Thanks, Danish. Good afternoon, everyone.

On behalf of BNK Securities, I would like to welcome you all for 3Q FY '26 conference call of Bata India. From the management side, we have Mr.

Gunjan Shah, MD and CEO; Mr. Amit Agarwal, Director Finance, CFO; and Mr.

Nitin Bagaria, AVP, CS. Without taking much time, I would like to hand over the call to Gunjan for his opening remarks, post which we'll open the floor for Q&A session.

Over to you, sir.

Thanks, and good afternoon, everyone, and welcome to the Bata Q3 FY '26 earnings conference call. We have Gunjan Shah, MD and CEO, and we also have Amit Agarwal, Director Finance and CFO joining us.

We have shared the presentation as a pre-read to the stock exchanges yesterday. I hope you had time to go through the same.

We have already also shared the disclaimer which is part of the presentation. I now request Gunjan to take you through the performance summary.

Thank you.

Thank you, Nitin. Hi, everyone.

Thank you for joining this call this quarter. We will do this slightly differently this time in the sense that while the presentation has been uploaded, and I'm happy to take any questions on it, many of them are consistent pieces that we have showcased over a period of time.

I will not be taking through every chart. I will give you some opening remarks on the highlights that I see, and then as I said, I'm more than happy to answer questions on the presentation or otherwise.

Thanks once more. We saw turnover-led growth of about 3% this quarter, right?

It's been welcome after some time. We do see signs of momentum and green shoots as I mentioned in my release also.

This was on the back of persistent implementation of the zero-based merchandising project, now it has scaled up to 400 stores, and obviously higher marketing spend. This is the second consecutive quarter that we have elevated our marketing spends, double-digit growth on marketing spends itself, and we are seeing the results of that.

We hope to continue that going forward. All the key metrics in ZBM have shown growth, as you would have seen in the presentation, and the overall margins growth is double-digit at 10% underlying PBT growth, supported by various actions that we have talked about, including, but not only, the Customer First.

There are now tangible improvements that we can see in terms of turns, availability, turnaround time in terms of resupply to stores, and obviously a longer-running project which was rationalization of aged inventory. It is now at, as per our records, at very high levels now in terms of freshness.

While overall growth was seen reasonably democratic across price points, good to see even the lower price points doing better, but we did see obviously Hush Puppies, Power, and Floatz from a brand perspective obviously driving growth disproportionately better. We also saw a significant turnaround.

It has been under works for almost a year, but the corner stores channel, which was in a way rationalized and put on pause, is now showing both growth as well as extremely strong margin performance. You'll see and hear a lot more of it coming in the coming years.

As I talked about in the last quarter, the entire funnel for product creation, I had opened that topic last time. I had promised you that I'll come back with a lot more flavor.

We have shared with you now a lot more color and detail on it. Happy to answer questions, but you will see a lot more actions in the next few quarters, specifically focused on basically the product funnel getting reimagined, which we feel is a very, very strong pillar for our growth going forward.

The franchise network continued to expand. Now we are at about very close to 2,000.

Hopefully this quarter we should cross the 2,000 mark. Indipromise business continues to expand through the CRO network, which is now 2,000-plus, a significant addition of almost more than double in the last 1 year.

The last piece was on e-commerce. We saw strong growths coming back and across the channels: marketplaces.com, as well as omni.

We also have launched our Bata app, and now almost 14% of our D2C business on .com comes through the app, which is very encouraging within the first 6 months. Lastly, to top it up, turnover increased by 3% as I mentioned earlier, and EBITDA went up by about 200 basis points, why as I said, well-rounded performance across channels from a margin perspective.

With that, I will come to a close on my comments. Thank you.

Hello, sir. Good afternoon, and thanks for taking my question.

Sir, firstly, if I look at large part of our initiatives that are being articulated in the presentation, these are focused on simplification of processes, lower inventory, lesser kits, style, lines. While it improves efficiency, and it also reduces the choice for the consumer, and on the other hand, there is hardly any retail store addition during the year on an overall basis.

Now initiatives are commendable, I'm not trying to downplay them, but how does this solve for growth, or how do we reach that double-digit growth aspiration that we have laid out in recent quarters?

Yeah. Thanks, Sameer.

You're right. There are a lot of bunch of things which are enabling a lot of simplifications.

Let me point out a few of them which will try and give you some flavor of where the So the biggest one is, in my view, was, let's say, for example, the entire piece on elevating the marketing investments. We have significantly taken them up, and you will see that continuously going up.

That's driven continuously towards growth, right? There are, obviously certain, we are also making sure that that is focused towards a few product campaigns.

Last quarter, for example, our single largest one was on the festive collection, and that's given us The one prior to that was focused on only two of them, which was Victoria Ballerina as well as the the Power Easy Slide, and that's given us great impact, and you will see that going forward. The second one that's there is I firmly believe, and we have seen that in terms of the growth rate, revenue per square foot also, is that the zero-based merchandising is giving us incremental benefit continuously, right?

Now at the scale that it is, it is impacting the overall SSG also. That's the second big piece.

The third one, and which I feel is going to be the the longest in taking impact, but will have the largest impact also in line with our aspirations going forward, is the product one, which I commented in my in my commentary. The reason that this rationalization that you see in kits, etc.

is also to get authority on the product going. We want to make sure that the products at the end of this full funnel that I've talked about over the last four quarters, we are next four quarters, you will see that our ability to make sure that the right kind of a product with the right authority from a design, material, as well as comfort perspective comes through to the consumers in a scale that is relevant enough, and which will enable consumers to make our choices much easier for us.

I think all of these combined together are are supposed to drive growth, besides obviously the one that I commented, which I'm sure you would have understood, which is expansion across channels, right? Whether it's franchise, or whether it's e-commerce, or even the MBO channel.

Got it, sir. This is very helpful.

Second question is that there is a sharp jump in the key retail outlets this quarter, and this is both QoQ and YoY. Looks very high for one quarter.

Is there a renewed strategy towards this channel, which is the MBO channel been under pressure for some years now?

Yeah. The reason I've been talking about this for some time, Sameer, right?

I think this is just the cumulative of that effort, things take time to gain momentum, and then the results come through, right? This is a combination of that.

It's been in effort for the last about four quarters. It is not a revisiting the channel, but basically trying to look that, key, these are the big ones.

I believe we reach about 20,000 outlets in MBOs, right, roughly. It's not a very easily trackable data, but the key retail outlets within that are supposed to contribute to almost these top 10% outlets contribute to almost 25%-30% of the turnover, and making sure that we are able to present our range right, the engagement with these outlets is right.

There is an engagement program which rewards them for the right performance, gets the display right. That is a journey that we are on.

I think there is enough scope on expansion itself as well as making sure that engagement becomes better. You will hear a lot more of it going forward, but it's in the works for the last four quarters, it's not a sudden thing.

Got it, sir. Again, very helpful.

Last one, if I may squeeze in, just a bookkeeping one. So 9 months FY '26, can you just share the broad growth numbers for different brands: Bata, Hush Puppies, Power, any other which is meaningfully large?

Can we do something on that, or I will need to come back to you, Sameer, on this in the interest of time. In case I have it handy, I will comment on it in some other question.

Sure, sir. I'll come back in the queue.

Thanks for answering all the questions.

Thanks, Sameer.

Thank you for taking my question. My first question is with regards to the GST impact.

You had called out in the earlier quarter that that had an impact of around 400 bps last time around. Now, if we total up the Q2 plus Q3 revenue, that total, I think last year it's the sales has kind of declined.

Would it be prudent to say that the sales whatever we have lost because of the GST disruption, that has not come back entirely, and possibly could benefit going ahead as well?

Okay. It's a little difficult, Gaurav, to do a complete arithmetic on this because there was an impact which was some amount of impact was channel, but a decent amount of impact was also consumer hesitancy.

Now, for sure, as I had mentioned even at the last quarter when I had said that post that that momentum, as I gave in my opening remarks, we continue to see that through the quarter. How much of it was a plus/minus, etc., very difficult to state, but we do see momentum continuing.

Which I would say is, I think, an underlying structural impact of GST 2.0, which should continue in general for the foreseeable future.

Okay. Sure, sir.

I got it. My next question is with regards to

the channel issues, if I may just clarify, the channel issues that we had faced obviously quarter two, they have completely eliminated. Now it's a reasonably steady state, comfortable for everyone, there is no confusion whatsoever in the channel.

I think in that manner, I think those wrinkles have got removed.

Okay. Okay.

Just one allied question to this GST question only. Because of this rate reduction, have you now seen more attractiveness because of the earlier rate hike, the mass end kind of was getting more impacted.

Have you seen more recovery now in this part of the portfolio?

Not as much as I would have liked, Gaurav, but, yes, better than what we have seen over the last seven, eight quarters.

Sure. Sir, my next question is with regards to the zero-based merchandising performance, the one that you have mentioned about the quarter performance.

Now, if you look at the delta, the delta is around 5-odd percent versus the overall store network. Would you say that this is very early-stage delta that you are getting, and as the time progresses, this delta can even grow bigger, or you largely expect the delta to be around this range only?

Okay. It's a delta versus rest of network.

Once the ZBM now is 400 stores, our ambition is to take it to almost the full network or a large part of it by the end of this year, right, in the next few couple of quarters. The delta is not the only relevant metric, but I understand where you're coming from.

See, this is purely driven by giving us a much better curated choice to consumers, making it easier for consumers to make decisions, and making the full machinery working towards the consumer experience, right? There are many other parts that will add on to this, hopefully, right?

As I said just one example that I elaborated on to a previous question was on the product piece. Now that piece is supposed to give us delta.

That's why we are putting so much of effort on it. I feel that it's very good.

Some examples of it that we have launched in men's dress, Floatz is a classic example that we've been on it for almost 3 years now. They are all examples wherein we get the authority on the product, and that gives us significant purchase from a consumer traction perspective.

They should add on. All the other initiatives, marketing investments being elevated, right, will add on to it.

Okay. Okay.

Sir, just last question from my end is in terms of the channels itself. We have been consistently seeing two two things.

One is your premium products continue to consistently grow at a very decent pace, and at the same time, the online channel continues to also grow at a faster clip. Probably if you can help us out, one, how the contribution for the online channel now has changed, and also on the part that is it margin-dilutive, it is margin-accretive, the same line, something on that sorts?

Okay. All right.

If I can just rephrase, contributions, how they have moved for e-commerce, as well as how are they from a margin perspective? Is that right?

Yeah. Yes.

Okay. All right.

Growth rates have been very strong, I would say. I think we can do a lot more, and there's a lot of work that is afoot both from making sure that our penetration in terms of both inventory, options, as well as partners keeps continuing.

I think we are there with most of the partners, including the quick-commerce guys. There are a bunch of business partnering that we are doing with some of the partners also in terms of their newer initiatives and how can we participate in it, right, from a category as well as from a consumer experience perspective.

That should funnel. There is another large piece that we're trying to do in terms of making sure that we also create a certain kind of a brand presence online, which is in addition to what we are anyways leveraging from the offline brand presence, right?

Floatz is a classic example. My contribution of Floatz online is still not as much or nowhere close to what it is offline.

There is a huge runway that I have in terms of driving it, and therefore the necessity of putting brand presence. Now both of these combined together, coming to your question, we should see this growth continue.

It is now in, I would say, mid-double digits in terms of contribution from an e-commerce perspective, and we look at it purely e-commerce, not just the omni part, which is additional. The second one is from a contribution perspective or profitability, I would say broadly it's at par.

It might be slightly lower than overall profitability, but my sense is scale gives us great benefits in this, and I think at the growth that it is, it'll hopefully not be a drag anymore.

Thanks, Gunjan. Thanks for answering my question.

Thank you, Gaurav.

Yes. Hi, thanks for taking my questions.

Sir, I wanted to check Obviously, you mentioned that growth is not handy with you. Can you tell us how big is the size of Hush Puppies for us as in broad ballpark range, if you can allude to?

It is about, overall, it's in the range of about, I think, ₹700 crores, I would say, right? In retail stores, it contributes to anywhere between 15%

to 20%. 15% to 20%.

This ₹700 crore is consumer level sales that we do, or is it like there is a B2B

It is retail business largely, there is no big difference between consumer sale and the realized turnover.

Understood. Sir, the intent of asking this question was from a prospective increase in competitive intensity in this space, right?

There is another brand Clarks where rights have been acquired by Metro. Plus, we are seeing incremental focus of expansion in terms of their value brand, which is Walkway as well.

I wanted to check what steps are we sort of taking to protect our businesses at both the value end as well as at the premium end?

Okay. While I cannot comment specifically on competition, but we keep a track of it, Devanshu, right?

For sure, that's part and parcel of doing business. The second thing to just keep in context, right, both ends, the market is significantly fragmented, it's not like it's a duopoly or a monopoly, right?

There's one person directly takes a slice of the pie, right? That doesn't mean that there is a consumer trend, there is a competition, there are trends that we can identify, and obviously learn from also, right?

That's a continuous exercise. Irrespective of that, both at the lower end as well as the higher end, there is opportunities as well as challenges, right, which we need to be cognizant of and therefore incorporate in strategies.

Let me try and pack in a brief manner both of them. On the lower end, see, there are two large pieces that we're trying to do.

One is that even there, one big step we took about a year back, and which is now started showing some results, right, obviously aided by the GST impetus also, is the value proposition piece. We have

Right.

We have got the value proposition right, and that is now showing signs of consistent traction to us, right? That's one big piece.

The second one that's there is accessibility, right? We are now at almost about 700 franchise stores.

We hope to get to 1,000 hopefully in the next couple of years, right, if not earlier. That gives you a significant leeway especially when you're talking of the slightly mass end of the products, right?

That's one two pieces that are there. On the top-end piece, let's say Hush Puppies specifically the example that you mentioned, there is a significant expansion.

This one is already now sitting at CoCo plus franchise, we are at about 160 EBOs, right? We should be hopefully aiming for a 200 exit in the next rolling 12 months or so.

It will see a significant continuous traction in terms of expansion. In addition to that, there are a few other things, right?

The biggest one is in terms of product. There is a desire, and we see very clearly that there is getting the best kind of a product, the best kind of materials behind the product, right, and nuances on design, color, etc., right, the ask is even higher here.

The more we get into, let's say, departmental stores, etc., that's giving us even more need for it as well as urgency for it. I think those pieces will help us.

Expansion on both ends, as well as making sure that we get the product proposition right, will be the key to making sure that we continue the growth traction on these ends. Sir,

thank you for this elaborate answer, Gunjan. Last question from my end.

I guess I read somewhere that we intend to increase our export business as well, right? With recent signing of FTAs, what kind of a scale are we targeting from an export perspective over next two, three years?

Okay. Exports is, and I mentioned this in the past, basically we have over the last, I think, 1, 1.5 year set up basically a dedicated sourcing hub, right, which supplies not only to India, but also to the globe of Bata, right?

Now obviously with the FTA that has just come in, right, it will obviously take some time to get operationalized, which we all know, but that doesn't stop us from making sure that the groundwork also gets accelerated. I will not be able to give you numbers, but the ambitions are pretty large on that front.

Because we've got a large footprint of Bata in Europe also. There is invariably a lot of synergy.

Even the global Bata system is now looking at it with even more urgency of how can we expand exports dramatically. We have been in the ballpark of about 700,000 to 1 million pairs historically.

You will see a significant jump over the next two, three years. I can't comment numbers right now, but I'm sure in the next couple of quarters, I will have numbers for you.

Thank you, Gunjan. Thanks for taking my questions.

Thanks, Devanshu.

Hi. My question would be how many stores do we have for Hush Puppies, and how many stores do we aspire to grow in the coming years?

Okay. Hi, Muskaan.

We have, as I just mentioned in the prior question, we have about total of 160 EBOs. About 125 135 are CoCo, and 25, if I remember, are franchise.

Just help me. I'm just checking the numbers somewhere.

Okay. We should be aiming for, as I said, in the next 12 months, reasonably ambitious, but we should be aiming for about 200-plus.

These are the four wall stores, right? These are

exclusive brand outlets, yeah.

Fine. These are exclusively for Hush Puppies, right?

That's what your question was.

Yeah. Okay.

Cool, thank you.

Yeah. Thank you, Muskaan.

Hi, Chetan.

Hello. Sir, am I audible now?

Hi, Chetan.

Yes. Hi.

Good afternoon, sir. Sir, just two questions.

One is when I typically observe the footfall at your store, what is quite evident to me is that there is a fair degree of brand recall for customers who are in their 30s and above who have experienced the brand, and hence there is a large degree of recall when it comes to Bata. When I look at the cohort which is, say, in their 20s or mid-20s, to speak, there the recall remains quite low even now.

What would be your take there? What is your data that you're seeing and your experience?

How do we address this? The second question is more from your mix of in-house manufacturing and outsourcing, because we've seen a VRS which has happened in Hosur as well along with Batanagar that happened.

How are you looking at the mix between outsourcing and own manufacturing, and what are the pros and cons for both of them?

Okay. From a age profile of consumers, etc., your anecdotal observation is actually not very inaccurate, right?

Our average age of consumers as per our CRM database is in the early 30s, right? About 31, 32 is what I remember.

Right, it's got a little younger over the last, I think, let's say 3, 4 years, but it's in that ballpark of 31, 32. Right?

There is a bunch of consumers largely, I would say, between 25 to 30 also. What our consumer research, etc., Chetan, says is on two fronts.

One is that awareness, I don't think that's a problem. Even at 20s, consumers know Bata.

Do you have relevance from a product profile perspective of what they're needing and wanting for an experience as well as product profile? There is areas to work upon.

I will give you two large, but there are many other flavors to it. One is this whole piece on sneakers, and you will see that work coming through more and more, but that space is very, very dominant in their consideration of relevance, etc.

from a footwear perspective. The second one that's there is online, right?

A lot of their consumption, their discovery, experience comes from online as well as even digital interface with brands, etc. We have tried to move a lot of our digital spend, which is much easier.

Anyways, a lot of our marketing spend has moved digital, and within digital also has moved from celebrities towards social media influencers, etc., right? That piece is also the other big pivot that I think is work in progress.

We need to continuously keep doing more. Right?

Now that's on one end. The other piece is also making sure that you're able to, as I said, you're able to make sure that your stores look younger.

The whole piece that was there of Sneaker Studio, Bata Red 2.0, as well as now this whole ZBM piece of making sure that the consumer is at the center of the store from an offering perspective, are all working towards that same direction. I would say that that's an area that still needs a lot more improvement.

I think with elevated marketing spends, you will be able to attract those consumers a lot more. In-house manufacturing versus outsourcing.

It's a long-drawn strategy, Chetan, that I've been talking about for some time now, right? We were, let's say, about 4 years back at almost 30%-35% contribution of our product coming from in-house manufacturing.

From a long-term strategy, we see that coming down gradually, right? We are now sitting in the mid-teens, I would say, roughly, and that will continue to taper.

Not to say we are not invested, we have invested in CapEx as well as technology on certain key lines, but the large principle that I've mentioned even earlier and the VRS and the actions are in those same lines, are basically to do with wherever I've got an IPR which is technology-driven, wherever I've got automation, and wherever I've got large CapEx, right, low labor, is what I would like to keep in-house. Rest of it is better off done through contract manufacturers.

Sir, just a follow-up on the second bit. When we do in-house versus the contract manufacturing, does it not elongate the go-to-market time for us, or it does not matter really?

Intuitively, you're right, but what we are doing is we're doing it differently. We are also consolidating our our contract manufacturing partners.

They were about 120-plus till about 3 years back. Now they're down to 60.

We will see further rationalization of it. Ideally, our goalpost on this is to have only 15 partners, right?

That will give us a significant Lead time is one big thing. That is not the bigger one.

The bigger one is leveraging and cross-leveraging best practices, technology, and innovation, product development becoming an extended arm, etc. A lot of those benefits are far higher and obviously much better quality control.

Sure, understood, sir. Fair to assume that to address the first issue, we will first need to obviously address the product bit as well, and brand marketing can continue online and discovery can also help get conversions from the customers who are in the younger pool today.

To give you credit, we've seen the impact of store renovation, so that is quite visible and refreshing. That should be a fair takeaway from this.

Captured well. Thank you.

Sure. Sure, sir.

Thank you so much. All the best.

Hello, Gunjan. Aniket Salunke this side.

My question was you added 27 new franchise outlets, and ZBM expanded across 400-plus stores. What's the expected ramp-up timeline for revenue contribution for this new and updated stores?

How are this performing versus company-owned stores?

Okay. You're talking of the franchise stores, or

Franchise and big stores. Franchise stores and ZBM.

Okay. ZBM, we have got a chart which clearly tells you how they are doing versus rest of the network, right?

That delta that you see, basically just to make it easier for you, is 5%. We've seen that now over a very large network.

These are the top 400 stores of our network, right? They're continuously doing better on very large scale.

As I said, we will continuously expand. In fact, now we have become more confident as well as we understand the process of expanding faster.

Hopefully this year we should be done with the ZBM agenda also. Right?

Now coming back to the franchise piece, franchise model is attuned towards smaller consumer cohorts, Aniket, right? Now historically Bata was not good at franchise, right?

Over the last about 4 or 5 years, we have expanded it from less than 50 stores to now close to 700. As I have mentioned earlier in the call, right, we aim to be at about 1,000-plus in the next couple of years.

Now this is largely driven in Tier 3 and downward markets and smaller suburbs of the larger metros or cities or Tier 1, Tier 2 cities. Right?

Now these are consumer cohorts which are smaller. They are upcoming.

Obviously they're growing really fast because that's where urbanization is all happening. Historically, we were not able to tap into it easily, and franchise is a very efficient, extremely profitable, win-win model which allows us to do that.

That's given us all this traction. I hope that answers your question.

Okay. As you mentioned, you are expecting 1,000-plus franchise stores.

Any guidance on revenue growth, margin trajectory for the next two quarters?

I will not be able to give you guidance, but we obviously are doing this for growth, right? The objective is to keep driving growth, and franchise is one lever to driving that.

Okay. My next question is how is e-commerce and digital share trending?

What initiatives are underway to expand this channel?

Okay. I answered that in a question prior, but it's in basically mid-teens from a contribution perspective.

It has been our fastest-growing channel for the last almost 5 years or so. Now it's significant basis also, it's no longer a small base.

It grew, and I've shared that in the document also, we grew in at about 15-odd percent last quarter, and in fact, our ambition is to grow it even faster going forward.

Okay. My last question is on inventory and working capital.

I saw that inventory efficiencies are 11% that was highlighted. How sustainable are these improvements, and what are the risk of future inventory build-ups if demand softens?

Okay. I'll hand over to Amit to answer that.

Hi, Aniket. Thanks for raising this.

See, what we are doing is a structural correction through the project Customer First what we talked about. What we have done is we have reduced the number of lines, therefore less inventory to be managed, right?

We are improving the freshness of the inventory. As we earlier mentioned that right now we are at all-time low aged inventory, and we have doing more science-based data analysis in terms of predicting the future demand.

All that is helping us in ordering the right inventory, right, so that we don't end up having accumulated inventory which is not desired from a consumer perspective. The inventory reduction what you see is sustainable, and you will see further reduction compared to where we are right now.

Over the 2 year, we may have done about 25% reduction, right, but that trend will continue. You will see further improvement on that inventory side.

Okay.

Yeah. It is not coming at a compromise of ability to serve, right?

It is at better or even higher availability in stores, right? It is not coming at the cost of that.

It is both, right? That is the whole objective of this project, Customer First.

Got it.

Thank you.

Okay. That's all from my side.

Thanks, Amit and Gunjan.

Please go ahead.

Hi. Hi, sir.

Hi. Thank you for the opportunity.

Sir, could you give us some

Kunal, can you speak a little louder?

Yeah. Can you hear me now?

10% better. Not Yeah, much better.

Yeah. Yeah.

Could you give some sense on for the 9-month period, how has the SSG panned out, and how has been the revenue per square feet? Then I'll follow up with the other.

Okay. We don't share the SSG numbers, Kunal.

However, what we have shared consistently has been basically the ZBM performance, that has been significantly accretive. Right?

That continues. The overall 9-month numbers are published and available, right?

I would say that they would be overall flattish, I believe, right? The fact is that we had a GST disruption in one of the quarters.

That's where the commentary will stand.

Okay. Sir, it's been a long period of time wherein the growth has been lagging around the single-digit.

Sir, according to you, what is the kind of assessment we have done in terms of the efforts put in, because I agree to it there are a lot of efforts being put in from the last couple of years now. Still there are some pain points which are old enough to be handled.

Is it that the hard decisions are not being taken, or I agree there are some external factors also, but what are the kind of things we will still require to do to get to a double-digit kind of growth from this low base effect? If you could throw some light on the broader perspective in terms of the next, say, 1 or 2-year period?

Okay. We don't give any forward-looking forecast, Kunal.

If you look at it, the slide number three on the presentation that has been uploaded, right, is exactly trying to answer the questions on how do we want to drive growth going forward, right? It also is consciously put in a sequence of gestation of work that is going backwards as well as going forwards.

Right? Some of the works that are there in the points one, two, as well as three are significantly underway from an action perspective.

The inventory declutter, making sure that the consumer experience is elevated from a stores, etc. perspective, as well as marketing in investments are elevated, are already underway, and I've already commented on them.

I think the one that will give us even more impetus, I think there is a lot of scope in the next four quarters that you will see, is the one on network expansion as well as in terms of the product funnel. I think that chart itself answers the question that you're talking about.

Sir, according to you, any older pain points which you have not been able to touch base upon, and you do feel that maybe it's a hard decision, but if taken, things could improve significantly?

I think the biggest one, not a hard decision, but the one with the longest gestation, is the product piece, right? Making sure that we've got a significant authority as well as our own stamp of design as well as comfort behind each product of ours is where the gestation is the longest.

There is now enough work underway as I have outlined in the chart which is I think chart number 15 which I had opened up last time, and now I have given a lot more color to it, right, is the one that is the longest gestation. Not the difficult one, but the one that you will see a lot more effect coming through not only in my calls to you all, but also in the stores going forward, and hopefully traction from consumers.

Sir. All the best.

Thank you. Thanks, Kunal.

Thank you, everyone, for joining. It was lovely interacting.

Over to you and the moderator for closing. Thanks.