PDS · tone and specificity signals across the available quarters.
Language signals
The orders are well intact. It is just this request for deferment. In fact, in our top 10 large verticals, approximately $15 million, that's almost like ₹140-150 crore of sales that got pushed out. Had those sales happened in this quarter, one would have seen the impact of that through gross margin flowing to bottom line.
The US reciprocal tariff framework has resulted in India's effective tariff exposure reducing from a peak level of 50 to 18%, materially improving India's competitiveness in the US market. At the same time, Bangladesh has subsequently benefited from a recently announced zero reciprocal tariff position, further strengthening its relative advantage in global apparel sourcing.
We are transiting from cost stabilization to structural efficiency improvement. Our enterprise-wide cost transformation and digital backbone initiatives are already beginning to add into margin expansion and therefore as the recovery happens in a quarter or two we believe we should start seeing a meaningful benefit of stronger operating leverage.