Brainbees Solutions Ltd — Q3 FY26

Brainbees Solutions Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ws6kgdIA0Nk Published: 3 months ago

0:01 1 second Good evening everyone. 0:03 3 seconds Welcome to BrainB Solutions Limited Q3 and 9month FI26 earnings call. This is Anish Aeroda and I have with me Mr. 0:10 10 seconds Supra Maheshwari, managing director and CEO of the company. Mr. Goautam Sharma, Chief Krook, Chief Financial Officer, Mr. Vive Goyel, Chief Business Officer 0:19 19 seconds of the company, Mr. Abhinav Sharma, country head of Middle East business operations and Mr. Anu Jen, CEO of Global Base. Kindly note that this call 0:28 28 seconds is meant for analysts and investors of the company. We wish to highlight that the call is being recorded and by participating in this event you consent 0:35 35 seconds to such recording distribution and publication. All participants have been muted as for the default mode and participants will be unmuted once we 0:43 43 seconds open the Q&A forum for the members to ask questions after the presentation from the management concludes. We'll be covering the presentation in the beginning of the call and we'll 0:51 51 seconds thereafter open for the Q&A forum. We would like to point out that some of the statements made in today's call may be forward-looking in nature and the 0:59 59 seconds disclaimer to this effect has been included in the investor presentation shared with you. With this I request Mr. Super Mahishwari to take it over. 1:10 1 minute, 10 seconds Good evening everyone. Uh once again welcome to our uh Q3 performance and 9month performance for 1:18 1 minute, 18 seconds FI26. We'll be covering uh uh both quarter 3 and 9 months as well as the segmental performance of all our four 1:25 1 minute, 25 seconds business segments. Financial summary, business overview and some of the supplementary information is attached in the presentation uploaded. 1:34 1 minute, 34 seconds Um yesterday diving into the Q3 and 9 1:41 1 minute, 41 seconds months. uh happy to share that uh we've been uh pat positive on a console uh 1:48 1 minute, 48 seconds level uh for the quarter 3 FI26 adjusted for ESOP cost uh also for the 9 month 1:56 1 minute, 56 seconds adjusted AITA has been increased from 25% year-on-year basis and we continue to remain cash flow positive for 9 month 2:04 2 minutes, 4 seconds FI26 on segmental updates uh India multi- channelannel business uh witnessed 2:12 2 minutes, 12 seconds sequential improvement as we had promised in our earlier calls as well. 2:17 2 minutes, 17 seconds Uh despite relatively muted uh consumer sentiment, if you look at the right hand side, you will notice that we had on 2:24 2 minutes, 24 seconds quarter 1 7 and a half% year-on-year growth. Quarter 2 7.9%. 2:29 2 minutes, 29 seconds And uh quarter 3 has been uh 8.9% growth and uh we face certain challenges around 2:37 2 minutes, 37 seconds supply chain volatility otherwise our growth would have been around 11% for quarter three year basis. 2:43 2 minutes, 43 seconds We have undertaken a lot of initiatives that we have spoken about in the past. 2:48 2 minutes, 48 seconds We will speak more during the course of the presentation. uh we strongly believe that the uh with those initiatives structurally 2:57 2 minutes, 57 seconds our growth rate for both online and offline channels will remain much superior in F527 as those initiatives 3:04 3 minutes, 4 seconds would have taken certain scale and size we continue to remain patent cash flow free cash flow positive uh in India 3:12 3 minutes, 12 seconds multi- channelannel for the 9-month FI26 for the international business um we witnessed elevated promotional 3:20 3 minutes, 20 seconds activities led by the two horizontal commerce e-commerce players that we have spoken about um uh a few quarters back 3:27 3 minutes, 27 seconds as well. Um however we have continued to remain uh laser focused on sustainable growth and not participating in those 3:36 3 minutes, 36 seconds events. Um and uh our and maintaining our focus towards reducing our existed abitile losses and which has reduced by 3:44 3 minutes, 44 seconds 25% year-on-year basis for quarter 3 FI26 and 36% for the 9-month FI26. 3:53 3 minutes, 53 seconds Global bees uh delivered another strong quarter of organic and profitable growth. Uh core categories delivered 30% 4:01 4 minutes, 1 second year-on-year growth in 9 months FI26 and uh um a adjusted of close to 70 crores uh post corporate expenses. 4:15 4 minutes, 15 seconds Moving further you will see uh these are snapshots for our console business. AUTC grew by 10%. 4:22 4 minutes, 22 seconds Um and uh GMV for online offline online offline and international business grew by 10% and revenue from operation grew 4:31 4 minutes, 31 seconds by 12%. And uh adjusted a bit uh consol business stands at 6.3% and India multi 4:39 4 minutes, 39 seconds channel at 10%. Cash profit after tax grew year on year for quarter 3 and 23%. 4:48 4 minutes, 48 seconds For the 9-month performance on the console basis, U AUTC again grew by 10%. 4:55 4 minutes, 55 seconds Revenue from operations grew by 11% over 9 months compared to last year 9 months 5:01 5 minutes, 1 second and uh console adjusted AIA grew by 25% year-on-year basis and India multi- 5:08 5 minutes, 8 seconds channelannel at 9.3 and uh cash profit for 72% on an equivalent 9-month basis. 5:17 5 minutes, 17 seconds With that I would uh like to sort of move to the segmental performance and hand over Vive for uh talking about our 5:25 5 minutes, 25 seconds India multi- channelannel segmental performance. 5:28 5 minutes, 28 seconds Ve hi good evening everyone. Um I'll share some key updates about the India multi channel business. So as super also 5:37 5 minutes, 37 seconds mentioned that uh we saw sequential improvement in yearon-year growth rate for the revenue and this was despite uh 5:44 5 minutes, 44 seconds a bit of muted consumer sentiments in Q3 that we witnessed. Uh we also 6:01 6 minutes, 1 second which contributes to 85% and continues to perform well. We also 6:09 6 minutes, 9 seconds witnessed as Sup was mentioning uh some supply chain volatilities in a few select categories. 6:15 6 minutes, 15 seconds Vive we missed last 15 20 seconds. If you would, if you don't mind, can you please speak from the point two again? 6:22 6 minutes, 22 seconds Sure. Sure. Sure. Sure. Uh am I audible? Yeah. 6:27 6 minutes, 27 seconds Yeah. So u uh as I was mentioning that uh we witnessed some heightened competitive intensity in diapering 6:36 6 minutes, 36 seconds category during the quarter which led to pressure on growth and margins. 6:42 6 minutes, 42 seconds uh our non-dipping portfolio which contributes to 85% about 85% of our GMV remains robust and continues to perform 6:50 6 minutes, 50 seconds well. Uh we also witnessed as super mentioned some supply chain volatilities in few select categories which impacted 6:59 6 minutes, 59 seconds overall growth by 200 in quarter 3 FI26. 7:05 7 minutes, 5 seconds Anish if we can move to the next slide. 7:11 7 minutes, 11 seconds Uh so we uh saw about 9% growth in quarter 3 FI26. 7:19 7 minutes, 19 seconds Uh at a 9 months level we saw about 8% growth uh and if I talk about adjusted IBIDA and 9 month level we saw a growth of about 6%. 7:30 7 minutes, 30 seconds Uh to uh 395 crores. 7:39 7 minutes, 39 seconds Sub do you want to take this slide? 7:41 7 minutes, 41 seconds Yeah. So I I I think I just wanted to give you you know uh the new initiative updates uh that we had been talking 7:48 7 minutes, 48 seconds about few of them and few new ones significant new one that we'll speak about. uh as uh in last few quarters we 7:57 7 minutes, 57 seconds have mentioned that we had you know had some customer experience issues to third party logistic service providers and we 8:05 8 minutes, 5 seconds had taken our own uh logistics uh initiative to serve our customers and uh 8:13 8 minutes, 13 seconds last time when we had talked about we had expanded our u logistic service we branded in rocket bees uh that's our own 8:23 8 minutes, 23 seconds internal in-house house logistics u uh initiative and uh this is a totally asset light model we have spoken about 8:30 8 minutes, 30 seconds in the past. Uh we maintain the entire tech stack here. Uh these are third party you know uh dedicated service 8:38 8 minutes, 38 seconds providers who are working on that tech stack uh regional local ones to be able to work with us directly and uh directly work for first craft shipments. 8:49 8 minutes, 49 seconds uh this rocket bees initiative has expanded uh in less than uh 9 to 10 months from the time we started from 8:57 8 minutes, 57 seconds scratch. uh last time when we spoke about uh we had expanded to 13 cities now we have expanded by December end uh 9:04 9 minutes, 4 seconds to 22 cities and happy to share that with this increased volume and increased number of cities we have witnessed 20% 9:13 9 minutes, 13 seconds improvement in delivery ts resulting in much superior growth in customer experience uh that we had started this initiative 9:22 9 minutes, 22 seconds we continue to expand this we believe we should be able to cross close to around 45 to 50% of our total volumes by the middle of this uh year. 9:33 9 minutes, 33 seconds So this is a initiative uh on rocket bees which uh has given us tremendous boost and you know uh and will continue 9:41 9 minutes, 41 seconds to give us a superior customer experience uh in times to come. 9:46 9 minutes, 46 seconds While we built this architecture of rocket bees and our own delivery initiative, uh we had also been cognizant of the 9:55 9 minutes, 55 seconds fact that customers in India overall has been experiencing and uh and and it 10:05 10 minutes, 5 seconds desire to get the products much faster than you know uh has been traditionally being served a few years back and over 10:13 10 minutes, 13 seconds next few years that uh desire to get products much faster will continue to only increase and improve. With that in 10:21 10 minutes, 21 seconds mind to uh cater to those expectations of the customers um we started a new 10:28 10 minutes, 28 seconds initiative called first crack quick. Uh we are currently uh underway on uh a 10:35 10 minutes, 35 seconds pilot in three cities uh in Punea, Bangalore and Hyderabad. Uh where we not only serve our diapering category but uh 10:44 10 minutes, 44 seconds service all other full range of products including baby gear, nurseries, fashion, toys, 10:51 10 minutes, 51 seconds everything uh that we normally serve uh across all categories. 10:56 10 minutes, 56 seconds uh and this FCQ quick model has been set to we are leveraging our entire in these 11:03 11 minutes, 3 seconds three cities as a pilot in few pin codes we're leveraging our cocoa stores to begin with a and few of our u stockish 11:12 11 minutes, 12 seconds network and uh and uh and also uh we'll be extending into the dark stores with that we believe over a period of 11:21 11 minutes, 21 seconds time you'll be able to leverage our 1200 stores over a period of time once We streamline the entire tech product as 11:29 11 minutes, 29 seconds well as uh the supply chain ops for the entire FCU quick to be able to deliver all products. Currently we are promising 11:37 11 minutes, 37 seconds uh 3 hours as a promise delivery. Uh we intend to reduce it uh a promised delivery over a period of time. The 11:45 11 minutes, 45 seconds objective here is to ensure that we remain future proof, foolproof in terms of being able to meet customer expectation while rocket bees will 11:53 11 minutes, 53 seconds continue to serve across uh you know over a period of time a large number of cities not just only few 12:01 12 minutes, 1 second hours but SD uh and u you know u across states uh 12:07 12 minutes, 7 seconds deliveries as well. uh SCU quick is is a pure uh few hours delivery is what uh we 12:15 12 minutes, 15 seconds are endeavoring to deliver to cater to the future requirements of our uh young mothers and young fathers. 12:22 12 minutes, 22 seconds Third initiative uh that we have spoken in the past uh is going to take shape in SS26 12:30 12 minutes, 30 seconds uh which will help us address uh more footfalls more conversions through 12:36 12 minutes, 36 seconds realigning product portfolio uh by getting into a width to a depth strategy. part of our product portfolio. 12:44 12 minutes, 44 seconds We'll move to a depth strategy uh releasing the COGS benefit to MRP reduction 12:51 12 minutes, 51 seconds catering to a wider audience and enabling us uh to uh have better conversions. So with all these three 12:59 12 minutes, 59 seconds initiatives we remain super super confident about structurally deliver superior growth in FI27 once these all 13:08 13 minutes, 8 seconds three initiatives are fully rolled out. 13:16 13 minutes, 16 seconds Yeah, I think yeah, I'll hand over to Abina for international business update. 13:29 13 minutes, 29 seconds Hi, good meeting is being recorded. Hi, good evening everyone. 13:37 13 minutes, 37 seconds One second. I think I have a tech glitch. You're right. Can you can you hear me guys? Yes. Yes. Yes. 13:44 13 minutes, 44 seconds All right. Good evening everyone. Um so our story for Q3 uh looking back at Q3 this year we witnessed as Superman 13:53 13 minutes, 53 seconds mentioned in this first slide we witnessed very elevated promotional activities you know uh led by the two horizontals that we've spoken about in 14:01 14 minutes, 1 second the previous quarters as well. Uh however uh we on our part stayed uh uh relentless with razor sharp focus on you 14:09 14 minutes, 9 seconds know not participating in that kind of a frenzy or negative spiral as we call it and uh wanted to ensure that we are on a 14:17 14 minutes, 17 seconds path to sustainable growth with improvement in uh our gross margins. Anish next slide please. 14:28 14 minutes, 28 seconds So uh you know having said that we we expanded our gross margins uh in like for like quarters by 150 bips and over a 9-month comparative period by 180 bips. 14:40 14 minutes, 40 seconds Uh we also saw uh a reduction in our AITA losses from 15% to 11% in 14:47 14 minutes, 47 seconds percentage terms and in absolute value about 25% reduction uh like for like quarters. the same uh in the 9 month 14:55 14 minutes, 55 seconds comparative period we uh reduced our losses from 17% to 10%. And in absolute value by about 36%. 15:07 15 minutes, 7 seconds So uh you know the trend if you if you look at the trend the path that we've uh sort of stayed sustained over the last 15:15 15 minutes, 15 seconds few quarters as we've discussed previously we've seen uh you know reductions or improvements rather in our 15:22 15 minutes, 22 seconds losses uh from right from FI23 to FI25 we've reduced our our losses by 831 bips 15:32 15 minutes, 32 seconds and if you compare FI25 over the 9 period of FI26 we've uh reduced this by 705 dips. So a very sustained focus on 15:42 15 minutes, 42 seconds both uh a very sustained healthy topline sort of a growth. Uh when I say healthy I mean uh looking at you know ensuring 15:51 15 minutes, 51 seconds that EITA losses quarteron quarter and yearon year are reducing as we speak. 15:58 15 minutes, 58 seconds Over to you Anoj. Thanks Above. Uh good evening everyone. 16:04 16 minutes, 4 seconds Uh here's the update on global bees. Uh as you're aware over the last few quarters, we've been speaking about uh 16:12 16 minutes, 12 seconds uh rationalizing uh certain brands because they were uh delivering a relatively lower revenue growth as well as incurring losses and uh we believe 16:21 16 minutes, 21 seconds that we should be able to complete this rationalization uh in the first quarter of FI27. 16:28 16 minutes, 28 seconds Uh therefore we'll first focus on the core categories performance for 9 months uh FI26. 16:35 16 minutes, 35 seconds We did a revenue of uh 1417.4 crores uh which was a 30% yearon-year 16:42 16 minutes, 42 seconds growth. Uh if I were to compare this to uh H1 as well as uh quarter 1 of this year uh we were at very similar levels 16:50 16 minutes, 50 seconds of growth of 30%. Uh so uh as of now we're delivering pretty consistent uh 16:56 16 minutes, 56 seconds 30% growth. The AITA uh was 69 adjusted AIA was 69.8 crores uh which is 4.9%. 17:08 17 minutes, 8 seconds If you look at the consolidated view uh uh it's been a uh good quarter and it's 17:17 17 minutes, 17 seconds been a good 9 months. In the last quarter, we delivered a 22% growth from 422.3 crores to 515 crores and even on a 9-month basis, the growth has been 22%. 17:29 17 minutes, 29 seconds Uh so again, the overall story of growth is uh is consistent uh across the year. Uh all of this growth has been organic. 17:38 17 minutes, 38 seconds Uh the last acquisition that we made was in September 2022. 17:43 17 minutes, 43 seconds Moving on to the adjusted IITa. uh the adjusted IITA for uh the last quarter uh 17:49 17 minutes, 49 seconds grew by 147% yearonear uh and moved from 1.4% in the previous year to 2.9% this 17:57 17 minutes, 57 seconds year. Uh if I look at it on a 9-month basis, we grew by 54% uh and uh from a 18:04 18 minutes, 4 seconds 1.6% in the previous year to 2% uh this year. 18:09 18 minutes, 9 seconds We'll just look at the overall trend of IIT adjusted IITa that we've seen over the uh last few years in FI23 we were at minus 5%. 18:20 18 minutes, 20 seconds uh in FI 24 and 25 we moved to a zero and a 1% and uh in in these uh this 18:26 18 minutes, 26 seconds year's 9 months uh we're at a 2% however uh again looking at if I were to remove the brands that we're rationalizing uh 18:35 18 minutes, 35 seconds and if I was to focus only on the core categories the adjusted EITA becomes 4.9%. 18:42 18 minutes, 42 seconds So that that uh sums up the global peace update. Thanks. 18:50 18 minutes, 50 seconds So this is the consol performance uh of all the segments put together. 18:55 18 minutes, 55 seconds So while three segments was just explained by by Vive Abinav and Anoj uh 19:02 19 minutes, 2 seconds the fourth segment which is uh which primary represents our school business it continues to perform very well uh for 19:10 19 minutes, 10 seconds the 3 months uh ended 31st December. If I talk about the AIA growth, AITA growth 19:17 19 minutes, 17 seconds has seen a jump of 40% year on year. And if I talk about the 9 months growth in the AITA, uh uh it is roughly around 27%. 19:27 19 minutes, 27 seconds Uh in terms of percentage of AITA to the revenue for the Q3, the AITA was roughly around 31% and for the 9 month is it 19:34 19 minutes, 34 seconds stands around 27%. So that continues to perform very well. Um uh uh so if we add 19:42 19 minutes, 42 seconds all the four segments what we get is uh a 12% yearon-year growth in Q3 uh uh 19:49 19 minutes, 49 seconds 2172 cr rupes increasing to 20423 crores. Similarly if we talk about the 9 months performance a growth of of uh 11%. 20:00 20 minutes There is some dip in the gross margins uh as presented and talked about in the previous slides largely because of you 20:08 20 minutes, 8 seconds know uh some decline in our India multi- channelannel business gross margins which is largely because of heightened competitive intensity uh especially in 20:17 20 minutes, 17 seconds the diapering uh category that we have seen in Q3 and the second one is uh drop in gross margins in global bees business 20:24 20 minutes, 24 seconds while it continued to improve I beta the gross margins has reduced because of two reasons One is a drag on gross margin 20:32 20 minutes, 32 seconds because of the other categories which is non-core other than the core categories and the second one is uh some change in 20:40 20 minutes, 40 seconds the revenue recognition policy of uh of flipkart uh uh that has reduced the margin. However, on a ITA level global 20:48 20 minutes, 48 seconds bees continue to perform very well. uh with this gross margins and the revenue growth uh what we achieve in terms of 20:55 20 minutes, 55 seconds IETA is uh a 25% year-on-year growth for the 9 months FI25 FI26 over FI25 which 21:03 21 minutes, 3 seconds is uh from 5.1% we have reached to 5% 5.8% 8% uh of IITA 21:11 21 minutes, 11 seconds uh all the business segments you know continue to see uh ITA growth uh on the 9 months basis uh India multi- 21:20 21 minutes, 20 seconds channelannel increasing by 6% uh global bees uh increasing by for you know 47% 21:28 21 minutes, 28 seconds school increasing by 27% and uh international business the losses uh have come down by almost 36% in 9 months 21:37 21 minutes, 37 seconds so all the four business segments has contributed to the improvement in this beta. 21:48 21 minutes, 48 seconds Yeah, happy to take questions. Um, thank you team. We will now move on to 21:56 21 minutes, 56 seconds the Q&A. I request participants to raise the hand for asking questions. We will unmute you one by one and you will have access to the mic. Please introduce 22:04 22 minutes, 4 seconds yourself and the name of the organization you represent. The participants are also requested to limit their questions to a maximum of two. For any follow-up questions, you may join the queue again. 22:28 22 minutes, 28 seconds Next question is from Mr. Sachin Digshit. Suchin, please unmute yourself. 22:35 22 minutes, 35 seconds Hi. Uh hi Superman Botam. Uh I had three questions. Uh the first one was on our brand partnerships 22:43 22 minutes, 43 seconds right so while yes we are struggling with growth for sure but I also noticed that in the 9 month FI26 period the 22:51 22 minutes, 51 seconds number of brand partners we have is actually lower than what we had last year. Uh what is happening there? Is it 22:58 22 minutes, 58 seconds is it also driving some of the headwinds that we are facing? 23:04 23 minutes, 4 seconds Yeah. So you want to complete the Okay, we can address this particular point. 23:08 23 minutes, 8 seconds You're talking about from some 8,000 number to something some you know numbers getting 7800. Yeah. 7,800. Yeah, 23:15 23 minutes, 15 seconds that's you know absolutely that point needs to be ignored because those brands do not even contribute uh less than.5% 23:23 23 minutes, 23 seconds of our revenue. So you can continue to ignore that. uh that that's we are rationalizing at our end to be able to 23:30 23 minutes, 30 seconds manage our own uh you know curation in a much smarter way. 23:37 23 minutes, 37 seconds Understood. I mean largely for more most marketplaces one would be anticipating that the number of brands goes up rather than goes down. 23:46 23 minutes, 46 seconds No such that's not a metric that really impacts us. Uh so nothing to it's completely to be ignored uh because uh 23:56 23 minutes, 56 seconds that's not the brands that are you know there are lot of mreneur brands and there are lot of you know new brands 24:03 24 minutes, 3 seconds that come and go uh you know they they completely get wiped out uh you know over a period of time in their own journey. A lot of entrepreneurs young 24:12 24 minutes, 12 seconds you know mreneurs as well. So we can't continue with them once they can't give us the you know sort of a uh customer 24:20 24 minutes, 20 seconds experience of the products that we are requiring for. So we uh take those calls as well in terms of curation of the brands that we are catering to the 24:28 24 minutes, 28 seconds customer for our customers. So but these are long tail uh I would say the you know the uh far end of the long tail. So nothing to worry about at all. 24:38 24 minutes, 38 seconds No [clears throat] such no impact. Yeah. 24:41 24 minutes, 41 seconds Zero. So okay uh on the second question on our own supply chain initiative right I mean obviously I think this question has come up earlier as well you had 24:49 24 minutes, 49 seconds express bees which as far as media report suggest is faltering um and now you are again doing a rocket bees 24:57 24 minutes, 57 seconds do you I mean how certain are you that you really need to build this right uh I mean as far as the broader e-commerce 25:05 25 minutes, 5 seconds goes most people are happy with third party logistics uh one large player which is shipping like two billion ship equipments is probably doing in no 25:13 25 minutes, 13 seconds insourcing which makes sense probably at that volume but for your volume how certain do you feel it is needed and especially in the light that we have 25:21 25 minutes, 21 seconds highlighted supply chain issues now for two quarters in a row uh so so we'll love some color there 25:27 25 minutes, 27 seconds sure uh if you look back you know last two quarters that we have talked about uh you know third party logistics is uh 25:37 25 minutes, 37 seconds hugely dominated by uh their demand is dominated by uh you know uh players like 25:44 25 minutes, 44 seconds Misho and others um and you know the customer sensitivity of you know and I 25:50 25 minutes, 50 seconds don't wish to mention that there is no distinguish distinguished service for a pre you know player like us versus 25:58 25 minutes, 58 seconds someone else uh so while we are very very particular the kind of customers that we are catering to is far more 26:05 26 minutes, 5 seconds particular in metro tier 1 tier 2 or tier three whereas players who are dominating uh the demand of some of 26:13 26 minutes, 13 seconds these LSPs are on the tier three plus so the consist consistency of service doesn't exist there and our customers 26:21 26 minutes, 21 seconds were suffering so we had to take things we waited for quite some time I think I acknowledged on the last call as well that we were late uh but uh but but I 26:31 26 minutes, 31 seconds think we had to take things in our own control in terms of being able to provide that kind of a service which customers will uh love And uh these are 26:40 26 minutes, 40 seconds young moms, young parents who cannot wait beyond the promise that you are promising and on on top of it with the 26:48 26 minutes, 48 seconds you know uh I would say uh the uh feature of quick commerce and general you know commerce being you know so 26:57 26 minutes, 57 seconds pervasive in today's uh world and today's uh genz audience and so on so forth. uh it is very important from our 27:05 27 minutes, 5 seconds future perspective as well to build our supply chain which you can you know uh tailor to your requirements rather than 27:13 27 minutes, 13 seconds being dependent on the third party. It's not like in US where you have you know a you know FedEx being same days delivery 27:21 27 minutes, 21 seconds or a you know one day delivery versus a 3-day delivery. You can decide as a shipper as a customer for a shipper like FedEx. In India we don't have that kind 27:29 27 minutes, 29 seconds of models. So we had to take things in control and uh you know and and for any 27:36 27 minutes, 36 seconds large e-commerce player like us uh I would say logistics is a very very integral part of our journey. uh 27:43 27 minutes, 43 seconds initially expresses was built like that but I think they moved in their own direction in terms of managing their own 27:51 27 minutes, 51 seconds uh you know P&L and their own uh sort of a story and likewise for delivery likewise shadowfax and so on so forth uh 27:58 27 minutes, 58 seconds we believe we are in much better shape we we track matrix of performance uh of third party we work with all of them 28:06 28 minutes, 6 seconds still and we work and we are scaling our own rocket bees as well we are far superior in terms of customer experience 28:13 28 minutes, 13 seconds As I told in my presentation few minutes back, we have a 20% superior uh delivery t compared to the third party logistics 28:22 28 minutes, 22 seconds that itself is uh uh you know critical for us to be able to uh provide that experience and it helps us reducing 28:30 28 minutes, 30 seconds RTO's and so on so forth which I can talk a lot about it but I will reserve my comment saying that it is important to uh build that architecture and it's 28:39 28 minutes, 39 seconds an asset light model it is at the same cost. Initially there's a little bit of a bump up uh but as you scale and you 28:47 28 minutes, 47 seconds build your own network in cities uh you are able to have the similar cost as a third party logistics. So it doesn't come at a incremental cost in a medium 28:55 28 minutes, 55 seconds to long run and on top of it if you have your architecture you can actually build an FCQ quick kind of a model which otherwise you cannot you can probably 29:03 29 minutes, 3 seconds dream and wait for you know I would say you know performance to be done by somebody else whereas the core if you 29:10 29 minutes, 10 seconds look at any large player uh everyone has their own fleet everyone has their own model to be able to deliver that kind of 29:17 29 minutes, 17 seconds a service and [clears throat] it had to happen probably it happened now uh We wish we had not anticipated it couple of 29:24 29 minutes, 24 seconds years back but I think it was imminent that it happened and now we feel more confident uh having taken uh rocket 29:32 29 minutes, 32 seconds reach to 28 cities and it'll continue to grow week on week uh fortnite on fortnite basis uh and uh and u uh as I 29:42 29 minutes, 42 seconds said 45 to 50% of a shipment will be done by uh middle of the year which will mean a lot improved customer experience 29:51 29 minutes, 51 seconds help us in growth grow of the same customer who we are serving through rocket beasts uh and uh and on the same architecture be able to scale up our FC 30:00 30 minutes quick as well which otherwise would have not been possible and such just to clarify Sachin uh you talked 30:09 30 minutes, 9 seconds about the supply chain issues uh so what we talked about as a supply chain issue is not anywhere related to 30:16 30 minutes, 16 seconds logistics I'm just clarifying that yeah those supply chain were related to you know sourcing le supply chain not uh 30:24 30 minutes, 24 seconds the forward-looking supply chain which is from our warehouse to end consumer. 30:29 30 minutes, 29 seconds So Sachin and uh just wanted to add on to what Super was mentioning that uh we continue to work with all third party 30:37 30 minutes, 37 seconds logistics and uh they are critical for our business. uh but uh while rocket bees also continue to give us more 30:45 30 minutes, 45 seconds flexibility towards uh making sure that the consumer sentiment improves and solve for micronuances of the consumers. 30:54 30 minutes, 54 seconds Sure, understood. Just my final question on the margin outlook for India business if I can. Uh right. So we have been 31:02 31 minutes, 2 seconds generally trending I mean earlier we were doing 80 90 basis points expansion then we dropped to 50 60 this quarter it 31:08 31 minutes, 8 seconds looks like y we have dropped margin is there any new outlook on how margin should look like on the India business 31:16 31 minutes, 16 seconds that's my last question thank you so such on a medium to long run nothing changes u I think this correction that 31:23 31 minutes, 23 seconds has happened is largely because of a certain heightened competition that we saw in one of our categories which is diapering uh we have seen these kind of events 31:32 31 minutes, 32 seconds even in earlier years uh once you know these are irrational uh I would say events that has happened 31:41 31 minutes, 41 seconds how long obviously we don't control that because it's been done by uh large players uh I think once it improves that 31:50 31 minutes, 50 seconds you know improvement will come back sharply uh uh but we can't anticipate the time however our structural 31:58 31 minutes, 58 seconds improvement in gross margin across our 85% of the portfolio will continue to happen u uh you know uh quarter on 32:05 32 minutes, 5 seconds quarter year on year basis when we uh you know increase our category mix improve our category mix and improve our 32:12 32 minutes, 12 seconds home brand mix so that doesn't change at all hope that answers 32:25 32 minutes, 25 seconds that does thank you thank Thank you Sachin. The next question is from Ajay Akarbal. AJ please unmute yourself. 32:37 32 minutes, 37 seconds Thanks. Hi Shopam. Uh Gotham and team uh good set of results. I have uh three questions. I will take the first one on 32:45 32 minutes, 45 seconds the India business. So how are you viewing the new players that have emerged in the baby and kids vertical with whatever delivery being a 32:52 32 minutes, 52 seconds proposition? there are couples of the players I think in the market especially in the metro cities that have emerged in this segment. 33:00 33 minutes So this is my first question I think uh should I repeat all three and then you will take the or you want to take one this no we can go one by one uh it helps 33:08 33 minutes, 8 seconds to remain focused. So AJ I think look your point is fair uh uh but I can just say that we have heard about two small 33:16 33 minutes, 16 seconds sort of uh uh venture funded companies uh look you know these are early days uh there is a frenzy of quick commerce and 33:24 33 minutes, 24 seconds I think uh people are just uh riding on that bandwagon uh they're operating out of a I would say single dark store in a 33:33 33 minutes, 33 seconds few catchment of a city like an I mean like a NCR as a and and Bangalore Um uh 33:40 33 minutes, 40 seconds uh and uh scaling this model uh to a level where they attain scale build a 33:47 33 minutes, 47 seconds you know acquisition engine uh ecosystem of a certain sort of a you know 33:53 33 minutes, 53 seconds competitive game uh or a unit economics and on top of it being able to build home brand it will take them many many 34:03 34 minutes, 3 seconds number of years and currently their unit economics is at a CM2 sort of a so terrible uh that it will take you know 34:12 34 minutes, 12 seconds uh in our estimate hundreds of millions of dollars for anyone to really take certain shape and size. Uh so in in our 34:19 34 minutes, 19 seconds opinion in our assessment it's very very hard to replicate what has been built uh uh for uh you know uh players like uh 34:28 34 minutes, 28 seconds the new you know players that you are mentioning in especially in the quick commerce baby and kids space. So uh good 34:35 34 minutes, 35 seconds luck to them uh and good luck uh to you know uh being able to generate hundreds of millions of dollars in investment to 34:42 34 minutes, 42 seconds be able to fund their growth or uh you know I'm fixing the area in economics. 34:54 34 minutes, 54 seconds Thanks. Um it makes sense. Uh the other question is on international business. 34:59 34 minutes, 59 seconds So when we will uh you will be able to turn AITA break even in the international business and by when can we expect the growth to bounce back to higher level? 35:09 35 minutes, 9 seconds So uh AJ uh good question uh slightly longer answer uh stay with me here. So 35:16 35 minutes, 16 seconds uh a early days uh and uh you know if you've seen the last few quarter results you know especially the expansion of 35:25 35 minutes, 25 seconds gross margins and a a certain uh sort of a topline growth as well as reduction in 35:31 35 minutes, 31 seconds losses. I think uh you know the the path that we've chosen for ourselves here for the international business is uh 35:39 35 minutes, 39 seconds ensuring that we grow and while we grow we you know you know very very focused on reducing our losses first that's the 35:47 35 minutes, 47 seconds topmost priority because we believe fundamentally uh that you know while the compet while the competition intensity is very high 35:55 35 minutes, 55 seconds you know uh we saw that last quarter also we must remain very absolutely focused on you know ensuring that we are not 36:04 36 minutes, 4 seconds joining that bandwagon uh because uh retaining customers acquiring the quality customers is the topmost 36:12 36 minutes, 12 seconds priority you know especially in the ecosystem which are you know inducing your tax to be on the higher side or even the CPCs and CPMs to be very high 36:21 36 minutes, 21 seconds you know just because of the intensity we have to remain [clears throat] focused we are uh ensuring that our home brand mix in the business what we are 36:29 36 minutes, 29 seconds selling the mix of home brands is improving the mix of uh brands that are higher gross margin or higher repeat categories 36:37 36 minutes, 37 seconds for us uh is improving. While we do that uh our uh profitability path is very 36:45 36 minutes, 45 seconds clear that uh we are not going to achieve a certain uh step function growth in top line or we are not going to commit to a step function growth in 36:53 36 minutes, 53 seconds topline while having a steep drop in gross margin or steep drop in a beta. So the first priority is obviously 37:01 37 minutes, 1 second improving or reducing our losses. Having said that I think uh 3 and a half years into KSA and about just over 5 and a 37:10 37 minutes, 10 seconds half in in UAE still early days we've seen the same frenzy in India. If you go 37:16 37 minutes, 16 seconds back, you know, 10 years or 15 years, you know, we've seen the horizontals play a similar sort of a sort of a uh uh 37:25 37 minutes, 25 seconds business game plan while they expand the ecosystem for e-commerce in the baby and kids category for us uh and for the 37:34 37 minutes, 34 seconds larger ecosystem. We ride the wave once we have our unit economics you know in a in a zone where we very comfortable to 37:42 37 minutes, 42 seconds press on the pedal to grow faster and also break even. So uh very early days to commit anything but definitely India 37:50 37 minutes, 50 seconds I think and super you can correct me if I'm wrong but India I think took about 10 years uh you know to achieve that sort of a profitability or break even 37:59 37 minutes, 59 seconds mark. One thing we know is we'll get there faster. Uh it'll not take us 10 years. 38:06 38 minutes, 6 seconds enough thanks for the detailed response. 38:09 38 minutes, 9 seconds Uh my last question will be on global bees uh Anoj good set of result in GB. 38:14 38 minutes, 14 seconds Uh I heard there was a mention of flipkart impact of uh some growth in Q3. 38:19 38 minutes, 19 seconds So can you help us to understand how much did flipkart impact growth in Q3 and again on global ves also any plans on listing of global ves? Can you share 38:27 38 minutes, 27 seconds the tentative timelines or any sense on the same? 38:34 38 minutes, 34 seconds Uh sure sure. So um so I would say that uh overall u you know with the with the 38:41 38 minutes, 41 seconds readjusted model that uh Flipkart has there has been uh an impact on the 38:48 38 minutes, 48 seconds revenue revenue level itself u and that has got depressed. Overall our uh gross 38:55 38 minutes, 55 seconds margin profile remains uh you know pretty pretty consistent and uh [clears throat] uh at a fundamental 39:02 39 minutes, 2 seconds level there's no material change in the margins of the core business. So um really that uh the impact of Flipkart 39:11 39 minutes, 11 seconds we've seen over the last couple of quarters uh has stabilized and in the coming year um I think we should be able 39:19 39 minutes, 19 seconds to uh simply grow from there. Again the right way of you know looking at the global business globally businesses is 39:28 39 minutes, 28 seconds you look at the AITA growth right uh uh which is around 150% increase year on 39:34 39 minutes, 34 seconds year in Q3 and roughly 50% increase year on year in in in 9 months I think that's the metric that we should see 39:43 39 minutes, 43 seconds thanks for essentially answering all the questions wish you all best of luck thank you thanks thanks AJ thank you AJ the Next question is from Mr. Ranjit. 39:53 39 minutes, 53 seconds Ranjit, please unmute yourself. Hi, am I audible? 40:02 40 minutes, 2 seconds Yes. Yes. 40:03 40 minutes, 3 seconds Yeah. Hi, this is Thesis from Aendis Park. Uh, hi Subam. Hi, Gotham. Uh, Subam, uh, if you can just elaborate a 40:11 40 minutes, 11 seconds bit uh, our our plan with uh, rocket bes and quick what uh, exactly uh, are we 40:18 40 minutes, 18 seconds trying to solve here? A and what it will entail in terms of uh capital commitment [clears throat] and uh bandwidth commitment in coming period. 40:29 40 minutes, 29 seconds So [clears throat] look uh Ranjit uh we have spoken about uh rocket base initiative uh for 40:37 40 minutes, 37 seconds um rocket w is a nomature that we have expressed first time uh uh on this call 40:44 40 minutes, 44 seconds but I think this initiative is almost a 9 month old. We started um somewhere around February March. It was almost 40:51 40 minutes, 51 seconds like uh 11 12 months old now. So 40:54 40 minutes, 54 seconds [clears throat] 40:55 40 minutes, 55 seconds uh we've been speaking about in couple of quarters in our earnings call. Uh we faced lot of challenges 41:03 41 minutes, 3 seconds uh in uh you know late 24 and in calendar year 25 41:10 41 minutes, 10 seconds uh where customer experiences because of our delivery delays and uh painful 41:17 41 minutes, 17 seconds experiences because of disruption in the LS last mile service provider sort of ecosystem 41:24 41 minutes, 24 seconds uh uh really you know uh gave our customers a lot of And uh we waited, we tried all kind of 41:33 41 minutes, 33 seconds all players uh but we could not really get the kind of output the kind of experience that we would really desire 41:41 41 minutes, 41 seconds to give to our customers and uh with that u sort of a u landscape that this 41:48 41 minutes, 48 seconds will not get fixed uh you know because as I said uh India logistics do not provide differentiated service as what 41:57 41 minutes, 57 seconds you will find probably in developed nations like US where you can have a shipper ship your order for a priority delivery versus a regular delivery. 42:06 42 minutes, 6 seconds India doesn't have as uh sophisticated nuance um at scale and at a cost that 42:13 42 minutes, 13 seconds you would like it to be uh and therefore we had no choice left but to take uh this uh you know last mile service uh 42:22 42 minutes, 22 seconds you know sort of a game in our hand. We built a totally an asset light model. 42:26 42 minutes, 26 seconds Total tech stack is being built by first cry. Um and uh on that we have third party logistics uh regional local 42:35 42 minutes, 35 seconds players who are providing dedicated manpower who are attached to uh fulfilling those shipments or delivering 42:43 42 minutes, 43 seconds those shipments uh uh to the last mile dedicatedly only our shipment not mixing shipment with some other uh uh shipper. 42:54 42 minutes, 54 seconds So with that we have not only improved uh you know I would say the delivery t by around 20% compared to the third 43:02 43 minutes, 2 seconds party logistics provider for our end customer but also improved a lot of other metrics in terms of RTO's in terms 43:09 43 minutes, 9 seconds of you know other uh you know metrics that come around damages and so on so forth which essentially means superior 43:17 43 minutes, 17 seconds sort of a customer retention and superior customer cohort as more and more customer come under the area under the curve of RB we believe that we will 43:26 43 minutes, 26 seconds have we will be able to uh improve our growth with higher retention uh and higher LTV from those sort of a 43:34 43 minutes, 34 seconds customers so it will it will you know pan out very beautifully for us also I must say in the same breath that it 43:41 43 minutes, 41 seconds doesn't cost much extra compared to the third you know LS uh third party LSP's cost initially for few months it is a 43:49 43 minutes, 49 seconds bump up but after that once the city stabilizes onto a higher network uh of RB deliveries the cost really comes down 43:57 43 minutes, 57 seconds to the same third party logistics sort of service provider cost. So it is it is something that I wish uh we would have 44:06 44 minutes, 6 seconds not faced this issue in the first place but since we faced it we had to build it and having built it we uh there was also a strategic sort of an understanding 44:15 44 minutes, 15 seconds with the undercurrent of last couple of years that couple of quarters we are seeing how quick commerce has been you know rapidly changing the consumer 44:23 44 minutes, 23 seconds behavior uh of getting products much faster with rocket b's uh sort of an architecture we are able to now control 44:31 44 minutes, 31 seconds our destiny or control our customer experience for FCQ as a model as well. Otherwise, it becomes super difficult to just keep 44:39 44 minutes, 39 seconds waiting for third party LSP to really build a model for you and being able to scale up as quickly as you would wish 44:47 44 minutes, 47 seconds to. That would have not happened. So, it's just taking things in our control. 44:50 44 minutes, 50 seconds The way we did it in 2013 uh we when we we started express we had to take that in because at that time 44:58 44 minutes, 58 seconds there were no LSPs other than DTDC and blue dart and so on so forth historically I don't want to go there and tell you the whole sort of a story 45:05 45 minutes, 5 seconds you may already know that so we had to build what we built at that point in time but uh uh u uh we had to do another 45:14 45 minutes, 14 seconds innovation again once again uh because of the disruption in the LSP ecosystem uh in last couple of years uh and 45:22 45 minutes, 22 seconds therefore ended up building our own uh rocket be dedicatedly only working for first cry. So I hope I have answered this question unless you have any 45:31 45 minutes, 31 seconds specific question on this particular point. 45:34 45 minutes, 34 seconds Yeah. Uh thanks this was quite comprehensive. Uh just one follow up there. So when we when we look at a player like Nika now two years back they 45:42 45 minutes, 42 seconds also called out that because of logistic issues and other challenges they are not able to give the the the customer experience was 45:50 45 minutes, 50 seconds getting compromised and especially they were getting into Nikolux also. So they wanted it to be much more premium. Now they addressed it by investing in 45:58 45 minutes, 58 seconds fulfillment centers closer to larger markets and and uh as as the result shows now uh they seem to have solved 46:06 46 minutes, 6 seconds the problem and how and in a very good way. So just wanted to know this tensil that we are trying to use or we are using now now we are committed to uh has 46:14 46 minutes, 14 seconds it been used and hence it gives us confidence or we are the first to try it because uh to to our naked eyes Nika model also seems to be doing fine which also had similar challenges as we had. 46:26 46 minutes, 26 seconds So I I'll just tell you the broad difference between us and some other players that you are mentioning. Uh look we are a mini horizontal in some sense. 46:35 46 minutes, 35 seconds we are shipping from a 10 g diaper pin to a 30 kg toy car. So our supply chain, 46:42 46 minutes, 42 seconds our logistics model is far far different than half a kg of a shipment of a typical sort of a fashion or a you know 46:49 46 minutes, 49 seconds beauty BPC as a product category. So the supply chain is far far different right from storage to a uh you know line hall, 46:58 46 minutes, 58 seconds midm, first mile and last mile. So I think it is very very complex. uh so it cannot be compared with what you are 47:05 47 minutes, 5 seconds mentioning in real terms. So therefore uh while things may work out with others 47:12 47 minutes, 12 seconds in a different way same you know paint brush cannot be applied onto our kind of a many horizontal uh you know uh product 47:20 47 minutes, 20 seconds mix where the spectrum of the product uh in physical form or a volutric form is far different uh than what the others 47:28 47 minutes, 28 seconds are providing. So we had to take we had to build what we therefore built. Uh and as you will remember when we have 47:35 47 minutes, 35 seconds already 85 warehouses uh somewhere around 83 or 85 warehouses in the uh uh from a uh you know 47:42 47 minutes, 42 seconds proximity standpoint already that network we built it uh a fairly long period of uh time back. Uh in fact we 47:51 47 minutes, 51 seconds were the pioneers of building uh sort of a dark store when the dark store model as a name did not exist. We built our 47:58 47 minutes, 58 seconds first so-called today's dark store in 2013 or 2013 13 or 14 somewhere around that. Uh so we have been fairly 48:05 48 minutes, 5 seconds innovative in those terms. Uh we enjoyed the fruits of that journey fairly early in our u you know uh overall uh 15 year 48:14 48 minutes, 14 seconds journey. uh but I think u uh things change uh environment change uh you know 48:21 48 minutes, 21 seconds service models change consumer expectations change and we had to renovate uh reinvent ourselves and that 48:28 48 minutes, 28 seconds is where uh it you know led to building what we have built now this will be long-lasting this will be uh very strong 48:36 48 minutes, 36 seconds pillar of our growth going forward in fact in the in the cities that we are already delivering through RB we see a 48:43 48 minutes, 43 seconds very significantly higher growth than the cities that we do not have RB today. I hope that really gives you you know and is significantly 48:52 48 minutes, 52 seconds different. So therefore that gives us internal sort of a boost as well that what we're doing is right not just uh vanity metric uh in terms of customer 49:01 49 minutes, 1 second satisfaction but also in terms of real growth that we'll be able to demonstrate once um you know more and more customer experiences RB and the RB network 49:10 49 minutes, 10 seconds increases to many more cities and we'll be able to demonstrate uh our India multi- channelannel growth our online growth into a very different curve uh in 49:19 49 minutes, 19 seconds FI27 we mentioned that in our presentation and hopefully We will continue to demonstrate sequentially not just FI27 but 49:28 49 minutes, 28 seconds sequentially a superior growth uh in our India multi- channelannel. We are super confident on that on back of these 49:35 49 minutes, 35 seconds initiatives. In fact, yes and a long-term investment uh uh it 49:42 49 minutes, 42 seconds is a long-term uh benefit that we are building for the consumers. 49:46 49 minutes, 46 seconds Uh so it is it is important from that window as well for us. 49:52 49 minutes, 52 seconds Perfect. And and and just for uh last if I may squeeze in a followup there uh what percentage of our revenue or or 50:00 50 minutes client pool or customer pool will be able to service uh with this initiative by let's say in next two quarters and by 50:07 50 minutes, 7 seconds the end of FI27 and you have said that witnessing 20% improvement in TAT wherever we have done uh implemented 50:14 50 minutes, 14 seconds this. uh so other than that this customer experience shows up in which KPI and how how we should think of it 50:22 50 minutes, 22 seconds translating into financials going ahead that's all from my side. 50:26 50 minutes, 26 seconds So as I as I alluded I think we are witnessing uh significant superior growth. So if you're talking about 8.9 50:33 50 minutes, 33 seconds or maybe 11 if you want to uh you know uh iron out the supply chain deficiencies that we witnessed in 50:40 50 minutes, 40 seconds quarter 3 you can apply definitely a much superior growth than that. Uh we have in cities that where we have RB 50:48 50 minutes, 48 seconds we're talking about mid- teens plus growth. Uh so uh as we as we expand our 50:56 50 minutes, 56 seconds rocket bees network to more and more cities uh we should be able to expand uh you know that mid to late teens growth 51:04 51 minutes, 4 seconds model in those cities uh as more and more customers really get uh area under the curve. So as I said rocket bees by 51:13 51 minutes, 13 seconds middle of the uh current calendar year we should be able to touch 45 to 50% of our overall shipments. 51:21 51 minutes, 21 seconds Thanks and all the best for coming to us. Thank you. Thank you. 51:29 51 minutes, 29 seconds Next question is from Venit. Uh Venit, please unmute yourself. 51:41 51 minutes, 41 seconds Hi uh thanks for the opportunity. So just a follow up on FC quick. Uh I get your point around uh the third party 51:48 51 minutes, 48 seconds logistics. Uh but how would you you commerce players as our competition who are delivering within say like 10 to 15 51:56 51 minutes, 56 seconds minutes and what will be our value proposition if we are if our delivery promise is 2 to three hours. So is it going to be the assortment depth or it will be largely uh pricing led. 52:08 52 minutes, 8 seconds So when you think uh if you think you know uh let's go back into the shoes of a mom typically our uh AUPT uh is fairly 52:18 52 minutes, 18 seconds high compared to you know a quick commerce the mother typically would put multiple number of units in a typical 52:26 52 minutes, 26 seconds order. Uh number one number two our assortment itself uh we are talking about uh not just you know diapering or 52:35 52 minutes, 35 seconds consumables. We're talking about entire fashion, footwear, um, and, uh, baby gear, nursery, toys, 52:43 52 minutes, 43 seconds uh, you know, the entire product categories that we served in a regular business is also being served in the, uh, FCU quick. So, it's a very different 52:51 52 minutes, 51 seconds experience and we are leveraging 12 today. We are leveraging uh, you know pilot in these three cities on few pin 52:58 52 minutes, 58 seconds codes across our cocoa stores, through our cocoa stores and through our current uh, sort of warehouse. uh over a period 53:06 53 minutes, 6 seconds of time uh we will be leveraging close to around 1,200 our cocoa stores uh as we progress further u that will give us 53:14 53 minutes, 14 seconds a extremely high operating leverage um uh and as well as uh in certain pin codes we'll also be able to uh you know 53:23 53 minutes, 23 seconds increase uh uh coverage of dark stores as well. So over a period of time we believe that um while 10 minutes is what 53:32 53 minutes, 32 seconds we are not solving for the young mother who is probably looking for a single item we are not catering to that and we have talked about there's not so much of 53:40 53 minutes, 40 seconds an overlap between what quick commerce assortment is and what our assortment is we talking about a full assortment in just to give you example non-fashion 53:48 53 minutes, 48 seconds assortment itself we have 300,000 SKUs just in non-fashion assortment so 53:56 53 minutes, 56 seconds it's a very large assortment that we are talking about. Um and uh with that we believe it's the objective here is not to solve for 10 minutes or half an hour. 54:06 54 minutes, 6 seconds It is to solve for that customer experience where they they have a certaintity that it'll come in few hours with the full basket that they have 54:13 54 minutes, 13 seconds ordered for. That is what we want to give assurance rather than uh and and to catch on to that customer experience is 54:20 54 minutes, 20 seconds what we want to solve for and that will be remain the bulk of uh the customer experience that you know young mothers or young fathers would want to solve for 54:29 54 minutes, 29 seconds and look uh majority of the products that we sell is our home brands that we have already acknowledged in the past. 54:38 54 minutes, 38 seconds So that is not available anywhere and in in particular babies and kids space there is a a challenge on uh size and 54:46 54 minutes, 46 seconds scale of brands third party brands that are available that essentially means that customer would come back would shop with us and will shop more and more with 54:54 54 minutes, 54 seconds us provided he gets you know if you know a certaintity on a quality of delivery experience through FCU quick we'll raise 55:02 55 minutes, 2 seconds the bar that's the objective that with which and we have already had uh you know I would say few weeks of FCQ quick 55:10 55 minutes, 10 seconds already live. Of course, you can try it in few these three cities and some pin codes and u and and and and the 55:18 55 minutes, 18 seconds experience or the uh pilot uh our results have been I would say uh very uh superb for us. We're just ironing out 55:27 55 minutes, 27 seconds the tech product and the overall supply chain overall efficiency and we'll continue to scale this up like we are giving you RB update. We hope to give 55:35 55 minutes, 35 seconds you the FC quick update over next few quarters as we go along. So we remain super excited on uh you know on these 55:43 55 minutes, 43 seconds three initiatives that we have talked about uh today. 55:48 55 minutes, 48 seconds Perfect. So I have a slightly structural question over our growth. Um while I appreciate our focus on profitability 55:56 55 minutes, 56 seconds but over say like last four to six quarters our India multi- channelannel growth has moderated significantly versus our own historical growth say 56:04 56 minutes, 4 seconds like pre-listing and we've also alluded to say sort of weaker consumer sentiments uh but other multi- 56:11 56 minutes, 11 seconds channelannel platforms say Nika has grown significantly faster while expanding margins. So structurally beyond FCQ what are the other levers 56:20 56 minutes, 20 seconds that we are working on to reacelerate growth back to say like mid- teens or higher. 56:26 56 minutes, 26 seconds I think with these initiative itself uh look there are always uh many projects and many initiatives that we undertake 56:34 56 minutes, 34 seconds uh uh in our you know uh regular day-to-day and which we have not spoken about. Uh but these were three large 56:42 56 minutes, 42 seconds worth mentioning initiatives that we spoke about which will really move the needle. We remain uh super confident about our mid to long-term story of 56:50 56 minutes, 50 seconds being able to deliver mid to late teens growth or our India multi- channelannel. 56:55 56 minutes, 55 seconds So we remain committed to that. In last three quarters itself if you uh in my first slide itself I think we talked 57:02 57 minutes, 2 seconds about uh the growth increasing uh you know quarteronquarter yearon-year basis and sequentially for last three quarters 57:09 57 minutes, 9 seconds and you will continuously see that happening over next few quarters. Um uh uh and I I think 57:17 57 minutes, 17 seconds structurally with these three initiatives we are destined to be able to see uh that and deliver that uh 57:24 57 minutes, 24 seconds without uh any compromise. Um I I we don't see any challenge. We have to just execute uh on these initiatives hard day in day 57:33 57 minutes, 33 seconds out and ensure uh that we are attaining and delivering those results that uh you're all anticipating. So I think it 57:42 57 minutes, 42 seconds should happen uh sooner than later. FI27 will be far superior than FI26 and I didn't mean to say backended. I mean 57:50 57 minutes, 50 seconds sequentially quarter and quarter you should be able to see a continuous increasing growth year on year. 57:56 57 minutes, 56 seconds Perfect. That's it from my side. We wish the team all the best. Thank you. Thanks. 58:02 58 minutes, 2 seconds Thank you Vinique. In the interest of time we'll just take one last question. Uh Arvin, please unmute yourself. 58:11 58 minutes, 11 seconds Hello. Hi. Thank you for opportunity. 58:13 58 minutes, 13 seconds So, so like uh given the unique lifestyle of baby and kids product, how we are working to extend our customer 58:21 58 minutes, 21 seconds engagement beyond early childhood and maximize lifetime value. 58:29 58 minutes, 29 seconds So, so Arvin the we have couple of initiatives couple of things that we have talked about uh few times and uh maybe u 58:37 58 minutes, 37 seconds it's in the supplementary it's in the supplementary slides as well we cater to products from minus 9 months when the mother is pregnant even prior 58:45 58 minutes, 45 seconds to that we engaged with the mother uh through our parenting platform uh which is part of our first cry app uh from 58:52 58 minutes, 52 seconds there from that time once before the mother conceives the child from that time itself uh we have the product range up to 12 59:01 59 minutes, 1 second years of the age of the child. So uh um u you know many years back we had uh 59:10 59 minutes, 10 seconds started the journey from - 9 months to 3 years then we extended it to 6 years then later extended from 6 years to 12 59:16 59 minutes, 16 seconds years. So, and we have compartmentalized our app. If you look at our front end, uh, a three-year-old mother or a 59:24 59 minutes, 24 seconds six-month old, I mean three-year-old, you know, young one mother or a six-month uh, young man's mother or a 59:32 59 minutes, 32 seconds six-year-old, you know, uh, kids mother will see a very different homepage as they progress, as their kids progress over age uh, uh, over time. 59:41 59 minutes, 41 seconds Even based on the gender also, it's it's it's very personalized. So, so it's a hyperpersonalized from both gender and age and being able to show the relevancy 59:50 59 minutes, 50 seconds of the products and being able to therefore retain the lifetime value of the customer from almost uh up to a 15 59:57 59 minutes, 57 seconds 16 year because there are almost uh 1.5 kids a family and therefore two you know couple of years of gap two or three 1:00:05 1 hour, 5 seconds years of gap in between first and second child between almost 15 to 16 year of a lifetime value is what uh we are able to 1:00:12 1 hour, 12 seconds sort of map uh uh with uh you know driving engagement from through the product journey that we have been able to build. Initial years the engagement 1:00:19 1 hour, 19 seconds is from parenting platform which is a far superior engagement uh but over a period of time it is more uh I would say 1:00:28 1 hour, 28 seconds through the products and the superiority of products and our home brand play and the curated play through uh partnership 1:00:35 1 hour, 35 seconds with our thousands of brands is how we are able to retain those customers and superior customer experience. So that's how we have been able to manage and 1:00:43 1 hour, 43 seconds intend to grow uh the lifetime value and the cohort and frequency of customers. 1:00:48 1 hour, 48 seconds In fact you know uh in the supplementary slide there's a slide on uh the revenue course as well. You can refer to that 1:00:55 1 hour, 55 seconds slide uh uh in the presentation we have shared with the stock exchange. 1:01:04 1 hour, 1 minute, 4 seconds That was the last question. U I'll just hand it over back to the management for any concluding remarks. 1:01:13 1 hour, 1 minute, 13 seconds Uh nothing. Uh thank you everyone. Thank you for your time. Uh uh we promise we continue to deliver on what we have mentioned here. So you'll continue to 1:01:21 1 hour, 1 minute, 21 seconds see a improvement in our India multi- channelannel growth and uh overall growth of the consolidated business. 1:01:27 1 hour, 1 minute, 27 seconds Looking forward to seeing you in the next uh quarterly update. Thank you once again. Thank you so much. Thank you. Thank you so much everyone.