Harsh Shah

If I look at last three quarters, we have opened almost 650 stores. Now, going by the economics, that we incur INR 1.2 lakh, the OPEX is INR 1.2 lakh per store per month. Ideally, our expense for these 650 stores, incremental expense should have been around INR 23 crores, including rent. Whereas the actual expense increase has been almost INR 56 crores, INR 57 crores.

Okay. Just a request. Since our marketing expenses are such a huge chunk, almost 10%, 12% of our revenue . S o, I mean, a suggestion that if we could disclose it as a separate line item, henceforth, it will become easier for us to understand how the marketing expenses are trending.

And sir, around 370 of our stores are almost more than 21 months old. So, roughly we can say that these are all two years or older stores. And based on the monthly vintage sales that you provide, these stores ideally should now be doing 30% to 35% store-level EBITDA margins. So, is that happening? Are the stores more than 21 months old? Is that cohort doing 30% plus margins for us?