Just one thing on this 12% growth in November and December, how much of this was volume driven both organic plus GST led? And how much of it was the carryforward impact of pricing over the last, say, 3, 4 quarters, which we had done, I think we've done something in Q4 of last year. The reason I ask is we anniversarized this from Q4. I just wanted to get your sense about how much of it is volume-led GST, volume-led otherwise, so we can get a clearer picture.
Got it. Okay. Okay. So this...
Yes, good evening. So just wanted a question on the broader competitive market environment. Some of your listed peers have seen fairly sharp acceleration in growth rates over the last 2 quarters, while Andhra is obviously a factor for them as well. But just wanted to get your sense on this acceleration in growth. And at the same time, the market demand environment at an overall level not being so conducive. So just some comments on the competitive environment, some of the large Indian players growing at a rapid pace, your thoughts?
Fantastic. The second point was you did mention about improving urban sentiment. I think you referenced to FMCG companies. But are you seeing that uptick going through the quarter, going through Q1 and into Q2 also that on-ground demand sentiments for the sector or for yourself, in particular, have seen some improvements, obviously, exing out the noise of Maharashtra being negative or UP being positive?
Good evening. So, just had 3 questions. In light of the recent developments yesterday, you had a FY 26 target of INR 500 crores for the luxury and semi luxury portfolio. Do you believe that it is wait-and- watch whether that can be achieved, given that you might see some changes in the competitive environment in the next 12 months? Or do 8 | P a g e Q4 FY2025 Earnings Call Transcript you believe that that is something that you are still very confident of hitting?
Fantastic. The second point was on the debt side. So, we are up to about close INR 600 crores of net debt. Just wanted to get your sense of, I know that in two years’ time, it is going to almost zero. In FY26, is there a target that you'll half this number or anything that you can give a sense on?