Purple United Sales Limited — Q4 FY26

Purple United Sales Limited Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=6rjQcb-Ilzc Published: 1d ago

0:01 1 second A good day everyone and welcome to the halfyear ended and fiscal year 26 earnings call for Purple United Sales Limited. Thank you for joining us today. 0:10 10 seconds This call will cover the company's operational and financial performance for the half year followed by an update on strategic 0:18 18 seconds priorities going forward. Please note that this call is being recorded and also may contain certain statements uh 0:25 25 seconds which are forward-looking in nature based on management's current expectations and assumptions. These statements are subject to risk and 0:32 32 seconds participants are advised to exercise due caution and not place undue reliance on such statements. Representing Purple 0:40 40 seconds United sales limited today we have with us Mr. JD S the managing director and Mr. Naresh Kumar chief financial officer 0:47 47 seconds along with Mr. Shrihar, I now invite the management team to share their opening remarks. We will subsequently open the 0:54 54 seconds floor for the Q&A session. Thank you and over to you sir. 0:59 59 seconds Thank you very much. Thanks for the introduction. Good afternoon everyone and uh thanks for uh joining this uh uh earning call for H2 and FI26. 1:11 1 minute, 11 seconds For those uh one for those who are uh new uh uh new to this uh system or uh 1:18 1 minute, 18 seconds have recently uh invested in our company or are planning to invest in our company would like to give a uh brief about uh 1:26 1 minute, 26 seconds who we are what we are currently uh doing. So uh Purple United Kids is into uh kids fashion in the in the premium 1:35 1 minute, 35 seconds fashion space in the age group of 0 to 14 years and uh uh we are following an omni channel strategy. We are into our 1:44 1 minute, 44 seconds own EBOS. Currently we have um triple 1 EOS spread across 22 states 50 we are 1:51 1 minute, 51 seconds present in 50 plus cities with a uh footprint of roughly 1.65 65 lakh square ft² and uh servicing this through our 1:59 1 minute, 59 seconds 30,000 ft² warehouse based out of Delhi NCR has uh more than 650 styles. Now along 2:07 2 minutes, 7 seconds we have 650 plus employees strong and the most importantly in our retail the repeat customer rate is around uh 26%. 2:22 2 minutes, 22 seconds So uh we we are trying to redefine kids wear as a kids fashion and u uh 2:30 2 minutes, 30 seconds extensively focusing on speed in our retail and from 43 retail stores uh in the last uh financial year of ending 2:37 2 minutes, 37 seconds with F45 we have reached around u triple one stores as we speak and many more are in the planning stage. 2:50 2 minutes, 50 seconds So uh most of you are aware of our board members and board of directors. Myself 2:58 2 minutes, 58 seconds and Mrs. Sar manage the company along with a 650 plus strong team. So uh we have people from 3:06 3 minutes, 6 seconds different uh different industries heading the respect respective function whether it's for the sourcing for footwware apparel e-commerce uh 3:15 3 minutes, 15 seconds distribution key accounts and uh and retail. So the um retail retail uh team is uh contributes some um the major 3:24 3 minutes, 24 seconds chunk of employee force that we have and 3:33 3 minutes, 33 seconds so um these are the key highlights of the operation here 2526 as I mentioned we expanded from 43 3:40 3 minutes, 40 seconds stores as at 31st March 25 to around triple work stores um as at 30th April. 3:48 3 minutes, 48 seconds 2026. 3:49 3 minutes, 49 seconds Uh we have followed a clusterled approach so that we can have a better connectivity with our customers whenever a customer moves in the same same city 3:56 3 minutes, 56 seconds or the same vicinity and that has really helped us in scaling the brand or helping us in uh getting a uh better or 4:05 4 minutes, 5 seconds decent repeat customer rate. We have uh we have been uh recently rated by prison with triple B stable uh minus rating which is an investable uh grade rating. 4:16 4 minutes, 16 seconds So will definitely help us in maintaining a decent balance of debt equity ratio. Uh we have identified 4:23 4 minutes, 23 seconds footware as uh one of the uh key areas in our business model and we are hopeful 4:29 4 minutes, 29 seconds uh that u we we and we do not see any uh uh a well established kids footwear 4:38 4 minutes, 38 seconds brand and we are hopeful that we'll be able to have a mark uh in footwear as a category and doing lot of innovation and 4:46 4 minutes, 46 seconds subcategorization of creating subbrands uh for footwear. 4:51 4 minutes, 51 seconds And uh uh on the on the e-commerce side uh uh we are heavily focusing on our D2C 4:59 4 minutes, 59 seconds website along with the marketplace and strategically um uh we are focusing on never out of stock discipline trying to 5:08 5 minutes, 8 seconds build u NOS types so that uh we can have a decent uh daily run rate uh for uh for product selected cattle. 5:21 5 minutes, 21 seconds So uh these are our products and uh we we do 5:28 5 minutes, 28 seconds all sort of in in the boys, girls or infants category and uh these includes 5:36 5 minutes, 36 seconds um uh t-shirts, shirts, trousers, denims etc. 5:43 5 minutes, 43 seconds Similarly for girls we have dresses and uh tops etc. And we cater to the infants 5:50 5 minutes, 50 seconds also. Uh we have a dedicated party wear wall in our retail stores and uh and 5:58 5 minutes, 58 seconds plus uh there's a dedicated footwear and uh toys section in our footwear section is really uh growing at a uh interesting 6:07 6 minutes, 7 seconds pace and we'll discuss as and when we go forward in the presentation 6:14 6 minutes, 14 seconds as I mentioned we have couple of subbrands under purple united umbrella and toothless 6:21 6 minutes, 21 seconds by Pap United is into footwear. Uh most of you must be know that we started our journey with footwear initially and 6:28 6 minutes, 28 seconds tooth the footwear was started to by public to give as I mentioned to give ourself as an edge in u in various 6:38 6 minutes, 38 seconds subcategories of footwear. We have introduced two new subbrands. One is striders and second is a bold. Sters is 6:45 6 minutes, 45 seconds ping the open footwear u and focusing on comfort. comfort and color styling for 6:52 6 minutes, 52 seconds kids. By is primary to the sports and active footwear and it's built around around that theme and party section we 7:01 7 minutes, 1 second do under the subbrand of THS that's a style of that system type and uh this is how currently we have structured our 7:10 7 minutes, 10 seconds subnot most of them are our register marks and some of them are in the ITM stage 7:17 7 minutes, 17 seconds so uh we we uh as I mentioned we we we try to give an omni channel experience uh to our customer whether it's through 7:26 7 minutes, 26 seconds through our own EVOs or our distribution channel and even our D2C website or 7:32 7 minutes, 32 seconds e-commerce uh marketplace and when we'll come to uh individual section I'll throw some uh more light on uh these sections 7:42 7 minutes, 42 seconds this is our pan India presence and we are now in 22 states and uh growing uh at a very decent uh pace and you'll see 7:52 7 minutes, 52 seconds lot of things happening in the coming quarters and we are very hopeful that we'll be we'll overach achieve uh your 7:59 7 minutes, 59 seconds expectation and whatever we have delivered in the uh in the in the recent recent past 8:06 8 minutes, 6 seconds so uh um we have opened three uh because most of you might be from Mumbai or the major 8:14 8 minutes, 14 seconds metros we have recently opened three stores in Mumbai one it in nori bailur and basi and we have signed couple of 8:21 8 minutes, 21 seconds more properties also So similarly uh the Bangalore we are on the main high streets of Janagar and HSR and we have 8:29 8 minutes, 29 seconds opened a destination store at Koshot Bangalore also and uh many many more properties we have signed and you'll see 8:37 8 minutes, 37 seconds more and more uh retail operations starting in in your city or in your vis. 8:46 8 minutes, 46 seconds So uh coming to the retail snapshot and uh uh so uh this is the uh 8:55 8 minutes, 55 seconds I think there's some type typographer type here that this contribution is overall 64% is and 33% is footwear uh 9:03 9 minutes, 3 seconds but in retail the footware contribution is around 18% this is the overall one uh eB which say and then as I mentioned we 9:11 9 minutes, 11 seconds have one lakh 65 square ft of retail space currently operation And we are present both at high street 9:19 9 minutes, 19 seconds and mall also. And third category is the we call them destination stores. They primary come on the high street uh but 9:26 9 minutes, 26 seconds they are stores with large facade having a uh decent new age uh new age catchment 9:33 9 minutes, 33 seconds area and uh so currently 25% of our stores malls and rest are in the high street 75% in the high street. 9:44 9 minutes, 44 seconds So uh channel wise contribution uh if I say um retail uh we have seen a 70% uh jump in our retail contribution. Now it 9:53 9 minutes, 53 seconds is 40% of our old top line and going forward we are we are projecting that almost more than uh uh half of the sale 10:01 10 minutes, 1 second will come from our because uh most of the stores those were not open uh those were opened in last financial year. Now, now it will be the full financial year 10:09 10 minutes, 9 seconds for them and they will contributing in the top line and uh uh strategically uh we are more focusing on retail and our 10:17 10 minutes, 17 seconds online you can say the contribution is relatively less. This is uh on account of certain reasons. I'll explain it to as then move to this section. 10:27 10 minutes, 27 seconds Distribution is 38% and EK counts is 20%. Going forward uh the distribution contribution will uh come down slowly 10:35 10 minutes, 35 seconds and slowly and the focus will be more on the retail number one will be retail second will be the online and third part will be the K account because the 10:43 10 minutes, 43 seconds industry uh is also changing you can see from 21% to 25 the rate contribution is 40% distribution has come down from 71% 10:52 10 minutes, 52 seconds 38% and the key account has matured from 5% to 20 uh 20% 11:01 11 minutes, 1 second So some of our stores I was mentioning about the inorbit washim. Uh you can see the image of the ina orbit washima and 11:10 11 minutes, 10 seconds uh on the left hand below corner is the bilapur washi store. 11:18 11 minutes, 18 seconds Above it you can see how we have created a denny section in some of our uh uh premium stores to give ourselves a better customer engagement and better customer experience. 11:30 11 minutes, 30 seconds So coming coming to our uh website uh we have uh revamped our website uh please have a look at at our website ear we 11:39 11 minutes, 39 seconds have changed the platform we have changed the technology earlier it was in magentto now it is into uh Shopify 11:46 11 minutes, 46 seconds and a very interesting uh uh UI and uh we are extensively promoting our website 11:53 11 minutes, 53 seconds through uh various uh social media uh channels. 11:58 11 minutes, 58 seconds And if we if we talk of numbers uh we are getting on daily orders or 12:04 12 minutes, 4 seconds roughly u 300 orders per day and we are very hopeful that another 3 to 4 months 12:10 12 minutes, 10 seconds we'll be we'll be touching a u fourdigit uh u order number from uh from our 12:18 12 minutes, 18 seconds website only and marketplace also uh it's growing aggressively. Currently the overall orders that we are getting from our e-commerce business is around 1,000 12:27 12 minutes, 27 seconds to 1200 orders per day. That is the current reaction. And after the after revamping our website uh we have seen a 12:35 12 minutes, 35 seconds u uh 59% uh growth in our top uh in in our u uh in our revenue uh quarter to 12:42 12 minutes, 42 seconds quarter and accordingly uh the our ASPs has also increased by around uh 35 40% 12:49 12 minutes, 49 seconds in uh in the in our uh D2C business uh business only. So we are very hopeful 12:55 12 minutes, 55 seconds that uh we'll be having four figure orders from our website only and accordingly the other channels like month and first time will also in 13:05 13 minutes, 5 seconds increase. So we keep on interacting um uh with our customer on various uh 13:11 13 minutes, 11 seconds platform and this very recently we did a fashion show along in collaboration with Delhi times. We keep on participating 13:19 13 minutes, 19 seconds with events such as cookware etc. We have our own um digital brand presence through various social media uh uh and 13:27 13 minutes, 27 seconds like Instagram uh Facebook etc. And at micro and macro level we interact with the with various influencers to promote 13:34 13 minutes, 34 seconds our stores regionally. So to give ourselves some as a marketing ad currently I think we have around 67k u 13:43 13 minutes, 43 seconds followers on uh uh ina handle and these are growing at a decent uh rate. 13:53 13 minutes, 53 seconds What are the core prospects? 13:56 13 minutes, 56 seconds uh its markets have been more mostly into the unorganized segment and as per the some research uh data 50% of the market 14:05 14 minutes, 5 seconds was in the organized segment. So there is an opportunity for an organized player uh to have a major chunk of this 14:12 14 minutes, 12 seconds market and that's what we currently trying to do and uh the potential to grow uh our plant in one year two is 14:21 14 minutes, 21 seconds immense. So uh again that is an opportunity that uh we have seen and we are uh uh not only expanding in the 14:30 14 minutes, 30 seconds matured market but we are focusing on big B towns like Indor uh Bopal uh 14:37 14 minutes, 37 seconds cities of Punjab uh etc. Uh so uh comparatively the rentals are relatively uh lesser and uh we are able to get 14:46 14 minutes, 46 seconds decent properties with bigger facads and uh so gives us a u gives us an 14:53 14 minutes, 53 seconds opportunity to have a better connection with our customer in that as I mentioned uh third uh that we we 15:02 15 minutes, 2 seconds wanted to redefine kare speed session and focusing towards uh that objective. 15:08 15 minutes, 8 seconds uh in my understanding omni channel will the key uh seamless uh giving a seamless experience to our customer that is 15:15 15 minutes, 15 seconds through the eio channel marketplace or other uh offline channels and u just to 15:23 15 minutes, 23 seconds give you an update uh around 5 6 month we we installed a CRM also in our system so that we can do the customer funding 15:31 15 minutes, 31 seconds uh for our D2C as well as the our retail customer. Currently we have around two lakh customer base and we are hopeful 15:38 15 minutes, 38 seconds that we'll in another five to six month we'll be having a database of roughly 1 billion customer for better u uh customer engagement customer finding. 15:50 15 minutes, 50 seconds So uh that is our objective uh with our with our brand in positioning in the premium fashion space. We are trying to 15:58 15 minutes, 58 seconds create awareness about the uh uh kids kids fashion and uh if you get some time 16:05 16 minutes, 5 seconds please visit our stores please visit our website on YouTube also we have lots of many interesting videos please have a 16:13 16 minutes, 13 seconds look so can understand that what kind of activities we are uh currently doing. 16:19 16 minutes, 19 seconds Last but lot not least technology is going to play very important role. U we uh we are in uh in talk with couple of 16:28 16 minutes, 28 seconds retail planning and retail uh predictive softares uh to strengthen our retail planning because inventory management is 16:35 16 minutes, 35 seconds a key in our business. So um I'm migrating from Excel to this retail corrective tools. Uh couple of options 16:43 16 minutes, 43 seconds available in the in the market. We are exploring that hopefully when we'll meet in the next next call all these things 16:51 16 minutes, 51 seconds will be will be implementing and um uh otherwise also uh trying to automate 16:58 16 minutes, 58 seconds certain operation uh for seamlessly using the technology for um as a future growth engine. 17:08 17 minutes, 8 seconds If we talk of the overall uh kids app market so u it was around 11.1 billion 17:16 17 minutes, 16 seconds USD it's growing at a cgr of 4.90 and by 2034 uh we expected one of 17.4 four uh 17:25 17 minutes, 25 seconds bill. So what is happening uh there is a focus towards the premium segment uh these are the uh findings of certain 17:34 17 minutes, 34 seconds study and uh shift towards the more organized retail where is organized high seats for organized one and and this is 17:42 17 minutes, 42 seconds really helping us higher disposable incomes. So what we have seen particularly all the cities are expanding. We have seen new age colonies 17:51 17 minutes, 51 seconds developing. For example, Mumbai has spread to Nav'i Mumbai. Similarly for Delhi has spread to Nida or Gurawa. 18:00 18 minutes Chandigan has spread to Mali. So in these cities there there high structured malls or structured high streets. Young 18:08 18 minutes, 8 seconds population working in the corporate or the the relevant IT etctor also. So they are our target audience and they have decent monthly income also and they 18:17 18 minutes, 17 seconds don't mind spending on on one or two kids that they have. So the uh so uh this this is the uh this is our target 18:26 18 minutes, 26 seconds group or target audiences that we are currently focusing on. So uh again the uh focus our focus will always remain on 18:34 18 minutes, 34 seconds the um quality safety and design and that's how we want to interact with our customers and the uh focus will be on 18:43 18 minutes, 43 seconds the digital discoveries by expanding our reach entire one entire two cities and moving tire where the the reach is very 18:51 18 minutes, 51 seconds much limited and the options are limited to the end customers. 18:56 18 minutes, 56 seconds So this is again the overall industrial landscape how the kids uh market is u in in the recent past we have seen lot of 19:06 19 minutes, 6 seconds traction coming in the uh kids we market kids p industry whether it's from the domestic space or from even from the uh 19:14 19 minutes, 14 seconds international brands uh for example gap gap kits is now very see some same thing 19:20 19 minutes, 20 seconds is with the US and only mother kit is now a thousand cand as per the data uh I 19:27 19 minutes, 27 seconds have and u then there are sports sports and active and um sports brands those 19:35 19 minutes, 35 seconds who are focusing in their respective niche and uh then we have the value of the mass segment like first grade etc. 19:43 19 minutes, 43 seconds This is how the overall industry is uh uh uh segmented and uh one of the USB 19:50 19 minutes, 50 seconds that we have most of these brand do not sub 0 to 14 years of the age and that in the both boys and girls equally 19:59 19 minutes, 59 seconds contributing and most of them are are not in the footwear. So these are two USPS that we have and uh we want to 20:06 20 minutes, 6 seconds capitalize as and when we're going forward in our business model. 20:12 20 minutes, 12 seconds Uh coming to the uh financial numbers uh this year have been been really good for 20:18 20 minutes, 18 seconds us. Uh from 103 we have done a top line of 170 cr uh with 65% uh growth. 20:26 20 minutes, 26 seconds Accordingly uh I beta has gone from 20.73 cr to 36.58 cr a jump of 76%. 20:33 20 minutes, 33 seconds and uh PAT u uh is uh for this uh financial year around 15 cr and uh H2S2 20:41 20 minutes, 41 seconds uh there has been a growth of uh 51% in the top line. uh we can come to these numbers as and when uh during your Q&A section. 20:52 20 minutes, 52 seconds So this is our balance sheet our uh net worth is around 75 C and uh with with 21:00 21 minutes growth there is a uh uh certain increase in our boarding also uh and that we have funded through our support from our existing bankers. 21:13 21 minutes, 13 seconds So I think after this point RM has grown by uh 65% bad by 45% by 76% and imit margin by 6%. 21:24 21 minutes, 24 seconds So now we are 100 plus stores strong. U most if you're not aware we opened up 100 store at Lawrence Road is one of the 21:31 21 minutes, 31 seconds premium high street in that region and got a very decent mileage for that opening. I think uh this slide uh depicts that and the and we also 21:40 21 minutes, 40 seconds launched our style icon Mr. PUK during that launch and uh you can see the right bottom corner is about the style icon 21:49 21 minutes, 49 seconds and um and some of the newspaping that where we were covered during that event. 21:59 21 minutes, 59 seconds So some more events u uh we did some CSR activity also and u uh participate in 22:06 22 minutes, 6 seconds the daily time session field and uh 100 plus resation that I have mentioned. 22:13 22 minutes, 13 seconds So uh this is it and uh this is a disclaimer uh that you can please go 22:20 22 minutes, 20 seconds through it and I think the IT team has also gifted about it and if you have any query you're most 22:29 22 minutes, 29 seconds welcome to uh forward it to the below mentioned email id. Uh thank you very much for your uh time and patience and uh over to you. 22:40 22 minutes, 40 seconds Thank you sir for those comprehensive opening remarks. So we will now begin the question and answer session. 22:45 22 minutes, 45 seconds Participants who wish to ask a question, please use the raise hand feature to ensure that we are able to cater as many uh queries as possible. Uh we request 22:54 22 minutes, 54 seconds each participant to restrict themselves to two questions. 23:10 23 minutes, 10 seconds Uh we have the first question from Miss Davika Singh. Am I? 23:20 23 minutes, 20 seconds Yeah. Yeah, you are. 23:22 23 minutes, 22 seconds Uh first of all, congratulations for good set of tower. 23:26 23 minutes, 26 seconds uh uh can you share with me the metrics of stores uh like m uh what's the 23:33 23 minutes, 33 seconds numbers of your uh mature growth m and uh if you can explain the whole metrics like how your stores are doing the 23:42 23 minutes, 42 seconds mature one and the new one okay uh let us take the uh I'll take 42 23:48 23 minutes, 48 seconds 42 store numbers which were um which were operational as at 31st March 2025 23:55 23 minutes, 55 seconds Uh so uh in in the in the financial year 202425 uh the average sale per store per month 24:04 24 minutes, 4 seconds was uh roughly 4 lakhs and in 2526 uh these stores these 42 stores um 24:11 24 minutes, 11 seconds achieved a monthly u average of uh rups 9 lakhs. So this is the growth that we have achieved from 24 to 20 25 financial 24:20 24 minutes, 20 seconds year to 26 financial year. If we talk of Q1, Q1 to Q4, these stores uh from six 24:27 24 minutes, 27 seconds lakhs in Q1 uh did around 8 I'm talking about the monthly store average per store per month. Uh from six lakh to 8 24:36 24 minutes, 36 seconds month and then to Q3 they did uh 10 lakhs and normally Q3 and Q4 the numbers are flat in our industry because the uh 24:44 24 minutes, 44 seconds Q3 is the biggest season. Q4 this is the transition from winter to summer and so Q4 also we did around 10 lakhs. So this 24:51 24 minutes, 51 seconds is the this is the trend for the 42 mature stores 42 stores that were operation for the uh at the day one of 24:59 24 minutes, 59 seconds the financial year. These are the numbers and u if we talk of the same store uh growth uh for for around uh the 25:09 25 minutes, 9 seconds stores but those those who have seen the journey for let's say last 2 years or 3 years uh taking full year operations as 25:16 25 minutes, 16 seconds 23 24 and in that case um in 2526 uh we have achieved a uh growth of 26% 25:24 25 minutes, 24 seconds with uh 2425 so this is the and I think number of stores I can just count here 1 2 3 25:32 25 minutes, 32 seconds 14 stores I'm talking of 14 stores have done a growth of uh 26% with this uh last financial year. So this is the 25:41 25 minutes, 41 seconds overall uh figure that uh that we have been achieved. So if you want me to highlight on the u store performance for 25:50 25 minutes, 50 seconds uh decently open store uh that is stores just to give you a glimpse uh stores uh 17 stores were open in Q4 uh FI25 26:00 26 minutes and u if we talk of if I ignore Q4 and u tell tell you the operational performance of these uh 17 store in Q1 26:09 26 minutes, 9 seconds they did five lakhs per month in Q2 it's seven lakhs in Q3 is around 8 lakhs and Q4 is around uh seven lakh. So this is 26:17 26 minutes, 17 seconds the trend for the stores that were u that started operating Q4 20. These are other data also but it will not be 26:24 26 minutes, 24 seconds relevant because uh uh the period is very small for the stores open in Q uh Q1 or Q2 or Q3. 26:33 26 minutes, 33 seconds Got it. And uh just want to know that from the 100 stores which we closed uh 26:39 26 minutes, 39 seconds this year uh how much are uh own stores and how many are the mature like the 26:46 26 minutes, 46 seconds franchisee model one and also uh I just want to know the break even in what time we achieve like each store achieved the break even. 26:56 26 minutes, 56 seconds So uh so normally uh if I talk up uh for for ask first of all asking car around 8 27:03 27 minutes, 3 seconds to 10 stores are franchise stores coming to the break even uh suppose uh again if it's it's a uh it's a subjective 27:10 27 minutes, 10 seconds question it's not a straightforward answer if we open uh normally we have three kinds of concept one is the high street uh second is the malls and third 27:19 27 minutes, 19 seconds is the distance so again in that if we are going to a mature mall or a mature high street 27:26 27 minutes, 26 seconds because we we get the footfall right from the day one. We do not have to wait for the footfall to generate. Normally we can say it takes around four to 6 27:34 27 minutes, 34 seconds months for uh the store to break even and come to the uh EBA positive level. 27:41 27 minutes, 41 seconds And on the other side also if we open certain high destination stores if you have seen uh maybe I can show you some 27:49 27 minutes, 49 seconds of the images allow me a minute I'll just show you. 27:59 27 minutes, 59 seconds So you can see the this is a Lawrence. 28:01 28 minutes, 1 second It's a very large facade twotory store. 28:05 28 minutes, 5 seconds Similarly you can see this Bopal or Halwani store. So now uh as I briefly mentioned uh so these are the uh destination stores uh new age colonies 28:14 28 minutes, 14 seconds new markets new high street. So uh we are taking risk uh because rentals are low and the catchment area is increases 28:22 28 minutes, 22 seconds because increasing because of the new age developments or high developments happening in these area. So sometimes they performed right from the day one 28:31 28 minutes, 31 seconds and for example Balto have been able to perform from the second or third month. 28:35 28 minutes, 35 seconds Halwani is on the main Nital highway road. So we get lot of tourist visas on 28:41 28 minutes, 41 seconds that also. Similarly, we experimented uh this store also this HP Bangalore. So, it's profitable 28:49 28 minutes, 49 seconds from that from the day one. So, it's a very subjective thing but on an average you can say it takes four to 6 months for a store to uh come above the break 28:57 28 minutes, 57 seconds even level. Having said that if we open the store before the winter so it's very likely that store will be able 29:06 29 minutes, 6 seconds because of the higher spy in the winter season or the second half being the fivity season. I hope I have answered your question. 29:14 29 minutes, 14 seconds Yeah, just a one followup on this that how many stores had like we were not able to perform well and had to close 29:24 29 minutes, 24 seconds out of the We have not closed any store so far. We have done some correction from lower ground we have gone to upper ground. We have increased the size of the store. In 29:32 29 minutes, 32 seconds fact, just to give and uh the store was in the uh you can say on the back side 29:39 29 minutes, 39 seconds in the mall we brought in the front there was a one lease segment that was did not was to expire. So we have 29:48 29 minutes, 48 seconds relocated the store. These are the kind of correction we have not closed any store. Rohini we Rohini one of the example is one of the mall we opened a 29:55 29 minutes, 55 seconds larger store and relocated the store. So only the corrections are happening. We have not closed any sure store and if we 30:02 30 minutes, 2 seconds talk of the overall you are seeing and um I think uh sh can you show some like the the 30:10 30 minutes, 10 seconds ITA percentage store wise uh so assume that as on the first March we have 109 stores if you the total ITA of these uh sale stores is average is 16%. 30:24 30 minutes, 24 seconds But if we analyze if I exclude last 6 month stores then the AITA comes to around 30:32 30 minutes, 32 seconds 20%. And stores with vintage of above 1 year and the is 22%. 30:40 30 minutes, 40 seconds So I think uh yeah I got my answer. Thank you so much. Thank you. Thank you. 30:49 30 minutes, 49 seconds Thank you. We'll take the next question from Priyanch. 30:58 30 minutes, 58 seconds Hope uh I'm audible sir. 30:59 30 minutes, 59 seconds Yeah, you'll be audible. Yes, please go ahead. 31:02 31 minutes, 2 seconds Yeah. Um sir first uh very congrats for such a awesome set of number like uh management uh like I uh recall very 31:10 31 minutes, 10 seconds vividly like last year start you promised for 100 store and I was quite skeptical but ultimately your team delivered almost 100 by end of the year. 31:20 31 minutes, 20 seconds So that is very comfortable sir. 31:22 31 minutes, 22 seconds Sir I just want to understand uh what are our guidance going ahead for uh next one year or two years and uh one more 31:30 31 minutes, 30 seconds sir uh just part of the like uh uh regional wise uh I see most of your store are concentrated on the uh north 31:39 31 minutes, 39 seconds India part of it like um can we see more store into like Maharashtra and southern part of the so I just take it through now you can 31:48 31 minutes, 48 seconds see we are in 22 states so uh yes uh north which we we started with north now if you see MP we already have 13 stores 31:57 31 minutes, 57 seconds and a lot of stores are in the project stage and so um Hana we already have eight stores. So uh Bangalore we already 32:07 32 minutes, 7 seconds opened three stores and we are hopeful that you'll see many more stores in the coming month. Mumbai also uh we are expanding. Pune we have already opened 32:15 32 minutes, 15 seconds two stores many more in the pipeline. So guidance is very very interesting. I cannot say you the exact numbers but we 32:23 32 minutes, 23 seconds are we are very hopeful very confident that we'll be able to overach achieve what we have committed 32:30 32 minutes, 30 seconds uh so far okay so so we are not now region specific we are we want to pan India brand and we 32:39 32 minutes, 39 seconds have a decent store base now in northeast also and uh we have opened in Bihar we opened in northeast also we are in Arunachal Pradesh we're in Assam we 32:47 32 minutes, 47 seconds are in Kolkata so uh uh you'll a lot of stores coming in all the all all the major cities. 32:54 32 minutes, 54 seconds Okay. So, uh there's no internal uh target set for number of stores sir. Not guidance in terms of revenue or beta but uh on number of stores maybe 33:03 33 minutes, 3 seconds we'll be able to our retail footprint will be able to uh double uh in the the in this year we are 33:12 33 minutes, 12 seconds trying to uh that that's that's we are focusing for okay more than 200 then correct. Yeah. 33:20 33 minutes, 20 seconds Okay sir. Uh one u uh question on uh product part. Um uh so uh like you said 33:28 33 minutes, 28 seconds right like different segmentation is there luxury uh our our uh brand fall into u mass premium right. So u is there 33:37 33 minutes, 37 seconds any uh uh strategy in place to actually move into luxury part of it maybe above 14 years of age. Another is um are we 33:46 33 minutes, 46 seconds also looking into expand sir like uh uh the first guy that uh is one of the closest competitor that we have right so 33:53 33 minutes, 53 seconds they are already uh experimenting with uh Dubai expansion so uh what are the our plan brand wise expansion and 34:01 34 minutes, 1 second geographic uh we participated in an event in Middle 34:09 34 minutes, 9 seconds East also and uh we would have loved to expand uh in Middle East but the current 34:16 34 minutes, 16 seconds market dynamics current macro environment is not supporting let the things stabilize I think then we'll be 34:23 34 minutes, 23 seconds able to take a corn on that yes but we we did some initial raiki of middle east 34:31 34 minutes, 31 seconds as a as a country but u it's too early to comment on that but let the things stabilize because of this 34:39 34 minutes, 39 seconds overall war situation then we'll we'll take a call that. 34:47 34 minutes, 47 seconds Okay, that's one last question on the working capital as we expand uh our working capital and also uh we recently 34:54 34 minutes, 54 seconds um in initiated our uh online portal also right. So uh do you have any guidance on the uh net working capital 35:02 35 minutes, 2 seconds like uh will it uh further decrease going ahead or u do you see it is stabilized at current level and we might 35:09 35 minutes, 9 seconds uh require some additional funding. What is you see the business model we'll be reducing our reliance on distribution 35:17 35 minutes, 17 seconds and we'll be more on uh retail and uh ecom ecom u and we are very clear that 35:24 35 minutes, 24 seconds we'll be focusing on depth instead of width because the radius of the display capacity is very much how many styles we 35:31 35 minutes, 31 seconds can display so u uh so we are following these kind of retail ops 35:40 35 minutes, 40 seconds things. So uh uh with with receivable coming down and the focus will be more on the controlled uh inventory and the 35:48 35 minutes, 48 seconds control environment that is our retail or D2C and working in depth we are hopeful that uh we'll be able to uh uh 35:58 35 minutes, 58 seconds better the in uh deployment the working capital. 36:04 36 minutes, 4 seconds Okay. Thank you sir. Uh I will join back on the queue for Thank you. 36:09 36 minutes, 9 seconds Thank you sir. We'll move to the next question. Uh we'll take the next question from Mr. Vishal. 36:21 36 minutes, 21 seconds Oh thank you so much. Uh thank you and again congrats on the great performance. Can you hear me? 36:26 36 minutes, 26 seconds Yeah yeah we can hear you. Thank you very much. 36:28 36 minutes, 28 seconds So yeah so I think my question was on inventory days. I think I saw the inventory days have gone to around 389. 36:36 36 minutes, 36 seconds So that was a bit concerning as investor that also I wanted to know how many inventory turns because this business is also a lot about inventory management. 36:49 36 minutes, 49 seconds So how many inventory turns you target in an outlet typically because when the customers come they want to see new 36:56 36 minutes, 56 seconds fashion new products every time. So I think if you can educate us on the inventory turns uh whether the number of 389 days is 37:05 37 minutes, 5 seconds correct because that will mean only one inventory over the whole year and what is the inventory turns you're targeting 37:12 37 minutes, 12 seconds and how much inventory you carry in an outlet typically which is doing 8 to 10 lakhs for monthly sales. 37:19 37 minutes, 19 seconds Okay. I I'll answer the query. So u number of days Mr. Sidar will confirm after because he has the numbers. I I'll 37:27 37 minutes, 27 seconds just overall give you an idea. Uh see in our business normally March and September are the season launch. So and 37:35 37 minutes, 35 seconds ironically we have to report these numbers also. But if you see the December December inventory number it will be much below that what what you 37:43 37 minutes, 43 seconds have seen in our balance sheet as of currently. So reason is very clear. 37:48 37 minutes, 48 seconds March we have to launch a season new season u there are six to eight sizes in each article and uh we have to dispense 37:57 37 minutes, 57 seconds entire bouquet of ps to to our retail or to our channel partners also so uh so inventory building happen happens during 38:06 38 minutes, 6 seconds bad point of time and uh and uh so that is the reason you see um uh and there's 38:13 38 minutes, 13 seconds a lot of inward also happening because of that suppose in one sq we have produced 1,000 pieces. So 500 will be dispatched to respective location but 38:21 38 minutes, 21 seconds 500 will be there to service the cut sizes uh in the next four to 5 months. 38:27 38 minutes, 27 seconds So uh so we it's a part and parcel of our industry we have to maintain that kind of inventory plus let's say we have 38:35 38 minutes, 35 seconds around 30 35 stores planned in Q1 new stores or run 30 35 stores let's say in next 3 months for example. So we have to 38:44 38 minutes, 44 seconds we have to plan for the new stores inventory well in advance. So you see because we in the growing stage so you see this uh inventory also adding up in 38:53 38 minutes, 53 seconds our overall inventory. Seasonal impact is one thing. Second is the u new uh inventory to be planned in advance for the new stores that is also u one thing. 39:04 39 minutes, 4 seconds So these two factor and and we have to have additional inventory for uh forward selling in next four to five month. So 39:12 39 minutes, 12 seconds how how how we usually we address it and normally we divide the inventory into three parts. One is all season second is spring summer and autumn winter. So all seasons available across the 12 months. 39:23 39 minutes, 23 seconds So there's no risk involved in that inventory. We keep on refilling the cut sizes as and when that there there are sales sales are there and and in our in 39:32 39 minutes, 32 seconds our uh business model you ask about the question the fast version and all. uh see in this case u visual merchandises plays a very uh very important role. 39:44 39 minutes, 44 seconds It's not only that you have to introduce new style every fortnightly or every uh every month. Obviously certain capsule 39:51 39 minutes, 51 seconds range is introduced uh periodically because normally 70 80% inventories launch at the time of the season launch 39:58 39 minutes, 58 seconds then 20 to 30% there are capsule range of fillers as the month. So VM VM plays a very important role how you dress up 40:07 40 minutes, 7 seconds your window uh if you have a decent repeat customer so that uh customer can customer can understand that there are some new collection or something new is 40:15 40 minutes, 15 seconds coming it's a very basic tools of visual m instead of instead of launching every new style every week focuses more on uh 40:23 40 minutes, 23 seconds these retail ops aspect and uh but yes in our business model at least we have to maintain store level inventory of at 40:31 40 minutes, 31 seconds least uh three and a half to four months I think uh we were doing one calculation 40:36 40 minutes, 36 seconds on that also. Uh so u and uh and plus how the funding is done 40:44 40 minutes, 44 seconds for the inventory. If there is any leftover is there it goes to the factory outlet also in our business model we plan one factory audit for every five 40:52 40 minutes, 52 seconds fresh stores. So this is how the funding happens so that freshness comes to the main stores or the premium stores. So this is how it happens. 41:02 41 minutes, 2 seconds you want to add something you can add please if you so so Mr. Say are you saying key typically on a let's say 8 to 10 lakhs per month 41:10 41 minutes, 10 seconds outlet sales you keep three to four months of inventory like 30 40 lakhs. 41:14 41 minutes, 14 seconds See see uh uh four to 5 months you can average you can say because the we are expanding across across uh country. So 41:22 41 minutes, 22 seconds there is a uh lead time also but normally four to five months is the ideal figure for maintaining the 41:29 41 minutes, 29 seconds inventory for any store and also so so in a way let's say if it's four to 5 months so typically we 41:38 41 minutes, 38 seconds are saying keep two times maybe two terms so you're saying instead of 389 days if the inventory days were more 41:45 41 minutes, 45 seconds closer to let's say 160 170 days you'll be comfortable. 41:48 41 minutes, 48 seconds Yeah. Uh so uh it's uh she can you uh just mention what was the inventory level in December 41:57 41 minutes, 57 seconds it is uh see if you look at the inventory to the total sales okay uh it is coming to 123 days and it is 42:06 42 minutes, 6 seconds increased in March to 156 days this the reason is very clear we added 66 stores 42:14 42 minutes, 14 seconds and also inventory 156 is okay but I think at least on screener I saw the inventory days was 389 days. 42:21 42 minutes, 21 seconds I think there might there might be some uh because I was also not sure you mentioned about the 389 days. And so uh 42:29 42 minutes, 29 seconds I think there there might be some confusion in that but at any point in time if I may ask like let's say as of today if you have 42:36 42 minutes, 36 seconds to calculate all the company's inventory right like what would be the inventory at cost basis you think you might have because 42:44 42 minutes, 44 seconds the gross margin would be more typically what 60 70% right yeah 60% the gross margin see uh we we 42:52 42 minutes, 52 seconds are in a growing stage and March being the season launch Plus we have to keep inventory for the new stores. March numbers will always have I think if we 43:01 43 minutes, 1 second have a roughly inventory of 70 CR anish if I'm not wrong for the March. 43:05 43 minutes, 5 seconds So I think in in December it was around 40 C 48 CR if I'm not wrong. 43:11 43 minutes, 11 seconds So so you can you can see that maybe maybe on average if not we let's not take 50 or 70 let's take 60. So on a 43:19 43 minutes, 19 seconds sales of uh let's say maybe probably uh probably uh maybe maybe you know 150 K 43:26 43 minutes, 26 seconds also 160 K probably one/ird but at any point you will have to carry 50 60 K of inventory right? Yeah, definitely that 43:34 43 minutes, 34 seconds will be there because not only retail, we have to service e-commerce also. We have to service our offline partners also. 43:42 43 minutes, 42 seconds But but this 50 60 K of inventory is sit on cost basis or the selling price level. So it is it is at the cost basis? Cost basis. Oops. 43:50 43 minutes, 50 seconds Cost basis. So actually if you sold this inventory 50 60 kores the cost basis actually because the gross margin is 43:57 43 minutes, 57 seconds 60%. it would be actually probably you know like a 100 K number right so so all 44:05 44 minutes, 5 seconds I'm trying to understand is how much uh really what percentage of inventory doesn't get sold which you have to sell 44:12 44 minutes, 12 seconds at a lower price at factory outlets and and is is is there a remaining inventory which never gets sold 44:19 44 minutes, 19 seconds so again uh first of all whatever gross margin that uh or whatever the selling price is or whatever the MRP we decide 44:27 44 minutes, 27 seconds we we uh we keep these factors into into uh while deciding the selling price of 44:32 44 minutes, 32 seconds the MRS that uh in out of 6 months 20 uh 20% 44:39 44 minutes, 39 seconds maybe uh 20% inventory will sell at at MRP 20% will will be at some event based 44:47 44 minutes, 47 seconds discount 20 uh and or 40% which at some event based discount also or broadly around 60% will 44:55 44 minutes, 55 seconds be in the fresh season and 15% in the end end of sales season. So but but how the market has shaped up even in the fresh season we have to give certain 45:04 45 minutes, 4 seconds discounts also. This is because of the e-commerce uh you cannot sell everything on MRP or we have to give certain festivity or up unit per transition 45:11 45 minutes, 11 seconds schemes also. So overall um selling price and the gross margin is based uh is derived based on all these average 45:20 45 minutes, 20 seconds discounting that we have to shell during the uh during the season and as I as I mentioned uh inventory is divided there 45:28 45 minutes, 28 seconds are all season merchandise so those will be carry forward and if there is a season specific merchandise or there are cut sales also it goes to the it's 45:36 45 minutes, 36 seconds collected from all the respective store it goes to the factory out also and maybe better discounted e-commerce 45:42 45 minutes, 42 seconds And after you can say minus2 or minus 3 there's hardly uh 2 three person inventory that is left over. U and u and 45:51 45 minutes, 51 seconds there are also tools to liquidate that inventory. Maybe we can have a basket sale and u sometime we have to do the 45:59 45 minutes, 59 seconds liquidation but normally it has not happened in our business so far. It happened last at the time of covid but currently we are always short of 46:08 46 minutes, 8 seconds inventory. So I do not foresee any challenge but yes some fashion is there there might be certain sides but for 46:15 46 minutes, 15 seconds that IBT enterprise transfer has to be done some site might be selling at some place or some color may be selling at one location but it might not be 46:22 46 minutes, 22 seconds performing at that. So this is uh this is again a routine uh retail ops call for that how how they uh move the 46:29 46 minutes, 29 seconds inventory and generate the desired sales because there are targets not only for the sales there are targets for the sales flows also and there are targets 46:37 46 minutes, 37 seconds for the u order value or uh unit per transaction also. So accordingly uh inventory management um and again I 46:46 46 minutes, 46 seconds mentioned also for better retail planning better inventory management also we are in talk with certain uh retail collective softares also and 46:53 46 minutes, 53 seconds we'll be using those software to have a better discipline as well as the inventory uh OTB or open to buy planning is concerned 47:01 47 minutes, 1 second because last question on this Mr. said because see uh the because I think you are executing quite well I think we can see and congratulations again but I 47:09 47 minutes, 9 seconds think uh but the kids I think the big challenge is I don't know exactly what ages kids you are serving maybe from 3 47:16 47 minutes, 16 seconds to 14 maybe I'm my guess and boys and girls both so the sizes for every age from 3 to four to five to 47:24 47 minutes, 24 seconds and it's very challenging because uh you know a 7 year old kid might come they might like something but the size is for 10 year old and also boys and girls. So 47:33 47 minutes, 33 seconds what ages do you cater and do you find challenges because of so many size so many SKUs and in a limited mother how do you manage that and what do you think? 47:43 47 minutes, 43 seconds Yeah good question first of all the overall category is divided into three parts infant toddlers and young kids. 47:52 47 minutes, 52 seconds Now infant is primary unique sex except for few colors uh toddler and young kids again there are again there are boys and 47:59 47 minutes, 59 seconds girls. So uh in detail the interesting part is that the display area is fixed and based on the large historic data we 48:07 48 minutes, 7 seconds can understand uh what all categories are selling. So based on that it's a retail panagram is prepared and this 48:15 48 minutes, 15 seconds detailed exercise how many how many t-shirts option how many shirts option that we have to source for each store because there is a sales target and 48:23 48 minutes, 23 seconds there is a there is a display capacity for that particular store. So based on that it's more of it's more of a scientific nowadays that what kind of 48:32 48 minutes, 32 seconds inventory planning has to go for each store obviously store has to be classified ABC accordingly as per the sale as per the location. So again this 48:40 48 minutes, 40 seconds predictive software that we just having negotiation they do all these kind of exercises currently we are doing using 48:48 48 minutes, 48 seconds Excel or PowerBI etc but now more advanced tools are available. So this is how it is fixed. um you cannot 48:58 48 minutes, 58 seconds overproduce because display capacity of that particular store is fixed and uh accordingly um these these uh scientific 49:06 49 minutes, 6 seconds levers are there to control the inventory. Again going by my prior experience of associating with brands like Nike etc. Puma Nike Puma etc. Uh 49:16 49 minutes, 16 seconds interesting learning from Nike that uh focus on that not on width because what whatever you produce produce and try to 49:23 49 minutes, 23 seconds uh try to have a story around that and uh create a form for those hero styles or articles 49:33 49 minutes, 33 seconds and focus on depth instead of instead of width. So because if you go in the uh 49:40 49 minutes, 40 seconds width it's very difficult to control the inventory you rightly said there are sizes and so uh size group for toddler 49:49 49 minutes, 49 seconds and young kids again uh depends upon the product standing also what whether it will fit for the toddler or it will go 49:57 49 minutes, 57 seconds for the young kids also and again the sale weight of the particular size. So uh most in most of the cases what we try 50:05 50 minutes, 5 seconds that if this is subtle fashion the style that is working in total also that will go into the young kids also accordingly 50:13 50 minutes, 13 seconds uh accordingly uh number of SKUs we we try to control so uh this is these are the scientific methods that we work on. 50:21 50 minutes, 21 seconds No no I think it's and if you can just say what is the divide between sales divide between girls and boys and clothes and shoes and clothes and shoes. 50:29 50 minutes, 29 seconds So overall uh footwear I remember is 33% and appar is around 64%. But retain the contribution for footwear is around 18% 50:37 50 minutes, 37 seconds and it is growing. Uh because uh we have done lot of activities as far as improving our footwear range. Uh we should get some time if you don't know 50:45 50 minutes, 45 seconds which city you are from. If you're from Mumbai visit our init store you'll get an idea what kind of action we have taken uh for promoting. The idea is very 50:54 50 minutes, 54 seconds simple. We have to increase the perk from the footwear. So there is a higher gross margin higher a right uh more or 51:01 51 minutes, 1 second less because if you go up the ladder if you are focusing on the fashion shoes uh 51:08 51 minutes, 8 seconds fashion paria or sport shoes your margins are relatively better. Similarly in denim also you can we get a decent margin and focusing on certain fashion 51:17 51 minutes, 17 seconds element you can increase our gross margin boys and girls I do not remember exactly 51:26 51 minutes, 26 seconds to the retail business and uh girls is contributing 45% boys 36% infants 15% 51:35 51 minutes, 35 seconds and others five so boys is 35 36 because the 6 girls 45 51:44 51 minutes, 44 seconds balance infant infant girls the girls girls girls girls girls girls girls girls girls girls girls 51:47 51 minutes, 47 seconds girls girls girls girls girls girls girls girls girls girls options are much wider they have a party wear segment also there are there are lot of product innovation happening uh you can see the 51:55 51 minutes, 55 seconds dresses also and u uh so that's why you can because there are belinners also fashion sandals also fashion footwear 52:03 52 minutes, 3 seconds also and your typical uh kit is I to get okay sorry thank you so thank Uh we'll take the next question from Mr. 52:13 52 minutes, 13 seconds Romesh. Evening sir am I good? Good evening Mr. Romesh. 52:22 52 minutes, 22 seconds Sir my question is also about the uh inventory management. Uh see as I understand we are also growing in the 52:30 52 minutes, 30 seconds next financial year in this financial year from 100 to 200 stores. So definitely there will be high requirement for inventory going forward. 52:40 52 minutes, 40 seconds So my question is about the operating cash flow. 52:44 52 minutes, 44 seconds Though it has improved in FI26 uh when can we expect it to be uh positive like this year or next year? 52:55 52 minutes, 55 seconds So we are we are very hopeful uh going by the past trends. So you mentioned that we 53:04 53 minutes, 4 seconds have already done an improvement. So we are very hopeful that uh uh we should be operationally uh cash positive uh maybe another 12 to 18 months. 53:14 53 minutes, 14 seconds Okay. The followup question is about the uh capital needs for the for driving the 53:19 53 minutes, 19 seconds growth. So is it uh via equity dilution or we are going to raise debt for it? 53:26 53 minutes, 26 seconds So it has to be a balance of debt and equity. it will be through both the roots and u so u so we should we'll be 53:35 53 minutes, 35 seconds maintaining a healthy debt and equity ratio so uh we we plan to raise equity also and there will be certain 53:43 53 minutes, 43 seconds requirement of debt as the need required so so is there any timeline for it like to raise the funds like we have the enough 53:52 53 minutes, 52 seconds funds right now or is we we are we are hopeful um uh and as 53:59 53 minutes, 59 seconds and when there is an announcement we'll be we'll definitely update you. We very hopeful and uh we have internal timelines and we are very hopeful that 54:07 54 minutes, 7 seconds we'll be able to adapt to those timelines. Yeah, that's all from my sir. Thank you. Thank you. 54:15 54 minutes, 15 seconds Yes sir. We'll take the next question from Mr. Moan. 54:25 54 minutes, 25 seconds Uh thank you so much sir for uh uh such a lovely presentation. 54:29 54 minutes, 29 seconds Please pardon my uh ignorance. I'm joining this call first time uh of this company because it is recommended by one 54:36 54 minutes, 36 seconds of my uh portfolio manager friend and I'm an FBI. Yeah. 54:42 54 minutes, 42 seconds Yeah. So my question is uh on the distribution channels that you are you have been showing and uh with regards to 54:51 54 minutes, 51 seconds that uh for data days generally in the companies which are into the retail segment data days are in single digits also but in our case the data days are probably in triple digits. 55:02 55 minutes, 2 seconds So uh how how is the data days going on the higher side? Uh where are the payments coming from is my first question and then probably I have a 55:09 55 minutes, 9 seconds follow-up question also. So uh so uh uh how we how we have evolved when we started we started our business with 55:18 55 minutes, 18 seconds distribution and e-commerce was also very bullish at that point e-commerce primarily B2B business so uh so uh so uh 55:27 55 minutes, 27 seconds so we have we also started accordingly and when we opened our retail store in December 2019 and after that we have seen a bit of covid uh but strategically 55:36 55 minutes, 36 seconds after covid we decided that we'll be focusing on the control business that is over retail and to some extent due to C also. So there has been a strategic 55:44 55 minutes, 44 seconds shift uh in the overall uh business model of the company. Uh this year uh this year we have our retail business 55:53 55 minutes, 53 seconds season of 40%. And the distribution business has come down drastically. So we uh we are also following u this model 56:02 56 minutes, 2 seconds in the years to come and we are hopeful that um retail will contribute or retail or D2C will contribute at least um more 56:09 56 minutes, 9 seconds than um twothird of the business in the in the in the years to come and the reliance on distribution will slowly and slowly come down now yes we do have 56:18 56 minutes, 18 seconds datas and now mostly these are the distributors who work with all the domestic and international brands like that 56:26 56 minutes, 26 seconds like they distribute um our products also and normally u the uh the business cycle is around 3 to 56:35 56 minutes, 35 seconds four months of receivers they pay after three or four months also or they pay whenever they are able to get their 56:43 56 minutes, 43 seconds funds relies from the market also. So this is a this is so that's why the receivable cycle is very high. Nowadays 56:50 56 minutes, 50 seconds what is happening even the distributors are also changing their business model. 56:54 56 minutes, 54 seconds Uh they they're also opening their own store because they're also fed up with the larger data cycle. So they're also opening their own store because they 57:03 57 minutes, 3 seconds work with multiple brands and instead of uh giving it to the major post pop store or the regional retailers in the market. 57:11 57 minutes, 11 seconds So they prefer opening their 15 20 stores and serving their own stores. 57:16 57 minutes, 16 seconds This is how the business model is reshaping from distribution to maybe key accounts also and u I think it will take 57:24 57 minutes, 24 seconds one one or one and a half years also that uh we'll be releasing our reliance on the distribution model model that 57:32 57 minutes, 32 seconds we'll be focusing on on our retail and accordingly the correction will be there in the distribution um in the datas also I think we have already done that some 57:40 57 minutes, 40 seconds correction we have already done that I think she can say the number the data have come down to uh I think you I saw some texture. 57:47 57 minutes, 47 seconds Yeah, data days reduced from 214 days in from 2140 days to 128 days in FI26. 57:56 57 minutes, 56 seconds So, uh one more thing uh you see in the March balance sheet also you see datas on the higher side also again the same reason I just now explained because we 58:05 58 minutes, 5 seconds have to launch the season also. So, bouquet of uh products goes to the distributors and to service their retailers in their region also. 58:13 58 minutes, 13 seconds Distributor will not take one set or two set. they will take at least 20 sets for one particular article because they have to also service the retailers in their 58:20 58 minutes, 20 seconds region also. So you see this upside coming in the data cycle but we are very much aware that uh u but 58:28 58 minutes, 28 seconds overall industry dynamics is changing towards the uh shop and shop or the key accounts and the uh retail businesses 58:36 58 minutes, 36 seconds also. So this okay so how do you define key accounts in that case? What do we mean by key accounts? And our online sales have gone down in terms of percentage. 58:46 58 minutes, 46 seconds Yeah. From three to two. 58:48 58 minutes, 48 seconds Key accounts is what has increased along with rated. 58:50 58 minutes, 50 seconds So key accounts are organized multiend outlets whether it's a regional or pan India. Uh 58:59 58 minutes, 59 seconds there are like bindal etc. I consider them key. We classify them as key accounts. call them their regional 59:08 59 minutes, 8 seconds as shop and shop or MBO partner. Then Reliance for example is a large store is classified as a key account. Then there 59:16 59 minutes, 16 seconds are certain regional there retailers like foot retailers like VM profit that we classify them. Then retailers like 59:24 59 minutes, 24 seconds Lulu mall etc they are also classified as the key accounts. So uh again um now most as I mentioned most of the distributors are also putting the 59:32 59 minutes, 32 seconds retailer uh how how it is now the retail is shifting even in the MU business also that they they give justification to 59:40 59 minutes, 40 seconds each brand give 8 to 10 ft of dedicated space and the product display and sold accordingly with giving a due justice to the whatever brand they are selling. 59:48 59 minutes, 48 seconds Again focusing more on the more of having multiple instead of having 100 brand focus on limited brands generating 59:57 59 minutes, 57 seconds a sell through from them justification giving both to the brand to the company and u minimizing the inventory. So that 1:00:04 1 hour, 4 seconds is the this is what being shifted notice. 1:00:08 1 hour, 8 seconds So Jerry sir when you say 50/3 then you talking about retail and online should be more than 2.0. Sorry you asked about the online thing. 1:00:16 1 hour, 16 seconds U I think it is important for all of you who are attending the call. 1:00:20 1 hour, 20 seconds See as I mentioned earlier we were on the different platform that was Magento when we launched our website at the time of COVID. Now over the year Magento has not been able to develop the ecosystem. 1:00:30 1 hour, 30 seconds Shopify Shopify have been able to develop the ecosystem uh for D2C brands and D2C website also. So number one we changed our platform from Magentto to 1:00:38 1 hour, 38 seconds Shopify. So there was a migration timeline that that was a problem and you 1:00:46 1 hour, 46 seconds see a tip in the numbers. Secondly uh if all of you most of you must be aware when uh when we started purple uh we 1:00:54 1 hour, 54 seconds started our business model with signing agreement with the uh character merchandise like Disney, Avengers, Barbie etc. So initially our 90% of the portfolio was the character merchandise. 1:01:06 1 hour, 1 minute, 6 seconds 90 even 95% of the portfolio was character mandai and we and 5% was in our brand like purple toothpaste etc. 1:01:13 1 hour, 1 minute, 13 seconds Strategically we took a call that we we exited that cartoon character business we'll be doing it in future maybe as a 1:01:20 1 hour, 1 minute, 20 seconds marketing capsule not as a full as a cartoon company. So uh uh because we were not able to justify u the MRTs if 1:01:29 1 hour, 1 minute, 29 seconds we wanted to have a fashion element in our product because we were supposed to pay around 15% royalty to uh these 1:01:36 1 hour, 1 minute, 36 seconds collective uh company and it was it was hitting hard and the markets were shooting like anything and without doing any innovation in the uh in the garment 1:01:44 1 hour, 1 minute, 44 seconds or the footwork so we decided to go with it. Now now we we have had an inventory in the e-commerce also that was focusing on the character merchandise. We were 1:01:53 1 hour, 1 minute, 53 seconds initially locatedating that recating inventory discounting that ASV accordingly currently 1:02:01 1 hour, 2 minutes, 1 second and and and the and we were not selling apples initially also because the focus 1:02:09 1 hour, 2 minutes, 9 seconds was to stabilize apples in the retail first. Once it was uh established in retail we now after the migration we 1:02:16 1 hour, 2 minutes, 16 seconds wholeheartedly launched apples and footwear also and the numbers are very encouraging. quarter and quarter we are having a growth of uh 59 to 60% in the 1:02:25 1 hour, 2 minutes, 25 seconds revenue and roughly I said in April we did a u this e-commerce business or roughly u 1:02:34 1 hour, 2 minutes, 34 seconds 1.5 CR and we are very hopeful that we'll be able to and with a better DR and focusing on never 1:02:42 1 hour, 2 minutes, 42 seconds out of strike and I'm I'm very much sure sure that 10 to 12% contribution will definitely come from our e-commerce 1:02:49 1 hour, 2 minutes, 49 seconds channels Yeah, thank you so much. Uh J sir, my 1:02:55 1 hour, 2 minutes, 55 seconds Yeah, I have one last question. Uh uh on this, do we have any targets uh internal for data days uh reduction for the next 1:03:04 1 hour, 3 minutes, 4 seconds year like from 128 you probably want to make it less than 50 or any other 1:03:09 1 hour, 3 minutes, 9 seconds number? uh see uh it's it's not u 1:03:16 1 hour, 3 minutes, 16 seconds subjectively um if we if see we cannot I just wanted to we cannot ignore 1:03:23 1 hour, 3 minutes, 23 seconds distribution 100%. Because every channel has its own customer even distributors also service some very good retailers 1:03:29 1 hour, 3 minutes, 29 seconds also. So but the part and parcel if we talk only of the distribution business uh because it will be reducing but at least it will be somewhere between 3 to 1:03:38 1 hour, 3 minutes, 38 seconds four months and um since we have pan India so that we have to add around 20 25 days for the supply chain part also 1:03:45 1 hour, 3 minutes, 45 seconds but yes religiously it should come around somewhere around 3 to three and up from that's what we targeting internal target 1:03:54 1 hour, 3 minutes, 54 seconds that we taken for settling the u only for the offering business. 1:04:02 1 hour, 4 minutes, 2 seconds Yes sir. What is the number? I could not hear it. 1:04:04 1 hour, 4 minutes, 4 seconds Uh three months three months uh for the distribution for the uh distribution and will any will not it will not not have 1:04:13 1 hour, 4 minutes, 13 seconds any uh you can data key accounts is included in distribution or it is also considered as so you can say around same level two and 1:04:20 1 hour, 4 minutes, 20 seconds a half to three two and a half for key accounts because they are comparatively better pay masters and three three months for the distribution. 1:04:28 1 hour, 4 minutes, 28 seconds Correct. and sir all our productions are inhouse or we do some outsourcing also. 1:04:32 1 hour, 4 minutes, 32 seconds So again uh I keep on telling my learning of earlier associating with all the big names like Puma, Nike etc. focus 1:04:40 1 hour, 4 minutes, 40 seconds on the customer side uh on the so we focus on the customer side through our retailers who wanted to see and we are on an asset light model as far as the 1:04:48 1 hour, 4 minutes, 48 seconds sourcing side is concerned. sourcing side is concerned. So we work with multiple factories. We have entire team of designers, product development, 1:04:56 1 hour, 4 minutes, 56 seconds quality team and we work with multiple factories to get better innovation, better uh uh better control on our 1:05:03 1 hour, 5 minutes, 3 seconds subcategories and uh um but we are not a factory. We do have a couple of factories who produce only for us. 1:05:10 1 hour, 5 minutes, 10 seconds That's how currently we are working. 1:05:13 1 hour, 5 minutes, 13 seconds Okay. So that is that percentage would be like yeah just just the clarification. So is there any percentage we have like 10% inhouse and 90% outsource? 1:05:23 1 hour, 5 minutes, 23 seconds So we do not have an in-house factory. 1:05:24 1 hour, 5 minutes, 24 seconds The control factories are there. Inhouse we do not have. Okay. 1:05:27 1 hour, 5 minutes, 27 seconds But yes the control factor maybe making around 8 to 10%. Fair enough. Thank you. Thank you. Yeah. Thank you so much. Thanks. 1:05:34 1 hour, 5 minutes, 34 seconds Thank you sir. We'll take the next question from Mr. Adita. Am I audible? 1:05:43 1 hour, 5 minutes, 43 seconds Yeah you're a sir. Sir, my question was about premierization. 1:05:48 1 hour, 5 minutes, 48 seconds Uh, as you uh said that your company is uh slowly getting into the premiumization. So, how will you guys compete Nike and Puma? 1:05:59 1 hour, 5 minutes, 59 seconds Like why the why the people buying clothes from your stores instead of Nike and Puma? Why they would prefer your uh 1:06:09 1 hour, 6 minutes, 9 seconds and the other was like uh was talking about the first try. Yeah. So how how will you guys compete with the first cry? 1:06:18 1 hour, 6 minutes, 18 seconds So uh as per our understanding first cry is into the value segment. Uh they are not into the premium segment. Um um I'll 1:06:25 1 hour, 6 minutes, 25 seconds request you to please get some time and visit our store and first cry store. 1:06:29 1 hour, 6 minutes, 29 seconds You'll you'll you'll see the customer experience yourself. So that is one of the thing because uh that is not my feedback that is the feedback I keep on 1:06:37 1 hour, 6 minutes, 37 seconds getting from lot of parents who visit first as well as our stores also. So you you have please visit our store please 1:06:44 1 hour, 6 minutes, 44 seconds visit our website you'll get an idea how how we are differentiating ourself as far as a customer experience is 1:06:52 1 hour, 6 minutes, 52 seconds concerned uh I I showed you how how we have place our one of the denim section denim section you can see on the screen 1:06:58 1 hour, 6 minutes, 58 seconds left side is a denim section this is how we are creating customer experiences in our stores so 1:07:08 1 hour, 7 minutes, 8 seconds if you visit our store you'll get get an idea I was asking about the USP of your uh 1:07:15 1 hour, 7 minutes, 15 seconds selling like what is the USP why should pre people prefer your stores instead of my Nike and Pumas I was 1:07:23 1 hour, 7 minutes, 23 seconds and brands like Nike etc they are primary boy ccentric focus they are boy 1:07:31 1 hour, 7 minutes, 31 seconds ccentric brand and they have very limited option even for boys also as well as girls also 1:07:39 1 hour, 7 minutes, 39 seconds this these denim section which contributes maximum which one of the major contributor in the in the sale. You'll not find these kind of products in Nike. 1:07:48 1 hour, 7 minutes, 48 seconds You'll not find these kind of products in uh other sports brand. Yes. Uh USBA or Alan Sulli may have uh these kind of 1:07:56 1 hour, 7 minutes, 56 seconds some of them but but still u they have a very limited offering. If you talk of the girls as a segment or the infant as 1:08:04 1 hour, 8 minutes, 4 seconds a segment they most of these brand don't have the infant. So we are one one-stop shop for um fashion related requirements 1:08:12 1 hour, 8 minutes, 12 seconds for kids in the age bracket of 0 to 14 years. And uh this is this is how we are positioned. 1:08:18 1 hour, 8 minutes, 18 seconds Even if we talk about the footwear um there are lot of subcategories that Nike or Puma Sketchers they are not doing. 1:08:26 1 hour, 8 minutes, 26 seconds They're primarily focusing on the uh sport shoe. But if you talk of the Belmas, if you talk about the fashion shoes, fashion sandals, we have a very 1:08:34 1 hour, 8 minutes, 34 seconds interesting uh canvas shoes range is there. If I uh if you allow me, I'll just take you through this. Okay. 1:08:42 1 hour, 8 minutes, 42 seconds No, if you get some time uh uh yes uh I'll just show you. I'll take 2 minutes. 1:08:49 1 hour, 8 minutes, 49 seconds Okay. So if my screen is visible you can see 1:08:57 1 hour, 8 minutes, 57 seconds uh uh this canvas shoe and we have done lot of innovation research how to make it light because normally the canvas shoes 1:09:06 1 hour, 9 minutes, 6 seconds are very heavy. So these many options um you'll not see in apparel brands or in the even the brands like Nike. So these 1:09:15 1 hour, 9 minutes, 15 seconds are the some of the differentiation factors and similarly also if you see the uh I just say you trouser as a category. 1:09:25 1 hour, 9 minutes, 25 seconds So uh sports brand will not have these kind of category and we giving so many options so that uh we can have a better connect 1:09:34 1 hour, 9 minutes, 34 seconds with our customer in even in footwware also many cate you can see but these many categories most of these are not available in sports brand and they're 1:09:43 1 hour, 9 minutes, 43 seconds available in the other categories also but they're not getting they're mostly boycentric brand they're not focusing on girls and they're not doing football. So 1:09:50 1 hour, 9 minutes, 50 seconds these are the couple of USBs that we have in our business model. 1:09:54 1 hour, 9 minutes, 54 seconds Okay. So after in kids segment can you see other segment as well for brand expansion? 1:10:00 1 hour, 10 minutes Uh I think uh kids market maybe maybe 3 years four years down the 1:10:10 1 hour, 10 minutes, 10 seconds line we can think but not not in the midterm. There's no such thought to expand our portfolio to the Gen Z or other uh categories also. 1:10:21 1 hour, 10 minutes, 21 seconds Okay. So uh how you guys see your company in the next five years? Will it become the 5,000 10,000 cr company like 1:10:30 1 hour, 10 minutes, 30 seconds you can give for five next five years or 10 years? So u u I I see a very interesting u future. 1:10:41 1 hour, 10 minutes, 41 seconds Obviously uh to reach that kind of level you require lot of um input in lot of 1:10:48 1 hour, 10 minutes, 48 seconds growth capital but um but I do not see uh in another next two to three years we'll be we can easily double our 1:10:56 1 hour, 10 minutes, 56 seconds revenue on year to year basis that that is very easily achievable in next two years that that for next two years 1:11:03 1 hour, 11 minutes, 3 seconds horizon can give we can easily double our top line by 100% on year-to-year basis. 1:11:13 1 hour, 11 minutes, 13 seconds Okay, sir. Thank you and congratulations. Thank you. Thank you. 1:11:17 1 hour, 11 minutes, 17 seconds Thank you, sir. We'll take the next question from Mr. Si. Uh hello sir. Am I audible? 1:11:27 1 hour, 11 minutes, 27 seconds Yeah, you're audible. Please go ahead. 1:11:29 1 hour, 11 minutes, 29 seconds Yeah. So, so this fashion uh retail business this is all about unit economics and uh you know companies who 1:11:36 1 hour, 11 minutes, 36 seconds track the unit economics they scale very fast you know all depending on the need of the capital and we have been scaling fast and uh it's really heartening to 1:11:45 1 hour, 11 minutes, 45 seconds see that you know we have finished almost one year of operation on I think 25 plus stores and you said these stores I think somewhere in the corn call you 1:11:52 1 hour, 11 minutes, 52 seconds said uh the one-year-old stores are working on 22% AITA margin so just help me to understand from unit economics 1:12:00 1 hour, 12 minutes perspective and you know this is the industry where you have this whole lease accounting and rental accounting and all of that if we factor all of that on 1:12:08 1 hour, 12 minutes, 8 seconds these one year plus stores what is the cash profit margin we are generating on these stores and what is the working capital days on these one-year old 1:12:16 1 hour, 12 minutes, 16 seconds stores I think uh shid you can just mention about the evita for the one year old just I think you me I think you 1:12:24 1 hour, 12 minutes, 24 seconds mentioned in the you can repeat it please yeah yeah it is 22% And uh with the average uh monthly sale of 9 lakhs per 1:12:33 1 hour, 12 minutes, 33 seconds store, if we look at the overall sales of 43 stores, then the monthly revenue is 3.66 lakhs. 1:12:42 1 hour, 12 minutes, 42 seconds Uh sir, AIA is more the accounting number. I'm more interested in post accounting and post your rental you know uh rental uh expenses and post your 1:12:51 1 hour, 12 minutes, 51 seconds working capital. What is the operating cash flow you are generating from? U Mr. S uh I think u need some more 1:12:59 1 hour, 12 minutes, 59 seconds because we we declared our result on 9th only I think and post that u uh we were traveling uh for some 1:13:08 1 hour, 13 minutes, 8 seconds official work and uh maybe uh we'll be able to do uh can connect one to one and share your queries. I think uh team will 1:13:15 1 hour, 13 minutes, 15 seconds be able to answer you if you want uh that thing in detail. 1:13:18 1 hour, 13 minutes, 18 seconds Sure sure sir. Uh the another sure sir sure sure because channel wise channel wise query I think they need some time to answer 1:13:26 1 hour, 13 minutes, 26 seconds your query uh just the intent is just to understand the unit economics because overall unit economics I can tell you 1:13:34 1 hour, 13 minutes, 34 seconds overall if 100 rupees is top line uh what we target is 1 lakh 70,000 is our rental uh 1 lakh 7 or 17% is our rental 1:13:43 1 hour, 13 minutes, 43 seconds and 17% is our our operational uh cost so again IA we target roughly around 1:13:50 1 hour, 13 minutes, 50 seconds 20%. Uh if we talk of the average rental that currently we are paying it's coming in that reason only. Although we sign as 1:13:57 1 hour, 13 minutes, 57 seconds high as three lakh 3.5 lakhs also or as low as 75,000 80,000 also or maybe in the revenue sharing also. So overall uh 1:14:05 1 hour, 14 minutes, 5 seconds average rental that we are paying as strategically as strategic or is around 1 lakh 70,000. So overall this is the u 1:14:12 1 hour, 14 minutes, 12 seconds economics for that and uh u the working reduction cycle and detailed cash flow um 1:14:21 1 hour, 14 minutes, 21 seconds we'll we'll just prepare it after this meeting and we'll say we'll share it so I can forward it to you. 1:14:28 1 hour, 14 minutes, 28 seconds Sure sir sure and given now we have 100 plus stores and when we finish FY27 uh you know all these stores will be 1:14:35 1 hour, 14 minutes, 35 seconds there for more than a year. So based on your numbers sir I'm assuming that we should have capability to generate 15 to 20 cr annually through our internal you 1:14:43 1 hour, 14 minutes, 43 seconds know approvals itself I think so uh maybe more than that maybe more than that we'll be able to generate 1:14:51 1 hour, 14 minutes, 51 seconds and um if you want to specific numbers for retail obviously uh I'll do the we'll do the breakup uh and uh we'll 1:14:58 1 hour, 14 minutes, 58 seconds provide you um the retail specific internal Sure sir. And let's say this 20 1:15:05 1 hour, 15 minutes, 5 seconds cr sir if you want to open more store from this 20 cr how many stores can be taken care in terms of capex and the starting working capital inventory and all. 1:15:15 1 hour, 15 minutes, 15 seconds Uh so uh again uh roughly 70 lakhs is the cost per store uh roughly uh 30 35 1:15:23 1 hour, 15 minutes, 23 seconds lakh for capex 10 lakhs for security deposit and 25 20 25 lakhs for u working capital. So if 20 CR is there so you 1:15:32 1 hour, 15 minutes, 32 seconds around 30 stores we can open 30 stores 30 stores we can okay and I think one gentleman asked very interesting question that different age bands the 1:15:40 1 hour, 15 minutes, 40 seconds clothes size will differ and in retail we discussed like always the you know female clothing has so many SKUs so kids 1:15:48 1 hour, 15 minutes, 48 seconds clothing also do you see it's as challenging as female in terms of the amount of SKUs you need to maintain or it is better than how a female retail 1:15:57 1 hour, 15 minutes, 57 seconds works uh see it's very plain and simple uh display capacity is fixed. Whatever the 1:16:04 1 hour, 16 minutes, 4 seconds data says which categories are selling uh the focus for that store for that particular location will be on that obviously giving an overall customer 1:16:13 1 hour, 16 minutes, 13 seconds experience. So it's now it's more more of a scientific driven what all historic data is there or maybe obviously some 1:16:21 1 hour, 16 minutes, 21 seconds creativity has to come into there is some change in trends what all silvers that we have to focus so uh accordingly 1:16:29 1 hour, 16 minutes, 29 seconds but yes girls have more of more options though that's why the contribution for girls is will always remain uh high 1:16:37 1 hour, 16 minutes, 37 seconds because uh there's a party wear segment there are dresses there are tops there are fashion dresses. So girls will 1:16:45 1 hour, 16 minutes, 45 seconds always high and um um uh so retail again I'll say display capacity is fixed so 1:16:52 1 hour, 16 minutes, 52 seconds planning has to be done based on the uh store display area and the scientific data available for that particular store. 1:17:00 1 hour, 17 minutes Got it. Got it. And so last question I have. So I visited one of your stores uh this is in Patna near Dhanapur and I think somewhere you are showing two 1:17:07 1 hour, 17 minutes, 7 seconds stores that you are coming with stores which are areas which are like really developing right now and that store also because I I know that is also a similar area which will do very well. 1:17:18 1 hour, 17 minutes, 18 seconds You talking about the Shaguna store? Yeah. Saga mode. Saga mode. 1:17:23 1 hour, 17 minutes, 23 seconds It's it's a profitable ride from the day one. 1:17:26 1 hour, 17 minutes, 26 seconds Yeah. And I really like the whole you know cleanliness and you know the whole look and feel of the store. Only one question I have uh we are expanding in 1:17:35 1 hour, 17 minutes, 35 seconds multiple states and you know the taste and feel of uh clothing the color selection it I don't know it might differ state by state. 1:17:44 1 hour, 17 minutes, 44 seconds this whole geographical expansion. Do you think that the same uh you know strategy of having the SKUs will work 1:17:52 1 hour, 17 minutes, 52 seconds across the state or you need to tackle every state or at least North India versus South India in a different manner when it comes to the you know taste and selection of kids clothing? 1:18:02 1 hour, 18 minutes, 2 seconds Again going by my learning u of my prior understanding how these bands are working. If you talk of any uh national 1:18:11 1 hour, 18 minutes, 11 seconds level brand normally we hear about lot of international brand u whether it's 1:18:19 1 hour, 18 minutes, 19 seconds Levis or USP or Soli or likes of Nike Puma they do not make region specific 1:18:27 1 hour, 18 minutes, 27 seconds products they do not make region uh again a second learning has been that we we wanted to have presence across India 1:18:36 1 hour, 18 minutes, 36 seconds so we do not want to be a regional uh I I don't want to name one or two players who started their journey like 1:18:43 1 hour, 18 minutes, 43 seconds this but they remain a regional brand they struggled a lot expanding in uh other territories so uh after after they 1:18:50 1 hour, 18 minutes, 50 seconds were able to establish their in maybe in the north part of the so so uh so uh 1:18:59 1 hour, 18 minutes, 59 seconds again going by this no international brand plans a separate inventory for a region specific even most of the cases 1:19:06 1 hour, 19 minutes, 6 seconds they have the international catalog and the retail the regional retailers have to pick from uh those particular 1:19:14 1 hour, 19 minutes, 14 seconds articles. Having said that normally how operationally it happens whenever there's a mood board is prepared or the samples for sample set is prepared for 1:19:23 1 hour, 19 minutes, 23 seconds the for the uh upcoming season regional teams are invited for the presentation and uh they give their uh region 1:19:32 1 hour, 19 minutes, 32 seconds specific input if if any whether it's for the color it's for the silver or etc and suppose you have three colors in one 1:19:39 1 hour, 19 minutes, 39 seconds particular SQ they may pick two or they may pick one also they may not pick two also because of their customer liking preferences also at that point uh in 1:19:48 1 hour, 19 minutes, 48 seconds that region also. So this is one of the this is this is more of a subjective call. Plus u as I mentioned that we are in the process of identifying certain 1:19:56 1 hour, 19 minutes, 56 seconds tail uh uh planning softares also to make it more scientific also. But it is very difficult to have region specific range because it may happen in the 1:20:05 1 hour, 20 minutes, 5 seconds ethnic where uh but for a for a brand DNA in all India present it has to have 1:20:11 1 hour, 20 minutes, 11 seconds one catalog and maybe maybe the uh winter specific uh products may go to that particular region where there's 1:20:20 1 hour, 20 minutes, 20 seconds heavy winter or the likely winter uh and something do happen based on the 1:20:27 1 hour, 20 minutes, 27 seconds regional requirement you can add one or two more color more colors in the existing silvers but not not uh not a specific 1:20:34 1 hour, 20 minutes, 34 seconds category or catalog being done by for any specific so this is my learning and I think we'll be doing on these parts 1:20:42 1 hour, 20 minutes, 42 seconds these lines sorry thanks thanks a lot for detailed sir and sir last year you had told that your own website uh we couldn't focus that much 1:20:50 1 hour, 20 minutes, 50 seconds because the focus was on getting the retail model and now we are migrating to Shopify so this year should we expect our own e-commerce portal to get 1:20:58 1 hour, 20 minutes, 58 seconds revamped the app to get revamped and you know to app uh our website currently is mobile friendly uh we have already done 1:21:05 1 hour, 21 minutes, 5 seconds the migration and April I mentioned we did a uh roughly in from e-commerce we did a business roughly 1.5 uh CR so we 1:21:13 1 hour, 21 minutes, 13 seconds are helpful that overall e-commerce business will contribute at least uh 12 to 14% on overall drop in this year 1:21:20 1 hour, 21 minutes, 20 seconds oh great great thanks that's all I had uh all the best sir thank you 1:21:28 1 hour, 21 minutes, 28 seconds you so much sir That was the last question for the day. On behalf of Fen Portal, I would like to extend our sincere gratitude to the management team 1:21:35 1 hour, 21 minutes, 35 seconds of Purple United for their time and detailed responses. Uh we also thank all the participants for their active engagement and thoughtful questions. Uh 1:21:44 1 hour, 21 minutes, 44 seconds I would like to ask JD sir to please give closing remarks. Thank you. Thanks everyone. Thanks. 1:21:50 1 hour, 21 minutes, 50 seconds Thanks for your passion, patience and support and hope hopefully I've answered all your query. If anything remain unanswered that you you may may request 1:21:59 1 hour, 21 minutes, 59 seconds you to please send an email to we'll be happy to answer those question. Uh this uh discrete fashion space is really 1:22:07 1 hour, 22 minutes, 7 seconds interesting and we have seen a lot of traction happening in last couple of years. Many international and domestic brands are uh uh eyeing game market 1:22:16 1 hour, 22 minutes, 16 seconds share for for this particular space and u looking at the uh looking at how we have uh delivered with speed and u uh 1:22:25 1 hour, 22 minutes, 25 seconds and the the kind of stores facad and store front that we have identified for our retail operation and um how we have 1:22:34 1 hour, 22 minutes, 34 seconds revamped our u ecom uh website also we are very hopeful that uh we'll be able 1:22:41 1 hour, 22 minutes, 41 seconds able to deliver sim similar kind of um uh reserve similar kind of expectation for our investors so that they're able 1:22:49 1 hour, 22 minutes, 49 seconds to um so they're able to realize their u uh time and investment that they have uh 1:22:57 1 hour, 22 minutes, 57 seconds done in our company. We are very hopeful and uh uh for the future growth and uh 1:23:05 1 hour, 23 minutes, 5 seconds once we when again we'll meet and we'll we'll come with an you may come with an expectation that we'll 1:23:13 1 hour, 23 minutes, 13 seconds overchieve whatever we are uh whatever guidance we have given today. Thanks again. Thanks uh for your support. Thank 1:23:20 1 hour, 23 minutes, 20 seconds you. Thank you IIT. Thanks for aligning this meeting. Thank you very much. 1:23:26 1 hour, 23 minutes, 26 seconds Thank you sir. Uh should any queries remain unanswered uh the participants we have dropped the uh email ids in the chat box. You can reach out to us on those ids. Thank you. 1:23:35 1 hour, 23 minutes, 35 seconds Thank you ma'am. Thank you. Best.