Thank you. Good afternoon, everyone. I have 3 questions. First, in terms of UCP, RAC being a hypercompetitive market requires constant ad and promotional spend. Could you throw some colour in terms of your strategy that are you now protecting margins or will we see elevated ad spend later in the year? And if you are protecting margins, will that impact our volumes? Second question, in terms of April, what we observed with the first 15 days is pretty much flat because of rain. Second 15 days, only secondaries have picked up, it seems. Primary either the channel is pretty much stocked in south or people do not want to stock because of the rapid weather condition. So, with that background, could you tell us how are you reading near-term, given that season will probably end towards the end of June? And lastly, given costs have increased so much, are you seeing a very sharp down trading happening because what we're seeing is lower tier brands are gaining market share at the cost of all higher ones. So, any colour on that will help. Thank you.
Questions across 1 call
Natasha Jain
Phillip Capital India