Ajoy Chawla

It's been a great quarter. Certainly a festive quarter on a high base. We are delighted to have seen this kind of uptick in demand.

We believe exchange is a strategic customer acquisition and trust-building tool. Therefore, I would request we don't see it as an offer.

We are not constraining growth by way of trying to somehow keep a high margin. We have been very competitive and aggressive when it comes to gold rates.

We can expect to be anchored around the current levels of EBIT margins, and for an annualized basis between 11% - 11.5% is what I think we are likely to realistically achieve.

To me, 11 is a little bit of a threshold that is going below 11 would not feel right to me unless it's very extreme situations.

The moment lab-grown jewelry goes beyond 1 lakh, the customer interest significantly falls.

We have not been impacted by whatever competitors have offered. They have continued to offer historically or some more aggressively.

We have made clear choices of pushing for growth and aggressive growth. And if margins do take a hit, we are willing to do that.

I think we are entering a regime where everybody is going to intensely defend their turf. And therefore, in our mind, we assume that competitive intensity is going to continue to be the way it is.

We are keeping our eyes and ears open. We are, in fact, doing active tracks. We are in touch with consumers. And we are trying to see, if any, where are the early adopters emerging from.

We are still confident of the 12%-13% range.

Actually, we are benefiting when competition is putting stores next to us, as opposed to worrying. In fact, now more and more people I meet on the ground are saying that, 'Let those brands come and put stores next to us, actually it will help us.'