Yeah. This is Amit, I think, and then I'll request Sriram.

As last quarter Sriram was still coming on board to the full CFO role, this is the first quarter where he has taken over the full CFO. He'll be jumping on separately.

Meanwhile, I will take you through the short presentation. Can you just go to the next slide?

Hopefully you can see the screen. Can you go to the next slide?

Please press okay on that. Next slide.

Now I won't spend too much time on this. The strategy part, we don't have many changes to it, but the only point to note is our GDV addition is at roughly 47,000 crore, which is being executed.

Rest of the elements of our strategy stays consistent with the past discussions. Let me share a quick update on our overall business.

First and foremost, I think on the residential side, we have reported a presale of 572 crores. We are roughly 1773, 1800 crore in the nine-month period.

We've had some very successful launches this year so far: New Haven in Bangalore, Marina 64 in Mumbai, Citadel in Pune, and Lakefronts in Chennai. They have been successful launches.

Sustenance sales have contributed significant part to our sales so far. Vista in Kandivali, Ivy Lush in Pune, Wagholi, Citadel in Pune, and Green Estates in Chennai, they have given us a significant part of our presales this year.

We also had a very successful launch of Mahindra Blossom in Hope Farm, Bengaluru. I'll share the details and highlights later in the presentation.

It's not counted in Q3 because the launch netting etc. only happened last weekend, but it's been very successful for us.

Q4 launches, I think we got in Mahalaxmi and Bhandup to the finish line. I think the last bit of approvals on the RERA side etc.

are being filed as we speak. We will hopefully get the RERA in the next few days.

I'm not sure how much of the presale we will recognize in this quarter, but it will set us up really well for the next quarter. On the execution side, there is a lot of momentum.

BD continues to be strong. This has been a concerted effort for us over the last couple of years.

The GDV addition for this year so far is 10,600 crores, which is solid. We have very strong progress on EC for most of the projects.

As in the last six months or five months, ECs have become a requirement before we can get RERA. That's why some of the RERA launches are delayed, but it's a one-time correction.

Future will automatically get adjusted to the new requirements. Have you all also achieved quite a number of OCs.

Overall six OCs we have received in the last 45 days. Some are captured in our 31st December quarter end and there are two or three three are captured before 31st December and three are after.

Most of the valuable ones are captured in December quarter. Given our discussion about derisking execution, we've also continued to invest in partnering with Tier 1, 1.5 vendors, especially for core and shell and bigger part of the project.

Significant investment on the employee side, culture side, training side, and culture creation side. On the IC and IC side, we see strong leasing activity in Jaipur and Chennai.

These are the places where we have good amount of land that is coming for availability. The realization has been quite good, better than what we expected at the start of the year.

That shows the robustness in the industrial demand. We received the Origins 2A, if you recall almost a year back we had shared the details of extension of our partnership with Sumitomo that has now been approved, which allows us to bring to market almost 125 plus acres of land for leasing.

We are also trying to bring other locations to market such as Ahmedabad. I think hopefully we'll start sharing some updates as we get all the clearances, all the approvals, and the leasing activity picks up in that area.

Overall financials, nine-month consolidated residential and IC sales combined is at 2,125 crores. Strong PAT delivery of 208 crores so far.

I think for this quarter it was 100 109 crores, right? Very healthy quarter supported by some of the successful OCs and also a strong IC performance.

Collections have been strong for the resi, 1472 crores. Ever since we did our rights issue earlier in the year, our balance sheet continues to be quite healthy, quite conservative.

Net debt to equity ratio of -0.12, we have more cash available, and cost of debt is at a very I would say competitive level at 6.7%. Obviously, it includes CPs as well as other ICDs etc.

that we have. It's a low amount of debt, and whatever debt we have is at a very competitive rate.

If we can move forward. I think if you've seen a variant of this slide, this is everything that we have done this year.

I think the latest one is the extreme right column, which is a new society redevelopment, cluster of redevelopment. It's roughly 1000 crore.

The name of the society Lokmanya Tilak Nagar. Very premium location, very well connected to the Eastern Highway and I would say near Shivaji Park, great location, and we are very excited to have won this mandate to pursue this society.

Move forward. This captures the year to date as well as inception to date in terms of the GDV.

As you can see, current inventory as of 31st December, Blossom is included there as the inventory, roughly 1800 crore will be included in that. From Blossom, we have Vista, Ivy Lush, Citadel, New Haven, Green Estate, Nestalgia Tathawade are small, but the first four are quite big.

In fact, the biggest is Blossom, and that gets consumed significantly in this quarter. The part B is future phases of current projects.

Citadel Phase 3, which is quite large. Citadel Commercial, another big one.

Marina 64 is the plot A part, which is expecting the RERA anytime. Lakefronts and others together, so that's 2600 crore.

Then pipeline projects, which are yet to be launched, are captured, long lists all the way from Santa Cruz West, which is Vesta, all the way to Matunga, which is the recent win that we have. Then some of the other strategic projects, which are Jaipur and Murud, that have significant potential, but yet we have not given them full value because we need to first get them moving and then we'll extract full value through design and execution.

Overall, 47,000, 46,770, 46,000 47,000 crores of GDV, which is with us today, and we only hope that it goes forward aggressively. This chart you have seen before in terms of how we are planning.

I think this looks good if I tell you that Mahindra Blossom in the last weekend itself, one weekend when we did all the netting etc., did more than 1000 crores of selling. We have not captured that number because that will be in Q4.

If you add that 1000 plus crore just from one weekend and then add other sustenance sales and the remaining two months of sales for even Blossom, I think we are looking at a healthy growth in our sales numbers. The good news is that the moment we get approvals, we generally have a very strong sales performance.

Given the point I mentioned earlier about EC, if we didn't have the delay, we would have seen many more RERA launches with significant time for us to prime the market and convert into sales. Blossom has happened.

Marina 64 is happening right as we speak, hopefully RERA anytime. Then Beacon Hill and Bhandup, they will happen hopefully later part of this quarter, but the impact might be coming in the Q1 of next financial year.

Yeah. Go ahead.

Our march towards 10K vision stays healthy. You've seen the GDV 47,000 crore, but this phase lays out how we are thinking about our projects and how they fit into our 10,000 crore journey, 9,500 coming from resi, 500 coming from IC business.

We have a few holes to fill. I think slowly we are filling all those holes as well.

Our goal is not to wait for these years to convert them into sales like Matunga and Chembur, in fact, a lot of effort are already underway to move them by at least a year. Hoping that we achieve our aspirations sooner than later.

Go ahead. IC business continues to be very healthy.

We are quite pleasantly surprised with the buoyancy in the business. It's just an example, OC 2A took almost a year for us to get all the approval and everything.

Looking at the demand, I think we have sold almost 50% or we have already done LOI for almost 50% of that in the 30 days. Obviously, they were in the pipeline for a long time.

There is a lot of demand for strategic industrial clusters, and we have the inventory at the right place, and there is a lot of preference for our kind of industrial parks than the competition. We see tremendous growth in that.

We expect that business to continue to grow at a healthy rate even in quarter four, given the pipeline that we have. Right, good traction we're getting in our industrial business.

I'll share more update after the quarter four, we'll have full visibility of how the performance is going to be for this financial year. Go ahead.

On this page, it shows that many of our peers in this industry have plotted, which gives them short-term profitability given the accounting rules that benefit plotted. For us, IC business is the plotted, it's industrial plot, not residential plots, slightly different, but it shows you how much gross area and net leasable area we have, which can be monetized similar to the plotted that some of our peers have in the residential side.

It's not that we don't have plotted on the resi side, we are building that business, but industrial plot business gives us tremendous strong starting point as we look at the overall residential plus industrial business rather than industrial alone and residential alone. Good amount of opportunity to be monetized from our IC business.

Let me pause here and then request Sriram to jump in on the financial side.

Thanks, Amit. On the financial side at an overall level, we had Q3 residential sales of 572 crore against 334 crore in the prior year.

For the nine months ended, we had 1773 crore against 1749, which reflects a 2% growth. As Blossom and the other sales are expected to lock in in Jan, this number is expected to surpass the prior year numbers of 2804 crores.

On the IC and IC side, the performance continues to be really robust. During the nine-month period, we've grown close to 30 30%, and the pipeline looks very strong.

We have just unlocked OC 2A in December '25, and we're already seeing good traction for IC leasing in our Origins Chennai location. Looking ahead for a good Q4 from the IC side.

On the GDV side, we have done 10,560 crores. This is on the back of 18,100 we did last year.

The GDV momentum continues to be very robust. The additions that we have made so far in this year are a good mix of redevelopment, outright transactions across Mumbai, Pune, and Bangalore, which are our core markets.

The residential collections were at 1472 crores, again an 8% growth over prior year. That said, the OCs that we received in December, we actually got it towards the fag end.

We know we will expect to catch up on the residential collections in Q4 of this year. The balance sheet continues to be healthy with negative net debt-to-equity ratio of 0.12, and the cost of debt for us is currently at 6.7% versus 8.9% a year before.

Move on. This is the segment results which we had started publishing a few quarters back.

As you can see, with the OCs coming in in the December quarter, for the entire nine-month period, we have a residential PAT of about 43 crores. The Q3 residential PAT was almost 64 crores, which is a reflection of the OCs that we received, which is primarily Eden Phase 1, Nestalgia Phase 1, and our project in Chennai Happinest, those got the OCs and the profitability reflects a decent portion of how profitable these projects are.

Effectively, the IC and IC business continues to be very robust. You can see there has been an increase in the acreage leased from 47 to 53 crores, but more importantly, the realization has also been high and the EBITDA margins and the PAT margins from the IC business continues to trend up with solid leasing activity across Jaipur and Chennai.

Going on. On the cash flow side, for the nine months ended, we did operating cash flows of roughly 558 crores.

There was investing and financing cash flow as well of 250 crores. Overall, we ended with 724 crores of closing balance, which includes our balances under RERA accounts.

On the land outflows, you would see it's 802 crores compared to 715 last year during the same time, and it includes the transactions that we had done for the nine months ending December '25. This is one slide we added based on the discussions we've had with you in the past.

We brought it back again to show the cash flow potential from our existing GDV, existing projects. It says it's about 13,065 crores.

The big disclaimer is it does not include Thane, Pink, and Murud as yet. If we include that, we could add another roughly 3,000 3,000-ish crores.

Pink is Jaipur.

Pink is Jaipur residential.

I think for the next meeting we'll add Thane as we are

at

advanced stage of design and a whole planning phase, we'll include that.

Next page. On the P&L side, for the quarter ended, we did about 109 crores of PAT, and comparing this against the last quarter, which was about 48 crores, and Q3 of last year was -23 crores.

Overall for the nine-month ended, we did 208 crores against -24 crores for the same nine-month period last year. Moving on to the balance sheet, as we did the rights issue in Q1 of this year, the net worth reflects the equity portion of the rights issue.

The use of proceeds of the rights issue was to pay down the long-term debt, which we had done. About 918 crores has been completely paid out.

On the inventory side, you would see that the inventory has gone up from 4,400 to almost 5,600 crores. This reflects the new projects that we have added.

We also had Luminare, which actually became a 100% subsidiary this year, so that also got added to our inventory in this quarter. Overall, looking healthy with our balance sheet position.

I think with that we will sort of open it up for questions and take any inputs. I think we'll take Parikshit's question first.

He was asking about the response for Blossom, which I think we addressed. He is asking on GDV launches and sold, the amount we sold for Blossom.

On the BD, he had said we had already done 10,600 crores for the nine months ended. Where are we likely to end up in FY26?

When is Marina 64 getting launched? That's the other question.

Let's start with the bottom, Marina 64. Anytime now, Parikshit.

I think it's been through the RERA approval process for a few days now. There are some questions that came up.

We have addressed them, most of them. We're expecting anytime.

Should be maybe let's say a week to 10 days is what I'm hoping. Marina 64, but plot B and C is in healthy shape.

We've captured that sales already in our presales numbers, so that's one. Second is GDV.

I think as we've spoken in the past, we don't have a GDV target per se. I think we wanted it to be healthy so that our 10,000 crore journey is viable, is likely to happen in a predictable manner.

I think we have gotten quite close to that from our portfolio. Now how can we get the right GDV that gives us right mix of geographic spread, right mix of great locations where projects are quite successful?

Fortunately, we have got a large number of deals coming our way, given some of the traction we have gotten with playing in the market in the right way. When we don't like the deal, we say no immediately.

When we like the deal, we take it to the logical conclusion, and we move fast through it. I think many players in the industry, landowners, partners prefer that clarity of thought.

We have good deals to choose from. Given the portfolio that we have, the pipeline we have, we will always choose deals that will be good deals for us at a great location.

That's the fundamental principle I've set for the team. We have good number of deals.

Hopefully, some good deals will close that are in the pipeline. We're evaluating, but hopefully at good terms.

That's part one. Part two of the same question is I think we also see a little bit of correction, moderation happening, especially on the luxury side.

We see a lot happening in the NCR region where we are not playing right now from a sales perspective. We also have a view that as market slows down a little bit, our strategy is going to work out really well.

We have great customer pull because of our brand. We are not trying to play in segment that is likely to see significant slowdown.

Like affordable you've seen in the last few years, luxury might be slowing, mid-premium, premium segment, that'll continue to have good demand. As long as we keep the ticket price, I would say, optimal, I will not use the word affordable, optimal, we'll continue to have takers for our kind of brand from the organic demand that exists with end users.

We always prioritize end users over channel partners. We want customers who are going to live there to buy our homes.

I think hopefully that allows us to continue to gain momentum. In that context, Mahindra Blossom is a shining example.

We didn't have to do a lot. We started marketing only after we got RERA.

In one weekend we did more than 1000 crore. Total GDV is 1800 crore.

I think we continue to maintain the momentum at Mahindra Blossom. Our goal is not to do a sellout.

I think right now we've gotten good traction, good velocity. Our goal was to sell 50% to 60%, and we have gotten to that level already.

We'll see how the market shapes up, we already have EC, we'll start the construction immediately. Hopefully we'll have more appreciation for our customers and a fast execution to OC even for Blossom.

That's quick answer to all the questions that Parikshit asked, right? Hopefully, right?

One more question, Amit, here. Generally we have been asked by everybody that status on Bhandup, if we can highlight about the approval status and how we are looking at launch, and also with Lokhandwala.

On Bhandup, I think positive news. I think concessions that happened, IOD has happened now.

We have received EC also last week or 10 days back. Now we've filed for CC and then RERA.

I think it's a question of CC takes I think anywhere from two weeks to 20 days and same time for RERA if everything is aligned. We are looking at maybe a month, maybe March 10th is the timeframe we have, which could be that when we get all the approvals on Bhandup for RERA for us to launch, including RERA.

That's Bhandup. Then Lokhandwala, I think Lokhandwala is at the design and stage of alignment with the societies.

I think it'll take some time because it's a marquee location, marquee project for us. We want to invest enough time to make sure that the designs, the planning, the approval process etc.

is in the right shape. Maybe in the next meeting when we have, I'll give more concrete details of Lokhandwala as a specific project.

I think typically it takes anywhere from 15 18 months to 2 years for us to launch society redevelopment projects, sometime even longer as we have seen.

Amit, there are some questions on market. I'll bunch them up.

Basically, if we can outline on how we see the market, again if we can also outline the demand we see by cities in our core markets, how do we see the demand going there, and any sort of sluggishness that we're seeing.

I'll make four, five points there. The first and foremost is we look at overall inventory overhang, right?

Inventory overhang has gone up from roughly 13 months to now 15 months. There is slight slowdown that we have seen compared to last year.

A real slowdown in the industry when this number crosses 30 or 36, right? You have 2 and a half, 3 years of inventory sitting and then the market pick up is low.

Right now we are just over one year, which is still quite healthy. That's point one.

It's slightly inventory overhang is higher. Second is we see slowdown obviously we talked about affordable, but lately we've started to see slowdown wherever the luxury projects are happening.

I'll give the example of Gurgaon, for example. There are very few projects which are where you can buy a two-bedroom, three-bedroom for 2 crores to 3 crores, right?

Most of the homes are 7, 8, 9, 10 crores plus, and we see slowdown that's happening in that segment. It'll take some time for us to see the correction, but it's important for us to note that the number of buyers for that ticket size is not as high as there is for mid-market and premium products.

When we look at the market, we not only look at the units, but also look at square foot, we also look at the pricing. You get a true sense of what's happening.

The units actually have come down, but that's not a really bad thing because in Mumbai, for example, the approvals have delayed the number of units. In the past, the square foot actually went up because many of the places were launching larger-sized homes, obviously Bangalore, Pune, even Delhi, Gurgaon to a greater extent, and that's why it has a very big impact on the ticket size.

We believe that if you get the ticket size wrong, you'll see a sudden change to your velocity because price elasticity is not there beyond a point, right? Overall we feel slight slowdown is happening.

Now in our context, because we have tried to be very careful about the segmentation that we play, we're not playing in the luxury segment, right? We don't see those kind of headwinds.

We have been affected by the slight slowdown on the approval side, right? As we just talked about Bhandup, Mahalaxmi, Navi, they are all slightly slower than we would have liked it to be.

It should have been a quarter or at least couple of months faster, would have given a fuller impact. It's a one-time correction that's happening because of the new regulations where EC is a requirement for CC, which leads into RERA, but it'll get corrected in future cycles.

I think we have been very focused on our strategy, mid-premium to premium, great locations, keep the ticket size which is affordable for a big part of that segment, and make sure that you're able to get great locations, because at the end real estate, if you find a well-connected, great location, you're able to find buyers for it. You're not betting on future infrastructure, you're betting on current infrastructure.

My takeaway from what I just said on the market is I think we see some slowdown and more in some of the specific segments or specific markets, but we are treading the path very carefully so that we are able to manage our financial goals, our growth goals in a balanced way. Blossom, for example, is a project where we not only got the velocity, but we also got the pricing, and some of our peers are the largest players in Bangalore, we are able to get a premium even on them.

I think a good project, good segmentation helps you manage through this slowdown because of the overall buoyancy that we see towards corporate brands like us.

Thanks, Amit. I think one question on IC.

What is the value of potential of the 1520 net leasable acres we had announced? What's the period for unlocking the potential?

The margins that we are seeing on the ground, which seems to be

What was the first question again?

Value potential of the 1520 acres, our IC business. 15-

Oh, 1,520.

1,500 acres.

Okay, 1,500, yeah.

About 5,000 to 6,000

crores. Yeah.

I think yeah, on an average we've used 3 crores, right? 3, 3 and a half, right?

3 and a half crores.

You want to answer that?

I'll take it. Overall value that we are seeing is about 5,000 to 6,000 crores of sales for the IC business, which covers this 1,520 acres.

The PAT potential from this is roughly about 1500 crores over a period of time. I think your question was also on the timeline for unlocking this potential.

In our estimate, we think that this will take about roughly 10 years or so. If you see the 1500 acres, roughly half of it is in Jaipur, and we also have locations like Pune, Ahmedabad, and Origins Chennai Phase 2B is yet to be sort of brought to the market.

We're also working on Origins Pune and Ahmedabad as well to sort of bring that into the market. Overall, that's the timeline we're sort of working towards.

It could be quicker as well if the demand continues to see good traction. That's the answer to this question.

Amit, I think there are some questions on guidance for '27 and '28 if we can give. I think we stayed away from '28.

I think the first time we've given a guidance of '27 at 4,500 to 5,000 crore of presales. I think I'll request allow us to deliver this for us to give you the guidance for the next year, FY28.

I think but we are in the upward trajectory, right? We may need to think about if market slows down significantly, but at this time, you're holding our guidance for the next financial year between 4,500 to 5,000 crore.

Then there is a question from Shalin from Sears on the resi profitability and which historically has been impacted by the legacy projects. How do we see that tracking over time?

I will take this.

Yeah.

On the resi profitability, we saw this quarter we had done about 63 crores of PAT, primarily driven by three critical OCs we received, which is Eden Phase 1, Towers A and B, Nestalgia Phase 1, Towers A and C, and we also had Phase 2 of Happinest Chennai that also we received in December. All of this has contributed to increase in gross margins from the residential side, which is trickling down into the profitability.

Net-net, we were at close to almost 10% of margins, which is a good starting point from the resi perspective. As we see more and more residential projects that come up for completion, we have Eden Phase 2, we have a few of the other projects coming up in Nestalgia, Alcove, Luminare, all of those are expected to contribute to our continued PAT profitability delivery over time.

That's where I would kind of say that it's a good situation to be in with the resi profitability turning positive from the PAT side after a long time. With the continued OC delivery, the endeavor is to maintain that as we go forward.

On the IC side, I would say that that's been a significant contributor and continues to play an important role from the overall company's profitability. Amit, one question on value of FY26 launches and value of FY27 launches.

I think on the FY26 launches

Presales or plan?

The launch GDV of the launches that we had.

If you exclude Mahalaxmi and Bhandup, it'll be roughly how much, 3,000, right?

3,500.

3,500 crores, right?

Yeah. Now

Bhandup and Mahalaxmi will get launched this quarter, our estimate, but most of the sales impact will be in the next quarter. The presales of new launches that we have done this financial year will be roughly 3,500 crore, excluding Bhandup, excluding Mahalaxmi.

Right. Going into FY27?

It'll be somewhere between depending on our success with the launches, but our goal is to take it to somewhere between 5,000 to 7,000 crore, right, because the Bhandup and Mahalaxmi itself would be quite large depending on the phases, and then we'll have couple of other launches to support that.

Right. I think one question from Yohan on the Sai Baba redevelopment update, any progress or an update on when we are expecting launch on that.

I think the launch will be in Q2. Our target is Q2 of next financial year.

The most of the groundwork has been done right now. The concessions are underway.

If we can get the approval, it will trigger all the other activities with the society on PAAA and the prerequisite plan sanctions towards RERA, right, and the demolition that we'll have to do, right? Q2 of next financial year is something that we are shooting for on Sai Baba.

Concessions are underway.

One question related to the recent budget. Are we expected to see any benefit from the CPSE real estate monetization, and if so, in what manner?

This is related to the unlocking of the real estate assets of the public sector companies.

I think we'll we'll wait. It just came out.

I think we need to understand this better I think before we can comment. Any unlocking of real estate is good, but we're also very much aware of the, for us getting the price under control is extremely important, the ticket size under control, and then that's means everything has to work seamlessly on the land prices, on cost of construction, labor cost etc.

We'll we'll wait to understand what land what what unlocking is planned and which cities, where they are, and what kind of commercials it'll mean for for any buyer.

Thank you everyone for participating in our

Do you have any other questions, please you can type it. Guys, if there are no question, I hope you could hear us well, you could see the presentation.

If you have any feedback whether it's working or not, this is the second time we tried, please let us know. One question came in?

We'll do that. In the meanwhile, next, which is the end of the year, we will plan to do it in person as we have done couple of times this financial year, right?

We'll do that, we get to learn from you, get your feedback, and make it more conversational in terms of our engagement. Sriram, you have a last question?

Right? Just came in from Ronald from ICICI Securities.

He's asking elaborate on construction execution capability scale-up as we have now more and more projects come

up. That's my biggest priority, Ronald.

I wish you were in our office so you could see we celebrated our project leadership team that helped us get actually those six OCs and a few more in the pipeline. You'll find that half of the team is new and half of the team is old.

A key part of the OCs that have come through is a lot of colleagues in the projects organization who started the project, they are there to get the OC. They were there from excavation, bhumi pujan, to all the way to get to OC.

A new set of people have joined from other firms who are excited by the project outlook, the portfolio projects we have across all the three cities. They're looking for growth, and we are able to attract them because they're very keen to create a meaningful impact in our organization.

First part is getting the right people. We've added a large number of people to prepare ourselves for significant number of project sites in addition to launches that'll happen.

The second part is partnership with other contractors and vendors. I think if you work with Tier 3, Tier 2 kind of contractors everywhere, the bandwidth required within the organization is significantly large.

I think we are trying to move a big part of our portfolio to Tier 1, Tier 1 and a half contractors who have experience, scale. We may have to pay a little bit more for there, but they come with their benefits, which we're trying to factor in our commercial planning.

That's the second part. The third part is overall systems to ensure safety, ensures quality, ensure progress tracking, ensure work done billing, productivity.

I think we are putting small, small systems that are going to be very powerful. An example of that is how do we do snagging, de-snagging at the end of a project, right, when the OC has happened and we are doing the handover.

You could make beautiful, strong apartment, but even a chipped tile or a crack can really make a customer worry about the quality altogether. We have put a three-step process, a large number of team is involved to ensure there is a system that has been put in place which has projects, quality, and facility management teams involved.

We're making sure that all three elements, number one element is the right people, right leadership team, number two is right ecosystem with our contractors and vendors, and right set of processes and technology solutions that are there to support us. All three of them are important for us to do execution really well.

Really want to create a name for ourselves when somebody walks into a Mahindra home, they should really be wowed. We were too much into affordable in the past, that was getting limiting, but now we're playing in the right segment, and hopefully we'll continue to delight our customers.

Okay? Great.

Then thank you so much, and we remain glued into any and every feedback. If you have any comments, any suggestions, please let us know.

We'll be happy to address them. Thank you so much, as always, for being there for us.

Thank you. Thank you everyone.