that that would aid demand right consumer demand I 40:55 40 minutes, 55 seconds mean because of the lower prices some amount of uh consu consumer demand must have been activated I think if you look at it uh you know um 41:04 41 minutes, 4 seconds there there has been a positive impact because affordability and the net value to the consumer uh you know gets 41:11 41 minutes, 11 seconds enhanced and that obviously helps the consumption sentiment if that's the question yes yeah yeah that's the question that's the question and in your uh you know 41:19 41 minutes, 19 seconds presentation you have given about the activations that you have done in Maharashtra uh so uh it it takes some time it doesn't uh you 41:28 41 minutes, 28 seconds know happen but there is a good amount of so do you see good amount of potential in Maharashtra to uh really uh 41:35 41 minutes, 35 seconds you know scale up uh ADHO because ADHO has been more of a uh east central India 41:42 41 minutes, 42 seconds phenomena. So here also you see that kind of uh you know potential to scale up right. 41:48 41 minutes, 48 seconds So Maharashtra is an extremely large uh market in terms of heroids plus coconut oil uh and is obviously of interest to 41:57 41 minutes, 57 seconds us. Uh but what is even more salient is that around Diwali which is a local celebration in Maharashtra called 42:05 42 minutes, 5 seconds Aangnaan which is the auspicious bath before Diwali ADHO has historically been part of the ritual and that is an 42:14 42 minutes, 14 seconds occasion which gives us great consumer traction and affinity and we have been very focused on building on that 42:21 42 minutes, 21 seconds consumer affinity to rather build an overall stronger portfolio and presence in Maharashtra and we're committed towards building that gradually. 42:30 42 minutes, 30 seconds Understood. Understood. Great. Thanks. Thank you. That's all from my side. Thank you. 42:41 42 minutes, 41 seconds A reminder to everyone. You may press star and then one to ask a question. Our next question comes from the line of 42:48 42 minutes, 48 seconds Netic from NV Alpha Fund. Please go ahead. 42:53 42 minutes, 53 seconds Uh hi sir, thanks for the followup opportunity. Uh so my question is uh you know you mentioned that uh we have improved our branding advertising and branding efforts. So just wanted to 43:01 43 minutes, 1 second understand are we spending or have we increased the percentage spent uh percentage spend of sales or uh you know 43:09 43 minutes, 9 seconds has been more effective or what exactly have we changed? 43:12 43 minutes, 12 seconds Uh the answer is both. We've uh given you the detail of uh you know increase uh in terms of the advertising ratio. 43:21 43 minutes, 21 seconds you'll see there is broadly close to a 100 basis point increase in our overall advertising spends on an increase base 43:29 43 minutes, 29 seconds and hence if you were to look at it from a growth perspective it's close to around 37% increase in the ASP spends uh 43:36 43 minutes, 36 seconds besides that we've also been very focused about on which brands to communicate and hence on the brands and the places where we want to communicate the impact would be even more amplified. 43:48 43 minutes, 48 seconds Uh so yes it's a combination of both more focused spending and higher amount of absolute spending. 43:56 43 minutes, 56 seconds Got it. That's awesome. Thank you. Thank you. 44:01 44 minutes, 1 second Thank you participants. If you wish to register for a question please press star and then one. Our next question comes from 44:11 44 minutes, 11 seconds the line of Mihir Sha from Nura. Please go ahead. 44:15 44 minutes, 15 seconds Hi Nav and team. Uh congrats on a great set of numbers. Uh very happy to see the uh you know growth and the margins 44:23 44 minutes, 23 seconds coming back uh after a long time. Uh Navin I just uh still quite uh you know positively surprised uh with the 44:31 44 minutes, 31 seconds numbers. If you can just help us dissect them a little more clearly. Um if you can share the pricing and the volume 44:39 44 minutes, 39 seconds growth overall for the quarter. Uh that's point one. Uh point two is what is the distribution increase that you 44:47 44 minutes, 47 seconds have taken uh which is driving this kind of growth. Uh and point three uh you 44:54 44 minutes, 54 seconds know in in your slide 10 where you've highlighted that uh coconut hair oil portfolio grew in high single digits 45:01 45 minutes, 1 second value. Uh nonADHO grew in mid-s single digits. uh so which means that give or 45:08 45 minutes, 8 seconds take the uh you know the ADH portfolio would have probably I mean grown in uh 45:15 45 minutes, 15 seconds uh closer to like 30 odd% uh to come to the 27% growth so with that understanding me correct uh and then I 45:23 45 minutes, 23 seconds have a few follow-ups so um mayor thank you for your question what I can tell you is yes at has grown 45:32 45 minutes, 32 seconds in 20s uh what we have already disclosed is that the volume growth is double digit. Uh the rest you can try and 45:39 45 minutes, 39 seconds dissect. You said we will not give more details than that. 45:43 45 minutes, 43 seconds Um the second part uh you know of your question um uh you know around uh what 45:51 45 minutes, 51 seconds has helped and driven that again we've said that you know it's been a culmination of both focus spending on 45:58 45 minutes, 58 seconds advertising uh you know and a higher level of advertising behind the brand as well as our effort on distribution which has helped us achieve that on distribution 46:07 46 minutes, 7 seconds of your question specifically we've already told that we aspire to add 10% direct direct coverage uh you know um to 46:16 46 minutes, 16 seconds our uh base every year. Uh we have already uh achieved this target for this financial year. We've already done that 46:24 46 minutes, 24 seconds and uh I think that is the best level of info I can share with you. 46:29 46 minutes, 29 seconds Okay. No, I I heard the 10% future uh but I thought probably it would have been a significantly higher distribution increase would 46:36 46 minutes, 36 seconds we've already we've already crossed that number is all I can say this year. Understood. Understood. 9 months. 46:45 46 minutes, 45 seconds Got it. Specifically to coconut uh uh a high singledigit growth uh because if you see the coconut hair prices and the 46:53 46 minutes, 53 seconds pass on that you would have idly done uh and even with the volume impact uh we are seeing the other larger players 47:02 47 minutes, 2 seconds seeing significantly different growth of closer to like 60% or so. So where is the disconnect in my understanding with 47:10 47 minutes, 10 seconds uh that uh brand versus uh you know uh this one? 47:16 47 minutes, 16 seconds I am sorry I'm not clear uh what what what is that you're specifically asking me? Are you saying are you asking me a question whether our coconut has 47:24 47 minutes, 24 seconds declined volume? Uh are you asking the question of uh what what is exactly are you asking? I'm not very clear on that. 47:32 47 minutes, 32 seconds So there seems to be a significantly stark difference in the growth profiles of Bajach coconut portfolio versus uh 47:40 47 minutes, 40 seconds the market leaders growth that we are seeing. They are growing at closer to 60 plus% versus there is a significant gap in the profile. We have taken we have taken corrections in terms of our pricing. 47:52 47 minutes, 52 seconds We were operating at a certain discount to the market leader by offering better value to both consumer and trade. We 47:59 47 minutes, 59 seconds have reduced that difference of pricing between us and the market leader and that has resulted in our uh you know 48:07 48 minutes, 7 seconds revenue growths being uh much lower and that's a conscious correction which we've taken. We've called that out uh you know in our commentary. 48:16 48 minutes, 16 seconds Understood. 48:18 48 minutes, 18 seconds Okay. Okay. And that would have supported the margins but the significant expansion on margins also 48:25 48 minutes, 25 seconds given the exposure to the brand is quite less. So how should one understand the expansion on the margin front? 48:33 48 minutes, 33 seconds Our margins are by and large same as last quarter. Yeah. 48:38 48 minutes, 38 seconds Uh but before that uh they were sequentially lower. Yeah. Yeah. 48:43 48 minutes, 43 seconds Sequentially. So there is no there is no major massive incremental action which has happened on the margin this quarter 48:49 48 minutes, 49 seconds against last quarter. Uh you know um you know on on on margin front we were working on these margins. We've 48:57 48 minutes, 57 seconds sustained those margins uh you know in in this quarter as well. Um you know in fact if you were to look at it with the 49:04 49 minutes, 4 seconds kind of revenue growth we've invested back at a higher level of advertising and still sustained market. 49:10 49 minutes, 10 seconds Understood. Got it. Um and the new launches that you spoke about uh given the margin profile for ADHO has been 49:19 49 minutes, 19 seconds significantly higher historically. Uh would you say that the new launches will also be at a similar margin profile or 49:27 49 minutes, 27 seconds will they be uh anyway dilutive but it will give you better growth. So that should take care of uh so how should one think about uh new launches uh margin 49:36 49 minutes, 36 seconds profiles going forward on a medium to long-term basis? uh we would still aspire to improve our margins from the level where we are and 49:44 49 minutes, 44 seconds I think that is something which we've outlined um and hence as and when we launch products we would be cognizant of that as to how the overall mix. 49:55 49 minutes, 55 seconds Got it. Great. Uh thank you for uh uh answering these questions. I'll circle back uh you know uh individually to take 50:03 50 minutes, 3 seconds this up further. Thank thanks uh and wishing you all the very best. Thank you so much. 50:09 50 minutes, 9 seconds Thank you participants. You may press star and then one to ask a question. 50:15 50 minutes, 15 seconds Your next question comes from the line of Hersa from Bandhan AMC. Please go ahead. Uh yeah, hi. 50:25 50 minutes, 25 seconds Uh sir, you're sounding a bit muffled. 50:27 50 minutes, 27 seconds If you're using a speaker phone, may we request to use the handset, please? Okay. 50:34 50 minutes, 34 seconds Yeah. Hi. Uh am I audible now? Uh this is slightly better sir. Yes sir. Please go ahead. 50:49 50 minutes, 49 seconds Uh sorry to interrupt Hush. We are not able to hear you. There is a lot of background noise coming from your line. 50:58 50 minutes, 58 seconds Uh am I uh and this is this is much better sir. Yes. Yeah. Sure. Sure. Sure. Thanks. Thanks. 51:05 51 minutes, 5 seconds So Namin, my first question was uh could you explain if there's any difference between the primaries and secondaries for us this quarter? 51:14 51 minutes, 14 seconds No. No difference. 51:17 51 minutes, 17 seconds No. Okay. Okay. Uh and secondly uh in terms of uh mix between the packs, 51:25 51 minutes, 25 seconds right? However you define small packs and big packs has the salience changed meaningfully let's say compared to uh 51:33 51 minutes, 33 seconds last year marginally I would not say very very substantially but yes there are marginal changes 51:41 51 minutes, 41 seconds I say I mean directionally how much uh I mean has the sales of large bags gone up gone up 51:50 51 minutes, 50 seconds I see I think it's too specific a question for me to answer but I would say by and charge we have certain mix 51:57 51 minutes, 57 seconds that mix has changed uh you know a little bit but uh uh there's not a heaven and earth change in the mix. 52:06 52 minutes, 6 seconds Okay. But directionally you would want to go more towards the large packs. Is that understanding correct? 52:13 52 minutes, 13 seconds Let me say let me say our endeavor would always be to ensure that the more profitable packs grow a bit faster. 52:20 52 minutes, 20 seconds Okay. Okay. Got it. Thank you so much. Thank you. 52:29 52 minutes, 29 seconds Your next question comes from the line of Palooi from Sami Sha. Please go ahead. 52:33 52 minutes, 33 seconds Yes sir. Thank you for taking my question. Just wanted to understand for is it the I mean the third quarter uh the category of light toys uh has that 52:43 52 minutes, 43 seconds uh basically kept uh was that uh in line with our growth or the category as a whole or was that the kind of growth the 52:50 52 minutes, 50 seconds category saw? And uh my second question would be on the ad spend. If you could uh share a bifurcation between ADHO and nonADO or you know your ad spender. 53:01 53 minutes, 1 second Um Palvi apologies I can't share you more granular detail than that but yes uh all I can say is that ADH the overall 53:09 53 minutes, 9 seconds spends on ADHO is higher than our ad spend increase. So ADHO has seen a higher allocation as compared to previous quarters. Uh you know uh I think that is something I can share. 53:19 53 minutes, 19 seconds Beyond that I can't give you granular detail. Uh rest your question on uh how we've done against the category. Uh you 53:27 53 minutes, 27 seconds would again see that we've noted that we have gained volume market share and we continue to be on an upward trajectory 53:34 53 minutes, 34 seconds which means that uh you know our volume growth is ahead of the industry and I think that is the sense which we have 53:43 53 minutes, 43 seconds right. So this market share so has the category as a whole has also gained share is what I was trying to understand over in the overall oil u mix 53:52 53 minutes, 52 seconds I'm saying market share I'm talking about market share in the overall air oiling category not within light oil we have gained higher share within the 54:00 54 minutes overall air oil category right no so I was trying to understand only uh the light oils category versus 54:08 54 minutes, 8 seconds the total oils for the category as a whole not for bach consumer as that category gain share over the total oil category. 54:17 54 minutes, 17 seconds Sorry, it's not top of mind for me. Um uh you know um right thank you sir. 54:26 54 minutes, 26 seconds Thank you. 54:29 54 minutes, 29 seconds As there are no further questions I would now like to hand the conference over to the management for closing comments. 54:38 54 minutes, 38 seconds Thank you so much uh everybody for your questions and for listening to me. I would like to reiterate uh that at Bajage Consumer Care we remain focused 54:47 54 minutes, 47 seconds on strengthening our brands through enhanced advertising and digital spends and through our strategy of continued 54:54 54 minutes, 54 seconds distribution expansion. We would also launch meaningful innovation over a period of time and build our capabilities to drive the next level of 55:01 55 minutes, 1 second growth. Thank you for attending the call. Have a great evening. 55:07 55 minutes, 7 seconds Thank you. On behalf of ICICICI Securities Limited, that concludes this conference call. Thank you for joining 55:15 55 minutes, 15 seconds us and you may now disconnect your lines. Thank you.