Ganesh Consumer Products Limited — Q3 FY26

Ganesh Consumer Products Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=BQiV1P1mI8Q Published: 3 months ago

0:00 Ladies and gentlemen, good day and welcome to the Ganesh Consumer Products Limited Q3 FI26 and 9 months earnings 0:08 8 seconds conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions 0:16 16 seconds after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on 0:25 25 seconds your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Miss Gara 0:32 32 seconds from Go India Advisors. Thank you and over to you ma'am. 0:38 38 seconds Thank you. Good morning everyone. I'm Gimma Simla and it's my pleasure to welcome you on behalf of Con Ganesh Consumer Products Limited. Thank you for 0:46 46 seconds joining us today for quarter 3 and 9 months of financial year 26 earnings conference call. This call is being hosted by Go India Advisor. Please note 0:54 54 seconds that today's discussion may include certain forward-looking statements. 0:57 57 seconds Therefore, they must be viewed in conjunction with the risks that the company faces. Today on the call, we are joined by Mr. Manish Nimali, managing 1:04 1 minute, 4 seconds director, Mr. Amit Tapardia, CFO, and Mr. Narendra Mishra, CS and compliance officer. I now invite Mr. Manish to 1:12 1 minute, 12 seconds present the company's business outlook and performance after which we will open the floor for Q&A. Thank you and over to you sir. 1:20 1 minute, 20 seconds Thank you very much and a very good morning to everyone joining us today. 1:26 1 minute, 26 seconds As we come together to discuss our quarter third third financial year 2526 performance, I would like to begin by 1:35 1 minute, 35 seconds saying that this quarter represents an important phase of reflection and reinforcement for all of us at Ganesh Consumer Products. 1:45 1 minute, 45 seconds It has been a period where we consciously focused on strengthening the quality, resilience and long-term direction of our business. 1:56 1 minute, 56 seconds Before I take you through our performance, I would like to sincerely thank our investors, partners, employees, 2:05 2 minutes, 5 seconds suppliers, and all stakeholders who continue to stand by us and believe in our journey. As a relatively young 2:13 2 minutes, 13 seconds listed company, the trust carries immense responsibility and we remain deeply committed to honoring it through 2:21 2 minutes, 21 seconds disciplined execution, a strong governance and transparent communication. 2:28 2 minutes, 28 seconds When we began our journey, our vision was simple yet deeply aspirational to bring authentic, high quality and 2:35 2 minutes, 35 seconds affordable food staples to every Indian household. What started as a motorist regional package staple brand 2:44 2 minutes, 44 seconds has steadily evolved into an integrated consumer products company with a growing presence across flu 2:54 2 minutes, 54 seconds sizes powders of all seasons and pulses and ready to cook instant mixes. Our 3:02 3 minutes, 2 seconds story has always been about maintaining a careful balance between tradition and transformation is staying rooted in our 3:09 3 minutes, 9 seconds heritage while continuously adapting to modern systems, evolving consumer preferences and structured operational 3:17 3 minutes, 17 seconds processes from our strong sourcing networks across 3:24 3 minutes, 24 seconds Uttar Pradesh, Madhya Pradesh, Rajasthan and parts of western India to A rapidly 3:31 3 minutes, 31 seconds expanding distribution ecosystem supported by integrated marketing initiatives and digitalization. 3:39 3 minutes, 39 seconds This blend of the old and the new continues to define our growth journey. 3:46 3 minutes, 46 seconds Coming to our performance during quarter 3rd of financial year 26, the quarter represents a technical reset 3:54 3 minutes, 54 seconds within an otherwise healthy growth trajectory. 4:00 4 minutes Revenue from operations stood at rupees 2,17 million. 4:08 4 minutes, 8 seconds While this reflects a moderation compared to last year, it was a conscious and well-c calibrated decision by the management. 4:18 4 minutes, 18 seconds During the quarter, we responded proactively to intense pride price competition in 4:27 4 minutes, 27 seconds select B2C market while deliberately reducing exposure to lower lower margin B2B volumes. 4:36 4 minutes, 36 seconds These actions were undertaken to strengthen things quality and improve the long-term instructional positioning of the business. 4:45 4 minutes, 45 seconds Despite this near-term moderation, our overall performance for the 9 month period remained healthy for 9 month 4:54 4 minutes, 54 seconds financial year 26. Revenue grew 3.6% year on year to rupees 6,534 5:02 5 minutes, 2 seconds million reflecting the resilience of our code portfolio and disciplined strategic execution. 5:10 5 minutes, 10 seconds What gives us a strong confidence is how the business responded. 5:16 5 minutes, 16 seconds IA for the quarter grew significantly to rupees 228 million 5:24 5 minutes, 24 seconds reflecting a strong 37% yearon-year growth. 5:30 5 minutes, 30 seconds Emita margins improved to 10.8% 8% expanding by over 300 basis points year 5:39 5 minutes, 39 seconds on year supported by improved real realization a stronger product mix and operating leverage. 5:49 5 minutes, 49 seconds Profit after tax demonstrated even stronger momentum reaching rupees 121 5:55 5 minutes, 55 seconds million representing a 57.6% 6% yearon-year increase with pet margin expanding to 5.7%. 6:08 6 minutes, 8 seconds These outcomes clearly demonstrate the increasing operating strength and scal scalability of our business model. 6:17 6 minutes, 17 seconds Our P2C franchisee continues to remain resilient despite heightened competitive intensity. While P2C revenues remained 6:26 6 minutes, 26 seconds broadly stable during quarter 3, we successfully protected market share through strong brand recall and our deeply entrenched distribution network. 6:37 6 minutes, 37 seconds This was achieved alongside margin improvement and discipline execution of cash and carry model in the GT channel. 6:45 6 minutes, 45 seconds Over the 9 months period, B2C revenues grew approximately 6% year on year highlighting the durability of our 6:54 6 minutes, 54 seconds consumer franchisee even in a competitive environment. 6:58 6 minutes, 58 seconds At the same time, we undertook deliberate portfolio optimization within our B2B business. B2B revenues declined 7:06 7 minutes, 6 seconds approximately 12% yearonear in quarter 3 driven by our conscious decision to scale back lower margin opportunities. 7:17 7 minutes, 17 seconds The spicial segment in particular continues to emerge as a strong growth 7:24 7 minutes, 24 seconds and profitability driver. The segment delivered nearly 31% year-on-year growth 7:32 7 minutes, 32 seconds in 9 months financial year 26 reflecting our strategic focus on expanding value 7:38 7 minutes, 38 seconds added higher margin categories and enhancing overall portfolio quality. Our 7:45 7 minutes, 45 seconds digital and quickcommerce channels also continued to demonstrate strong traction 7:51 7 minutes, 51 seconds with revenues growing approximately 58% year on year during 9 month period. This 7:59 7 minutes, 59 seconds reflect we were able to collect evolving consumer purchasing 8:06 8 minutes, 6 seconds behavior and validate the strength of our multi- channelannel distribution strategy. 8:13 8 minutes, 13 seconds Over the past year, we have consistently focused on strengthening the structural pillars of our business. Our 8:21 8 minutes, 21 seconds distribution network today spends more than three three lakh 50,000 retail touch points across traditional trade, 8:30 8 minutes, 30 seconds modern trade, digital channels, enabling deeper market penetration, and improved product availability. 8:37 8 minutes, 37 seconds Our product portfolio now includes more than 200 SKUs allowing us to cater to 8:44 8 minutes, 44 seconds diverse regional consumption preferences while aligning with emerging national demand trends. 8:51 8 minutes, 51 seconds Another important milestone during the year has been the standing of our financial position. 8:58 8 minutes, 58 seconds Following repayment of coins, the company now operates with a debt free 9:04 9 minutes, 4 seconds balance sheet and maintains a surplus cap of approximately 9:10 9 minutes, 10 seconds rupees 1,100 million as on date. This enhances our strategic flexibility and 9:17 9 minutes, 17 seconds position as well as to accelerate our brand investments, expand distribution reach and pursue future growth opportunities from a position of strength. 9:28 9 minutes, 28 seconds As we look ahead, our strategic priorities remain clearly defined. We will continue scaling our B2C portfolio with sharper focus on core categories 9:37 9 minutes, 37 seconds and value added product extension. We will deepen distribution penetration across existing and new geographies 9:45 9 minutes, 45 seconds while extending our presence in modern tradecom ecom and all [clears throat] 9:52 9 minutes, 52 seconds modern trade channels. At the same time, we remain committed to sustained brand investments, datadriven demand planning, 9:59 9 minutes, 59 seconds strong working capital discipline and continue margin expansion through product premiumization and portfolio mix improvement. 10:08 10 minutes, 8 seconds Growth for us has never been about chasing scale at the cost of sustainability. 10:15 10 minutes, 15 seconds While the road revenue milestone remains a medium-term aspiration, our current focus is on strengthening the quality of growth and profitability. 10:27 10 minutes, 27 seconds The consistent margin improvement we are witnessing reinforces our belief that building a strong and profitable 10:33 10 minutes, 33 seconds foundation will ultimately drive more value accurative growth and will be durable 10:41 10 minutes, 41 seconds with capacity expansion initiatives underway strong category fundamentals and favorable structural tailwinds from increasing formalization in staples and 10:50 10 minutes, 50 seconds package food sectors. We believe Ganesh consumer product is well positioned for sustained and profitable long-term 10:57 10 minutes, 57 seconds growth creating enduring value for consumers, partners and shareholders. 11:03 11 minutes, 3 seconds Before I conclude, I would like to express my heartfelt gratitude to our employees for their relentless dedication, our suppliers and 11:10 11 minutes, 10 seconds distribution partner for their continued collaboration and our shareholders for their trust and confidence in our vision. This remains the early phase of 11:19 11 minutes, 19 seconds our journey as a real estate company and we are fully committed to building Ganesh Consumer Products Limited into 11:26 11 minutes, 26 seconds one of India's most trusted and admired package who disable profitable companies. Thank you once again for 11:34 11 minutes, 34 seconds joining us today. We will now be happy to open the floor for questions. 11:40 11 minutes, 40 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press 11:46 11 minutes, 46 seconds star N1 on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 11:55 11 minutes, 55 seconds handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question Q assembles. 12:02 12 minutes, 2 seconds The first question is from the line of Rahan Sayyad from Trinidadra Asset Managers. Please go ahead. 12:10 12 minutes, 10 seconds We are good morning to your team and thanks for giving me the opportunity. Uh so sir my first question is around your 12:17 12 minutes, 17 seconds working capital dynamics. So so you have mentioned that your spices portfolio currently has a credit period of 15 to 12:24 12 minutes, 24 seconds 30 days unlike your step business. So which is largely advanced. So as spices 12:30 12 minutes, 30 seconds grew by 31% in 9 month 26. So how do you see this segment expansion uh impacting your overall working capital cycle which 12:39 12 minutes, 39 seconds is historical has been lean at 20 to 31 days the first 12:47 12 minutes, 47 seconds yeah so good morning uh Amit here so uh I'll answer that I'll take up that question so for spices in the general 12:56 12 minutes, 56 seconds trade we are we are providing a credit period of ranging from 15 to 30 days Now again the distributors who are handling 13:04 13 minutes, 4 seconds our core categories they are they are working with us on the spices categories as well and hence we can control the overall credit which we provide to them. 13:15 13 minutes, 15 seconds So working capital requirement it will remain the same because spices as a segment is small as of now and going 13:23 13 minutes, 23 seconds forward once we penetrate better in the spices in the spices category in the West Bengal market we'll be able to 13:31 13 minutes, 31 seconds streamline the credit line on the spices category. So hence we believe the working capital cycle will remain intact without any major change. Thank you. 13:42 13 minutes, 42 seconds Okay. Okay. So like you have cleared that you are saying in West Bengal side you will face some of kind of credit 13:49 13 minutes, 49 seconds longer period like sorry uh like what you have said you you are saying that you will face some 13:57 13 minutes, 57 seconds longer credit period in West Bengal side. 14:02 14 minutes, 2 seconds No credit no yeah so in West Bengal currently the spices market is purely in West Bengal 14:10 14 minutes, 10 seconds and we are providing a credit of 15 to 30 days we don't feel that any longer credit period is required as of now and 14:17 14 minutes, 17 seconds as I said going forward we will optimize that credit period because once we penetrate better with the spices 14:24 14 minutes, 24 seconds category then we feel that we'll be able to command the credit uh period given to the distributor And these are secure 14:33 14 minutes, 33 seconds credits. We we take uh uh CDC's we also take bank guarantees wherever it is required. So that way it is secure credit. 14:43 14 minutes, 43 seconds Oh okay. Okay. Okay. And my second question is around your uh channel economics. So you have mentioned that 14:51 14 minutes, 51 seconds your e-commerce and click segments grew by an uh impressive end during 9 month 26. So can you compare the contribution 15:00 15 minutes margin of this digital channels against your traditional general trades especially considering uh general trade 15:07 15 minutes, 7 seconds operates on a cash and carry model. So while digital channels often involve higher fulfillment cost you guys can 15:15 15 minutes, 15 seconds yeah so again so the the margins in fact for us it is better than the general trade. Yes as you correctly highlighted that modern trade also enjoys a credit. 15:26 15 minutes, 26 seconds So but we we we try to optimize that because we we we provide a credit period in the range of 15 to 21 days, right? 15:34 15 minutes, 34 seconds And we monitor the credit cycle very thoroughly. In case a in case a player delays the payment, we stop billing 15:41 15 minutes, 41 seconds them. That way we are very much uh we are very much in control of the credits which we are giving to the modern trade players. Right? And in terms of the 15:50 15 minutes, 50 seconds contribution margin as I said it is better as compared to the general trade uh uh general trade segment and historically if you see we haven't have 15:59 15 minutes, 59 seconds any had any backd yeah yeah 16:06 16 minutes, 6 seconds okay one one last question from my side around your capacity utilization your current capacity utilization stands at 16:15 16 minutes, 15 seconds 55 to 60% so to reach your 2000 the 28 revenue AITA target. So will the current uh 1312 16:22 16 minutes, 22 seconds mill per day capacity sufficient or will you need to transition the Hyderabad unit from the from its current job for a 16:30 16 minutes, 30 seconds third party to your own production? 16:35 16 minutes, 35 seconds No. So we don't plan to use Hyderabad unit for this for the GD channel and as 16:43 16 minutes, 43 seconds you uh as as lose your question so our current capacity is enough to meet the requirement or the demand which we 16:52 16 minutes, 52 seconds foresee in the next 2 to three years right so that way we can achieve our Q3 17:00 17 minutes 28 FY28 vision with the with the same set of plant and machinery which we have and going forward maybe in this quarter 17:08 17 minutes, 8 seconds we will also commission the Agra Agra unit wherein we will start manufacturing ATA that will boost the ATA 17:18 17 minutes, 18 seconds manufacturing capabilities which we have without any major capex because we already had a cleaning line also we are working on new category which is soya 17:27 17 minutes, 27 seconds which again will should start in this quarter only okay thank you for answering my all 17:34 17 minutes, 34 seconds questions I'll jump back in the Thank you. 17:40 17 minutes, 40 seconds The next question is from the line of Deeper Sanchetti from Mana Finance. Please go ahead. Yeah. Hi Emma. 17:49 17 minutes, 49 seconds Yeah. Yeah. Uh now is the spices uh simply a growth pillar or uh uh there's 17:56 17 minutes, 56 seconds some strategic angle to it also and whe also whether spices will improve or dilute the blended margins. 18:06 18 minutes, 6 seconds So yeah so hi Amit here I'll answer this question. So spices is both a a 18:12 18 minutes, 12 seconds strategic and a a growth high growth category because spices is a more than 18:19 18 minutes, 19 seconds 6,000 crores market in the eastern part which is a package market and considering the supply chain uh supply 18:27 18 minutes, 27 seconds chain base we have and the consumer trust our brand we feel that we'll be able to cater the uh good quality needs 18:38 18 minutes, 38 seconds of the consumers with our continued R&D effort on the spices uh segment. We are 18:45 18 minutes, 45 seconds a kitchen brand and it will go a long way for for the spices category for us. 18:51 18 minutes, 51 seconds And uh in terms of the margins obviously spices controls a better margin as compared to our core category and we are 18:59 18 minutes, 59 seconds very bullish that uh in in in a year's time it'll it'll delivers better margin as compared to the gold category. 19:09 19 minutes, 9 seconds What gives you the confidence I mean what specific consumer insight have you seen which gives you the confidence that you will be able to win in this crowded spices market. 19:20 19 minutes, 20 seconds So uh I'm Manish I would like to take the call. So the confidence comes from our uh there are couple of reasons for 19:28 19 minutes, 28 seconds this confidence. One, if you see on the procurement side and on the manufacturing side, we are well 19:36 19 minutes, 36 seconds entrenched uh we have got a well position with our expertise long-term expertise in the 19:44 19 minutes, 44 seconds agricultural purchases and up to the mark uh qualitative manufacturing. 19:51 19 minutes, 51 seconds Now if you come to the uh thereafter it needs to be on the execution on the aability part. Now on the availability 19:59 19 minutes, 59 seconds part we have got a touch point retail touch points of more than three lakh 50,000 touch points from the same shops 20:08 20 minutes, 8 seconds uh all the kitchen staples are being procured by the consumers at large. 20:14 20 minutes, 14 seconds So I think uh after procurement and manufacturing the third important role which comes for a success of a brand in consumer space is availability. 20:26 20 minutes, 26 seconds There also we have got a very good uh foundation. Now on the last on the second last mile that is brand 20:33 20 minutes, 33 seconds recognition and brand recall because we are decades old kitchen brand 20:40 20 minutes, 40 seconds well known well consumed well tested day in day out by the lack of consumers for decades for packaged staples. 20:50 20 minutes, 50 seconds This is the exestion category where I think if once we are tested and if we 20:57 20 minutes, 57 seconds are able to convince the consumer if we are value for price material so the 21:06 21 minutes, 6 seconds repeat buy will come. So this is on a brand recall where we are well positioned only the last mile. Of 21:13 21 minutes, 13 seconds course, I agree with you. This is a cluttered space. But again, you also need to uh appreciate this category is 21:22 21 minutes, 22 seconds largely all the players pan India also all the regional players are dominant 21:29 21 minutes, 29 seconds players in this category. Even likes of NDH or average in some states they are lagging in a second or a third position. 21:39 21 minutes, 39 seconds So by and large the regional players understand more about the test and 21:46 21 minutes, 46 seconds preference in the spices category which is a motor regional category. 21:53 21 minutes, 53 seconds There we find there the confident comes. 21:56 21 minutes, 56 seconds We not going to go pan India in spices as of now. We are only going to go for initially for Bengal full pleasure and 22:04 22 minutes, 4 seconds then thereafter eastern India and we have we have done a lot of research and uh development in the last couple of two 22:12 22 minutes, 12 seconds three years before going full-fledged into uh the entire category our spices category includes of core CTC and 22:21 22 minutes, 21 seconds blended so largely the blended will margins will come from the blended one and uh the acceptability 22:30 22 minutes, 30 seconds We are already this is this is the two and a half year pass on a space launch and this year we are going to close more than 35 cr. 22:41 22 minutes, 41 seconds So which is a bay mark than last two years which itself speaks the about the acceptability of our brain there there 22:50 22 minutes, 50 seconds the come our confidence comes right and uh what what about the 22:59 22 minutes, 59 seconds incremental cash I mean uh we have a significant cash with almost uh little debt now what is the best use 23:06 23 minutes, 6 seconds incremental you uh use of this capital which you are planning to do and whether uh will you do any inorganic growth or that is a strict nogo? 23:17 23 minutes, 17 seconds Yeah. So I'll take that question. So we will strategize and we will uh take we will spend very uh strategically on the 23:25 23 minutes, 25 seconds distriution and branding of our products. Further as you correctly picked up we we will also 23:33 23 minutes, 33 seconds explore in organic opportunities. Again we don't want to venture into venture into low margin categories. So we will 23:42 23 minutes, 42 seconds we are exploring high margin adjacent categories which goes well with our category and we are very much open to 23:51 23 minutes, 51 seconds opportunities in nearby geographies which will expand our distribution network and will add to the add to the current distribution wings of ours. 24:04 24 minutes, 4 seconds So will these inorganic opportunities will be uh buying the brands or will it be only buying the manufacturing facilities as we already have a very uh 24:13 24 minutes, 13 seconds known and a trusted brand in uh the eastern uh uh in eastern India. 24:21 24 minutes, 21 seconds So again it depends on the on the asset which we are targeting but majorly we will target the entire entire brand with 24:29 24 minutes, 29 seconds distribution and the manufacturing setup set setup so that we don't we don't want to we don't want to basically deteriorate the customer experience by moving away from that particular market. 24:40 24 minutes, 40 seconds So we will obviously focus to focus or we will plan the transaction in a way that we get the 24:48 24 minutes, 48 seconds best of the available opportunities right and uh also uh how are you seeing 24:56 24 minutes, 56 seconds the market as in uh uh we haven't seen any growth this quarter in terms of sales and uh uh overall how much sales 25:04 25 minutes, 4 seconds do you how much uh sales growth do you see and what gives you that confidence that we will see uh double digit sales growth. 25:13 25 minutes, 13 seconds So in this quarter in terms of the B2C segment right considering the competition from from players like Immi 25:22 25 minutes, 22 seconds also launched consumer staples including Hata Ma and Suji. So in the B2C category it's not that we have degrone in the B2C 25:30 25 minutes, 30 seconds category actually there was a growth of close to 1%. Right now in considering a 25:37 25 minutes, 37 seconds competition from company like Imami which is which is a personal care renowned personal care brand we were 25:44 25 minutes, 44 seconds able to maintain our market share. Now as you can also you will also appreciate that whenever a new brand comes in they 25:52 25 minutes, 52 seconds put they they remain very aggressive in terms of pricing. So, so that way we were able to hold on to our market share 26:01 26 minutes, 1 second and meanwhile so going forward as it is I know it is a forward-looking statement but the month which just got ended we 26:09 26 minutes, 9 seconds were able to deliver a healthy volume growth in the B2C segment right so that way we are very much optimistic that 26:17 26 minutes, 17 seconds going forward in the coming quarters we will be able to uh will able to be we we will be back 26:24 26 minutes, 24 seconds on the growth trajectories which we which we plan to have. So any any brand whenever a new brand comes in it is a 26:31 26 minutes, 31 seconds matter of two three quarters and we are very much confident that considering the supply chain the good quality manufacturing facility we have we will 26:41 26 minutes, 41 seconds be able to get back to the growth trajectory which we projected for ourselves and we will retain the market 26:49 26 minutes, 49 seconds share and obviously and yeah one thing you should appreciate that we have maintained the profitability not only maintained we have grown in the 26:57 26 minutes, 57 seconds profitability term. So if you ask me if if if a company burns money and start distributing it is easy to basically 27:06 27 minutes, 6 seconds grow in the overall in the top line but we are very much we are very much focus that we have to maintain the margin we 27:14 27 minutes, 14 seconds have to maintain the healthy financial and we have to work on the cash and carry model in the in the GT channel. So that way and you can see the IITA and 27:22 27 minutes, 22 seconds margin has also improved the the in this quarter. 27:27 27 minutes, 27 seconds No, I appreciate that sir that you have maintained the margins and uh uh the bottom line. Uh the only point of my 27:35 27 minutes, 35 seconds only point is that you know how will the company grow because most of the company's products are into a uh I mean 27:42 27 minutes, 42 seconds there is no uh entry barrier to the product. So any bigger brand any pan India player whenever it will come it 27:49 27 minutes, 49 seconds will affect our uh growth. So what is the company doing to have the growth because at the end of the day you will 27:56 27 minutes, 56 seconds maintain the profitability you can improve the profitability but sales growth will be important to carry forward this entire uh profitability to the next level. 28:08 28 minutes, 8 seconds Yeah. So I I I appreciate your question. 28:12 28 minutes, 12 seconds So it's a very uh right question. So the the confidence comes on the revenue 28:19 28 minutes, 19 seconds growth from couple of point couple of reasons. Number one, of course, uh every 28:26 28 minutes, 26 seconds then and there a new player can come big or small. 28:32 28 minutes, 32 seconds But then according to us, uh as you said, there's no entry barrier. But according to of course there is a entry barrier in any brand play FMCG consumer sector. 28:46 28 minutes, 46 seconds Reason being the the bigger players uh have got advantage over distribution network. 28:54 28 minutes, 54 seconds They can have manufacturing capabilities. 28:58 28 minutes, 58 seconds But then to have a brand recall in that segment in a food segment 29:07 29 minutes, 7 seconds is is a different because foods have if we largely see the companies who have tried to grown very fast in food 29:15 29 minutes, 15 seconds categories pan India historically they were not able to get success. 29:22 29 minutes, 22 seconds Reason being it it it it needs to you need to spend over the test and 29:29 29 minutes, 29 seconds preference of the consumers. One number two just by having a distribution muscle 29:37 29 minutes, 37 seconds or it doesn't give you guarantee to have a consumer recall consumer brand recall over food category. 29:48 29 minutes, 48 seconds So class we we we we will we ouration comes from 29:55 29 minutes, 55 seconds a personal care company will be the DNA of that personal care company is 30:01 30 minutes, 1 second not a pure pure food DNA but we are a pure 30:07 30 minutes, 7 seconds food DNA company legacy brand. So we understand food even any new player with 30:17 30 minutes, 17 seconds a with a very heavy muscle power comes into this they need to they need to spend time they need to understand the 30:24 30 minutes, 24 seconds food preferences and on the brand recall any which way is the medium ones and 30:32 30 minutes, 32 seconds small ones the entry barrier is there for them they will not able to expand so fast in distribution or manufacturing or 30:40 30 minutes, 40 seconds brand So largely the risk only come comes from the figure one 30:49 30 minutes, 49 seconds and at the same time the market is also growing the and and the overall the conversion 30:57 30 minutes, 57 seconds is there from the unorganized to organized market. 31:02 31 minutes, 2 seconds So maybe a quarter we were we were not able to glue quarter but then you will appreciate on the pet and Iita we were 31:10 31 minutes, 10 seconds not able to maintain rather we increased our pet and which was the highest in the last three quarters. 31:17 31 minutes, 17 seconds So I think we are bullish moving forward as we said we will be spending more on the distribution to make to cover target 31:25 31 minutes, 25 seconds of up to five lust points in another one and a half year and to come into more 31:32 31 minutes, 32 seconds adjacent categories. So it will not only be growth in our core categories. 31:37 31 minutes, 37 seconds Currently we are seeking to move into adjacent profitable margin accative adjacent categories which are again related to 31:46 31 minutes, 46 seconds kitchen only. So then there will be a mix of a strong execution of our current code 31:53 31 minutes, 53 seconds portfolio penetration going into new adjacent categories as well as take tap the opportunity of market growth. 32:06 32 minutes, 6 seconds Right. If I can ask the last question. 32:08 32 minutes, 8 seconds Uh, sorry to interrupt Mr. Last question. 32:11 32 minutes, 11 seconds Please join the queue. More participants in the rejoin the queue. 32:17 32 minutes, 17 seconds Thank you. The next question is from the line of lucky. Please go ahead. 32:24 32 minutes, 24 seconds Yes sir. uh based on what you what you highlighted. So if you could tell us the 32:30 32 minutes, 30 seconds category growth in general uh on the volume side in your uh in your base 32:37 32 minutes, 37 seconds category which is uh uh what you call presentation 32:46 32 minutes, 46 seconds yeah the carrier the carrier and the value added products which is a whole function of the different class. 32:54 32 minutes, 54 seconds So uh there slightly longer category growth if you could tell us in volume. 32:59 32 minutes, 59 seconds Uh secondly I in your presentation you have talked about some competition and impact. So what is what was your uh what 33:08 33 minutes, 8 seconds was uh your uh strategy and incrementally how are you seeing your 33:16 33 minutes, 16 seconds volumes uh in January or this quarter based on whatever happened in the last quarter? 33:24 33 minutes, 24 seconds Uh then you know that would be really helpful for us to correlate in terms of your growth path. And uh the other thing 33:33 33 minutes, 33 seconds is in the 9 month number if you could just tell us the so you have given a B2C growth but if you could tell us what was your emerging category growth and you 33:42 33 minutes, 42 seconds know what was your base category so base category is let's say the whole FL portfolio uh you know these two things if if 33:50 33 minutes, 50 seconds highlighted would help us you know make some guess on the future growth uh you 33:57 33 minutes, 57 seconds know keeping aside what happened in the 9 month or what happened in the quarter uh maybe you could sum this up and explain us please. 34:07 34 minutes, 7 seconds Yeah. So uh during the during the 9 months period the ATA category uh in 34:15 34 minutes, 15 seconds terms of the volume has grown at around 13%. Right. the the other uh yeah 13% 13 34:24 34 minutes, 24 seconds m right and the other emerging other category right which includes other fl 34:33 34 minutes, 33 seconds uh other flower category and the emerging category is uh so overall the 34:41 34 minutes, 41 seconds art as I said so and category wise I think discussing 34:47 34 minutes, 47 seconds over this platform will be I don't think it will it will make sense but an overall basis as you asked the B2C 34:55 34 minutes, 55 seconds revenue in terms of volume has grown at around 5%. And the overall value wise the grown the growth is around 6% in the 35:04 35 minutes, 4 seconds B2C segment and in the coming in the coming quarters right as I said in the in the month of January only we have 35:11 35 minutes, 11 seconds grown recently at uh in the range of 8 to 10%. and hence we we foresee that we 35:17 35 minutes, 17 seconds will be back on track to a healthy 8 to 10% growth in the coming quarters. 35:26 35 minutes, 26 seconds So on this platform we will like to say we will not able to give you individual growth or degrowth uh 35:35 35 minutes, 35 seconds percentage which we can respond to a uh a particular mail. If you can mail us, we can respond to that mail on an individual on an individual basis. 35:46 35 minutes, 46 seconds Reason being on this public platform uh due to competitive intensity, we will not like to diverge the individual 35:54 35 minutes, 54 seconds figures. one number two on the overall uh on the basis of uh January which we 36:02 36 minutes, 2 seconds which has just concluded in which we the rebound growth was where in the B2C 36:08 36 minutes, 8 seconds category of appro by that we are very much hopeful you can 36:15 36 minutes, 15 seconds in last uh fourth quarter we will again able to uh grow well again at the same 36:23 36 minutes, 23 seconds time maintaining profitability beta and pet better last year. 36:31 36 minutes, 31 seconds Okay. So just to sum it up, you said that the 9 months B2C volume growth is 5%. Okay. Correct. 36:39 36 minutes, 39 seconds Yes. Yes. 36:40 36 minutes, 40 seconds In in which emerging categories would have grown faster than your uh in your than your basic. 36:49 36 minutes, 49 seconds Yeah. In compared to the growth in compared to the core category the emerging category which included spices had grown faster 36:57 36 minutes, 57 seconds and uh your value added category would have also grown faster than the flour right or slower than the flour. 37:05 37 minutes, 5 seconds No, so that is lower because of the satu impact as we discuss. 37:09 37 minutes, 9 seconds Okay. Yeah. Perfect. Perfect. that had uh that had flown off that and your quarter 3 volume growth is zero or plus 1% which is now improved to about 10%. 37:20 37 minutes, 20 seconds Now these are the whole B2C level correct. 37:23 37 minutes, 23 seconds Yeah. This we are talking about B2C only. B2B being a we don't focus on the B2B. It is a mix of product and byproduct. 37:32 37 minutes, 32 seconds Correct. Now so so so what we see there is improvement from you know what what 37:39 37 minutes, 39 seconds is the mitigation strategy or what is a strategy that you're deploying uh post this event and second what is the progress on the non West Bengal states? 37:54 37 minutes, 54 seconds As we said the company is sitting on a very healthy uh financials. 38:01 38 minutes, 1 second So moving forward we will try we will take we will try to leverage our healthy financial position to leverage 38:10 38 minutes, 10 seconds the uh and uh get indoors into the eastern India uh by spending more on the distribution 38:20 38 minutes, 20 seconds appointing more new distributors probability needs to be made more into the entire rest of east 38:29 38 minutes, 29 seconds as well as branding expenditure will also get a a thumbs up in this quarter. The company is thinking 38:39 38 minutes, 39 seconds to appoint a brand ambra and celebrity uh moving forward to make uh more 38:47 38 minutes, 47 seconds inroads into the new new geographies and in the in the states like in the 38:56 38 minutes, 56 seconds states like Bihar we particularly speaking of I'm just giving you example we have grown 36% though the base was 39:05 39 minutes, 5 seconds very low it can largely it cannot be compared but on numerical terms we have grown 36% 39:13 39 minutes, 13 seconds in PR in in last quarter okay so this is just this is just a mirror so I I think 39:22 39 minutes, 22 seconds moving forward the entire focus energy of the company will be on distribution 39:29 39 minutes, 29 seconds and branding in in the coming months in the 9 months has Uh has the uh non 39:38 39 minutes, 38 seconds West Bengal grown faster than West Bengal or is it in line with West Bengal? 39:48 39 minutes, 48 seconds It is slightly better as s because of the lower base right it is greater as 39:55 39 minutes, 55 seconds compared to okay and my last question is uh has the uh you know the initial inertia of a new 40:04 40 minutes, 4 seconds competitor entry in the form of the name that you mentioned has it settled down uh and that's how you reflecting in the giant volume or what's your reading and 40:13 40 minutes, 13 seconds what happened so was it a price uh competition emerging in the quarter Sir uh you know if you could just tell a little bit on that part. 40:23 40 minutes, 23 seconds So as you as you know whenever a new player comes into any category they try 40:29 40 minutes, 29 seconds to win the market uh by price war only and the same we have seen historically 40:37 40 minutes, 37 seconds in last couple of years when Patanji came into this segment then fortune also came into this segment 40:45 40 minutes, 45 seconds and historically in our market that is particularly Bengal and then in eastern 40:51 40 minutes, 51 seconds India uh we were able to hold retain rather grow our market share in last 40:58 40 minutes, 58 seconds couple of years post this players into this category and the same was with the new player uh 41:06 41 minutes, 6 seconds Imami which is a big brand in eastern India also uh though they are not a food category company uh we will but then we 41:14 41 minutes, 14 seconds will not like to comment on their growth and regrowth and their strategy but then we are very much optimistic Take 41:22 41 minutes, 22 seconds whatever the dust was there that is settled in the in last quarter and 41:28 41 minutes, 28 seconds moving forward we will be able to grow our revenues because in even in last two quarters 41:38 41 minutes, 38 seconds when the when the new player came we were able you need to appreciate we were able to retain our 41:46 41 minutes, 46 seconds market share as well as we grew our profitability on all accounts. A beta pet on all accounts. So which gives us a 41:55 41 minutes, 55 seconds sense and confidence moving forward once the price war is over 42:02 42 minutes, 2 seconds uh in this segment we will able to grow more profitably. 42:09 42 minutes, 9 seconds Okay. Okay. Okay. Thank you very much sir. I'll come back if you have more questions. 42:15 42 minutes, 15 seconds Thank you. A request to all participants. Please restrict your questions to two questions per participant. 42:21 42 minutes, 21 seconds The next question is from the line of Navin Tri from Motila Los. Please go ahead. 42:27 42 minutes, 27 seconds Yeah, good morning uh everyone. So a bit on the similar line which we kind of have were discussing about uh since we have seen this sharp volume recovery in 42:37 42 minutes, 37 seconds Jan. Uh you articulate well about uh the competition side but was there also an a benefit from the consumer demand side as 42:45 42 minutes, 45 seconds well. So that like uh uh apart from how we kind of managing the competition was there any also pick up in the demand side? 42:54 42 minutes, 54 seconds No. So uh very very good question uh Naven very good morning. So uh on the demand side the demand side was there 43:03 43 minutes, 3 seconds was no uptake in the demand side in the festival season and post festival season due to the depressed 43:10 43 minutes, 10 seconds market sentiments and depressed prices of the raw material. both wheat and gram 43:18 43 minutes, 18 seconds the average uh buying price was lesser than the last year both down to the tune of say 8 to 10%. 43:28 43 minutes, 28 seconds So the overall market uh of the wheat products and gam products the overall market sentiment was very down one and 43:38 43 minutes, 38 seconds the demanding was not there too and the third whatever the GST reduction was there in the categories 43:46 43 minutes, 46 seconds there was no GST uh reduction in our category we were previous to reduction we were being 43:54 43 minutes, 54 seconds taxed at 5% post GST reduction in September we are still at 5%. So the advantage of G G G G G G G G G G G G G G 44:02 44 minutes, 2 seconds G G G G G G G GST slab reset our category was not able to get it. So from that angle also the consumer demand was 44:10 44 minutes, 10 seconds uh not there. But then all said still they were they were in a good position 44:16 44 minutes, 16 seconds in uh quarter three the revenues were moderate only B2B revenues were 44:24 44 minutes, 24 seconds were down which was a conscious and a willingness because it is a lower margin category and on B2C it was a moderation 44:33 44 minutes, 33 seconds with 1% growth and after the markets sentiment down we were able to grow our profits. Sure 44:43 44 minutes, 43 seconds sir. So given the new competition has kind of a was visible more of in the last six seven months was it more active 44:52 44 minutes, 52 seconds on the modern trade side or they were also active in GT as well? uh and secondly given the competition demand 45:00 45 minutes kind of a factor in in your uh uh numbers uh which we have can you expect FI27 can be the year where B2C revenues 45:09 45 minutes, 9 seconds can be around 19% kind of levels so uh so answering to your uh first 45:18 45 minutes, 18 seconds question so the competitions were there on the GT channel as well and the modern trade channel as well so we We worked 45:26 45 minutes, 26 seconds continuously to improve the that the turnar around time to serve our distributors and the modern trade 45:35 45 minutes, 35 seconds players. So there we we feel that we have an edge because we are manufacturing everything inhouse and 45:42 45 minutes, 42 seconds that too near Kolkata. All the modern rate players have their have their facility near the manufacturing units uh 45:50 45 minutes, 50 seconds our manufacturing unit. So that way the turnaround time for us was as this is something which we presume is better as 45:59 45 minutes, 59 seconds compared to the competitor done because players the new players which we discussed about they are not manufacturing it inhouse they are doing 46:07 46 minutes, 7 seconds job work. So the overall betterment as we were very much optimistic that it is because that we have control over the 46:16 46 minutes, 16 seconds supply chain entire supply chain starting from procurement until distribution. So that has helped us and that will help us going forward. Right 46:25 46 minutes, 25 seconds now talking about 27 numbers it is uh forwardlooking but we can say that in the immediate quarters and considering 46:33 46 minutes, 33 seconds the result uh considering the numbers which we which we achieved in January in in the near quarters we feel we'll be 46:41 46 minutes, 41 seconds able to have a decent uh volume growth in the B2C segment. 46:47 46 minutes, 47 seconds Yeah sure. Just last bit on the gross margin side like last two quarters our gross margins are close to 26%. Uh so 46:55 46 minutes, 55 seconds how are we seeing gross margin going ahead and any more kind of a a driver to the gross margin expansion next year 47:04 47 minutes, 4 seconds considering we have been focusing more on the value and product side that's all from my side. So yeah. So gross margin 47:11 47 minutes, 11 seconds is primarily as you can as you can in our category around 70 80% of the 47:18 47 minutes, 18 seconds overall supply chain is is gross margin is is raw material cost. So we we are we 47:25 47 minutes, 25 seconds remain very very choosy and and cautious in terms of the sourcing. So we we read 47:32 47 minutes, 32 seconds the market we we see the market trend and accordingly we procure the raw material and that's why that excellence 47:39 47 minutes, 39 seconds in the procurement of raw material has has resulted in a better gross margin in the near quarter and we we we feel and 47:48 47 minutes, 48 seconds we feel and we are very much optimistic that the team will work uh in the same fashion to deliver better 47:55 47 minutes, 55 seconds gross margin. So, so the so so the gross margin improvement will will will be driven by two three levers. One will be sourcing, the second will be the product 48:04 48 minutes, 4 seconds mix, right? As we move and we increase the spices share because spices is a category which is growing and delivering 48:12 48 minutes, 12 seconds growth for us that will improve the gross margin uh in the coming quarters. 48:24 48 minutes, 24 seconds Yeah, I agree everything. Yeah, thank you. A request to all participants, please restrict your questions to two question per 48:31 48 minutes, 31 seconds participant. For more questions, please join the queue. The next question is from the line of Ishan Lalwali from Ashika Group. Please go ahead. 48:42 48 minutes, 42 seconds Hi sir, thanks for taking my question. 48:44 48 minutes, 44 seconds So my first question is on instant mix segment. uh can you share the current revenue contribution of that particular segment to overall sales and uh what 48:52 48 minutes, 52 seconds kind of growth uh target that you are looking over the next two to three years in this particular segment. 48:59 48 minutes, 59 seconds So in instant category is obviously a very it is part of the emerging category and we we cannot 49:08 49 minutes, 8 seconds uh take out a category and share the growth on this platform but yeah so as as we discussed over previous uh in when 49:16 49 minutes, 16 seconds one of the investor asked a question on the emerging category. So emerging category is growing at a faster pace as compared to our four category and the 49:25 49 minutes, 25 seconds instant mixes uh is falls in line with that growth and we are optimistic that that category will drive growth for us 49:34 49 minutes, 34 seconds both in terms of the top line they have an higher ESP and in terms of the bottom line because they command a better cross. 49:44 49 minutes, 44 seconds Okay. And uh also sir you mentioned that there is a high competitive intensity and uh so what are some marketing 49:51 49 minutes, 51 seconds initiative that uh uh we are taken to continue our brand building. 49:56 49 minutes, 56 seconds Yeah. So if you ask me for this particular quarter we have uh we we we strategize only in in 50:05 50 minutes, 5 seconds uh we strategized and marketed selected categories like suji and meta which which was also launched by one launched 50:13 50 minutes, 13 seconds by the competitors. So there we uh we had a tagline and we were very much active on on the 50:22 50 minutes, 22 seconds podiums on the TV on the paper ad and on the digital media. So that way that was the strategy in this quarter as sir said 50:31 50 minutes, 31 seconds going forward we we are evaluating working with a with a face so that they can they can have a face when I say a 50:41 50 minutes, 41 seconds face I mean a brand ambassador type of thing. So that in the coming season right so as we said the satu was a low 50:50 50 minutes, 50 seconds performing category for us in the previous year right because of summer and considering that base and the and 50:57 50 minutes, 57 seconds that experience we feel that going entering the new season of satu starting this summer if we have a have a good 51:06 51 minutes, 6 seconds face to represent the brand that will drive the growth for us. These these are the key marketing initiatives and on a 51:13 51 minutes, 13 seconds quarter on quarter basis we we take up uh strategies we work with two three agencies so that what whoever provides 51:21 51 minutes, 21 seconds us the best uh strategy we go ahead with that. So our marketing initiative continues every quarter and it depends 51:29 51 minutes, 29 seconds on uh whether we do it for a particular category or for the brand all together. 51:35 51 minutes, 35 seconds Okay. Uh my last question is on the commodity side. So can you share your outlook on the prices of key commodities like wheat for the next two to three quarters. 51:48 51 minutes, 48 seconds So those are commodity commodity prices are very speculative we were not able to comment it is driven by the market 51:55 51 minutes, 55 seconds forces but then on the the uh moving forward for rather two months uh ravi 52:03 52 minutes, 3 seconds crop is going to come in the month of April. So I think the prices will be soft. 52:10 52 minutes, 10 seconds Okay. Thank you. Thank you so much, sir. Thank you. 52:15 52 minutes, 15 seconds Thank you. The next question is from the line of Ankit from Subcom Ventures. Please go ahead. 52:23 52 minutes, 23 seconds Uh good morning sir. Uh couple of questions. Uh first is now uh based on the current competition and the demand 52:30 52 minutes, 30 seconds scenarios uh what kind of growth you are looking at for the company as a whole in the fourth quarter and in the uh in FI27 52:39 52 minutes, 39 seconds and what will you be able to maintain your margins at current level or is there a scope for improvement? 52:47 52 minutes, 47 seconds So on the on the growth part as stated we in the last January month concluded 52:55 52 minutes, 55 seconds we were able to give a growth volume growth in B2C category of 9%. Uh we are 53:01 53 minutes, 1 second optimistic uh and with the strong discipline execution we are optimistic we will able to continue the same merge for another two months. 53:12 53 minutes, 12 seconds uh for for the financial year 27 it will be too early to comment on the figures which I think we will be able 53:22 53 minutes, 22 seconds to give the growth figures of financial year 27 at a later stage and on the margin side on the margin 53:30 53 minutes, 30 seconds side on the margin side of course uh largely we as you have seen uh we were 53:37 53 minutes, 37 seconds better in our margin in our category we think better than our peers and colleagues all the three gross margins 53:45 53 minutes, 45 seconds evita pet all were good in last competitive quarter also and in 9 months 53:53 53 minutes, 53 seconds also and year to year also so moving forward of course that is 53:59 53 minutes, 59 seconds that is a no-brainer we will strive to continue the same growth 54:07 54 minutes, 7 seconds okay and my second question is uh you did mention that the competition has come into your categories a few months 54:14 54 minutes, 14 seconds back and they were very aggressive on the pricing front. So uh in the month of January where you have seen some uh 54:22 54 minutes, 22 seconds decent growth coming back in your core categories uh so was there any reduction 54:28 54 minutes, 28 seconds in the intensity of pricing uh aggressiveness which was shown by the competitor earlier or the aggressiveness 54:37 54 minutes, 37 seconds was uh the same even in the month of January and you have grown uh in spite of that. So just wanted to understand that. 54:48 54 minutes, 48 seconds So the competition in the last quarter, third quarter uh or you can say in the last nine 54:55 54 minutes, 55 seconds months of this financial year was not only with the new uh player in the category. It was a uh two-sided 55:04 55 minutes, 4 seconds competition. One is with the new player, three-sided competition. One is with the new player, the other with the existing 55:11 55 minutes, 11 seconds players and the third which was a hidden one with because of the soft prices of wheat and gram 55:20 55 minutes, 20 seconds which was 10% down year to year. The regional and the small players, the 55:28 55 minutes, 28 seconds unbranded ones and the uh very regional players, 55:35 55 minutes, 35 seconds they were also able to tap a few few percentage of the over the 55:44 55 minutes, 44 seconds market share due to the soft prices of wheat because largely you will appreciate all the biggest players and 55:53 55 minutes, 53 seconds mid players like us. We continue to hold some quantity of wheat and gram for our 56:00 56 minutes blend mix and to continue have a consistent quality around the year. which the local 56:08 56 minutes, 8 seconds players don't do. So then the condition was from three-sided as I said one draw from from local regional unorganized 56:16 56 minutes, 16 seconds play which was a sudden impact in last quarter then with a new player and then with the existing player and in January 56:25 56 minutes, 25 seconds we were able to come out of all three though the prices are still very soft 56:34 56 minutes, 34 seconds moving forward it will be more soft but then with a very strong disciplined execution and leveraging of our buying and selling 56:43 56 minutes, 43 seconds of our core products and byproducts. We were able to retain our market share in B2C willingly. we have reduced our B2B 56:51 56 minutes, 51 seconds revenues and we were able to retain our profitability and uh in in January as I as you the 57:00 57 minutes last question as you asked once anybody who enters into any category 57:06 57 minutes, 6 seconds and if the player is a big one it will not be as Amit stated prior to this also 57:15 57 minutes, 15 seconds it will take two three quarters for them to do a logical pricing fight. So 57:22 57 minutes, 22 seconds initial two three quarters will be there on the pricing uh fight but then uh 57:30 57 minutes, 30 seconds after third quarter and post January we are well positioned uh to take on the competition 57:38 57 minutes, 38 seconds increase our market share as well as increase the profitability or we may keep a healthy profitability. 57:45 57 minutes, 45 seconds No, so my question was so sorry should I conclude that there was no reduction in the intensity of competition uh by Imami 57:54 57 minutes, 54 seconds or other players even in the month of Jan and in spite of that you have grown or was there some soberness in the aggression and they helped you to grow? 58:03 58 minutes, 3 seconds My question was that no so they continue to be aggressive in terms of the prices right they they 58:11 58 minutes, 11 seconds same as Q3 same as Q3 same as Q3 yeah same almost same as Q3 1 2% here and there as I said we control the 58:20 58 minutes, 20 seconds entire supply chain starting from procurement till distribution and we are manufacturing all the products inhouse 58:27 58 minutes, 27 seconds right so we work on the turnaround time to to cater to the demands of the distribution computers and the modern 58:35 58 minutes, 35 seconds trade customers. So that way we feel we were able to uh stand ahead as compared 58:42 58 minutes, 42 seconds to the new players because they are getting it manufactured from a third party. So obviously their turnaround time will be higher as compared to us. 58:50 58 minutes, 50 seconds Our products will be fresher in the market. So two three initiatives which we have undertaken in terms of the supplying uh in terms of the overall 58:59 58 minutes, 59 seconds supply chain that has helped us in the uh in the January month and we are continuously working with 59:07 59 minutes, 7 seconds with our with our on ground team to to fill up the loopholes which are there in our supply chain as well as the 59:16 59 minutes, 16 seconds loopholes which the competitors are unable to fill. So that way we are taking advantage of the on ground 59:24 59 minutes, 24 seconds strength we have in the market and we are also as I said we we we took up um 59:30 59 minutes, 30 seconds category level marketing initiatives on smooji and meta right so that way our branding visibility 59:39 59 minutes, 39 seconds uh was there in the public mind space so that way uh that has we feel that has 59:45 59 minutes, 45 seconds helped us in the in the January month uh numbers Okay. And are you still car uh carrying 59:53 59 minutes, 53 seconds the high cost inventory uh in your core category even now or you feel that your uh inventory pricing and 1:00:02 1 hour, 2 seconds now uh is equal to the uh unorganized market which I mean you have 1:00:11 1 hour, 11 seconds no sorry you completely no I was just trying to understand that you did mention that the unorganized uh 1:00:18 1 hour, 18 seconds since they don't carry inventory and they were uh having the low low price inventory uh so they were more 1:00:25 1 hour, 25 seconds competitive and you were carrying a high cost inventory. So what was what is the situation now uh higher price? Obviously 1:00:32 1 hour, 32 seconds the inventory levels has come as compared to the September quarter it has come down we because we had restricted 1:00:39 1 hour, 39 seconds on the price procurement but yeah we have we have we are carrying some inventories which are valued at slightly 1:00:47 1 hour, 47 seconds higher prices as compared to the current one because we wanted to continue or maintain a consistent quality right so 1:00:56 1 hour, 56 seconds that way we have some inventories left uh which are of higher values but but yeah as I said it 1:01:04 1 hour, 1 minute, 4 seconds is required to maintain the overall quality okay and so uh are you saying that in 1:01:12 1 hour, 1 minute, 12 seconds next year when you'll have a low price inventory and you'll have to pass it on to the consumer the value growth in your 1:01:19 1 hour, 1 minute, 19 seconds category could be lower than the volume growth no so volume growth is a separate thing 1:01:26 1 hour, 1 minute, 26 seconds we obviously the the ASP growth obviously once the new season comes in right and considering the past trends in 1:01:35 1 hour, 1 minute, 35 seconds the couple in couple of years the prices goes down right so we have to follow that uh that trend because because that 1:01:43 1 hour, 1 minute, 43 seconds is the industry practice the the players in the industries the big players also are following the same price trend so there will be on a quarter to quarter if 1:01:51 1 hour, 1 minute, 51 seconds you see obviously there will be a dip in the pricing right but as I said we are working towards 1:01:58 1 hour, 1 minute, 58 seconds the the volume growth and and better ITA and KMA. 1:02:06 1 hour, 2 minutes, 6 seconds Excellent. So last question. Any new hirings you have done in the last few months at senior level? 1:02:14 1 hour, 2 minutes, 14 seconds No. So that the the hirings uh we will uh due to competitive intensity we will not like to diverge for this platform. 1:02:23 1 hour, 2 minutes, 23 seconds But then hiring is a constant uh constant hiring is is uh is is a Bible 1:02:33 1 hour, 2 minutes, 33 seconds for any new emerging company and we continue to do the same in all these segments on the marketing, sales, 1:02:42 1 hour, 2 minutes, 42 seconds production and finance. So we we we have hired and we will continue to do the on on a individual email we will able to give you the details. 1:02:53 1 hour, 2 minutes, 53 seconds Okay. Thank you so much and all the best. Thank you. Thank you. 1:02:58 1 hour, 2 minutes, 58 seconds Thank you. The next question is from the line of Asha Bhari from Boring AMC. Please go ahead. 1:03:05 1 hour, 3 minutes, 5 seconds Uh uh sir could you please let us uh know that what is the uh like will be 1:03:12 1 hour, 3 minutes, 12 seconds will the company will be able to uh deliver 12 to 15% growth even after the degrowth in Q3 1:03:23 1 hour, 3 minutes, 23 seconds hello so for you are asking about the entire year 1:03:28 1 hour, 3 minutes, 28 seconds yes sir for fi 26 fi no so fi 26 uh 1:03:35 1 hour, 3 minutes, 35 seconds A growth of 12 to 15% is obviously very steep. We we feel that there will 1:03:42 1 hour, 3 minutes, 42 seconds be a singledigit growth for the entire year. Yeah. But Q4 specifically as I said in the January month we have 1:03:50 1 hour, 3 minutes, 50 seconds delivered better volume growth. So we feel that in the entire quarter fourth there will be a higher single digit 1:03:59 1 hour, 3 minutes, 59 seconds volume growth. But at the same time even with this growth we will able to 1:04:07 1 hour, 4 minutes, 7 seconds increase our continue which we have shown in last nine months also we will continue 1:04:13 1 hour, 4 minutes, 13 seconds showing our increased gross margins margin and pet margins all three 1:04:21 1 hour, 4 minutes, 21 seconds and sir what are the growth plans category wise to retain market share 1:04:29 1 hour, 4 minutes, 29 seconds so cate category. We uh so the basic plan is to to improve the turnaround time to supply good quality raw 1:04:38 1 hour, 4 minutes, 38 seconds materials uh to good quality finished goods uh in time to the existing existing customers to work on the 1:04:47 1 hour, 4 minutes, 47 seconds cubecommerce uh e-commerce platform to do digital advertisement in a very strategic way. Further as sir also said 1:04:56 1 hour, 4 minutes, 56 seconds we we we may have a a face for the brand to enter the uh the satu season the 1:05:06 1 hour, 5 minutes, 6 seconds coming summer. So these are the few key strategies we are working on. So this is these are the fundamental strategies we 1:05:13 1 hour, 5 minutes, 13 seconds try to adopt every quarter but yeah these are the these are the things we are working on and trying to improve on each and every line ite 1:05:22 1 hour, 5 minutes, 22 seconds okay thank you thank you as there are no further questions from the participants I now hand the conference over to the 1:05:31 1 hour, 5 minutes, 31 seconds management for closing comments over to you sir yeah so I'll take that stuff so thank 1:05:38 1 hour, 5 minutes, 38 seconds you all of you all the shareholders and all the stakeholders the uh our investor 1:05:46 1 hour, 5 minutes, 46 seconds relation firm go India to for uh for continuous support and trust. Thank you everyone for joining us today. Uh we 1:05:55 1 hour, 5 minutes, 55 seconds look forward to again uh have a healthy uh discussion in the coming quarter. Thank you. 1:06:02 1 hour, 6 minutes, 2 seconds Thank you. 1:06:05 1 hour, 6 minutes, 5 seconds Thank you on behalf of Go India Advisors. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.