Hi, sir. I have a couple of questions. My first question is that during the GST transition, there was a lot of trade support provided by several industry players. So, have we also provided the trade support? And if yes, then what could have been its impact on our profit and loss?
Is it possible to quantify the same?
I have a couple of questions. My first question is regarding the Haisha Paints because it's a large category, and we are currently present in say 5 states over there. So what is the medium term goal over there? Because I think it's now more than a year, we are Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336 there and it's a highly competitive category. So what are medium-term goals over there? And what kind of investments we have made in this particular venture? That is one. My second question is, which is a bookkeeping question regarding the ESOP expense last year because the last year, ESOP expenses increased from INR 9 crores to INR 88 crores as per the annual report. So any clarification on that would be useful.
Okay. So it means it will remain at least at the same level for another year and after that, it will taper off.
Yes, hi, Neville. Just a couple of questions. First being that DMart h ad raised a QIP. I think we raised around INR4,000 crores pre -COVID. And over the years, we have seen that the cash balances are coming down as we have been, you can say, doing a lot of capex. And you elucidated that you will be doubling down on the store openings and so investment in real estate and all and reasonable amount of debt is good. So, till now on a net basis, we don't have any debt if we don't assume the lease liabilities. So, what's the management thought process on, you can say, having a reas onable amount of debt, what sort of debt equity in this kind of a business would be comfortable? That is the first part of the question. The second is, over the last 5 years, we have seen our ROEs also coming off from 18% to 14%. So, what's the target ROE which DMart is looking at?
Yes. So, my second question is regarding DMart Ready, where after being, you can say, having losses within certain band, we have seen increase in particularly our transportation cost and the labour cost. And given the fact that I think during our quarterly results also, we highlighted that labour costs have been going up. So, do you see that the margins of DMart Rea dy, and they remain under pressure for a slightly prolonged period? And do we have any, you can say, target for achieving the break even at the EBITDA level in this format?