Manasvi Shah

Thank you so much for the opportunity and c ongratulations on a very good set of numbers, especially in a weak consumer environment. I have two questions. One is on working capital. So our inventory rates have reduced sharply, which is a very good sign.

Okay. And secondly, sir, on channel inventory. How is the channel inventory situation now for us? And how is it for competition?

And sir, is the secondary sales growth mirroring the primary growth? Can you just talk about trends?