Thank you, Ryan. Good morning, everyone, and thank you for joining us on the earnings call for Cera Sanitaryware Limited for the Q4—sorry, Q3 FY26 earnings, which were announced yesterday.

We have with us today the management team comprising Mr. Vikas Kothari, CFO, and Mr.

Deepak Chaudhary, VP Finance and Investor Relations at Cera Sanitaryware. We will start with brief opening remarks from the management, following which we will open the call for Q&A.

A quick disclaimer before we begin: some of the statements made in today's conference call may be forward-looking in nature, and a detailed note in this regard is contained in the results documents that have been shared with all of you earlier. I would now like to turn the call over to the management for their opening remarks.

Over to you, Deepak ji.

Thank you, Mayank. Good morning, everyone.

On behalf of the management team of Cera Sanitaryware Limited, I would like to warmly welcome you to our Q3 FY26 earnings conference call. I will begin by sharing a brief update on our operational and strategic progress, following which our CFO, Mr.

Vikas Kothari, will take you through the financial highlights for the quarter. During the quarter, the company delivered a healthy top-line growth of 11.1%.

This follows the sequential recovery witnessed in the previous quarter, where revenues grew in the range of 5% to 6%, indicating a steady strengthening trend. The improvement reflects a gradual revival in the market conditions as well as the company's improved market traction.

The current momentum provides confidence that the recovery is structural in nature and that the expectation is that this growth trajectory will remain sustainable in the near term, supported by improving demand conditions and continued operational focus. The real estate sector continues to witness a healthy residential upcycle along with increasing premiumization, driving demand for higher-value building and lifestyle products.

In parallel, rural demand has shown a meaningful recovery. Encouragingly, we are seeing early signs of a modest improvement in underlying demand conditions across both faucetware and sanitaryware.

While near-term consumption trends remain uneven, we continue to see green shoots across categories and channels. Our strategic initiatives over the past 2 years are helping us to navigate this phase with greater agility.

As we have shared over the last few quarters, our focus has been on steadily strengthening the company's strategic foundation. This includes sharper brand positioning, more clearly defined channel strategies, and a disciplined approach to innovation.

These efforts are improving our preparedness and execution capabilities, and we believe that they place us in a stronger position to capture growth as demand conditions gradually improve. Importantly, our strong brand equity, execution reliability, and long-standing relationships with developers continue to enable participation in larger and more complex projects, making this segment an important support pillar during the current demand cycle.

On the strategic front, Senator and Polyplus continue to remain key levers to build out the next phase of our brand architecture. During the quarter, our efforts remained centered on strengthening the organizational structure, manpower, and supporting infrastructure across both the initiatives.

For Senator, the team structure is now largely in place, and the rollout of flagship stores is progressing steadily. With 32 stores currently operational, the company is now adopting a more calibrated approach towards further expansion.

This is aimed at sharpening per-store performance metrics and ensuring that the operating fundamentals are firmly established as the format scales. The brand continues to be positioned around a differentiated retail format, supported by a dedicated channel strategy, a focused engagement model, and an expanding product portfolio.

While the balance sheet provides ample growth capital, the company remains committed to disciplined execution as it scales this initiative. Polyplus also continues to be in the investment and build-up phase.

The team build-up is now largely complete, and we are focused on strengthening distribution, on-ground execution, and market presence across select value-focused markets. At this stage, our priority remains on establishing the operating framework and execution capabilities rather than near-term scale.

At present, Polyplus is being distributed through 65 distributors and 750 dealers. Over the past few years, we have continued to sharpen our brand segmentation and align product propositions and channel strategies with distinct customer segments.

This portfolio-led approach enables us to address a wide range of price points and regional demand patterns while retaining flexibility to manage near-term volatility without diluting long-term brand positioning. While near-term retail demand continues to remain uneven, the long-term fundamentals of this category remain intact.

Structural factors such as improving housing quality, urban redevelopment, rising consumer aspiration, and increasing formalization continue to support the long-term demand outlook for branded bathroom solutions. We also expect broader policy measures aimed at supporting consumption and housing activity to remain helpful for category sentiment over time.

When combined with our established brands, extensive distribution network, and execution capabilities, these trends provide us with confidence in the near to long-term opportunities. As highlighted earlier, the rollout of our dealer management program remains an important ongoing initiative and is progressing steadily.

Going forward, the system will help improve visibility into secondary sales and channel inventory over time, enabling more informed decision-making and tighter channel management. The company's retailer loyalty program, with over 28,000 enrolled retailers, is planned to transition from the current manual invoice upload and verification process to a fully automated system once the dealer management system stabilizes.

Going forward, purchases made through DMS-enabled dealers are expected to be captured automatically, with loyalty points credited without retailer intervention. This digital shift is intended to enhance efficiency, improve accuracy, and deliver a faster, more seamless experience for the retailer ecosystem.

During the quarter, capacity utilization stood at 102% for faucetware and 82% for sanitaryware. We continue to focus on disciplined cost management and operational efficiency across the supply chain, operations, and distribution, aimed at protecting margins and strengthening the resilience of the business amid input cost pressures and a mixed demand environment.

To summarize, while demand conditions may take some additional time to normalize, our focus continues to be on disciplined execution, strengthening our operating fundamentals, and preparing the organization for the next phase of growth. With a strong balance sheet, a diversified portfolio, and sustained investment across brands, channels, and systems, we believe that we are well-positioned to navigate the current environment and capture opportunities as demand conditions improve over time.

With this, I would like to hand over to Mr. Vikas Kothari, our CFO, who will present the operational and financial highlights for the quarter ended 31st December 2025.

Thank you, and over to you, Mr. Kothari.

Thank you, Deepak. A very good morning to everyone.

I will now take you through a brief overview of the company's financial performance for the quarter and 9 months ended 31st December '25. Revenue from operations for the quarter stood at ₹499 crores as compared to ₹449 crores in Q3 FY25.

EBITDA without other income for the quarter was at ₹51 crores as compared to ₹59 crores in the corresponding quarter of the previous year. EBITDA margin stood at 10.2% in Q3 FY26 as compared to 13.2% in Q3 FY25.

This decline was primarily driven by an increase in trade discounts and elevated brass input costs impacting both manufacturing and procurement. Margins were also weighed down by higher publicity spends, which was a phasing impact, and pre-operative expenses associated with Polyplus and Senator brand launches.

Gas cost during the quarter increased, with the weighted average cost at ₹35.70 per cubic meter in Q3 FY26 as compared to ₹33.53 per cubic meter in Q3 FY25. During the quarter, gas consumption was sourced 69% from GAIL and 31% from Sabarmati.

Overall, gas cost as a percentage of revenue stood at 3.8%. Prices remained unchanged during the period.

At the same time, input costs, particularly brass, clay, have moved meaningfully in the recent period. Given the sustained nature of these cost pressures, we have recently announced a calibrated price increase both in faucetware as well as sanitaryware.

This approach is intended to balance margin protection with market competitiveness. For the quarter under review, revenue contributions by segment was broadly as follows: sanitaryware at 48%, faucetware at 40%, tiles at 10%, and wellness at 2%.

On a YoY basis, sanitaryware revenue grew by 6.4%, faucetware by 18.2%, tiles by 5.7%, and wellness by 29.4%. Our core categories, sanitaryware and faucetware, together accounted for 88% of the total revenues.

Capacity utilization during the quarter stood at 82% for sanitaryware and 102% for faucetware. From a product mix perspective, 44% of sales were from premium segment, 35% from mid segment, and 21% from entry-level products.

Geographically, Tier 3 cities accounted for 41% of sales, followed by Tier 1 at 36% and Tier 2 at 23%. Profit after tax stood at ₹24 crores as compared to previous year's quarter at ₹46 crores.

During the quarter, we recorded a one-time impact under exceptional items following the implementation of the new wage code. The revised wage structure has resulted in an increase in long-term employee benefit liabilities.

We have recognized an incremental impact of ₹12.2 crores towards gratuity and ₹6.26 crores towards leave surrender liability under exceptional items in the statement of profit and loss. Earnings per share for the quarter was at ₹18.35 compared to ₹35.56 in Q3 FY25.

On the working capital front, inventory days decreased from 85 days to 84 days, receivables decreased from 34 days to 33 days, while payables remained stable at 38 days, leading to a YoY decrease in net working capital from 81 days to 79 days. As of 31st December 2025, our cash and cash equivalents stood at ₹757 crores.

Our capital expenditure plan for financial year '26 remains measured, with an outlay of around ₹13.2 crores by end of December '25. This was largely directed towards routine maintenance along with selective investments to strengthen brand presence and retail initiatives.

Capital allocation continues to be guided by discipline, return visibility, and a strong focus on maintaining balance sheet strength. Overall, our financial position remains healthy, supported by a strong balance sheet, disciplined cost management, and prudent working capital practices.

This provides us with the flexibility to navigate the current operating environment while continuing to invest selectively in strategic initiatives. We believe this balanced approach positions the company well to deliver sustainable performance and create long-term value as demand condition improves over time.

With this, I would now request the moderator to open the lines for Q&A. Thank you very much.

Hi, good morning, everyone. My question is related to the EBITDA margin drop.

So, 300 basis point drop in EBITDA margin and gross margin, just trying to confirm it's largely coming from faucets and largely because of the brass price increase. Can you confirm?

As we have told in our brief review, I will reiterate again. The drop in EBITDA margins by 3%, this was primarily driven by the increase in the trade discounts.

Discounts largely increased on account of the higher participation in our projects. If you see our project spend have increased by 12% if we compare the YoY comparison.

In case of retail segment, discounts were broadly stable. Additionally, the COGS increase mainly due to the increase in the input costs.

Brass prices have increased by roughly 12%, and this elevated brass prices have impacted both in manufacturing as well as the external procurement cost. Apart from that, we have some higher spend in Q3 with respect to publicity, which was a phasing impact, and some pre-operating cost related to Senator.

Overall, if we see, to mitigate this impact of increased brass prices, we have recently announced the price increase both in case of faucetware as well as sanitaryware. I hope I have answered your question.

Yes. You have beautifully explained.

Thank you so much,

sir. Just related to that, I haven't seen 10% kind of EBITDA margin in the last decade or so.

[Usse pehle ka data mere paas hai bhi nahi hai, matlab?] 10% kabhi margin dekha nahi humne Cera ka annual basis pe, quarterly kabhi gaya hoga toh gaya hoga.

I'm just surprised and confused and disappointed at the same time that a quarter back or let's say we were guiding of 14% to 15% kind of a margin. Aisa kya badal gaya 3 mahine mein ya 4 mahine mein ya 6 mahine mein ki suddenly the trajectory is shifted to 10% and even there you are now talking of calibrated price increases.

What has so drastically changed in the world of building materials and Cera, given it's a branded product, that we see a 10% EBITDA margin, multi-decade low, and I don't know wo wapas 15% aane mein kab jayega? Your views on that, please.

See, what is happening is we are looking at one quarter, and you are trying to extrapolate it that it is going to be there for the future also. We don't anticipate that this is going to be the trend going forward.

Once we're going to go Q4, you will find that the top line even otherwise in Q4 is much larger, which leads to a better absorption in fixed costs. It has been due to some of the phasing impacts that some costs in Q3 have been higher.

For example, as Mr. Vikas mentioned, the publicity cost in a phased manner have been higher in Q3.

The total budget for the year remains the same, but for Q3, the expenditure had gone up. The same way for CSR activities also, the bulk of the expenditure happened in Q3, it is higher during this particular quarter.

Also, as we have embarked on the new ventures of Senator and Polyplus, this is a kind of impact which has started happening from Q3. Once the top line also starts coming in Senator and Polyplus, you'll find that it will be able to absorb and account for better margins.

This is a one-off kind of a thing and not something which is expected to remain on a steady basis for the future. Going forward in Q4 by itself, you'll find that we will be returning back to the margins of at least 13%, 14% that we have been having in the last few quarters.

To summarize, I would say it's a one-off kind of a thing and is not expected to continue as a trend.

Hello, sir. Am I audible?

We can hear you.

Yeah. I just wanted to know ki we were earlier 1 or 2 a couple of years back projecting a 17% revenue growth over the next 2-3 years.

What is it happening that even though the real estate sales from 2022 or '21 onwards were very good, that our sales has been highly stagnant over the last 3 or 4 years and we are unable to even grow our market share or our sales, even though we are holding on to our margins, barring a increase in brass prices or whatever, but so

when do you expect this above 15% revenue growth in the future given that the real estate cycle has started some time back and the construction companies were doing well? If you can throw some light on that.

Vikas sir, I'm sorry to interrupt you there, but your audio is not clear. Sir, it's still not clear.

Just give me 1 moment, please. Ladies and gentlemen, we have the management line reconnected.

Sir, you may proceed.

Sorry, the line was not clear. Am I audible right now?

Yes, sir. Yes.

Yeah. Just to answer your question, you're right that for the last 2 years there had been stagnancy in the growth.

If you have been listening to our calls, you will find that we have been projecting that H2 we expect the revival to happen. In fact, Q3 we see that it has been grown by 11.1%, and Q2 also we had grown in the range of 5% to 6%.

The growth trajectory has already started happening, and we are confident that even Q4 we should be able to maintain this kind of growth. We should be ending the year, as we projected in the earlier concall, by roughly 7% to 8% on an overall full-year basis.

Now we find that that kind of stagnancy which had come in the retail market has started improving, and going forward, we expect it to be much better.

Hi, sir. Thank you for the opportunity.

I just wanted to know, sir, if this growth for the current quarter was due to pre-buying before the price hike, or was there actual improvement in demand?

There's an actual improvement in demand. If you look at our growth even in Q2, we have grown by 5% to 6%.

In fact, the price increase has happened only yesterday. The announcement has been made only yesterday.

Q3 there was no talk of any price increase. It is only in Q4 yesterday that the price hike has been announced.

There would be some traction in Q4 on account of this, but Q3 is purely on account of the improvement in the demand and the initiatives which have been taken by the company.

Sir, how much was the price hike which we took, and how much was the increase in raw material cost that has happened?

The brass prices have fluctuated widely over the last, you can say, the entire year. In Q3, it had risen by something like 12%.

In January, again, it has gone up significantly. If you look at the entire purchase of the 9 months of the financial year from March April to December, you will find that the average price was something like 640 for brass per kg, which has gone up to something like 800 in January over the last few days.

It's a sharp increase which has happened in particularly in January. Also, there was a 12% rise in the month of sorry, in the quarter of Q3.

Hi, sir. Just a few data points.

You mentioned that publicity cost was higher in Q3. Can you share that number?

Also, the spend done on Senator and Polyplus in the last 9 months and particularly in Q3? At the same time, what you announced is about 11% plus price increase in case of faucetware and 4% plus in case of sanitaryware.

Is that sufficient to cover whatever increase has happened?

I'll just take your questions one by one. First you asked was in respect of the publicity spend.

How much it has happened in absolute numbers in the current quarter. In current quarter, the publicity spend was ₹17.27 crores as opposed to ₹13.87 crores in the corresponding quarter of the previous year.

There's an increase of something like ₹3.5 crores to ₹4 crores in publicity spend. You can repeat the question again?

Sir, the ad spend given for 9 months if you could give, that would be helpful. Senator and Polyplus cost incurred in the first 9 months and also in Q3.

In Q3, we spent something like ₹6 crores in Polyplus and Senator. This was including for salaries, which was in the region of ₹3.6 crores, and promotional travelling and other expenses in relation to Senator and Polyplus, which accounted for the rest.

The publicity spend for the entire year for 9 months has been something like ₹35.58 crores for the entire 9 months of the current fiscal year. Okay.

Versus how much last year 9 months?

9 months last year was ₹40.89 crores.

Sir, one more question which I had with regards to this was that Senator and Polyplus, there are no sales, right? We haven't booked anything sales-wise.

No,

in Q3, up to the end of 9 months, the total sales was in the region of ₹7 crores to ₹8 crores for Senator and Polyplus taken together. We had earlier projected something like ₹40 crores for the full year, but we'd like to revise that we should be ending with more like ₹20 crores for the current year because the stores have been taking some time to get ready.

We expect to do more like ₹20 crores and not ₹40-45 crores, which were projected earlier in respect of these two brands.

Sir, you did not mention the numbers spent on Senator and Polyplus for 9 months. You mentioned for this quarter, ₹6 crores.

₹6 crores was for this quarter. For the whole year, it would be in the region of because the most of the spending has started coming in Q3 only, the other promotional spending, etc.

Before that, the team-building spends were there. For the full year, it would be in the region of, you can say, ₹8 crores to ₹9 crores.

You had projected ₹150 crores from both these brands next year. That's

in place, right? Because we are projecting something like, you can say, ₹8 crores to ₹9 crores in the current quarter also.

Next year we should be able to do once the scale-up is complete, more in the region of, I can say, ₹100 crores to ₹120 crores. Largely once this Q4 will be ended, we will be preparing our detailed budget exercise, taking into consideration market feedback and all.

We will come out with the numbers as part of the next year achievements, to be achievements for both these newly launched brands. Sir,

regarding my question about that price increases which you have taken, is that sufficient to cover whatever cost increases you have seen till date?

The price increase will be sufficient to cover the kind of increases which has happened till date. Obviously, if it keeps on increasing at the current trend, then again we'll have to revisit the position.

As of now, the kind of increases which have happened, the price increase will be able to adequately cover it.

Yeah. One more feedback which we had from dealers is you were the last guys to announce a price hike.

The leader in faucetware had taken a price hike somewhere in January. Any reason why you are giving it till 1st of March?

That's the date you've given to dealers, right?

See, it's a matter of how we perceive the price rise and how our total cost dynamics are working. You'll find that the market leader had not taken a price rise since quite some time, whereas we had in September '24 taken a substantial price increase in faucetware.

That price increase was kind of helping us to maintain our margins. Also, the fact that our operational capability in faucetware has improved significantly, and even with the cost increase in the brass, because of other operational parameters, the overall costs we were able to manage quite well and the margins were being maintained.

That is why the need for that price increase in between did not arise. You cannot expect everything to be like a total aligned movement in case of prices from all the players.

It is totally based on the kind of margin pressures which are being put within the company. That was based on that we had taken in September '24 and we're taking it right now.

Sir, after this price increase, if I get it right, in FY27, assuming there are no more cost increases, you'll go back to your margin rate of 15-16%, which you used to look at earlier. Is that correct?

Correct, correct, correct.

This is Sujit from Bajaj Life. Thank you for the opportunity.

Just wanted to check with you, in the previous cycle during COVID years when the prices rose in sanitaryware and faucetware, players like you who are large, do they benefit typically in cycles like that in terms of market share gain from the smaller players?

I'm sorry, your question is not clear. If you can repeat it again?

Okay. Do you benefit in a rising prices scenario?

When raw material prices rise, the industry takes a price hike, large players like you in faucetware and sanitaryware, do they benefit in the previous cycle when this happened in COVID? Did you gain market share?

You'll find that whenever there is a input costs rise, that is something which is affecting the industry as a whole, and you'll find that sooner or later, that will be leading to a price increase by not only the larger players, but also by the smaller players also. On an overall basis, a cost increase-led price increase is not something which is going to affect the market share of individual players.

You'll find that over a period of time, once everybody takes a price increase, that market share stabilizes. It is not that on a rising cost scenario larger players are able to take in higher price increases and are able to garner higher market shares.

Okay. Secondly, in the concall today, you already explained that for projects you had to give higher discounts, right?

Correct.

Can we say that currently the demand remains muted?

The demand has started going up. If you see that we have grown by 6% and 11.2% in the last two quarters.

The total share of projects within the business has remained constant at the same, I think 38%, 39%, which has been not only there in Q2 and Q3, but also there in, you can say, previous year's Q2, Q3, and Q4, as well as current year Q1. We have been towards that number for quite some time now.

Typically, our project share used to be 30%, but that was something like 2.5 to 3 years back. We have steadily risen from you can say mid of 2022-23 to a number of 35% and now to 37%, 38%, which is holding steady.

It is not that in this particular quarter by itself the project numbers have gone up. The numbers have been going over the period of time because of the fact that retail had been kind of sluggish.

Now with the retail also picking up, you'll find that this number will either remain constant or will start going down going forward.

Just to get this right, in periods when the overall demand is sluggish because retail is still the higher portion, close to 60% to 63%, correct? In those periods, what is your game plan to basically till the time the demand remains muted to kind of accelerate sales growth when you don't have tailwind from the industry?

Whenever there is an outside pressure, what we typically try to do is that we try to improve our operations, look inwards, try to improve operations, try to improve our product line. That is what we have been doing over the last couple of years when the demand had been muted.

We have introduced a slew of products. We have introduced brands where we felt that there was a market growth and we were not present.

We have undertaken a lot of operational efficiencies to improve and maintain margins in spite of the kind of external pressures which are there. The idea is that periods when the retail is not doing well or the external pressures are there, try to be prudent inwards, try to do more of operational efficiencies and product kind of expansion.

One last question is, then do you actually get higher sales growth because of the product interventions and product introductions?

Now we are anticipating that we are well-positioned because we have introduced a slew of products in the last couple of years. The market has already started showing the signs of improvement.

Both project has been doing quite decent in the recent past, and retail also has started showing green shoots. We now anticipate that going forward, we should be able to maintain this momentum of double-digit growth in Q4 as well as in the coming financial year.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, my first question is related to price hike.

Sorry if I missed that. What is the price hike that we have taken yesterday for sanitaryware and faucetware?

The kind of indication that we have given to the market is, on an average, it will be 4% for sanitaryware and 11% for faucetware.

Got it. Sir, couple of data points.

What is our outsourcing proportion for sanitaryware and faucetware?

I'll just give you the number for Q3. In sanitaryware, the outsourcing was 61%, and in faucetware, the outsourcing was 47%.

Perfect. One last question on capex.

Faucetware, we are running at almost 102%. Any capex plans over here?

Like we had already taken the non-lead expansion where we had gone up from 3 lakh to 4 lakh, and we had undertaken civil facilities which have been completed to take it from 4 lakh to 6 lakh. Whenever we feel that the demand is sustained and that we'll be able to keep on having a kind of sustained production requirement, we can go from 4 lakh to 6 lakh within a span of, you can say, 3 to 4 months.

Because only balancing equipment needs to be done; otherwise, the plant is ready.

There was a plan to put up a new sanitaryware facility.

Can you speak a little louder?

Yeah. Hi.

There was a plan to put up a new sanitaryware facility. I think the land was purchased for the same.

Just wanted to know what is the status of that.

You're right, the land is already purchased, but we have not commenced the construction activity for the plant. That we're going to take a view at the end of Q4 depending upon the market situation at that point of time, whether we need to start construction immediately or defer it even further.

That doesn't sound good as a prognosis, right? You wait for the market to grow and then you'll put up the plant, or you don't want to put up the plant ahead of the demand actually picking up?

It's a total kind of scenario relation to the demand and the production capability. What has happened within the last couple of years, as I keep on mentioning earlier also, that the facilities within the plant itself has undergone a lot of change.

The kind of efficiency that we were able to achieve earlier, we are able to do much better than that. We have been able to without putting up a new greenfield project, create a new plant within the plant, because our manufacturing capabilities and the production output that we are able to achieve within the plant has gone up significantly.

Also, what has happened during this last you can say couple of years is that the mix has changed. Earlier, the idea was that most of the complex pieces used to be produced within the plant and the simpler ones, the low value-added products, used to be purchased from outside.

Now with the kind of muted demand which was there in the last couple of years, this shift has also happened in the production mix which is being done currently in the plant. Few of the outsourced items have been taken in-house.

Once we find that the demand is improving, we can take again these products to the outsourced partners, increase the capacity within the plant, take the plant to full manufacturing capabilities. We have a lot of scope in the next couple of years to be able to manage from the current plant by itself.

It's not a function of you're trying to follow the demand; it is a function of being able to understand the exact production capability vis-a-vis the demand.

Hi, sir. Thank you for the opportunity.

Sir, you spoke about EBITDA margins getting back to 15-16% going forward. Can you help us understand what kind of mix and growth you're envisaging there?

Essentially, as I mentioned, this was a one-off kind of a quarter wherein a large amount of phasing impact has happened, which has led to a reduction in the EBITDA margin. Typically we have been maintaining margins in the region of 13% to 14%, which even otherwise is the norm, and we expect to be back to those margin levels in Q4 itself.

That is something which is sustainable across going forward. Coming back to that from 13-14% to that range of, you can say, 15% to 17%, because we have already started growing and you've started seeing the top line increasing, you will find that as this number sustain and the top line continues to grow and these one-off kind of things are not there, you'll find that those margins of 15-17% should be looking very likely in the second half of next financial year.

We should be back to that 13-14% level in Q4 itself.

Sure, sir. Sir, also if you can talk about the micromarkets.

You spoke that there is some green shoots we know going forward. Any particular markets you'd like to talk about where you're seeing that the demand is picking up, barring the project space?

As I mentioned in earlier questions also that company has been taking a lot of initiatives in respect of the product profile and also the kind of market where it is not too strong. We have been looking at in the last, you can say, 6 4 3 4 5 quarters as to which markets were not really doing well and have been concentrating a lot on those markets.

It is these markets which have now started showing results wherein earlier if you see the total distribution profile of Cera, the most of the sales used to come in from South, wherein Kerala used to lead. Now the trend has been reversed.

You'll find that UP is the leading in the entire zones. The zone of Bihar, Jharkhand, which used to be extremely poor, has also started showing a reversal.

It is these kind of small initiatives which have started leading to kind of improvement in the overall kind of sales. Going forward, you'll find that the initiatives which we had taken earlier will sustain the kind of growth that we have been able to achieve in the last two quarters.

Sure, sir. That was helpful.

Thank you so much, and all the best for upcoming quarters.

Thank you.

Thank you, everyone, for attending this call and for showing interest in Cera Sanitaryware Limited. Should you need any further clarification or would like to know more about the company, please feel free to reach out to me or to CDR India.

Thank you once again for taking the time to join the call.