Reliance Industries Limited

Nice to see you all. So we had, you have seen the results, strong performance across businesses. And even within each of the businesses, the quality of numbers has just been improving quarter after quarter. And when you look at starting with Jio with 18% growth in EBITDA on the back of strong customers, both mobility as well as homes. So here the point here is not about just customer addition. customer addition, data usage, products that are on offer. So when I talk about quality, I'm referring to a lot of these factors and Anshuman will take you through in detail on some of these. So resulting in EBITDA margin expansion. Retail, this is something I know you all have been tracking. Overall EBITDA growth at about close to 17%. In fact, revenues have been higher, but about 18%. This is when you look at the categories, both fashion and lifestyle, grocery, electronics, all of them have seen anywhere between 17% to 23% increase in terms of year-on-year growth. FMCG continues to do well, and that is now with 5,300 crores, effectively double. The NCLT approval has come through, so this is something that the demerger will happen in... but we are waiting for the written judgment on that one. And here, clearly the focus is on brand building, on bottling capacity, on setting up of the food parks. Media and Kevin will talk through but very impressive set of numbers with 400 million MAUs that we have and a sharp jump in EBITDA too. Energy business, that's something that everybody has been tracking, good numbers there, 21% higher. on the back of a lot of things, but primarily coming from the increase in cracks across gasoline, gas oil, as well as ATF. And, you know, some of the factors about ethane light feed cracking, all of them coming in, you know, in terms of contributing, volume increase has been there and so on. Domestic placements have been high. Again, both gasoline and gas oil in terms of throughput through the domestic markets up 34%. Upstream has been more stable at about 5,000 crores of EBITDA, a little bit lower on account of production coming down as part of natural resources. natural fall in terms of field performance. And on the new energy side, we continue to, we are on track in terms of both the panel production in terms of being ready with the first line for sales, as well as the important one in terms of development of cut so that RERTC can be generated from, you know, sometime next year. So these are numbers, when you bring them together, you are talking about 10% increase in revenues on the back of the jump that we saw in retail. And this is despite oil being lower, as you know, oil prices were lower. Overall EBITDA, 50,000 crores plus, it's about 15% higher on a set of big numbers. And when you look at it on a PAT basis at 22,100 crores, this is pre-minority numbers, that is also up 14%. So this is despite finance costs being higher by about 14%. This is despite depreciation up by about 12%. And really, both these numbers are up because of the 5G capitalization that happened. And therefore, the spectrum interest, et cetera, now flows through the P&L. And when you look at the 22,000, the big numbers in terms of PAT, standalone RIL is about 9,200, JPL at about 7,400, and RRVL at about 3,400. All of them, as I said, a good set of numbers. And this is just the EBITDA split, but you can see what I had summarized. O2C about 21%, ENP slightly lower, digital services up 17%, and retail 16%, and with media and others at about 10%, bringing to 14.6%. So, as you can see, all the businesses have done well. As I emphasized, as you will see in each of the presentations, the quality of the numbers are just getting better and better and better over the years and over the quarters, so that gives tremendous stability to the earnings. And then, you know, finally, when you look at just the balance sheet, net debt broadly flat. The capex that we spent at about close to 40,000 crores, almost in line with our cash profits. So overall, strong performance and, you know, continuing strength in the balance sheet. And I'm going to request Anshuman to present the geo section.

Hi, good evening, everyone. So geo... Update on the results. Before I do that, I wanted to bring the attention to the fact that we are operating as an exchange technology company at scale. We have spoken about this in the past, but every quarter we have been proving, doing new things and demonstrating our ability to develop technology and implement technology at scale. Indigenous technology, we have our own proprietary 5G stack and fixed wireless stack that we have spoken about in the past. and which is now working at a significant scale, at global scale. 3,400 plus patent applications across 5G and 6G, where we are among the thought leaders now across international forums. We have built several digital services for India at scale, and not only built but deployed, and people are enjoying those services and those platforms, enterprises are using those platforms at scale. Our ability to operate at population scale, once again, over 500 million consumers that we hit in this previous quarter. We closed at 506 million homes. We've crossed 22 million and growing rapidly. Enterprises, which segment also is growing fairly rapidly. So we've got... these platforms and technologies or solutions which are working at scale across all of these categories. And we're developing end-to-end control over the value chain, which has already helped us in keeping the cost in control, keeping the whole development cycle in control, being able to bring out new functionalities at an agility which is better than what you see global operators being able to do. And taking this full stack approach, which also helps us now possibly taking some of these technologies and platforms to other places as well. So that's a theme that we're very focused on and we've been working on and we've demonstrated that repeatedly. And we're continuing to demonstrate that across our business at scale. all of which gets us market leadership in mobility and home solutions. Number one in connectivity, 506 million subscribers at the end of the quarter, 8.3 million net additions during the quarter. Our chairman announced the 500 million subscribers in his AGM speech towards the end of August, and we have been growing since then as well. 234 million of these subscribers are 5G users, 21 million net additions in 5G users in this quarter as well. On homes, we've been making fairly steady and rapid progress. 23 million fixed broadband connected premises, 3 million net ads in this quarter. So our million a month kind of run rate has sustained over a period of time and it's now picking up more. And out of these 23 million, 9.5 million are geo-air fiber homes using different technologies that we have spoken about, which makes us the world's largest fixed broadband service provider, wireless fixed broadband service provider, bigger than Verizon and T-Mobile, which have had a much earlier start. All of this translates into market leadership in financial terms as well. 36,000 crores plus revenue, 45% of revenue market share in the connectivity business, 52% EBITDA margin for JPL. Of course, the connectivity business has a much higher EBITDA margin. So strong quarter with 18% year-on-year EBITDA growth and sustained leadership in connectivity. On mobility... One of the interesting things that we are observing is the uptake in data consumption and traffic in the non-urban areas, basically Tier 3, Tier 4 rural areas. Pan-India 5G site traffic has grown 2x in the last year, but rural sites have shown higher growth. So the uptake is actually quite healthy there, which is very positive for us because one, that shows that there is demand coming in from all geographies, all places, all segments of customers and who are now consuming more and more. So devices propagation is penetration is better and they're finding use cases to use the 5G. And two, in many of these areas, we are really the only 5G service provider at this point in time. So we have a healthy lead in that sense as well. On the network technology side, we have with such high 5G consumption, both on the number of subscribers and the data consumption itself, We have clearly demonstrated the most efficient use and most productive use of spectrum that we have got. Average 5G productivity is 3x higher than the LTE on 2300 band. That much more, you know, we are sweating the spectrum and the assets that much more. Our 5G customers are enjoying one and a half times faster data speed than the nearest competitor. And this is leading to more than half of the network data traffic now, wireless traffic now, coming in from 5G. And this number is growing fairly rapidly. If you see the trend on the right, which is of 5G subscribers that we have on our network, it's growing fairly rapidly. In fact, most of the new devices now, it's 85%, 87% plus new devices getting sold on 5G, and these consumers are using 5G services right from the start. so that the trend is fairly healthy and continues to grow. The initiatives that we're taking to continue to grow our wireless subscriber base mode, mobility subscriber base, a lot of customer campaigns that you would have seen in the last quarter, bundle offerings, anniversary and festive offers, IPL offers. So just giving customers more value for their buck, which we have always done, and we are continuing to provide that. Jio Bharat has a companion phone on our LTE network with a whole bunch of new security functionalities that we built in. We launched, we demonstrated that at the IMC earlier this month, and which is becoming quite a hit. People are, you know, there are functionalities like... allowing only certain numbers a customer can choose to allow only certain numbers to be able to access on that particular mobile uh parental control or these days it's it works the other way you can control the device that your parents are using you can control the numbers that that are able to access that and try and prevent fraud and that's that's a fairly popular functionality where you can actually through the network integration control the the numbers that can access a particular device We have also done partnerships with OEMs to bring more devices at different price points in the 4G and 5G segments, and that's something that you'll hear more of. We're still trying to penetrate, convert almost 225 million or maybe 215 million 2G users and upgrade them, so working on bringing more devices that are more suitable and affordable for them. then at the same time expanding the products and services our 5g sa has enabled us or is enabling us to provide a few functionalities which only we can do on our network at this point in time of course ultra low latency but things like ursp so root selection for for a particular ue device which we are now working with some oems to enable better quality of service on their devices PPDR, which is working with the government agencies on public protection disaster recovery. So some of these are functionalities which our 5G SA network is enabling us to do. Some of these are getting monetized, and others will get monetized over a period of time. And then, of course, bundling all of our digital offerings along with the connectivity. On homes, we are driving digitization of a million homes every month. So if you see the run rate on the chart on the right, that's picking up fairly steadily. And we expect that trend to continue. In fact, if anything, keep growing with our wireless broadband offerings that we are able to connect homes with much faster. Almost a million homes, new homes, got connected every month in this quarter. And we extended our global leadership with a subscriber base of 9.5 million on wireless broadband. So Jio Air Fiber, which is a combination of both offering services on the 5G network as well as UBR. And both have been fairly steady. The quality of service has been as good, if not better sometimes, than FTTH. And I only say not better because... Fiber still gets cut. Here there is very little disruption. These networks run at almost 99.99% availability most of the times. And then set-top box as a gateway for discovery, which is what we're providing to every home, and a whole bunch of integrated experiences. I'll just cover that in a bit. And in terms of growth initiatives here, converting more or connecting more homes, there has been, you know, we've seen a lot of latent demand Every new area that we are launching our services in, and now the air fiber services are available pan-India. There is massive adoption, and with some of our 1GO offering, which basically provides connectivity along with all of the content and security solutions, etc., there is a lot of demand coming in from there. We are now able to provide 1Gbps connectivity. As we spoke about this in our AGM, any user can get connectivity of up to 1Gbps in 24 hours in almost the entire country. I think pretty much the entire country wherever we have mobile connectivity. And then adding more products and services. Set-top box, an important one that is becoming a digital gateway. We've also now... developed something called TeleOS, which is set-top box equivalent on the TV itself. So all of those features, functionalities, which come through a set-top box, through our tie-ups with OEMs, we are able to provide those on the home screen, so you don't need the physical device, but of course we have the physical device, the set-top box also available wherever needed. And then offering GeoPC gaming and content, a few of these offerings which are now being rolled out or have been rolled out and are becoming more popular on the field. TeleOS, GeoTeleOS, which is our own operating system, which is what we use for the set-top box. And now we have basically made it into an operating system that OEMs can work with. And we already have some OEM partnerships where they're using the GeoTeleOS for... in their TVs. It's getting embedded, which enables replication of the set-top box. Really, you don't need the external device. All of those functionalities are coming in the TV itself, be that OTT and live and catch-up TV, all the OTT content that we offer on the set-top box. GeoPC, which we have now launched, which is in the beta phase, and many of you are Geo home fiber users, or AirFiber users must have seen that on your setup box. That's live, and the uptake has been quite remarkable, and the experience has been quite remarkable. The minutes of usage is growing. Almost every month we are seeing dramatic increase in the number of minutes of usage of that. GeoStore, which gives an opportunity for other developers to come in and offer their products, their apps and on the OS itself, security, home automation, and parental control are all functionalities which have been built into the Geotel EOS and which can get integrated with the service. For the enterprises as well, the OneGeo approach, a combination of both connectivity and products, where now we've spoken about this in the past as well. Our focus is getting more revenue pools coming in from the enterprises beyond connectivity. And almost all, it's not 100%, but almost all of our large enterprise customers are taking more than one service from us. So it's not only connectivity, it's connectivity plus a bundle of services So the managed services stack is what we are offering them, including connectivity, managed Wi-Fi, compute, security. Our GeoCloud is becoming quite popular with enterprise clients, GeoCloud Telephony. The pan-India network and being able to provide them connectivity now with our UBR offering, our geo-air fiber offering, we are able to connect any premise, any enterprise at 24 hours and through a common unified interface for the customer. And this is, you know, GBPS level connectivity. So we are able to offer this, which again, we are fairly uniquely positioned to be able to offer this. And when it comes to SMBs, this becomes quite important for them to have a single interface to get all of these services and connectivity through the same service provider. And then we're doing partnerships and tie-ups with other service providers as well as we take our services to the consumers. And we've been expanding our market share. Of course, this is, as you all are aware, this takes longer to break into enterprises, but we have segments like the BFSI or hospitality where we clearly are the market leader now and increasingly in some of the other segments as well. A few other launches in recent times, the GeoPC converting any TV or screen into a computer, cloud computer. Now, again, most of you by now would be familiar with this product itself, and many of you may have used it or have got it in your own connections. We have now launched this. It's still beta, so we are not really charging customers for this, and we are trialing it. The pickup has been very healthy. We are including functionalities in this where users can actually buy capacity, compute capacity based on their requirements for certain periods of time so they don't need to have very high processing speed or processor capacity. If they don't need it, they don't have to pay for it and they can buy it for whenever is a requirement. We are integrating it with the Geo Workspace so they get everything, all of the office functionalities on their cloud PC. We've also tied up with some of the partners, service providers, where we are able to offer more software through the Geo Cloud PC. So for a consumer, there is no difference between this or... There is no difference between what this cloud PC can give them versus a traditional computer. But, of course, this is far better because you can optimize, you can pay for only what you need to use, and the upgrades are automatic. You don't even have to go and buy a new computer. So this is something that we are very excited about, and the initial feedback from the market, from consumers, has been very, very positive. GeoFrames, you have seen this. We have developed using our own complete hardware and software stack, our own AI. It is, you know, the hardware also has been developed by us, has been optimized by us, and is getting manufactured in India. The OS, of course, is our own, multilingual. We are already supporting... 10 languages, which should be supporting 12 languages fairly soon. The price points are significantly below where the global companies are today offering their products. You will see these coming into the market in the next few months at price points which are very suitable for the Indian demand, Indian requirement. That's been the effort that we are working on. We'll have some models coming in reasonably soon, but the mass scale models should come over the next few months. Coming to the results now of the connectivity business, the total customer base, as I said earlier on, went to 506.4 million. That was a net add at 8.3 million in this quarter. So we're seeing fairly sustained growth there. ARPU at 211.4. That continues to grow steadily. In fact, the increase from the 195 to 211 is post the tariff hike of last year. So this impact, this really has been coming mostly out of increased usage plus some of the 5G upgrades that people are doing as we keep launching, keep nudging consumers to move to higher unlimited 5G plans. Total data consumption on the network has gone to 58 exabyte per capita data consumption at 38.7 GB per user per month. The operating revenue for RJIL came in at 31,857 crores in this quarter, which was a fairly healthy 12.4% year-on-year growth. EBITDA came in at 17,874 crores, which is 17.4% growth. EBITDA margin expanding to 56.1%. So all in all, fairly good growth. The operating leverage is playing out quite well, and we continue to see healthy margin expansion in our connectivity business. For geo-platforms, consolidated business, consolidated financials for geo-platforms limited, the operating revenue was at 36,332 crores. EBITDA increased 18% to 18,757 crores. And profit after tax at 7,375 crores. 13% growth year on year. So, again... steadily increasing, the contribution of non-connectivity business increasing in every quarter, including from a whole bunch of new services that we are offering in the market. The digital services are getting monetized, so that growth rate has been fairly significant. Moving on, I have a brief section on our AI announcements that we made in our AGM speech end of last month. Our playbook for the AI, well, we've got all of the components, ingredients that are needed to really bring the best AI services, products, solutions to the market, both for enterprises and for consumers. We have, of course, the go-to-market reach and customer access and connectivity, understanding of consumers and enterprises that Jio brings to the table. We have the global partnerships, strategic partnerships, access to models, access to technology and resources from most of these large AI companies. We have, you know, within Reliance Industries, we have the capability to build the infrastructure, the power, which is really needed to put all of the AI infrastructure in place. And In Reliance Intelligence, we have created a company as a 100% subsidiary of RIL, which will utilize all of this, which will invest in developing AI capabilities, infrastructure, and then build solutions and products and take them to market through Jio or through the other ecosystem companies that they have got. We've already made a lot of progress here. Some of our products already integrate a fair bit of AI that is homegrown, of course, using GeoBrain and integrating with the leading products and models of other service providers and doing some of that ourselves and building products and services for the entire industry. consumer segment plus also SMBs and enterprises. So the partnership with Meta, a joint venture that we have formed in Reliance Intelligent, a 70-30 partnership, that's been formed to develop solutions for enterprises, for example. We'll do similar partnerships with others as well, not joint ventures necessarily, but partnerships. And similarly, we are developing products for the consumer segment Now, all of this will go to the market through Jio because Jio has the access. Jio knows what the customers are using and are looking for. So it's a fairly synergistic play between all of these ecosystem players coming together and developing the best of AI for Indian consumers and Indian enterprises. And that includes AIDC infrastructure that we're developing in Jamnagar, that we have announced gigawatt scale DC in Jamnagar. We have already announced a GCP region, a cloud region in Jamnagar working with Google, which is going to be powered by 100% RIL green energy. It's going to be fairly unique in that sense to have access to so much of green energy in that one location. AI model capabilities, we're working with partners. As you're aware, some of our tech partners already are doing cutting-edge work in AI and some of the other companies as well, and we are collaborating and working together with them. AI for consumers. some of our products are coming in the market or are already utilizing this uh be it on uh you know some uh some of the things that you see in my geo or geo hot start uh these are already getting integrated into those apps that consumers are actively using and then developing ai for sovereign use cases and for enterprises and smbs now this is a priority area for us at reliance There is a 100% subsidiary of RIL, which is going to be working just on this and synergizing and working together with all of the other ecosystem companies like Jio. The CAPEX is going to be done here. The infrastructure is going to be built here. And, you know, whatever other kind of partnerships, access to compute, infrastructure that is needed is going to be done here. The products and services that are developed go to market through our other companies, ecosystem companies like Jio, like our media business or retail. And that is where Jio plays a very critical role. And Jio benefits really with all of these products and solutions which are developed. And Jio continues to have the flexibility to work with other service providers as well. So it doesn't only have to work with Reliance Intelligence. Of course, if Google and Meta and OpenAI bring in more products, Jio can go and collaborate with them as well. Slightly longish today, but that's the end of my presentation. We'll take the Q&A later. I'll hand over to Dinesh now.

Hi. Good evening, everyone. We had a very strong quarter. We delivered 18% growth on a YOY basis. I think this reaffirms the resilience of the business model. And all the engines are firing. If you look at growth across consumption baskets, so all our major consumption baskets have grown strongly. Online channels also continue to grow well. We are quickly scaling up our quick commerce offering pretty aggressively. We are also scaling up our store footprint as well. We added about 400 plus new stores during the quarter. If you look at all our operational metrics, number of new customers added, number of transactions, all of those have a pretty healthy trajectory. If you look at transactions, they've actually grown at 27% vis-a-vis revenue growth of 18%. That is because of the significant growth coming from the online channels. We made a public commitment and implemented the changes to pass on the GST benefit to consumers immediately once the new GST rates came into effect. It was done very seamlessly and very clearly and transparently communicated to customers. We continue to add new partnerships into our business. During this quarter, in our premium brands business, we entered into partnerships with two very global marquee brands, Stella McCartney and Max & Co., If you look at our numbers, gross revenue up 18%, net revenue is up 19%. Slight difference because in the last week, the GST rates came down. EBITDA from operations is up 17%, same as total EBITDA, and same growth rate for profit after tax. Grocery, that is the biggest consumption basket we have. We have 3,500 plus stores across the length and breadth of the country. We continue to leverage that footprint for omnichannel expansion. If you look at most of the Tier 2 and beyond cities, when we enter, we are the first modern trade retailer in those geographies. We introduce modern retail to a significant part of the country. We also are leveraging that infrastructure to offer omnichannel capabilities to customers, omnichannel offering, where the entire store assortment is available with quick delivery to the home as well. In the bigger cities, we are also complementing our store network with dark stores so that we reduce the last mile delivery radius and we're able to deliver that quickly. Another interesting trend that we are seeing is the premium formats are growing significantly faster. While we are seeing strong high single digit LFL growths in our big box stores, the premium formats are actually clocking double digit growths. Similarly, Metro, which is our B2B business, that again continues to be on a very strong trajectory with growth coming from multiple categories. We continue to have engagement with the Kiranas and grow our share of wallet with them. Geomart, we are quickly scaling up our quick commerce offering, which is now available in 5,000-plus PIN codes across 1,000-plus cities. We added close to 6 million new transacting customers during the quarter, which is up 120% on our quarter-on-quarter basis. Our quick hyperlocal deliveries continue to be in a strong trajectory with 42% growth on our quarter-on-quarter and 200% growth on a YOY basis in terms of average daily orders. To complement our 1P offering, we continue to add new sellers so that we provide the entire range to customers. We have also started quick commerce for electronics and accessories. In fact, we are also doing it for fashion. In electronics, we have our stores, a large part of our stores which have been enabled on the quick commerce network where the entire grab and grow assortment is available on quick commerce for 30-minute delivery within top 10 cities. We are also now aggressively investing behind brand building and create awareness of our very strong proposition, which is unmatched prices, convenience and no hidden charges. So we basically promoted a campaign with MS Dhoni to leverage the demand for the festival season. Fashion business also had a very strong quarter with very strong LFL growths. The new formats, Azort and Yoosta, they continue to scale up very well. Yoosta reached the milestone of 100 stores with a significantly large number of stores which are in the pipeline and will become operational in the next two quarters. We are also kind of focusing on the ethnic wear category for the festive period. Also focusing on giving customers a complete look because customers when they come to a store, they are looking for everything, not just apparel. And for us, that helps improve our average bill value. So in addition to apparel, footwear, beauty, accessories, imitation jewelry, those are all categories where we are enhancing our offering and their share is increasing quite meaningfully. RGO, our online fashion business, had again a very steady quarter. We've been focusing on premiumizing the offering, add more and more exclusive brands as well as other international brands into the portfolio. And as I mentioned earlier, RGO Rush, which is the quick commerce offering in online, that we have made available in 300 plus pin codes across the top six cities. And the way it works is you basically have a curated premium assortment, which is available in those particular pin codes. And if the customers order that, it gets delivered within 30 minutes. The benefits of that is, as you know, QuickConvert online has the highest returns. So the returns on GeoRush are significantly lower. The ASPs are significantly higher because the assortment which is curated is more premium in nature. It's a convenient service. And the conversions are much better. And in the PIN codes where we have made this service available, we see a very strong uptake, customer adoption in this service. Sheen, which we launched a couple of quarters back commercially, we have crossed 6 million app downloads. Monthly active users are upwards of 11 million. We are now also starting to invest behind educating the customers about the relaunch of Sheen because now we have a significantly large portfolio of almost 25,000 plus options which are live on the platform. And every month we continue to add new options into the portfolio. On the premium brand side, as we spoke about, we entered into partnerships with Stella McCartney, which is a conscious luxury ready-to-wear brand, and Max & Co, which is a youth-oriented women's ready-to-wear brand. There are quite a few other exciting partnerships in the pipeline as well. Our beauty business, which is Sephora and Tira, continues to expand pretty aggressively. We launched Fenty Beauty in India in the last quarter. We are further expanding our presence significantly in Tier 1 markets. On the jewels business as you know gold prices have have gone up significantly over the last quarter and even before that. As a result the average bill values are up pretty substantially. Now what has happened across the industry is that volumes have gone down because purchasing power has been impacted because of the significant prices increase in prices of gold. So the growth has been steady. I think as the gold prices stabilize, the growth will again, the volumes will also pick up. Another interesting thing which you are seeing is instead of investing more in new gold, the share of exchange has gone up substantially. So it used to be about 22% earlier last year, which has now gone up to almost 33%. So people are basically recycling gold rather than investing in new gold because of the increase in prices. On brand building, we have launched a new collection with Raveena in Russia and then campaign is up and running. We are looking at that to capitalize on the Dhanteras buying which will happen. Electronics business again had a very strong quarter with very strong LFL growth. There was some impact in the time period between the announcement of the GST rate reduction on select categories and the actual GST rates came into effect on 22nd September. So during that interim period, people deferred, these are all high ticket purchases, so people deferred their purchases. So there was some impact of sales but after that the pent up demand picked up pretty well and that has continued into the festive season. We had a very strong independence day as you know is a big week. During that period we had almost 24% growth over last year. Rescue, which is a big differentiator for us, we are now present in 1,600-plus locations. So we are offering the rescue services, expanding it along with our store footprint. And it has a pretty wide presence now. Our own brand's business, we are tapping the overseas market in partnership with local in-market players. Also, we are strengthening our offering with launching new variants in each of the categories. Our B2B and distribution business also had a pretty robust performance. It continues to be dominated by mobile phones and TVs. And that itself, the focus is on increasing the width of distribution as well as the share of wallet of the retailers, which are both on an upswing. Quick on our FMCG business, 2x growth on a YOY basis for H1. Q2 was 5,400 crores of top line, so pretty strong growth. All our brands, the main brands are Kampa and Independence. Both are seeing very strong market share gains. And as we are expanding the supply chain, the volume growth is pretty substantial. General trade contributes almost 75% of sales. We are doing a lot of on-the-ground activations to basically for the purpose of brand building and make the push through the trade channel. We've signed up several MOUs for food parks and looking up setting up manufacturing facilities across the length and breadth of the country. We've also acquired the brand called Velvet, which is a pretty old heritage personal care brand. This will drive our growth in the personal care portfolio. It has a pretty strong brand recall and customer loyalty. So we will be scaling up the product portfolio as well as expanding the geographic presence of this brand.