Thanks, Dave. On behalf of Kotak Securities, we welcome you all to Q4 FY26 and FY26 results conference call of Havells India Limited.

We have with us today the senior management represented by Mr. Anil Rai Gupta, Chairman and Managing Director; Mr.

Rajesh Kumar Gupta, Whole-time Director and Group CFO; Mr. Ameet Kumar Gupta, Whole-time Director; and Mr.

Rajiv Goel, Executive Director. Now, I hand over the call to Mr.

Anil Rai Gupta for his initial comments, and then we will open the floor for Q&A. Thanks, and over to you, Anil sir.

Thank you, Umang, and good afternoon, everyone. Thank you for joining today's call.

We hope you would have reviewed the results, and I will now walk you through the key highlights. Moderate overall performance for the quarter, as start of cooling products was backed by mild start to the season.

Momentum in industrial and infrastructure-led categories remains strong. However, consumer categories witnessed cautious trade sentiments predominantly driven by price rise arising from recent global disruptions.

We have stepped up our advertising investments and brand visibility and still maintain [unclear] overheads spend. On the profitability front, margins held well except Lloyd, which was impacted due to lower revenues.

We continue to navigate cost pressures in this inflationary situation. Calibrated price actions have also been initiated.

Our renewable energy initiatives continue to scale. As you would be aware, during the period we invested Rs 600 crores in Goldi Solar.

This investment allows us to leverage Goldi's solar module manufacturing capabilities to expand our solar product portfolio. Additionally, during the Q4, we have recognized fair value gain of Rs 283 crores on this investment.

The gain is reported under other income for the quarter. To position Lloyd as a leading player in consumer refrigerator segments, we have invested in setting up a new refrigerator plant at Ghiloth.

During the quarter, the capacity was commissioned and a refreshed product portfolio was launched. After a delayed onset of summer season, we are now seeing signs of pickup in demand for cooling products.

We remain optimistic on a revival of summer demand while closely tracking inflation and its impact on consumer sentiments. We now move to Q&A.

Hi, sir. Thanks for taking my question.

My first question is with respect to the cables and wires segment. During the quarter, we had registered a 14% growth.

If you look at the copper prices, I think year-on-year, it could have increased by a much higher number. Had we seen a decline in terms of volumes at a cable and wire segment level?

If so, why was it so? Was it just related to dealer destocking alone or the end market was also on the weaker side, if you can give some clarity on it?

Thank you very much. On the scene of [unclear]...

Sir, your voice is cracking a bit, sir.

I'm a bit surprised. Can you hear me now?

It's better,

yeah. On an overall basis, the volume growth is 6%, and cables and industrial cable segment has grown much faster than the domestic wire segment because during the quarter, there is destocking happening in domestic wire and very high base last year.

If you remember fourth quarter 2024-2025 saw a major upturn in growth of [unclear]. Hence, destocking during the quarter, there was some amount of price correction in copper before the war, and hence overall volumes are around [unclear] quarter.

If you see, wire segment remained flat, but the cable segment has much faster.

Okay. With respect to the other two a couple of other segments, one is AC and fans, how much amount of price increase we would have taken over the past few months to compensate for the raw material price increase in both these products, if you can highlight that?

How much are we likely to take?

Price increase are continuing to happen, actually sometimes so difficult to act because first price increase happened due to the energy efficiency ratings change during the quarter. Then, of course, there are raw materials change that have happened.

War February 24, there is increase of raw material prices including other polymers and So, we're starting from January till April, there is calibrated price increases happening not only in fans but in all categories so. Difficult to give a number right now because under process at point of.

Thanks, sir.

Umang, I think people can't hear, is that right? Should we do on some other number, mobile?

Or you can call on my mobile number. Just try on this number.

Okay.

Yeah. Can you hear me better?

Oh

Should I go ahead with my question?

Thank you. Sir, since your line was not clear, I'll just repeat one question I had incremental.

In terms of wires and cables, you mentioned that the volume has been flat, but margin increase has been very sharp. Could you point out what could be attributed to inventory gains, and if there's any mix change that has led to such a sharp margin spike despite volume de-growth?

I think, I would say rather than just looking at this particular quarter because there is usually in this quarter year-end adjustments also because of the final dealer incentives and all. Overall, there were inventory gains because of copper and aluminium as well.

Volume growth was only 6%, not flat, but volume growth was 6%. We have seen slight de-growth in domestic wire segment, but much higher growth in the industrial segment.

Understood. Okay.

All right. My second question is on lighting.

Now revenues there again has been broadly flat, but margin has increased extremely sharply. Your contribution stands at 37%, and you've mentioned in your presentation that the long-term average is 30% to 32%.

Does that mean that there is some one-off even in lighting, and that should normalize to 30% levels going forward?

You can take that as well. As I said, during the year, sometimes in the fourth quarter, there are certain year-end releases, and that is for the entire year.

One can say on an average, you can expect 30% to 32%. Sometimes the first three quarter releases also happen in certain cases.

Sometimes it's the other way round, but in lighting, this has happened. I would say our long-term would be 30% to 32%.

Sir,

this is even despite the fact that ASP decline has stabilized, that is what is mentioned in the PPT? That's right.

That's right.

Got it. Sir, one last quick question.

In terms of Lloyd, fourth quarter, we understand that the summer was bad, and in fact, it continued probably till beginning of April. Could you throw some color how the channel inventory right now is, and a little color on sell-in and sell-out both?

I think your analysis is absolutely right. First half of April was also slow.

There were some channel inventories, but now it's evening out. South and West have started a good summer, and I think it's now coming in the North as well.

Hopefully, by the end of this month, there will be normalized inventories at the channel level as well.

Understood. Thank you so much, sir.

All the best.

Thank you.

Hi. A very good evening.

Thank you so much for the opportunity. Sir, couple of questions.

Firstly, on outlook for fiscal '27, both on volume and revenue growth. Given that fourth quarter has ended weak, my sense is, should we expect double-digit volume growth plus some price hikes into FY27?

Any outlook could you share, please?

In today's environment, what do you expect an answer from me? We are just looking at month to month.

Who knows where the war goes. We are seeing sharp increases in prices for most of the product categories.

How much will volume growth be, it is difficult to say at this point of time. I'm not even talking about the summer, but the kind of sharp increases in prices can, hopefully, it should not, but if it starts affecting the demand also.

That's something which will have to be seen as we operate. See, and maybe this is for people's questions also.

At this point of time, it is very difficult to say what the growth will be. We are very positive, hopeful.

The summer has started off at a good note. The demand is yet to be seen, and our focus will be to continue to strive towards getting more efficiency.

If you have seen, we have also continued to invest heavily on our brand building activity, which clearly indicates that we are in here for a longer period of time, and it's very difficult to predict short-term ups and downs.

Sir, base case, even if you do mid-single-digit volume along with the price hike, we should still reach mid-double digits next year, right, in terms of value growth? Is that a reasonable assumption?

As I said, right now, it would not be right for me to give any number. Okay.

Okay. No problem.

Sir, secondly, on the margin side, given various amount of price hikes and what we are seeing on the RM inflation side, should we assume that whatever RM inflation, forex issues in terms of cost inflation we are seeing, most of that is actually passed through, and the entire absorption is actually getting done from Havells' side? Is that understanding correct?

We are striving to do that. Again, we are in a competitive world, and we have to see how it holds up.

We're striving to pass on the cost, but, again, as I said, we have to compete in the market. Our focus will also be to retain or gain market share.

We will just play a balancing game here.

Got it, sir. Last question, sir, on the after-sales service.

My sense is we've seen a lot of premium product launches across all segments from Havells over the last 6 months. When we look at your website, a lot of new products are actually launched.

Just to understand that, I think from a technician perspective, whoever services the customer from after-sales perspective is largely the same team for premium as well as mass-segment products. Is it really possible to have a separate team for luxury and premium products so that the customer experience is not compromised?

Any thoughts on this?

I think these are very operational issues, which we continue to ensure that we will give the best service to the consumer. These are very operational issues and part of one part of the business, and I think there's no point of us to spend time on this call.

What you are saying is our objective is to continue to give the best service as well as best customer experience always. Good to know that you've noticed that Havells is coming out with premium product.

That is a reflection of our continued investment in innovation.

Got it, sir. Thank you so much.

I'll get back in the queue.

All the best. Thank you.

Yeah. Sir, thanks for the opportunity.

In solar business, we have seen almost 48% growth in other segments, and even the EBIT margin has also seen a good expansion. If you can share more details on the solar business means have reached in a way normalized run rate, or there is a still good scope to potentially grow in this business means how long this growth rate can sustain?

Again, margins of solar business, have they reached to a optimal level, or there is a still further scope to see margin expansion in solar business also? That is question number one.

In terms of question two, as far as the volume growth in fans, coolers as well as refrigerators, how it would have panned out? Because probably there was no excess sale in December for these products.

Have they also seen some impact on volumes, or is there a healthy growth in these products? Thanks.

On your first question on solar, I think most of the growth that you see in the other segment is coming out of solar, and you see, the way to look at it is that we are building capacities both in industrial cables as well as solar. Solar through an investment in Goldi, and because of the assured supplies, more capacity that we have, we're able to take advantage of the tailwinds that are there in these two segments.

Going forward also, in the coming year also, we do feel that there is enough opportunity in the solar segment to continue to grow. We'll be also expanding our product ranges in the entire renewable space in coming times.

Again, difficult to say about the margins. One, of course, volumes will benefit, but it is a competitive space, and we also need to see our market shares growing.

Also, we'll try and maintain or increase margins through better product additions and expansion of the product range in the renewable space. That's what we're looking for.

As far as the second question, I think in fans in the third quarter, there was a change in the BEE norms, there was some stocking at the end of the third quarter and which impacted some volumes in the fourth quarter, but also the seasonality aspect also came in in the fourth quarter. Hopefully, we should be seeing better volume growth in the first quarter.

Sure, sir. Means in terms of monsoon, like last year also was impacted by monsoon.

Logically, the impact of monsoon this year is probably less compared to what it was last year. On that favorable base, should all these segments report strong growth, or still the impact is so high of monsoon this time also that we are still seeing some impact of monsoon?

No, it's difficult to predict what will happen in the monsoon, but you're right, see, last year was a low base. We should be seeing good growth in this year.

Okay. Any internal target, estimate that the company would be working on the summer products that you can share with us?

No,

I think we do not give any guidance on the numbers, and frankly, in this scenario, we are hoping for a faster growth. As I already said, in summer products, last year was a very low base, we're hoping to get a good growth in this first quarter.

Okay. Sure, sir.

Just last question. The weighted average price hike at the company level would be more than 10%?

Is it a fair assumption?

No, I think we would like to see it that in many product ranges, it ranges between 5% to 10% 5% to 20%.

Okay. Sure, sir.

Sure. Thank you.

Good evening, sir. Thank you so much for the opportunities.

Sir, trade receivables fallen drastically from Rs 1,254 crore to Rs 782 crore, almost 38%. Even debtor days, it used to be 20 or 21 range in last 5 years, but right now it's came to 13 days.

I'm trying to understand this is majorly because of faster collections or change in payment terms with distributors, and how do you understand in upcoming years?

No, this is normally See, largely we are through channel financing. These kind of fluctuation is nothing untoward toward them.

There is no structural change either in our payment terms or that building. Depending upon the mix, sometimes these things happen.

I think you should keep them as normalized or normal and not take them something you see which exceptional happening in this particular March quarter. Sir.

Sir, on that ECD side, in Q3, it's majorly described as largely

Yes. Sir, on that ECD side, in Q3, it's majorly described largely volume driven, not press-led price-led.

In Q4, we saw volume decline, but there is no major price reversal. I'm trying to understand if you could share volume growth or de-growth for fans, water heaters, and OFR for Q4?

Yeah. We don't give separate volume details for fans and water heaters.

As I said, overall, there was a de-growth in value terms in fan segment because of the initial push in the third quarter because of the energy efficiency rate and a delayed summer as well.

Sir. Thank you.

Thanks for the opportunity, sir. Sir, first on Lloyd, can you highlight broadly how much price hikes have we taken till now and how much is required to sort of go back to that double-digit contribution margin level which we had last year?

Work in progress.

Any price hike, sir, if you can quantify, how much is more needed or how much has been taken? As I said,

Siddhartha, we have already said that there were quite a few price hikes, especially in case of Lloyd because of the energy efficiency change, the 3-star, 5-star change. A lot of that happened during Jan to March.

Now, because I said work in progress because now we're really seeing the impact of the cost increases post war. That is now being passed on.

There is a work in progress, but it ranges between at least 8% to 15% depending upon the rating.

Okay. On the cable and wire side, what will be the utilization levels of the new cable plant which we started, and I think phase two should come sometime this year as well?

If you can just give us some color on that as well.

Right now, whatever capacities got added, we've been still operating at high capacity utilization, and more capacities will come up as you rightly said during the year. Hopefully, by the end of this year early next year first quarter, we'll be having the entire capacities which were planned.

Understood, sir. Okay.

Thanks a lot. I'll come back in the queue.

Hi. Good evening, sir.

Sir, given that some of these price increase announcements for fans and room ACs would have been made by March end, did we not see any element of pre-buying given the sharp price increases that you would have announced? That's my first question.

The second question is just on the other segment margins that we are seeing in the other segment. Is it operating leverage benefits that are now starting to help us, and in that context, should we expect high teens kind of contribution margins to be sustainable from here on?

On the first part, yes, there was some pre-buying in March, especially in the cooling products. Generally, that is the case also in most of the years because it's also the upcoming season time for April and May.

That was also accentuated by the fact that the price increases were happening. Again, as I said, right now solar is sunrise industry for us.

We are evaluating this. Our major focus is to continue to gain market shares and get the tailwinds of this industry.

Difficult to say what the final margins will be, but they will continue to improve as you rightly said about the operating leverage.

Perfect. That's helpful, sir.

Thank you so much.

Yeah. Hi.

Good evening, sir. My first question is you did allude to the fact that current environment has been extremely difficult to predict and you've been looking at the business on a month-on-month basis.

Going by your experience of how consumption and consumer demand has been given the steep inflationary pressures across segments and categories, do you think consumer offtake in broad is likely to remain slightly muted in the near term, say the next couple of quarters? The entire thesis of expectation on recovery in consumption is getting prolonged.

I have not seen this kind of a price escalation in the recent memory. Usually, it happens, but it is not so steep and not across all product categories.

Sometimes there are more fluctuations in the cables and wires, but this time we are seeing across everyday fixtures or ECD. While we are very hopeful of the overall structural things which have happened within India as well as within Havells, but ultimately, we are bound by the fact that consumer offtake can get affected if the price hike is too high.

Let's see how it pans out. Let's how the war pans out.

Hopefully, we should have some respite in the coming months.

For us, the priority would be to ensure to retain the market share that are retained or improved in the current environment even if it remains slightly challenging?

Usually, we have tried to be more efficient during these times, and more efficiency leads to market share gains. Our investments continue to be there whether it is in innovation, whether it is in brand building, distribution reach also.

Our reach and all these things, those investments don't slow down during a tough period.

Got it. Secondly Yeah.

Which Renu, if you've seen in the past, if it means some pain in the short term also, but we're wanting to play a long-term game here.

Absolutely. Sir, looking at the capex front, in the last couple of years, you clearly stepped up on investment plans across manufacturing facilities, particularly cables and wires and Lloyd.

How should we look at the investment plans for fiscal '27, '28? Any notable segments you would want to highlight apart from the annual spend budgeted for the next 2 years?

Yeah. I think by '27, '28, major capex would go into cables and wires, which is already panned out, and I think a lot of that is happening in this financial year also, Rs 800 crores.

A big investment is going into the new R&D center, and that will happen over the next 2, 2.5 years. The rest, there is no major new capex in the Lloyd segment.

Got it. Just lastly, linked to the cables and wires, we recently gathered that one of the large player with presence on the cement side, who was foraying into cables and wires, have preponed their entry into the housing wire market by a quarter or two.

Do you think in the current environment where the market is struggling, but on the volume side, a large entrant entering in the space, could it put incrementally pressure on the existing peers and the industry pricing trend?

See, generally speaking, cables and wires, especially wires, there has been a lot of consolidation in the past also from unorganized or regional brands or small brands to organized brands. More and more, this industry has absorbed newer players, and I think going forward also, companies which would continue to invest in innovation, brand building, and distribution reach will be the winners in this segment.

Hopefully, new players will also come with the right investments. They'll definitely gain some market shares, but some readjustments may happen within the unorganized and organized sector.

Sure. Last question, if I can ask, while we've always spend enough energies and money in terms of distribution reach across regions, North, South are broadly taken care of.

How do you look to tackle the Western region in terms of penetration for Havells' products ex of cables and wires on the B2C side, and any particular areas you would want to highlight to fill the gaps?

I would say that Havells continues to invest not only in the Western region, but also certain parts of the Southern markets like Tamil Nadu, where our market shares were lower as compared to other markets. Those investments are going both in distribution, but also localized brand building as well.

We are seeing good growth if we actually break down this growth into those areas where we're investing heavily towards. We are seeing good traction in these markets, whether it's West or Tamil Nadu.

Got it. Got it.

Thanks much, and best wishes, team. Thank you.

Thank you.

Yeah. Thank you for opportunity.

I have a two questions. First is as you had highlighted the investment focus area is towards the industrial, whether it's a cable or renewable.

How we are going to see the B2B, B2C mix evolved for the company in the next few years?

I think in cables also, underground cables is something where we are investing where we were to some extent underinvested. In the past, our B2C to B2B has remained between 75-25 or 70-30.

Hopefully, in the next couple of years, we should continue to grow even in the B2C segment, especially we see a lot of growth opportunity in wire, ECD. Definitely, I think there will not be a meaningful move from B2C to B2B.

Okay. Okay.

The next question, sir, related to the switchgear. It's highlighted that the margin impacted because of a lag in the pricing of the cost.

Do we believe that's in the coming quarters, it is a possible that we'll go back to our 38% of contribution margin?

We are striving towards that. As I said, in certain cases, the cost increases are so high that there was a lag in passing on the entire price increase.

We will continue to strive towards moving there. I've also said that our eyes will also be on retaining market share, it's not only not also giving.

This is something which you have to see how it pans out.

Yeah. Why I had asked, sir, because that's the growth for the entire year for switchgear is also quite low.

It's more focused on the growth the way forward or major target is to achieve our contribution margin?

I think it will always remain a balance between growth and profitability.

Thank you, sir, and all the best.

Thank you.

Sir, thank you for taking my questions. Anil ji, I have two questions for you.

First is in light of whatever is happening globally, can you just discuss any supply chain disruptions that you have faced or navigated? Secondly, is there a scenario right now likely wherein again stronger companies like you emerge stronger given better supply chain controls, etcetera, in the current environment?

That's my question number one.

Right. On the supply side, there have been challenges over the last couple of months, especially more on the production side.

Those have been navigated, and let's not to go into each detail. Those have been navigated on the raw material side as well as in the production side due to the gas supplies.

Going forward, we'll continue to navigate those things. I think your question about whether stronger companies are in a better position to manage, not necessarily also in the supply chain, but also continued investments.

That's what we'll continue to strive for. As I've already said, whether it's innovation, brand, distribution, we'll do that and have a long-term thinking rather than a short-term thinking.

I would rather say quarter-to-quarter thinking would not be in our mind, more of how do we continue to invest for the long term.

Sure, sir. Sir, my second question actually in relation to that only, which is we have about 4,000 crore of capital now deployed in Lloyd's, which at this stage is barely generating any profitability.

If I was to look at this, say, further next 2 to 3 years, what is going to be the strategy to get our returns higher in that particular segment? Is brand building going to be a continued focus?

Is utilizing our capacities, the two factories that we have, going to be the focus? Just some thought process about how should we look at capital returns on what you've invested in Lloyd's.

The biggest thing about any consumer-oriented brand-oriented business is something where it's an easier answer that you can't really say that, okay, if I have to fully utilize my capacity, I lower down my price and start selling more. It doesn't really happen, as you can very well understand.

It requires long-term investment in brand building. Our focus in Lloyd will continue to be towards bringing out better products through innovation, which means improving image through brand building and innovation for a better margin and utilize the capacities that have been created for better operating leverage.

That's where the profits will come from on higher sales due to capacity utilization, brand building as well as improved margins. Again, as I said, it's everything put together, but everything has to come together in certain period of time.

It can't come in very quickly. That's what we'll continue to invest upon.

Sure, sir. Useful.

Thank you so much.

Yeah. Good evening, sir.

Thank you for the opportunity. Two questions, sir.

First, if you could give us some sense, if possible, on the full year growth in terms of fans, wires, water heaters, etcetera. Just trying to understand, if we have gained market share, we have seen some market share loss in any of the categories, if you could highlight that.

Generally, we don't give product-wise growth rates, but fans we have de-grown in the entire year. That's fans, ACs and water coolers.

There we have de-grown. That's what I can say.

Talking about market share, we do believe that we've been able to at least retain, if not gain.

Any of the category where you think you could have lost market share?

I don't believe so.

Understood. The second question I had, just a top-down thought from a positioning of our product, would it be possible to get a sense in terms of the economy and mass premium and premium mix?

Are we underindexed in the volume segment where probably the growth could be better and premium is facing a challenge in terms of growth? Any color on the segmentation at a broad level, sir?

Achal, look, I think the Chairman just talked about how the long-term strategy are drawn up. I think looking at a very short-term lens, I think we can't decide about the brand positioning.

You are aware we have Rio, we have Havells. I think within both segmentation, we'll play.

Just because there could be volumes in the lower end of the market, the data is not really supporting that. I think it's a brand positioning which has been painstakingly built over decades.

Something you can't really tinker with based on particular quarter or a seasonality. This I think we'll continue to sort of support.

Yes, there will be strategies how we play in every segment, but not necessarily it could be played with a single brand architecture. That's something in the market you are also aware how we are doing the same.

There'll be more clarity in the near future. We'll also be coming through.

We are also observing market very closely. Clearly, there is a ethos which brand stands for, and I don't think that should be altered purely on some quarterly considerations.

No, understood. Just to clarify, Rajiv ji, the question was more from a annual/medium-term perspective, not really quarter at all.

I just wanted to clarify, given the positioning what we have, given the category, the subsegment growth within the category, is there a constraint in terms of growing at a higher pace and there is a price difference gap between us and other brands have widened? Is there a case for that?

I was more coming from that perspective,

yes. No, maybe you could be right.

I hope you appreciate this is something what we do everyday, and based on, as I said, brand ethos are built over decades. Even a year actually is nothing in the overall history of a business and a brand.

Yes, I think your point understood, but I think this is something we evaluate very closely. That much we can assure you.

Fair point. Just a clarification, Anil sir, in the past calls, you did highlight, there is a possibility of over 2 percentage point in improvement in margins over medium term.

Given what you have kind of highlighted in the call about renewed investments in the R&D and the A&P, is there a change in that particular thought or that remains as is?

No, that remains as is because we are continuing to wanting to be more efficient, get operating leverage out of better volumes. See, the whole investment behind innovation and brand building would be to put in more innovative products at a premium to the consumer and hence get better margins for the company.

Again, as I said, short term, there may be some pain, but long term, the whole idea is to have a better growth and profitability. Through growth, also operating leverage will be coming.

Understood. Thank you so much for your answer, sir.

Wish you all the best.

Thank you.

Thank you so much for the follow-up. Just wanted to check, you had said in terms of cables, the volume growth is 6%, and the value growth is at 14%.

Just trying to do the math here, is it just 8% price hike that you've taken? I think relatively copper has substantially increased and even aluminium, if I see even on a Y-o-Y basis.

No, this is what we're saying over the quarter-on-quarter, and if you would recall, there was actually a dip in copper in the month of February. The entire increase that you're seeing is post the war.

That has actually started increasing. Yes, overall cable and wire, 6% volume growth and 14% value growth.

Sir, 6% volume growth is year-on-year, correct?

Yes, that's right.

That would leave us with 8% price hike.

Blended for cable and wire.

All right, sir. Okay.

Thank you so much.

Thank you for the opportunity, sir. The first question is again on the cost side and talent and capacity building.

When we look at the fixed cost, and this is across segments, while FY25, there was a increase in fixed cost as you were investing. In FY26, barring cables and wires, we have seen the fixed cost being broadly flat across all other segments.

Cable and wires partly is maybe because of the capacity addition. When you look at FY27 while, as you said, very difficult to forecast revenue here.

From a cost point of view, do you see that FY27 is also going to be very similar to what we have seen in FY26, whereby fixed cost may be increasing in cable and wire because of capacity addition, but other segments remains broadly where they are or maybe just in line with inflation? Or do you think that because FY26 have not seen major investments, 27 could see a bump-up in investments across segments?

There will be some investment across segments. This could be especially over cables and wires and seen the others and all.

There will be a balanced approach across all segments. However, last year also we said this year also we'll try and get more operating leverage, which means revenue growth should outpace the expenses growth, except in advertising and promotions where we are taking conscious decision to up our spends.

Okay.

Thank you very much, everyone, for joining in to the investor call for Havells India Limited, and thank you, Umang, for organizing this. Thank you.