Ashish Kanodia

Just a couple of questions from my side. First, we have seen 1Q has some impact of old gold exchange, because of Adhik-Maas, when you look at July, how has been the demand trend?

Sir, when you say Q1, would you exclude the Adhik -Maas or is it very similar to the ful l quarter number?

Sure. Second thing is when I look at the margins and if I exclude the impact of the inventory gain, then the profit growth looks subdued because when we look at PBT growth, ex cluding the one-off gain of INR 410 crores, at least on a stand alone basis, it comes to only 14%. And this, I think, would be one of the lowest we have seen where the profit growth has been lower than the revenue growth.