I have a few questions on your profitability. Now we believe that barley prices -- the low-cost barley would be already in the cost structure of this quarter, and yet your gross margin is at 44%, which is nearly 10% points lower than what it used to be in FY 2019. It's not an apple -to-apple comparison, but when I look at the other listed player United Spirits their gross margins are about 300 basis points lower versus that period. So I'm just curious and I want to understand, is there some structural change for the beer industry or change in your state mix that is resulting in such sharp gap versus what it used to be 4 years back? And if you could address -- I understand that -- because ours bottle prices would be hurting you more than spirits players. But broadly, taxation, price increases should no t be very different between spirits and beer over the last 4 years, right? So this is first part of the question. Second is if you can give a road map in terms of what is necessary or what is required for you to get to 15%, 16% EBITDA margin or essentially 50%-plus gross margin? And is there a visibility on that?
Questions across 1 call
Jay Doshi
Kotak AMC