Devyani International Limited (DEVYANI.BO) Q2 FY2026 Earnings Call Transcript & Summary

Gentlemen, good day, and welcome to the Devyani International's Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone, and thank you for joining us on Devyani International's Q2 FY '26 Earnings Conference Call. We have with us Mr. Ravi Jaipuria, Non-Executive Chairman of the company; Mr. Raj Gandhi, Non-Executive Director; Mr. Virag Joshi, CEO and Whole-time Director; and Mr. Manish Dawar, CFO and Whole-Time Director of the company. We'll initiate the call with opening remarks from the Chairman, followed by key financial highlights from the CFO. Thereafter, we will have the forum open for a question-and-answer session. Before we begin, I would like to point out that some statements made in today's call may be forward-looking in nature and a disclaimer to this effect has been included in the results presentation shared with you earlier. I would now request Mr. Ravi Jaipuria to make his opening remarks.

Good afternoon, everyone, and thank you for joining us today. I'm pleased to welcome you all to Devyani International's Post Results Earnings Conference Call to discuss our performance for the second quarter of the fiscal year '25-'26. The second quarter of the current fiscal year, saw perhaps the most important policy development for consumer and retail industry. The GST Council meeting formalized the transition towards GST 2.0, a historic move to simplify and harmonize the GST framework to a 2-tier structure. While it's still early to assess the results of this transition, the initial signs are encouraging, and all of us have been a significant upside in certain consumption categories like automobiles and durables. The impact of the change has been very minimal on the QSR category and our business. We have already passed on the benefits of reduced input costs to consumers. Overall GST 2.0 is a welcome move to broaden the consumption story in India. We continue to expand our store network with 30 new additional KFCs and another 3 additional Pizza Hut. We also test launched Tealive by way of opening 6 new outlets during the quarter. The initial customer feedback is positive, and we plan to expand the brand after the test launch phase. Our recent acquisition, Biryani By Kilo and Goila Butter Chicken continue to do well, and we have seen a strong momentum in the business post Dussehra. The integration of Skygate with DIL remains on track. As shared earlier, our goal is to achieve brand contribution breakeven by March 2026, and we are pleased to report steady progress towards this milestone. We remain confident of meeting this target. Being a festive quarter, our promotions targeted both the topical event, Pujo and Onam specials as well as the core offerings of KFC saw pan-India launch of the Chana Chatpata Burger” attractively priced at INR 69 and compromising of protein rich vegetable -- vegetarian patty. We have also started rolling out a new grilled chicken offering a new limited time offering, LTOs in the beverage and desserts category. We launched Ultimate Cheese crust and flip the cheese in Pizza Hut across all channels. Customer response has been enthusiastic and has encouraged us to expand the offering to combos and meal offers as well. We saw both Shraavana and Navaratri fall in the same quarter, impacting out-of-home consumption, further unseasonal rains, especially in eastern part of the country during the crucial second half of September impacted our sales. Despite external factors, our consolidated revenues grew to INR 1,377 crores, a 13% year-on-year growth. While the industry has navigated a challenging environment over the past few years, we have continued to strengthen our fundamentals and adapt to evolving consumer preference. The resilience of our brand, disciplined execution and ongoing operational improvements have enabled us to grow despite these headwinds. India's consumption story continues to present significant opportunities for organized players like us. With a strong fundamental -- foundation and a diversified portfolio, we are well positioned to capture these opportunities and deliver sustainable profitable growth in the years ahead. With this, I would like to conclude my address. And now I hand over to Manish for the financial highlights. Thank you very much.

Thank you, Mr. Jaipuria. Good evening, everyone. A very warm welcome, and thank you for your valuable time for attending DIL's Q2 FY '26 Earnings Conference Call. Our 17th such call since our listing in August '21. We ended September 2025 with a total store count of 2,184 stores, comprising of 1,100 KFC stores and 630 Pizza Hut stores. As mentioned by the Chairman earlier, we also opened 6 outlets of Tealive during the quarter by way of test launch. The consolidated operating revenue for Q2 FY '26, including Skygate, was INR 1,377 crores, up 12.6% Y-on-Y. Consolidated Q2 FY '26 gross profit came in at INR 933 crores, up 10.1% Y-o-Y, with margins at 67.8%. Brand contribution margin was at 11.7% versus 13.6% last year. Excluding Skygate, brand contribution would have been higher at 12.4%. The organic dip is on account of decline in margins in the Indian operations, slightly offset by steady performance in international business. Consolidated operating EBITDA on a pre-IND AS basis was INR 93 crores with margins at 6.8% versus 8.1% in the previous quarter. This quarter saw the full impact of consolidation of Skygate, which adversely impacted the margins. As guided earlier, we are on track to achieve the breakeven at brand contribution level for Skygate by the end of the current financial year. Excluding the Skygate impact, operating EBITDA would have been higher at 7.6%. Start-up costs related to new franchise brands like Tealive and New York Fries and Sanook Kitchen have also impacted the margin to some extent. Reported EBITDA was INR 194 crores, with margins standing at 14.1%. The Indian operations, including Skygate, grew 12.1% Y-on-Y to reach INR 937 crores in revenues. Gross margin came in at 69.7%, a decline of 1.9% versus the previous year, primarily on account of consolidation of Skygate and due to investments to support transactions growth in the online business. Ex Skygate impact, gross margins of Indian operations slightly improved on a sequential basis. Lower gross margin, increased aggregator and delivery expenses due to higher saliency of off-premise sales in KFC led to overall lower brand contribution in India. Moving the discussion to our brands. KFC in India added 30 net new stores in quarter 2 FY '26. With this, the total store count for KFC in India stands at 734 stores as of 30th September, and we are on track to open approximately 100 to 110 new stores of KFC this year. Average daily sales for quarter 2 FY '26 at INR 89,000 reflects seasonal variance. Revenues came in at INR 572 crores, up 5.3% Y-on-Y. Gross margin was at 68.1%. The brand contribution margin came in at 14.1% for quarter 2 FY '26 due to lower gross profit margin, higher delivery and aggregator costs and deleverage on account of lower ADS. We opened 3 net new stores in Pizza Hut in quarter 2 FY '26, ending with 621 stores in India. Pizza Hut India revenue for the quarter was INR 186 crores. ADS at 33,000 remained flat on a sequential basis with SSSG at minus 4%. Gross margin was also stable quarter-on-quarter at 74.8%. Prudent cost control helped us in achieving near breakeven at the brand contribution level. Franchise Brands, which includes Costa Coffee, and the newer brands in India posted revenues of INR 51 crores, with gross margins at 73.6% and brand contribution of INR 5.4 crores. Brand contribution for the division includes the start-up costs associated with the new brands. Own brands, which includes Vaango, Biryani By Kilo and Goila Butter Chicken recorded INR 86 crores in revenues, including Skygate portfolio, with gross margins at 62.6%. Brand contribution margin came in at 0.6% again, primarily on account of consolidation of Skygate. The dilution in gross margin and brand contribution, as I said, is primarily owing to Skygate portfolio, and as mentioned earlier, we are on track to achieve breakeven numbers by end of current financial year. Our international business continues to demonstrate resilience and strong performance. Revenues reached at INR 450 crores in quarter 2 FY '26, up 14% year-on-year, with gross margins at 64%, brand contribution of INR 75 crores, representing 16.7% margins. It's higher on a Y-o-Y basis, led by strong performance in Thailand. Mr. Jaipuria spoke about the introduction of GST 2.0. While it is still early days, we are hopeful that the savings generated through GST reduction should boost consumption. Our initial estimates suggest that we may get some modest benefits due to lower GST on slightly lower input cost. We have already passed on this benefit to the consumers through reduction in the prices of key SKUs of our brands. I would also like to reiterate that output GST for us continues to remain at the same level, and we are not allowed to take input tax credit on our products. We remain focused and disciplined in our pursuit of sustainable and profitable growth, leveraging our strong brands, expanding the portfolio and operational excellence to deliver consistent performance going forward. On that note, I would like to request the moderator to open the forum for any questions or suggestions that you may have. Thank you very much.

[Operator Instructions] Our first question comes from the line of Devanshu Bansal from Emkay Global.

Sir, you seemed to have optimized the promotions for KFC as the gross margin drop has been relatively much lower in Q2 versus what we saw in Q1. So wanted to check adjusted for this shift of Navaratri in Q2, were the underlying SSSG trends for KFC comparable to what we saw in Q1? So that was the first question.

Devanshu, you want to complete your questions or should I answer?

Yes, please answer sir. So basic question is that promotion seems to have reduced because gross margin dip is relatively lower. So I wanted to check whether the underlying SSSG trends in Q2 adjusted for the Navaratri share, were they broadly similar to what we saw in Q1, because despite a reduction in promotion. So that was the first question.

Sure. So on a quarter-on-quarter basis, we've seen slight improvement in the gross margin of KFC versus, let's say, when you compare it to a year-on-year basis. And the reason we supported the brand from a brand contribution point of view because as you know, in the current quarter, we had this peculiar situation whereby Dussehras and the Navaratris came in 1 quarter, which was unlike the previous year. And therefore, we saw a kind of prolonged drip in the SSSG. But to your other question, in terms of net of the impact on the brand because of these 2 events, it was pretty much positive. However, the other thing that you would like to note that Calcutta or East is a big region for us. And during Pujo, there were very strong rains in East, which impacted the overall offtake. So that was the other reason which kind of impacted the overall KFC numbers.

Fair enough. Fair enough, Manish. Secondly, just a bookkeeping thing. So basic calculation suggest that Biryani By Kilo is at about INR 52 crores quarterly run rate and about INR 3 crores, INR 3.5 crores of brand level loss. So adjusting for that, the other businesses has seen a very strong growth, right? So if the -- if my calculation is right, that INR 52 crores has moved to INR 67 crores. So I wanted to understand again which all portfolios are seeing a very strong traction there?

See, overall, the brands are doing fine, as you said, because we've given the numbers in some places without the Skygate portfolio also. We've consolidated Skygate fully during the quarter. And Skygate, as I mentioned earlier, was sitting at a double-digit brand contribution losses. We've started working on the same. We are hopeful that by end of this financial year, at a brand contribution level, Skygate, we will achieve the breakeven numbers. And after that, we are going to be working on improving the margins to kind of come back to our average portfolio margins, which might take a little time. But we are very confident that we'll be able to achieve the breakeven brand contribution numbers by March of 2026. At the same time, we've also tested Biryani By Kilo brand at our Bombay airport and Pune airport locations. The brand has seen good traction, and therefore, we are actually planning to expand the plan into our food court locations to test the model in the food court so that we are able to kind of work out the long-term strategy post our tests in various channels.

Yes. So adjusted for BBK, it's my -- firstly wanted to say if the calculation was right, INR 52 crores run rate and INR 3 crores to INR 4 crores of brand level loss?

Yes, your calculation is right, broadly.

So if we address this, then what is leading that 30%, 35% kind of growth. So I wanted to understand that.

No, what is leading means what? -- No, no. Are you talking about only the India portfolio?

Yes, yes. Only the own brand portfolio.

No, only the own brand portfolio in your inference is not correct. Because own brand has Vaango and Biryani By Kilo. And Vaango is pretty steady, some bit of -- I mean, there's no exceptional movement in Vaango, but the dip is on account of Biryani By Kilo. So maybe we can connect on an offline basis to go through the numbers that you are working on and then we can address your query.

Our next question comes from the line of Gaurav Jogani from JM Financial.

So my question is in regards to the Yum Brands global commentary on Pizza Hut franchise. So would you have any comments on that they are planning to rationalize? And if they do, what kind of an impact can it have on us?

Gaurav, there are 2 ways to look at this. One is, let me first talk about where we stand versus the Yum announcement. So as far as we are concerned, all of our agreements are well protected. And in case of any such event, there's no difference that is going to impact us as far as the India business or any of the other businesses where we have Pizza Hut. So we are fully protected on the development agreements at the store level agreements that we've talked about in the past. So therefore, that is not an issue. We feel, again, let's say, for example, if you were to look at the media reports and all, this actually might bring focus on the Pizza Hut brand, and therefore, it could well be positive for us. So that's how we are reading and we are optimistic about this whole change that Yum has announced, but let's see, it's too early to say because right now, they've announced only their intention. So we've also read and we also know to whatever extent you guys know. But at the least, it will not impact us at all.

Okay. Sure. Sir, just one clarification regarding KFC. Is the influence right that the promotional intensity has been lower on a Q-o-Q basis and hence, the gross margin expansion, what we have seen?

See the promotional intensity actually was higher compared to what we've seen because seasonally, one, it was a low quarter. Second, we had Sharad and Navaratri falling in the same quarter. And hence, we actually supported the brand to that extra extent. So therefore, we've not reduced the promotional intensity. That is not the case. If at all, I mean, we are trying to kind of maintain the transactions because typically, in a quarter like this, it has a double whammy impact, and therefore, we never reduce the promotional intensity.

Sure. So sir, what really led this Q-o-Q expansion in gross margin then?

See, because there have been some changes in the input costs and all, but that is small. At the same time, we also looked at some efficient -- efficiency in operations, some tweak in the consumptions and so on and so forth, so.

So the margin -- the gross margins that we have done, can believe that this is sustainable because even in the quarter where you continue to maintain promotions, et cetera, and still you are able to clock these gross margins. So should one assume that this should be sustainable and maybe improve going ahead?

So Gaurav, on a material cost basis and the efficiency basis, obviously, it is sustainable. But again, depending on the promotional intensity, depending on how much we are pushing on online versus off-line. To that extent, the gross margins can vary. But otherwise, purely on the other perspective, no issues.

Sure. And sir, just lastly on KFC only. I mean this quarter, we have seen a very strong expansion on the storefront. So any guidance that you can give on store expansion both on the KFC and the Pizza Hut and that would be the last question from me.

Gaurav, we've talked about in the past at KFC, we are planning to open about 110 -- whatever, 100 to 110, 112 outlets. And we remain strong on our guidance. We will open those number of outlets. And you will see, I mean, we've demonstrated in the current quarter, we've opened about 30 KFC outlets. So we will be able to meet those numbers. As far as Pizza Hut is concerned, as I have mentioned on the call earlier, we optimized our commentary on the net new units. As I said, we are kind of in negotiations with Yum on various other things. So that is still on. And therefore, on Pizza Hut also, we are talking about muted net new units.

Our next question comes from the line of Jignanshu Gor from Bernstein.

I just had one question on KFC. First, a lot of the new promos that you are seeing or the menu items that you are seeing, this seem to be special initiatives for driving walk-ins because I'm -- for example, Chana Burger, only a combination of who is available online, not individual right? Masala rice, I can't find even in Hyderabad, et cetera versus, our dine-in has reduced considerably, right, Y-o-Y. So how are you seeing your efforts in driving demand? Like what is your primary focus? Is it either demand? Is it dine-in demand? Or how are you optimizing for that?

Jignanshu, see, if you look at, let's say, the overall consumer trends, they are kind of moving in favor of home delivery, right? And there's a very strong traction behind delivery. And hence, we are putting in some extra efforts to make sure that our dine-in also continues to be salient. And as you know, I mean, dine-in portfolio is a more profitable portfolio for us. And we are taking efforts so that we are able to attract consumers into the stores and continue to make dine-in a robust business.

But have you seen a trend there that your existing customers are more preferring delivery and only new customers are predominantly dine-in. And how does that -- so are you swimming against the tide in a way by trying to do that? So just want to get a sense of whether you see this shift towards delivery stabilizing at some point?

See, you are able to see the shift across all the companies, right? Whether you look at e-commerce, quick commerce, QSR, I mean, that shift is there everywhere. At the same time, for example, in our portfolio, we need to have the stores to be able to service the consumers. It's not a situation like Amazon or a Flipkart or quick commerce that you can get into some whatever dark warehouses and start to service the consumer from there. And hence, we need to make the efforts to be able to kind of have the salience on the dine-in portfolio also because, for example, if you look at the large malls, if you look at the prime retail locations, the retail and consumers walking in are still a very, very good phenomenon. So therefore, I mean, just because the consumption trend is moving that side does not mean that we should simply just give it away.

Fair. Okay. I think that was the only question for me.

Our next question comes from the line of Avi Mehta from Macquarie Capital.

I just wanted to check on the thoughts on stabilizing of discounting in the second half, which we were earlier thinking about. Any update on that? And in that sense...

Avi, sorry for intervening. I lost your voice for a couple of seconds. Please repeat the question.

Sure, sure. I wanted to just get your updated thoughts on the expectations that you would look to stabilize discounting in second half, any change in that thought? And if yes -- and if no, how do you see margin performance across -- as we move into the second half across the formats? That's my first question.

See, as I said, I mean, during the previous quarter, we had Shraavana and Navaratri falling in together, which kind of impacts the nonvegetarian sales, and we made extra efforts to kind of support the promotions and all. Obviously, going forward, we will try and optimize that a little bit because obviously one, quarter 3 is a big quarter and then December is an exceptional period. So therefore, let's see how it kind of shapes up moving towards December, and then we'll take that call. But the idea is to kind of balance out the online promotions versus what we are offering in the off-line channel to have a good balance in terms of the dine-in contribution as well as the margins.

Got it, sir. And sir, I joined -- I mean we have missed this. Just wanted to check if there's any quantum of the impact from the change in festive season timing and your sense on how the demand environment is behaving so as to get a perspective of how do we look at future quarters?

Avi, demand environment, in our view, continues to be weak. And therefore, we've seen that whenever, let's say, we do some promotions or promotional intensity, it kind of picks up very well. And the moment you kind of withdraw that, it falls back, and therefore, which kind of signifies that the overall consumption side continues to be weak. The consumers are becoming more and more value conscious because we've seen the lower value items pick up very fast. So therefore, we are working on that innovation also, you would have seen a promotion on the whole epic promotion where we are kind of promoting the value layer. Similarly, the Chana Burger launch also was catering to the same sentiment. So we are making those efforts trying to balance out the margins and everything, and that's how it is kind of panning out.

So maybe if I could clarify just the question was that we saw minus 4 in KFC, but obviously, some amount of impact is there from rains, from the timing of the festive period. So your best guess if we had to adjust for that would be what kind of same-store sales growth for KFC in the last quarter?

See, if I were to adjust for, let's say, because there was Shraavana, there was Navaratri, then there was Pooja, which got washed out because of the rains. Now all of these things are very, very difficult to pinpoint in terms of what is the exact impact. But let's say, if I were to take out that period, then it's kind of a much better number versus what we've reported.

So the -- so where I'm going with this is the underlying trends are more flattish or still moderating. That's what I was trying to kind of appreciate more...

Still moderately negative.

Our next question comes from the line of Dhananjay Bagrodia from Alchemy.

Just wanted to ask you, sir, how we have looked at our market share data across the segment? I know it's a little hard to quantify, but how would you read it?

See, there is no formal mechanism, Dhananjay in this sector to report to kind of measure the market data. So we don't have Nielsens of the world covering QSR category. So we can kind of -- and then there are multiple categories within the QSR in terms of chicken, in terms of the pizza and the coffee and the burger and so on and so forth. So therefore, I mean, while we estimate our numbers on the basis of some inputs from the online channel, some inputs on the basis of our own market intelligence from our field teams and all, but I would not like to quote these numbers because they are not based on any authentic source.

Okay. Okay. So sir, I'll tell you why I'm asking this. We just want to understand is the -- see, we understand there's a consumer slowdown, but in that, there are obviously in some spaces, we've seen like even alcohol beverages, some companies are doing better than the other one. And this, unfortunately, we only have QSR who have the same segments. So we're just trying to understand, could it be that these pizza and chicken are facing issues, but let's say, healthy options are doing better. Is there anything like that which we could quantify?

See, there's no measure available. That's what I said, the -- nobody is measuring this market on a formal basis. And there are a lot of these local brands which are also there. So it's kind of hard to estimate as we discuss.

Okay. And maybe this is missed, but how do we see now -- how are we seeing signs of demand picking up? And how do we see in terms of us gaining market share from whatever you are doing, what are we doing to gain market share going ahead?

See in this category, it's all about because, for example, let's say, this is a category where you need to have a physical location to be able to get the consumers either online or an offline basis. So this is not a distribution model that you can push into distribution and you can generate the demand. And hence, your physical presence of the store or the kitchen to be able to service the consumer also is very important. And hence, the number of stores, the penetration of those stores, the location of those stores also matter a lot. So therefore, you'll not be able to apply the traditional FMCG principles to this one.

[Operator Instructions] Our next question comes from the line of Saurabh Kundan from Goldman Sachs.

Just one question on the Thailand business seems to be growing at a decent pace. Any guidance you could give us on store additions there for the rest of the year and generally next year, et cetera? And overall, for the international business, the margins that we see in the first half, should those sustain going forward? That's all.

Saurabh, on Thailand, we have talked about opening about 20, 21 stores during this year as far as KFC is concerned. So we stay with the same numbers. There's no change. And as far as the future is concerned, we will be kind of optimizing these numbers a little bit because there is a negative SSSG that we've seen in Thailand also, while we continue to maintain the profitability. But there are these early signs because Thailand, as you know, is sitting at close to almost 1,150 stores -- 1,150 KFC stores for a small country like Thailand, and hence, we are doing the entire market study to understand, and we are working with Yum to see what is the potential of the market and to ensure that we continue to maintain the growth through the store openings as well as SSSG.

Okay. Just one very quick question on the Skygate brand. You will break even by the end of this financial year. I wanted to ask on the product side or the process because I recall Biryani By Kilo used to take a lot of time to prepare, et cetera. Have you made changes to that or that you haven't touched that part of the business?

So Saurabh, as far as the regular channel is concerned, we've not touched that part at all because it's a very strong brand, and therefore, we've not incurred with anything. However, when we launched the brand in the airports, which is Bombay and Pune Airport, obviously, the consumer is not going to be waiting at the airport with those kind of kitchen preparation times. And therefore, we've optimized the entire preparation process to be able to give the faster delivery to consumer and we will be applying the same process as far as our food courts is also concerned. But in the regular channels, we are not touching the product at all as of now. And even, for example, all the tests that we've done, all the blind studies that we've done for the airport and food court perspective, obviously, the mode of packaging and mode of delivery to the consumer is different. But otherwise, in terms of ingredients, it's the same. Process is different, and therefore, we kind of are able to achieve faster delivery times without compromising on the product quality or the taste or the flavors.

Our next question comes from the line of Ashish Kanodia from Citi.

So the first question is just on the demand side, like I understand 2Q had a multiple moving pieces. But if you look at October and just first few days of November, at least on ground, are you seeing any improvement in the demand trend? Or is it still muted in the last, say, 35, 40 days?

Ashish, obviously, because, I mean, as you know, I mean, quarter 3 is a big quarter typically, and that comes and that plays out in the month of December. So October is no different. But we've seen some difference post Dussehra. Let's see whether it sustains the momentum or not. But overall, let's say, if you were to ask me what is the one-word conclusion, it remains muted.

Sure. The second part was on the Thailand business. I think while the SSSG is negative, we are seeing margin improvement there. So from a free cash flow point of view, how should we think about the Thailand business? Because I think from next year, maybe you will start optimizing the store expansion as well. So the CapEx intensity also goes down. So when do you see Thailand generating free cash flow?

See, on an operational basis, obviously, it will be there, but we do have some debt sitting in the balance sheet. And therefore, we need to repay that debt, which is sitting in the Thailand balance sheet. At the same time, we've also tested Tealive in Thailand, and we've opened about 3 stores. As I said, it's predominantly -- we are doing the test launch. Let's see how the results are. And therefore, that -- if the results are good and we expand the Tealive network there, then that will kind of consume some bit of cash.

Sure, Manish. And last one is, like when you look at in India across the franchisee brands and your own brands, like broadly, what kind of a store expansion you are looking in current financial year and maybe next financial year? And broadly, if you can also help us with what kind of a CapEx we should assume just for the franchisee and your own brands? Because I mean, the challenge is some of them will be airport stores, some of them could be delivery stores. So if you can give us some sense on that?

Overall, between Ashish, let's say, franchise brands and owned brands put together, we are looking at about adding 100-odd stores, which includes, let's say, as I said, there could be some on a test phase basis, Biryani By Kilo, we'll be expanding into the retail channel. Vaango, we continue to expand. And the CapEx on those 100 stores will be small. It will be at best, whatever, INR 5 crores to INR 7 crores, INR 8 crores, not more than that.

Manish, when you say 100 stores, this is for current financial year FY '26?

Sorry, INR 50 crores to INR 50-odd crores, my bad.

Yes. Manish, on the 100 stores, is it the current financial year when you plan to add net new additions?

Yes, 100 net, correct.

Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to the management for closing comments.

Thank you very much. We hope we have been able to answer all your questions satisfactorily. Should you need any further clarifications or would like to know more about the company, please feel free to contact our Investor Relations team. Thank you once again for your interest and support and for taking the time out to join us on this call. Thank you.

Thank you. Ladies and gentlemen, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.