Thank you for the opportunity, sir. My question is a follow-up on the previous question. So you said that there was container unavailability in the export market. Can you also just throw some light as to how the U.S. market performs for you? A nd is there an inherent slowdown in that market?
Sir in terms of the export market especially the U.S. market how does the outlook look like there in the short term?
Firstly, congratulations on good set of numbers. So , while the top -line growth has been very healthy, EBITDA margins have been flat. Now a business like yours is such that one should see benefits of op leverage at such high top-line growth. Also given the fact that this was one of the best quarters in many years in terms of RAC, so I was wondering if not now, then when? And on a related note , while we understand that your customers may have exercised their bargaining power on back of high orders, but at such acute level shortages in the channel, were we as an RAC OEM player not in a position to dictate terms and therefore take some benefit in terms of margin growth? Or is this purely attributed to commodity costs rising? If so, then should we expect margins to improve in second quarter FY '25? If you could just share your thoughts on these two.
Sir, in terms of RAC, can you throw some light as to what was the split between RAC component business growth in 1Q versus your RAC assembly? And in the future, what kind of margin growth can we see in our RAC portfolio on the back of RAC component share increases?
Yes. Sir, my question is on the ECD segment, while I see that there is a revenue growth of 20% the margins have been flattish. As trends, now the channel has been restocking and also the premium fans have moved. So that means there has been an ASP expansion on that front. So can you just call out what really led to a flattish margin growth here? Was it mainly ad vertising spend or is there a significant ASP compression in other segments or other product categories in ECD? Also, if you could call out the growth for fans, particularly.
Yes. Sir, my question is on the ECD. In ECD, while the growth has been 20%, the margin expansion has been pretty much flat. Now on the ground level, we understand that premium fans have done well. So that would ideally lead to expansion on ASP front. So I just want to understand why are we at flattish margins? Is it mainly because of higher ad vertising spend or is there a significant degrowth in some other categories?