Madhur Rathi

Sir, thank you for the opportunity. If I look at our gross margin, they have been similar for the past three quarters. So, is it fair to assume that whenever there is a raw material increase, we capture the upside in t erms of what, because the gross margin base is similar, but whatever the realization improvement, that should float, and that is the reason for the margin increase this quarter?

Right. Sir, but the gross margins were 58 -59% range for the past three quarters. So, I am not able to understand if there was a sharp price increase post the war. Was it that due to some time lag, because of the time lag between the price increase and we passing on the pricing to our consumer, because of that it might look like there is no meaningful improvement in our gross margins?

Got it. Sir, so going forward, do we expect to maintain these levels of margins going forward? Or do we, because the prices of our raw materials have reduced, so how should we look at it going forward?