Campus Activewear Limited — Q4 FY26

Campus Activewear Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=EzMroizHa5E Published: 3 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to the campus active learning for FI2 conference call. As a reminder, 0:09 9 seconds all participant lines and there will be an opportunity to ask question. 0:17 17 seconds Should you need assistance during the conference call, please signal an opinion. 0:24 24 seconds Please know that this conference is being recorded. I now handle the call from LLC. Thank you. 0:32 32 seconds Yeah. Uh thank you Rashushi. Good evening everyone. On behalf of Campus Active Limited, I would welcome I 0:40 40 seconds welcome you all to the company's Q4 and FI26 conference call to discuss the performance of the company and to answer 0:47 47 seconds your questions. We have with us the management team comprising of Mr. Nikila Darwal, who director and CEO, Mr. Sanjay 0:55 55 seconds Chabra CFO and Mr. Oplak Tari COO. 1:00 1 minute Before we proceed this call, I would like to draw your attention to the fact that today's discussion may contain forward-looking statements that are 1:09 1 minute, 9 seconds subject to various risk, uncertainties, and other factors which would be beyond management's control. We kindly request to bear in mind that there might be 1:17 1 minute, 17 seconds uncertainties whilst interpretating such statements. Please note that this conference is being recorded. We would now like to start the session with 1:26 1 minute, 26 seconds opening remarks from the management team. Afterwards, we will open the floor for an interactive Q&A session. I would 1:34 1 minute, 34 seconds now hand over the conference call to Nikl sir for his opening remarks. Thank you and over to you sir. 1:42 1 minute, 42 seconds Thanks. Good evening. Thank you all for joining us today for our quarter 4 and FI26 running score. We continue to 1:50 1 minute, 50 seconds demonstrate strong performance in quarter 4 and FI26 and are proud to report a 12.3% YI growth driven by 18.9% 1:59 1 minute, 59 seconds growth in our online channel and 5.5% growth in our distribution channel. This reflects the strength of our execution 2:07 2 minutes, 7 seconds across key levers expanding distribution reach accelerating online channels and enhancing our product mix. All of which 2:15 2 minutes, 15 seconds contributed to a higher average selling price. Our ASP grew by 7% YI to INR 683 2:23 2 minutes, 23 seconds driven by robust demand for our sneaker range and our healthy product mix in women and kids category reinforcing 2:30 2 minutes, 30 seconds campus as a trusted brand for the entire family. As a leader in making premium sneakers accessible, we remain steadfast 2:38 2 minutes, 38 seconds in our commitment to democratizing design-led highquality footwear. Our sneaker portfolio continued to deliver 2:45 2 minutes, 45 seconds strong momentum, accounting for a rising share of total volumes and reaffirming growing consumer preference. Our 2:53 2 minutes, 53 seconds accelerated time to market of 80 to 100 days, enabled by a fully integrated manufacturing ecosystem gives us a 3:01 3 minutes, 1 second distinct edge in rapidly introducing new designs and silhouettes while seamlessly aligning with market demand. We've strengthened consumer engagement through 3:10 3 minutes, 10 seconds the launch of nearly 250 new SKUs in FI26. 3:15 3 minutes, 15 seconds The premiumization trend remains firmly in our favor, well supported by a richer mix of premium SKUs and a strong response to our refreshed product offerings. 3:25 3 minutes, 25 seconds During the year, we sharpened our brand identity with the launch of a new brand logo and the same was unvealed through a very successful brand meet uh with our 3:34 3 minutes, 34 seconds distributors last week. At the core of this identity shift are three outward arrows symbolizing multiple paths and 3:41 3 minutes, 41 seconds possibilities reinforcing the idea that growth and self-expression are not bound to a single direction. 3:47 3 minutes, 47 seconds Reflecting the move your way philosophy, the refreshed identity celebrates freedom of movement as an extension of personal ambition, culture and 3:56 3 minutes, 56 seconds individuality. With a global design perspective rooted in the spirit of Indian youth, it represents a generation 4:03 4 minutes, 3 seconds that values authenticity and the freedom to shape its own journey while marking campus's evolution into a culture-led 4:11 4 minutes, 11 seconds brand spanning fashion, sports, and everyday lifestyle. 4:15 4 minutes, 15 seconds While we prioritize profitability over aggressive retail expansion this year, our exclusive brand outlet network 4:22 4 minutes, 22 seconds remains steady at 300 stores. Meanwhile, our upper manufacturing facilities at Pontto and has stabilized and we have commenced production at Punknaga unit. 4:33 4 minutes, 33 seconds Currently, these units are delivering an approximately two lakhs average monthly output which is likely to double by end 4:40 4 minutes, 40 seconds of FI27, enabling us to efficiently serve rising demand across sneakers and other fastmoving categories. 4:48 4 minutes, 48 seconds Despite ongoing capacity expansion, we maintain disciplined working capital management resulting in a strong balance sheet and healthy return ratios with 4:56 4 minutes, 56 seconds return on equity and return on capital employed at 18.1% and 22.4% respectively. 5:03 5 minutes, 3 seconds In the context of evolving geopolitical developments and inflationary pressures in certain raw materials, we took timely 5:10 5 minutes, 10 seconds calibrated price actions across the entire range to safeguard margins. 5:15 5 minutes, 15 seconds Looking ahead, we rem remain firmly focused on our long-term strategic priorities, driving innovation, staying 5:22 5 minutes, 22 seconds agile, and maintaining a consumer first mindset. With a product portfolio anchored in technology, design responsiveness and evolving lifestyle 5:30 5 minutes, 30 seconds needs, campus is well placed to further strengthen its position as a trusted everyday brand for young Indians. 5:37 5 minutes, 37 seconds Thank you. And now I hand over the call to our CFO, Mr. Sanjay Shaba, to take you through more details on the quarter 4 and FI26 performance. 5:45 5 minutes, 45 seconds Thank you. Good evening everyone and thank you for joining us on Q4 and FI26 earnings call for campus active year. Uh 5:54 5 minutes, 54 seconds first of all I'll take you through the quarter 4 performance. Our revenue from operations grew by 12.3% yearonear to 6:00 6 minutes INR 456 crores largely benefited by higher revenue in the online channel which has registered a growth of around 6:08 6 minutes, 8 seconds 19% and distribution channel which has grown by around 5 a.5%. The company sold approximately 6.8 million pairs during 6:16 6 minutes, 16 seconds this quarter and the average selling price grew by 1 and a half% yearonear to 668 rupees per pair. The revenue mix 6:24 6 minutes, 24 seconds between men and women and children category stood at 78% to 22% uh versus 81% and 19% respectively in the last 6:33 6 minutes, 33 seconds quarter. uh last year same quarter our gross margins were at 52.1% 6:40 6 minutes, 40 seconds in quarter 4 FY26 versus 52.3% in quarter 4 FY25 marginal dilution and 6:48 6 minutes, 48 seconds gross margin is driven by the GT charges impact in online business which is largely offset by better channel mix 6:56 6 minutes, 56 seconds which is higher online precency our EITA for quarter 4 was at INR 88 and a half crores the margins stood at at 7:05 7 minutes, 5 seconds 19.2% during the quarter an improvement of 50 basis points versus last year driven by volume and revenue growth our 7:13 7 minutes, 13 seconds PAT for quarter 4 was at INR 44.1 crores the PAT margin stood at 9 9.6% 6% during 7:20 7 minutes, 20 seconds the quarter, an improvement of 100 basis points versus last year. Once again driven by revenue and volume growth. 7:28 7 minutes, 28 seconds Uh now I'll take you through the full year performance. Our operational revenue for the full year FI26 grew by 11.4% 7:36 7 minutes, 36 seconds uh to INR's 1774 crores in FI26 largely benefited by higher distribution which 7:43 7 minutes, 43 seconds has registered a growth of 10.5% and online channel which grew by 9.8%. 7:48 7 minutes, 48 seconds 8%. The company sold approximately 26 million pairs during the whole year FI26. The average selling price grew by 7:57 7 minutes, 57 seconds 7% yearonear from INR 658 to INR 683. 8:04 8 minutes, 4 seconds Uh the revenue mix between men and women category and children stood at 79 is to 21 versus 80 is to 20 which shows a 100 8:14 8 minutes, 14 seconds bits improvement in women and uh children's category. Our gross margins were at 53.5% in FY26 versus 52.3% in 8:24 8 minutes, 24 seconds FY25. An improvement of 120 basis points driven by product and channel length. 8:31 8 minutes, 31 seconds Our EITA for the year FI26 was at INR 314.7 crores. The AITA margin stood at 17.5% 8:40 8 minutes, 40 seconds during the quarter uh sorry during the year. an improvement of 145 basis points versus last year driven by revenue 8:47 8 minutes, 47 seconds growth. Our PAT for FI26 was at INR 150.1 crores. The PAT margin stood at 8:54 8 minutes, 54 seconds 8.4% uh versus 7.5% last year and improvement of 80 basis points driven by higher ITA 9:02 9 minutes, 2 seconds margins. Our balance sheet uh remains strong with return ratio that is return on capital employed at 22.4% 4% and 9:10 9 minutes, 10 seconds return on equity at 18.1% as of March 26. With this summary, I will now conclude my remarks and open 9:19 9 minutes, 19 seconds the floor to the moderator for Q&A session. Thank you. 9:23 9 minutes, 23 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask the question may press star and one on their digital telephone. 9:33 9 minutes, 33 seconds If you wish to withdraw yourself from the question, you may press star and two. Participants are requested to give answers while asking the question. 9:42 9 minutes, 42 seconds Ladies and gentlemen, we will wait for a moment while the question assembly. 9:47 9 minutes, 47 seconds We'll take our first question from the line of Adita Sman from CLSA. Please go ahead. 9:54 9 minutes, 54 seconds Yeah. Hi. Uh good evening. Uh so two questions for me. So firstly uh in if I look at the product mix uh in the 10:02 10 minutes, 2 seconds pyramid that you shared uh compared with 4Q25 we've seen a significant increase in the shoes sold below 1,000 rupees uh 10:11 10 minutes, 11 seconds so one could just what happened why was there a shift between that,000,000 10:18 10 minutes, 18 seconds and second uh this this pricing is MRP or is it the price at which it was actually sold 10:28 10 minutes, 28 seconds Okay. Uh this price is the price which the company realizes uh which is our average selling price. And if you refer 10:36 10 minutes, 36 seconds to the last slide of the investor deck and uh the increase or or the movement 10:43 10 minutes, 43 seconds between different price points that is a reflection of the uh corrections in MRP which happened uh post the GST change. 10:54 10 minutes, 54 seconds Understood. So in other words, basically we've got uh many of the uh pairs of shoes that were priced above thousand are now priced below,000. Then that's 11:01 11 minutes, 1 second that would be the Yeah, because 12% GST got revised to 5%. 11:05 11 minutes, 5 seconds Correct. Correct. Okay. That no that's very clear. And uh and and second question uh uh just in terms of uh 11:12 11 minutes, 12 seconds online uh mix improving can you just throw some more light on on what should really help with that? 11:20 11 minutes, 20 seconds Uh hi hope you like this side. Uh on the marketplace operation of course you're aware that for the last three years we have increased our our overall focus on 11:27 11 minutes, 27 seconds marketplace operation as compared to the the outright business. So uh the growth levels have been three point of course 11:35 11 minutes, 35 seconds apart from the the flipkart being the biggest part partner for us they were made a lot of improvements uh in our uh 11:42 11 minutes, 42 seconds revenue mix with Amazon uh snapdeed as well as our own brand.com. So there have been further very aggressive growth that we have had on these platforms as well 11:50 11 minutes, 50 seconds along with our larger players continuing to grow hence the highest aliens in the last quarter. 11:57 11 minutes, 57 seconds That's very good. Thank you for coming. 12:01 12 minutes, 1 second Thank you. Next question is from the line of Koro Jani from J Financial. Please go ahead. 12:08 12 minutes, 8 seconds Uh thank you for taking my question sir. 12:11 12 minutes, 11 seconds So first uh question is with regard to the price increase mentioned that you know we have taken a price increase because of the raw material prices uh 12:19 12 minutes, 19 seconds increasing. What was the kind of price hikes that we have taken? 12:25 12 minutes, 25 seconds Uh hi Gor. So uh I would not like to diverge into numbers but you know there has been macro inflationary pressures 12:33 12 minutes, 33 seconds with respect to raw material pricing and uh and minimum wage impact right which has affected the entire industry. So uh 12:41 12 minutes, 41 seconds proportionately we have uh taken uh price hikes across the range. Uh we're also working on cost initiative costsaving initiatives internally within 12:50 12 minutes, 50 seconds the organization but at the same time we have taken price hikes so to mitigate uh these pressures as as far as possible. 12:59 12 minutes, 59 seconds So um rest assured we're doing everything we can to to still deliver you know healthy growth and margins. 13:08 13 minutes, 8 seconds Yeah. No. So, so I'll ask the question because the raw material inflation has been sustaining. So, the the recent price hikes that you have taken shall 13:17 13 minutes, 17 seconds that suffice uh to you to cover the inflation or you might need to take more uh price increases. 13:23 13 minutes, 23 seconds No, we have taken enough uh increase high uh increase in pricing to cover the inflation impact. We don't see uh the RM 13:32 13 minutes, 32 seconds impact going worse from here. I think we've seen the peak and with time you know maybe a quarter or or or so like it 13:40 13 minutes, 40 seconds should start coming down you know as the war settles uh but the the pricing will not change so that should uh benefit us in the later half of the year. 13:50 13 minutes, 50 seconds Yeah sure uh my other question is with uh for Mr. Sanja you know our other expenses for the quarter or in also for 13:58 13 minutes, 58 seconds the year uh x of the ad spend have increased by 5% only now if this for particular quarter if you look at the online salience the online revenue has 14:06 14 minutes, 6 seconds grown also in 19% all so the commissions I am assuming would also increase so despite that you know the other expenses 14:15 14 minutes, 15 seconds have only increased by 5%. So what is leading to this uh 5% growth only uh and how should be building in for the uh the periods ahead. 14:26 14 minutes, 26 seconds Okay, it has couple of elements. So uh you said rightly online commission online commission again is a dynamic 14:33 14 minutes, 33 seconds negotiation between our platforms or the channel partners and at times there are uh waiverss based on events right so 14:41 14 minutes, 41 seconds that's one element and also if you see uh as Michael mentioned that our our store count remained flat which means 14:49 14 minutes, 49 seconds that there was no uh no new cost associated with EBO stores which came in 14:56 14 minutes, 56 seconds this quarter. So that's that's also one of the reason right so these two things kept the the increase in other cost uh to the range of five to 6%. 15:08 15 minutes, 8 seconds So just because uh the the lease line item if you look at the rentals uh the the lease line item shows you a sharp 15:15 15 minutes, 15 seconds increase in the lease uh related cost in the cash flows. So if you can give us a sense what kind of rent uh we have paid 15:24 15 minutes, 24 seconds uh for the entire year FI26 versus FI25 uh because the lease line item looks sharply uh increasing almost 3x. 15:33 15 minutes, 33 seconds It's a uh technical accounting thing. 15:36 15 minutes, 36 seconds The pulpager facility which we acquired technically it is on a 71-year lease from the state government. So uh the uh 15:45 15 minutes, 45 seconds the cash outflow is shown as a uh payment of lease liability whereas like in a normal course you would treat it as 15:53 15 minutes, 53 seconds a fixed asset acquisition right so that's why that number looks a bit inflated compared to previous year and compared to yeah compared to previous 16:01 16 minutes, 1 second year so what would be the normal rental if we have to you know just uh have for fi 26 16:08 16 minutes, 8 seconds versus fi 25 that will be really for a for a full year if you eliminate 65.4 CR that is the normal number. 16:18 16 minutes, 18 seconds Sure sir. Thank you. Uh that's also thank you. Next question is from the line of Arian Garodia from Ambit Capital. Please go ahead. 16:30 16 minutes, 30 seconds Uh hi sir. Thank you for uh taking my question. Uh sir for FI26 if I see the inventory days it has increased by 16:37 16 minutes, 37 seconds approximately 5 to 6 days. So if I see that which leads to increase in cash conversion cycle. So how one should 16:44 16 minutes, 44 seconds think of going ahead with respect to inventory date and what are the drivers for increasing in inventory for FI26. 16:54 16 minutes, 54 seconds Okay. Uh I just want to uh highlight a bit here. Last year we reached to a FG inventory level uh in terms of payers or 17:03 17 minutes, 3 seconds in terms of uh days of cover uh to a very very minimal level and we had to do that correction. We were deferring that 17:11 17 minutes, 11 seconds correction first we were prioritizing liquidation of nonbis inventory and then eventually where we have reached as of March 26 that is the right level of 17:20 17 minutes, 20 seconds inventory to sustain the kind of growth or uh what we are aspiring for. So uh I I would say that the level at which we 17:28 17 minutes, 28 seconds are in terms of FG inventory that's the right level going forward it will continue to be that. 17:36 17 minutes, 36 seconds Got it. And so second question is uh like what drove the decision to undertake the recent brand refresh like 17:43 17 minutes, 43 seconds including the logo change and the broader branding initiative undertaken this year like what benefit do we expect this year to deliver in terms of consu 17:52 17 minutes, 52 seconds uh consumer perception or say brand positioning or consumer acquisition and in the long-term growth per se. 17:59 17 minutes, 59 seconds So you know this is something been on our cards for a long time actually. It's not like a very recent decision. Of course we've executed it right now. So 18:08 18 minutes, 8 seconds uh broadly you know the idea behind that is that uh the logo uh we wanted to come up with a refresh logo uh to to also uh 18:18 18 minutes, 18 seconds you know project the uh the initiatives and the changes that have taken in the brand. Uh we have uh really transitioned 18:25 18 minutes, 25 seconds and uh transformed the entire brand positioning in the last two years or so. 18:30 18 minutes, 30 seconds And therefore the brand refresh or or the logo refresh was important to be uh able to justify that you know uh to the 18:38 18 minutes, 38 seconds end consumer. Uh and this is something that you know we we do a very detailed consumer study every year in January 18:45 18 minutes, 45 seconds across cities uh with thousands of consumers. Uh and this is also something that was very well received as as a as a 18:54 18 minutes, 54 seconds question that when we put up to them. So they they did uh they did uh really appreciate the brand refresh the new 19:02 19 minutes, 2 seconds identity. So it's been very well accepted in the market. The very positive feedback from all the trade partners including distribution channels 19:09 19 minutes, 9 seconds online partners. Uh because the the word mark has obviously been been very very strong as campus word but uh we do 19:18 19 minutes, 18 seconds believe that the brand in today's time it needed a new identity uh in terms of logo as well. 19:26 19 minutes, 26 seconds Got it. So just one last question. So uh uh which could be the areas where cost can be saved going ahead like would ad 19:34 19 minutes, 34 seconds spends be a part of this exercise since it would land up impacting the market share growth? 19:40 19 minutes, 40 seconds Uh no great question. So uh ad spend is something that or specifically I would rephrase that as uh uh as marketing in 19:49 19 minutes, 49 seconds the brand building initiatives. You know we don't want to compromise on that at all. And in fact we've taken a a fairly 19:56 19 minutes, 56 seconds aggressive budget in in FI27 uh on the marketing side of course keeping the overall margin in mind uh 20:04 20 minutes, 4 seconds and uh you know we we are uh that is something that we've never compromised over the last 20 25 years. It is the 20:12 20 minutes, 12 seconds philosophy of our uh brand identity that we've continued to invest in marketing no matter how the markets have behaved and that is why you know we've 20:20 20 minutes, 20 seconds continuously grown the the the market share. So um so we'll continue doing that this year as well. We don't want to 20:28 20 minutes, 28 seconds deliver margins just by cutting corners with respect to marketing. 20:34 20 minutes, 34 seconds Got it sir. Thank you so much that answer my questions. Thank you. 20:38 20 minutes, 38 seconds Thank you. Next question is from the line of UA. Please go ahead. 20:45 20 minutes, 45 seconds Hi uh thanks for the opportunity and congrats on a strong year. Uh my first question is on u uh uh the sneakers 20:52 20 minutes, 52 seconds portfolio. Possible to share how much did they grow? What was the mix in terms of volumes, revenues uh in F26 and how 21:00 21 minutes are you looking to scale that up going forward? 21:04 21 minutes, 4 seconds We've had a very exciting I think year with respect to sneaker portfolio. We've 21:10 21 minutes, 10 seconds grown this portfolio about 100% uh year on year but this year we've delivered 21:17 21 minutes, 17 seconds also like a 100% plus growth on an on an annual basis and quarterly it's been like 50% plus growth with respect to a 21:25 21 minutes, 25 seconds sneaker portfolio. So it it is a testament to the fact that uh you know the development uh with respect to the 21:32 21 minutes, 32 seconds products that we have done in sneakers and the quality we are able to uh produce it at from our new plants at Punagar and Harido has been phenomenal 21:40 21 minutes, 40 seconds and very well received in the market. So we'll continue doing that. It is it is something that uh is a big priority for 21:47 21 minutes, 47 seconds us as a brand and a company and uh and it's definitely adding to the premiumization mix as well. 21:54 21 minutes, 54 seconds Understood. So uh can we uh uh assume that you are constrained by capacity as of now and this two lakh per month which 22:03 22 minutes, 3 seconds you are adding or this 24 lakh annually is entirely kind of uh potentially grow your portfolio by another 60 70% in 27 assuming that demand is uh robust. 22:16 22 minutes, 16 seconds Sure. So I would not say that capacity is a constraint at this point. I mean we have uh uh enough capacities and we will 22:24 22 minutes, 24 seconds and this is this number of two lakhs is actually a very dynamic number. We are continuing to the increase capacity. You 22:30 22 minutes, 30 seconds know the plants have uh been set up in a way that uh the you know the capacity for fun for example uh after two phases 22:40 22 minutes, 40 seconds of development can go up to uh six lakh pairs of sneakers per month and uh HRD2 22:48 22 minutes, 48 seconds can go up to uh two two lakh pairs right so which which it already is currently operating at. So we targeting in 22:56 22 minutes, 56 seconds totality of 8 to n lakh pair uh monthly production of sneakers and we're well on on track to do that. So it's a phase 23:04 23 minutes, 4 seconds development. I would not say we are short at uh with respect to capacity at the moment. 23:10 23 minutes, 10 seconds Understood. Thanks. And the second question was around uh pricing and margins. So uh historically have you 23:17 23 minutes, 17 seconds taken uh such large a hike u uh as you would have taken I'm assuming a high singledigit hike uh could have happened 23:25 23 minutes, 25 seconds um uh does it lead to any temporary demand shock uh in terms of volumes and 23:32 23 minutes, 32 seconds in that context do you think uh 27 uh uh you could kind of come to your 23:38 23 minutes, 38 seconds aspirational margin band of 17 to 19 or uh would be uh you know a push reach that milestone by year 208 given the tough micro backdrop. 23:50 23 minutes, 50 seconds So uh I do not think we have seen such an inflationary pressure uh in in any of 23:57 23 minutes, 57 seconds the past years. I mean as much as my my memory can take me with the kind of pressures that have come from a raw material standpoint as well as from a 24:05 24 minutes, 5 seconds minimum wages standpoint. There is it's a it's a very uh uh major increase that we have seen. Uh we have tried our best 24:12 24 minutes, 12 seconds to pass on this increase. uh through an MRP increase through the entire portfolio. Uh we are trying to balance 24:19 24 minutes, 19 seconds between the increase in ASP versus ensuring that demand also sustains. So we are in a very nent stage right now. 24:27 24 minutes, 27 seconds Uh this price increase happened in the first week of April. Right? So we are just in the process. Uh of course there would always be resistance when you take 24:35 24 minutes, 35 seconds a a reasonably strong price across your entire portfolio. But we are trying to mitigate it through better supply with better product launches as well as 24:43 24 minutes, 43 seconds increasing our share of new product development that we do into the market. 24:46 24 minutes, 46 seconds So uh we are trying to balance the two while we need to protect our margin but at the same time we do not want to lose our market share. So we are trying to find the right solution. Uh the 24:55 24 minutes, 55 seconds inflationary pressure is very high. Of course that is uh uh the bottom line and uh we uh we see us trying to maintain 25:02 25 minutes, 2 seconds our market share without uh compromising on on margins. 25:07 25 minutes, 7 seconds Understood. Any No, April was able to uh have a reasonably good start as well. So, April uh was also on a positive note. 25:18 25 minutes, 18 seconds Understood. Uh any margin guidance you can share for F27? 25:23 25 minutes, 23 seconds Uh no guidance unfortunately but uh we will definitely endeavor to stay within the range we've guided before 17 to 19%. 25:32 25 minutes, 32 seconds Sure. Thank you so much Nik and all the best. Thank you. Thank you. 25:38 25 minutes, 38 seconds Next question is from the line of go ahead. 25:47 25 minutes, 47 seconds Hi sir good I'm audible yes. 25:51 25 minutes, 51 seconds Uh so my question is regarding the last year and year before we have seen a good number of consolation in the in the store and store code has more or less 26:00 26 minutes been flat. So how do we see this number going forward? Sure. So last year we did a correction. 26:08 26 minutes, 8 seconds This was the year where we actually focused a lot on profitability. So we shut down about uh uh 10 9 to 10 odd 26:16 26 minutes, 16 seconds stores and we've opened uh about 13 to 14 new stores. Right. So um and that we and that has of course improved uh the 26:24 26 minutes, 24 seconds P&L for uh this specific channel. uh going forward this year we will be back with respect to uh opening of new stores 26:32 26 minutes, 32 seconds and we expect to open anywhere between uh 60 to 70 stores or about 80 stores I would say 26:42 26 minutes, 42 seconds another book would be the capeex for these stores and also for the facilities that we'll be cutting next year 26:54 26 minutes, 54 seconds for the stores right so we we only do kex for our coco 4 uh wherein you know you can assume the mix to be 4060 27:02 27 minutes, 2 seconds approximately like 40 cocoa and 60fold uh so yeah there would be some capex 27:09 27 minutes, 9 seconds with respect to uh 30 35 W stores that will be open and thank you for that but no asking the 27:18 27 minutes, 18 seconds company level capex how should we see things that our plant facility has incurred a major capex last year so how should we see this number next 27:27 27 minutes, 27 seconds So last year uh it was uh since it was a acquisition of palm pluger facility so 27:34 27 minutes, 34 seconds the capex was relatively higher but apart from that the capex would continue to be in the normal range which is uh 27:43 27 minutes, 43 seconds plant routine maintenance capex plus uh regular capex on mold uh regular capex on eB store additions and it infra etc. 27:53 27 minutes, 53 seconds So we'll go back to the normal range and then uh over a period of next 3 years we'll be incurring capex for expanding 28:03 28 minutes, 3 seconds our palm facility including addition of assembly lines. But first at this point 28:09 28 minutes, 9 seconds in time we'll we'll try to optimize on the uh utilization of uh uh the upper facility at the first place in Palmar. 28:19 28 minutes, 19 seconds So we don't see uh FY26 like capex spends in FY27. 28:27 28 minutes, 27 seconds Got it. Thank you. That's it. 28:30 28 minutes, 30 seconds Thank you. Next question is from the line of go ahead. 28:38 28 minutes, 38 seconds Yes. Hi. Uh am I audible? Yes. 28:43 28 minutes, 43 seconds Yes. Hi Nik. Uh congratulations. Uh thanks for taking my question. Uh sir, we have recently concluded our annual 28:50 28 minutes, 50 seconds distribution meet. Uh I believe this is an important uh annual event for you. Uh checking if you can share some insights 28:57 28 minutes, 57 seconds uh from the meet versus whatever you witnessed during the win. 29:02 29 minutes, 2 seconds Yeah. So no, we had uh a very successful meet uh concluded that last week. It was 29:09 29 minutes, 9 seconds a two-day affair and um of course all our top distributor partners and our uh franchisee partners and online partners 29:18 29 minutes, 18 seconds were all present. Uh so we've received like really really encouraging set of orders. uh I will not be able to share the numbers around that unfortunately 29:27 29 minutes, 27 seconds but this is something that is like a four month forward number uh which helps us predict our uh you know supply and 29:35 29 minutes, 35 seconds demand and uh of course this meet was also focused around not just the orders but also the new brand logo reveal uh 29:44 29 minutes, 44 seconds and a couple other surprises which uh I will not be able to share at this point uh due to confidentiality reasons. So uh 29:52 29 minutes, 52 seconds in all like uh this meet has given us very good visibility with respect to uh you know the orders and with respect to 30:00 30 minutes uh demand forecasting that we needed need to do to plan our supply chain. 30:06 30 minutes, 6 seconds Fair enough. I understand the competitive uh nature of the industry but maybe in comparison to last year 30:14 30 minutes, 14 seconds whatever uh demand trends or obviously these all are qualitative things as well. Um so if you could just uh compare 30:21 30 minutes, 21 seconds our last few years, how was uh the environment uh and maybe uh compare that with the current year that would also be 30:28 30 minutes, 28 seconds helpful. Uh maybe uh if you could share some insight on the uh on the uh order front uh what 30:35 30 minutes, 35 seconds I can say that we had uh wanted to take our entire order booking till the month of September depending on the AOP alignments with our distributor partner. 30:43 30 minutes, 43 seconds We were able to close at over 100%. So the total alignment which was deployed to the partner network till September after excluding April revenue which is 30:52 30 minutes, 52 seconds already recognized by that thing the balance number is what was committed and was aligned with the partners to come and place an order for and they deliver 30:59 30 minutes, 59 seconds they were 100% of that number so whatever AOP distributors has been concluded in September now the execution 31:06 31 minutes, 6 seconds phase starts the orders are in right now fair enough this is really encouraging uh secondly um we are as a footway 31:15 31 minutes, 15 seconds industry Sir, we are entering an inflationary environment. Uh Jim, if you could share some insights around possible uh impact on the demand front 31:25 31 minutes, 25 seconds uh as well as key raw material. Uh I also sort of understand that this is uh a period where you can also sort of gain 31:34 31 minutes, 34 seconds a good amount of share from the unorganized channel. Um so if you could share some sort of insights around that. 31:42 31 minutes, 42 seconds Well, we have uh seen inflation in across categories actually raw material because most of it is linked to crude in 31:52 31 minutes, 52 seconds some way or the other but major impacts we have seen is in EVA uh and PU uh 31:59 31 minutes, 59 seconds pricing right so uh but already like I mentioned before we have seen the peak of it and as as we speak the prices have 32:06 32 minutes, 6 seconds started to come down a little uh and our latest purchase was was at a slightly lower price which is encouraging signs 32:14 32 minutes, 14 seconds because the market is reacting to it. So it's a very dynamic environment at the moment. Uh and we have factored in the 32:21 32 minutes, 21 seconds peak raw material pricing uh within our cost and within our uh pricing that we have passed on. So that way we should be 32:29 32 minutes, 29 seconds covered. Uh with respect to demand uh you know it is something that we'll we see. I mean as uplash mentioned 32:38 32 minutes, 38 seconds mentioned we've seen a strong start to the quarter quarter one and uh of course like you know uh it would be difficult 32:45 32 minutes, 45 seconds to uh to predict as we go on but we we we are fairly confident of u of 32:53 32 minutes, 53 seconds maintaining market share and growing market share actually at this time because uh this you know the impact that we have passed on as a brand uh I don't 33:02 33 minutes, 2 seconds think it's very comfortable and easy for a lot of the other smaller players to pass on in the market. Uh therefore we 33:10 33 minutes, 10 seconds we believe that we should you know uh gain as a brand in terms of market share. 33:15 33 minutes, 15 seconds Any initial signs of consolidation nil or this this last bit if you could address there are signs of it. I mean science 33:24 33 minutes, 24 seconds with respect to uh you know because you'll have to understand that not every brand will have the pricing power to to 33:32 33 minutes, 32 seconds pass it on and and also at the same time absorb all the the entire raw material cost. So there have been signs industry 33:40 33 minutes, 40 seconds with respect of slowing down of know that we have come come to a knowledge. So there are many companies that have slowed their production at this time. 33:52 33 minutes, 52 seconds Thank you. That's it from May. Thank you. 33:57 33 minutes, 57 seconds Thank you. Next question is from the line from Hi, good evening. Am I sorry, can you answer? 34:10 34 minutes, 10 seconds Sure. Sure. Hello. Hello. Am I audible? 34:18 34 minutes, 18 seconds Yes. 34:18 34 minutes, 18 seconds Okay. uh so uh firstly sir uh on the ASP growth of 1 and a half% this quarter now 34:25 34 minutes, 25 seconds there is a healthy growth in the D2C online and offline space and typically here realizations are higher given no or 34:34 34 minutes, 34 seconds low trade margins so unless the overall mix has been kind of unfavorable what 34:40 34 minutes, 40 seconds explains the low A growth this quarter it's primarily the GT charges impact 34:47 34 minutes, 47 seconds last year in the online business let's say we were having a ASP of 100 but in this year or since 16th of June the 34:56 34 minutes, 56 seconds portals change their accounting wherein they are uh they are uh or rather we are not billing we have instead of billing 35:04 35 minutes, 4 seconds at 100 we are billing them at 82 18 rupees towards freight is being built directly by them and hence to that 35:12 35 minutes, 12 seconds extent my revenue has come down and uh resulting into a lower ESP so this change happened with effect from 16th of 35:19 35 minutes, 19 seconds June which was not reflected in last year Q4 but is fully reflected in this year's Q4. 35:26 35 minutes, 26 seconds Got it sir this experience uh second year and this is a more of an industry question. Uh been there has been a 35:34 35 minutes, 34 seconds chatter around BIS rethink any indication you're hearing that there could be any relaxations from the BIS 35:41 35 minutes, 41 seconds front or is it just a chatter with no substance? 35:46 35 minutes, 46 seconds I think it's just a chatter at the point like uh there's no nothing that we have heard of officially from the government 35:53 35 minutes, 53 seconds yet. Uh and as a company uh we are fully covered with respect to the compliance. 35:59 35 minutes, 59 seconds So as we speak we are left with hardly any stock of BI so you know we'll be fully compliant by 31st July. 36:09 36 minutes, 9 seconds Sure sir that's all from me. All the best. Thank you. 36:12 36 minutes, 12 seconds Thank you. Next question is hello. 36:26 36 minutes, 26 seconds Hello audible. Go on. Congratulations on good set of numbers. 36:32 36 minutes, 32 seconds So if we take a look then there is a increase in competitions on the global as well as the local brand especially in 36:40 36 minutes, 40 seconds the affordable leisure segment. So what does the management believe the campus 36:47 36 minutes, 47 seconds is strongest most as of today? So would it be distribution sizing speed? 36:53 36 minutes, 53 seconds I'm sorry. Uh your voice is not very clear. Sha can you handset? 37:02 37 minutes, 2 seconds I'm already on handset. Yeah. So, uh yeah, you're not very clear. I'm sorry. 37:16 37 minutes, 16 seconds Can you please repeat your question? Sh. Hello. Yeah. Can you repeat your question? 37:24 37 minutes, 24 seconds Yeah. Yeah. 37:28 37 minutes, 28 seconds Sorry. Can you return back to the founding check? 37:34 37 minutes, 34 seconds Okay. Okay. Thank you. Ladies and gentlemen, to ask the question, please press the next question from the next. 37:46 37 minutes, 46 seconds Please go ahead. 37:48 37 minutes, 48 seconds Uh thanks for the opportunity sir. Sir my first question is related to the pet margin and during the quarter 4 the 37:56 37 minutes, 56 seconds company has reported the 9.6% pet margin in comparison to quarter 4 25 8.5% and for the full year it is 8.4%. 38:06 38 minutes, 6 seconds Particularly because the uh in quarter 4 we have reported the 668 which is lower 38:13 38 minutes, 13 seconds than the full year ASP of 683. So what has actually occurred and what is the trigger point by which the our prof 38:22 38 minutes, 22 seconds margin has increased during the platform. Can you please throw some light on the pet margin? Sir 38:30 38 minutes, 30 seconds the fat margin growth is primarily driven by revenue and volume growth. Uh if you are trying to link it purely with 38:38 38 minutes, 38 seconds ASP the ASP is a function of channel mix as well. So quarter 3 AS or full year full year ASP is higher because of 38:45 38 minutes, 45 seconds quarter 3. Quarter 3 AS is higher because of higher salency in online and and quarter 3 being season right. 38:52 38 minutes, 52 seconds Quarter four the when we enter quarter 4 uh the mix changes which also includes more of school shoes and hence the ASP 39:01 39 minutes, 1 second is slightly subdued. However, having said that ASP lower ASP does not mean that lower material margin, right? And 39:11 39 minutes, 11 seconds in quarter four, we have shown decent growth in both volume and revenue which has resulted into a better pack margin. 39:20 39 minutes, 20 seconds So is it particularly the quarter 4 episode or can it happen in the another quarter also because you mentioned that 39:26 39 minutes, 26 seconds the school skills were sold during the quarter 4 the I think the more contribution from the school shoes 39:33 39 minutes, 33 seconds segment is it like that or the quarter four is a one time in during the full year 39:41 39 minutes, 41 seconds school shoes is highest in quarter 4 and then again there is school shoes in in somewhere around September October which 39:48 39 minutes, 48 seconds can which can fall either in quarter 2 or quarter 3 right which will result in slightly lower AS that's it but that 39:57 39 minutes, 57 seconds does not mean it will result in a lower margin okay okay sir and sir I go through the 40:05 40 minutes, 5 seconds presentation the our still the outsource versus the inhouse ratio is still in favor of the outsourcing sir is it our 40:13 40 minutes, 13 seconds wellthought policy or will it be changed gradually by having capacity or can by by increasing that capacity 40:22 40 minutes, 22 seconds can we improve the quality and overall margin for the company. 40:28 40 minutes, 28 seconds Okay. It will definitely improve over a period of time but uh it will show a very gradual change uh in in the mix of 40:37 40 minutes, 37 seconds in-house because the upper is still we have uh uh a very uh good number of 40:44 40 minutes, 44 seconds outsourced uh partners who make upper for us and exclusively exclusively. So so that will continue to 40:52 40 minutes, 52 seconds be there. What will happen or what will change with the investment in newer capacity is that the sneaker uh volume 41:00 41 minutes which has a high demand and requires investment in uh in machinery which we have done and not our outsource 41:08 41 minutes, 8 seconds partners. So the sneaker volume will continue to be in house right. So that will help us to improve the mix to to 41:16 41 minutes, 16 seconds serve our consumers uh in the category where the demand is and will result in a higher ASP as well. So so basically you 41:25 41 minutes, 25 seconds can uh foresee this as that the future growth will be uh will be met from our in-house facilities by and large and 41:34 41 minutes, 34 seconds that will result in a gradual shift in in this salency of in-house versus outsourced mix. 41:41 41 minutes, 41 seconds And any any out party is related party or all are the third party? 41:48 41 minutes, 48 seconds All are fragmented very small. We have a approximately 100 odd job workers which which work exclusively for us. 42:00 42 minutes Okay. Answer my last question related to D2C channel. See it is mentioned in the presentation that during the smart DT 42:08 42 minutes, 8 seconds D2C channels has contributed around 48.3% versus 44.8% on a YI basis. So which 42:15 42 minutes, 15 seconds vendors are falling under the D2 D2C category and how this margin profile? 42:24 42 minutes, 24 seconds So by D2C we mean both D2C online which is uh the portals primarily Flipkart, 42:32 42 minutes, 32 seconds Myntra, Amazon, Snap Deal etc. and D2C offline. By D2C offline we mean the uh D2C is direct to consumer. B2C offline 42:41 42 minutes, 41 seconds means all our EOS, franchisee partners and large format stores like Demart, VMart, lifestyle, Reliance footprint. So 42:50 42 minutes, 50 seconds all this where we reach directly to consumer instead of uh reaching through uh intermediary. So that is D2C. 42:58 42 minutes, 58 seconds And how it affects your margin s margin profile? 43:05 43 minutes, 5 seconds uh we work on a certain margin threshold that remains the principle or criteria for we selling a product barring the EBO 43:15 43 minutes, 15 seconds channel or exclusive stores where it is more about reaching out to consumers or reaching out in the new markets and the 43:22 43 minutes, 22 seconds gestation period for such stores is slightly higher versus uh any other D2C online channel. 43:30 43 minutes, 30 seconds So can can I assume that may requested to okay okay that's fine that's fine thank you sir 43:37 43 minutes, 37 seconds thank you take the next question from the line of governi from JS financial please go ahead uh thank you for taking my question 43:46 43 minutes, 46 seconds again sir uh my question is with regards to again you know uh the uh the competitive intensity uh you know given 43:53 43 minutes, 53 seconds the fact that uh you are now able to produce sneakers uh and also many of your competitors are facing 44:00 44 minutes uh issues in terms of production or getting footware outside uh from outside India due to V reasons and many other reasons. So how that that has helped you 44:09 44 minutes, 9 seconds over the last one year in terms of market chain gains if you can highlight some of the uh the scenarios uh where it has played out. 44:18 44 minutes, 18 seconds Well, we think all of that uh while we haven't done honestly a a detailed study on on market share uh post the ITO, but 44:26 44 minutes, 26 seconds we we do track the industry growth rate uh and and you know we don't think the industry has grown last year beyond uh 7 44:36 44 minutes, 36 seconds to 8% you know at most and uh us growing at about 12% we we think we've definitely gained market share. Uh so 44:44 44 minutes, 44 seconds there is some uh bit of consolidation that has happened in the market uh both with respect to sports and sneaker 44:51 44 minutes, 51 seconds range. Uh so you know definitely given the current situation we have a good opportunity on hand to further increase our market share in the market. 45:03 45 minutes, 3 seconds Uh this is just one last bit from my end is in terms of the logo now you know given that we have a completely new logo 45:11 45 minutes, 11 seconds uh has there been any issues that you would have faced uh because people would associate a brand campus with the older 45:18 45 minutes, 18 seconds logo and how do you communicate uh the newer logo to this and because of this have you faced any disruptions uh in the 45:27 45 minutes, 27 seconds inter it's a very valid question Gor so we actually did a soft launch of this logo 45:34 45 minutes, 34 seconds in October, November last year uh where uh the new products that were being launched in the market were were all 45:41 45 minutes, 41 seconds with the new logo uh starting October 2025. Uh so that was a soft launch. We didn't announce it at that point and uh 45:50 45 minutes, 50 seconds we have seen like you know uh and the numbers basically tell the story right like OMD we've had great results and uh 45:57 45 minutes, 57 seconds and even quarter 4 so that is clearly reflecting that all our uh NPDS that have been launched with the new logo 46:06 46 minutes, 6 seconds have been very well received in the market therefore that gives the confidence that the logo is you know very well accepted. 46:14 46 minutes, 14 seconds Uh thank you N for answering the question. Thank you. 46:18 46 minutes, 18 seconds Thank you. Before we take the next question would like to remind participants to ask a question please the star and one on the phone. 46:27 46 minutes, 27 seconds Next question is from the line of mi from please go ahead. 46:33 46 minutes, 33 seconds Hi congrats for such a strong performance. Here are two questions from Mar. So campus has been strong with in north India while the south and west 46:42 46 minutes, 42 seconds region still contribute relatively lower shares. So what are the key consumer differences consumer behavior differences in these markets? And are 46:50 46 minutes, 50 seconds you making any changes for being made to product assortment or branding to improve the penetration across these regions? 46:57 46 minutes, 57 seconds And the second one is uh given the competition from global as well as local brands. So the competition is increasing 47:05 47 minutes, 5 seconds in affordable SNA segment. Uh what are the campuses strong most students? Is it distribution reach or pricing or any 47:14 47 minutes, 14 seconds local trend responsiveness? So what makes it different from the other global and local brands? 47:20 47 minutes, 20 seconds So hi on the on the first question right you asked about us being a norththe heavy business. Actually that might be 47:29 47 minutes, 29 seconds an older uh uh philosophy. I think we have been able to extract and and reach a lot more markets. Just to give context, currently our our second largest state is Maharashtra, right? 47:40 47 minutes, 40 seconds Which wasn't so 5 years back from a chill trade point of view, right? So, uh there has been significant increase uh in a lot of states including 47:48 47 minutes, 48 seconds Maharashtra, Gujarat, NP, uh West Bengal, lot of other states, right? 47:52 47 minutes, 52 seconds Including South. So, uh we have done a reasonably strong job in AP Tangana. We are focusing on other states as we speak. uh there is a product differentiation from a market 48:01 48 minutes, 1 second requirement. Some markets are slightly more openheavy, some markets are slightly more shoes heavy, some markets are slightly more sneaker heavy. We try to customize our offering looking at the 48:09 48 minutes, 9 seconds requirements of the particular channel as well as the geography. So the requirements of an online business will be slightly different. The consumer profile will be a bit different and the 48:16 48 minutes, 16 seconds generated consumer will be slightly different. The consumer cohort is different. The geography cohort are different. So we since we have a very wide assortment, we are able to 48:24 48 minutes, 24 seconds customize our offering depending on the requirement of the particular market. So our team does regular visits to find out what exactly is the need. We do competition benchmarking. We do online 48:33 48 minutes, 33 seconds uh uh uh benchmarking to understand what's happening in the market and we we build that into our product development cycle. Right? So that so we are not 48:40 48 minutes, 40 seconds really an company amongst the top five cities. There is a Pune and a and a Bangalore in our online business as well right and number two general state is 48:49 48 minutes, 49 seconds Maharashtra today. So we have pretty much a a very strong pan India story and not really a regional uh uh story and that's one of the reasons for our scale 48:57 48 minutes, 57 seconds as well. Uh on the second piece uh when you mention what uh there is uh competition from multiple sides local 49:04 49 minutes, 4 seconds players and coming right so the mode of off campus is a multiffold mode right we have a a completely vertical and 49:11 49 minutes, 11 seconds horizontally integrated supply chain vertical we have the strongest distribution network we have a very strong backend R&D engineering and we 49:19 49 minutes, 19 seconds have a legacy and and a brand identity and customer loyalty of over 20 years all these add up to where our brand motel and I do not see it's very easy 49:27 49 minutes, 27 seconds for anyone to want to replicate it. Of course, uh there would be competition and that is part of of business. But uh all these modes are are very difficult 49:36 49 minutes, 36 seconds if not impossible to replicate uh in in today's environment. So we believe that we have a right to win in the market and we'll continue doing so. 49:44 49 minutes, 44 seconds Okay. Okay. Thank you. 49:45 49 minutes, 45 seconds Just contextualize a little bit in numbers. Uh we did a uh just a a very uh 49:53 49 minutes, 53 seconds small check you know at our end with respect to uh anybody trying to replicate our supply chain you know would need maybe close to around 2,000 50:01 50 minutes, 1 second crores today to replicate the same level of supply chain that we have with uh you know with respect to land building the 50:09 50 minutes, 9 seconds plant and machinery that we've set up over the years. So it is something that uh and it's not just the investment part of it. It is much more than that to be 50:17 50 minutes, 17 seconds able to uh you know grow together with the entire vendor base to take them along with you your partners your channel partners. It's a very fairly 50:25 50 minutes, 25 seconds complex ecosystem that has been created with lot of uh rigor and uh you know 50:32 50 minutes, 32 seconds brand uh of course investment as well over the years which is something that we don't think is very easy to replicate by anybody else. very easy. 50:43 50 minutes, 43 seconds Okay, thank you very much. 50:46 50 minutes, 46 seconds Thank you. We'll take our next question from the line of DJ Sha from Aendas Spark Institution. Please go ahead. 50:54 50 minutes, 54 seconds Uh hi, thanks for the opportunity uh three questions. Uh so first uh this quarter was very complicated quarter 51:01 51 minutes, 1 second from uh from the sense to gauge consumption demand sentiment uh because a lot of development happened in the 51:08 51 minutes, 8 seconds end of the quarter. So just uh from your assessment or the way you are looking at data would you say there was a 51:16 51 minutes, 16 seconds perceptional or there is rather perceptual shift in demand momentum which should sustain in FY27 or you believe that the whole event that has 51:23 51 minutes, 23 seconds played out or unfolded in last 60 odd days kind of disrupt the momentum which was created. 51:32 51 minutes, 32 seconds So no, you're right. There have been it's been a very dynamic market uh at this point, but more so from a supply 51:39 51 minutes, 39 seconds point of view, I would say. Uh and like I mentioned, we've seen the peak of it with respect to uh availability of raw 51:46 51 minutes, 46 seconds material and the pricing around it. Uh now going forward, we see stability and uh and you know, some some raw material 51:54 51 minutes, 54 seconds have started to correct uh already. But on the demand side as well, yes, there has you know uh till March we were uh we've not seen really much of an impact. 52:05 52 minutes, 5 seconds There was some impact in the month of March but not very significant. going forward uh of course if if the war 52:12 52 minutes, 12 seconds sustains uh then it's anybody's guess to be very honest I I we will not nobody will be able to commit any kind of 52:20 52 minutes, 20 seconds numbers with this kind of scenario prolonging for a very long time right but if it sort of uh settles at this 52:27 52 minutes, 27 seconds point we we see a good recovery in place uh and the market should recover also fairly soon. 52:35 52 minutes, 35 seconds Yeah. Say second on on our better performance in online versus the other channels. Uh was there any concentrated 52:44 52 minutes, 44 seconds effort which actually played out or or kind of resulted in good performance facing this year in the channel? That's 52:53 52 minutes, 53 seconds one. Second, uh based on the data because online is very reflexive channel on that front, uh do you believe that we 53:00 53 minutes would have gained market share or the channel itself did very well for the category at large? 53:07 53 minutes, 7 seconds I think uh uh the growth of marketplace is is is a growth that has been happening for some time for us right this is journey we have been over the 53:14 53 minutes, 14 seconds last three years we have been building our our uh our our own capabilities of running in marketplace operation over the last 12 to 18 months we've also 53:22 53 minutes, 22 seconds started leveraging the infrastructure of of flipkart Amazon and uh and mntra as well through the fbf and edgget models 53:29 53 minutes, 29 seconds so which we supplied through their uh warehouse infrastructure right to be closer to the consumer co uh last 53:36 53 minutes, 36 seconds quarter of course uh uh the the big callups for the quarter would of course be our long-term partnership with Amazon and and the and the growth potential 53:45 53 minutes, 45 seconds that we are seeing there. It's been a story that has been playing out for over 18 months now and we we see it continuing into the into the long-term 53:53 53 minutes, 53 seconds future as well. Uh our brand.com is a very successful story only launched about 3 years back. It is uh it will be 54:00 54 minutes among the top four marketplace platform if I compare it as an individual marketplace as well as well as snapd which has also been a very very strong 54:07 54 minutes, 7 seconds turnaround story for us while mntra andkat continue to be very big players for us. We've also been able to scale up the other partners and bring them to a 54:15 54 minutes, 15 seconds certain territory. So we don't see marketplace uh uh growth uh to be slowing down anytime soon. Of course uh 54:23 54 minutes, 23 seconds it's a tough tough space because it's extremely competitive, extremely expensive, extremely complicated. 54:27 54 minutes, 27 seconds Looking at the way this business is run overall looking at the complication of return, logistics, marketing, other factors as well as the alignments with the larger play. We have been signing 54:35 54 minutes, 35 seconds off GBPs and JMPs with all these big players so that we have a long-term alignment and visibility with them and we are able to focus on on long-term 54:43 54 minutes, 43 seconds well uh growth creation with these uh with these partners. So marketplace operation is is extremely positive only. 54:50 54 minutes, 50 seconds Flipkart is the only partner we work with from an outright business point of view. All of the businesses for us on the online side are pure marketplaces. 54:58 54 minutes, 58 seconds Uh and so last one uh on brand uh logo change uh usually such an established brand when it goes for uh renewal on the 55:07 55 minutes, 7 seconds logo side uh at least for the initial period it needs a lot of branding and marketing support for to create that recall. So should we expect some 55:16 55 minutes, 16 seconds heightened branding spend this year or or will it be uh part of the par for course in terms of what we'll spend on this? 55:25 55 minutes, 25 seconds Uh no so it will be part of the the regular spend only but more focus on the 55:32 55 minutes, 32 seconds brand building side rather than you know uh uh performance marketing. Uh so that is something that we endeavor to do this 55:40 55 minutes, 40 seconds year is focus more on the brand building side. 55:46 55 minutes, 46 seconds Wonderful. Thanks and thank you ladies and gentlemen. That was the last question for today's phone call. On 55:54 55 minutes, 54 seconds behalf of Campus Active Limited, that concludes this conference. Thank you for joining us and in case of any further queries, please reach out to campus 56:02 56 minutes, 2 seconds activeware investor relation at irdampersshoes.com. Human out.