I had two questions. First is on the PCNO part. So what would be the relative price index at this point in time after we've taken the price cuts? And given a firm view of corporate, you already have, what is the incremental pricing action we are thinking?
Right. But the 10% cut would still, from an RPI perspective, take a premium to the loose coconut oil. So is that something we'll consider in terms of readjusting or we are not looking at that as a metric.
Yes, good evening and congratulations. Focusing on the Foods business, there has been a slight moderation from the 40% growth you saw in Q4 to 20% , so any specific parts you want to highlight on that?
So, Saugata, second is on the profitability of the foods business itself. In case of Personal Care, you have given this outlook of double-digit EBITDA. In Foods you mentioned that you expect to see a gradual improvement in the gross margin from where you already reached. But just if I had to speak in terms of the EBITDA profitability, what would be the aspirations, say, similar by FY27 for this part of the business?
Yes, greetings to the team. Sir, I had two questions. The first is on the growth part. You did mention about the fact that there was a certain impact because of maybe the shift in May. Even if I normalize that and take the average volume growth for the las t two quarters, it comes to around 5%. So is that the expected normalized growth in volumes to expect, at least for the coming quarters? I know our aspiration is high single digits, but given how things are progressing, is that the better way to look at it in the coming quarters?
Sure, sir. So the second question was on margin, with two parts to it. The first is that it is now four quarters since our margins have been higher than the guided 19% to 21% range. And we obviously have currently the visibility of how our raw material is. And despite in Q4, was mentioned that we are planning to step up IT costs. At least in this quarter, that is not visible. So how to look at margins as a whole for the remaining year or is this a structural step up? Second part is that when we are seeing such a strong margin environment, does not it make relevant sense for us to invest a decent portion of it back into improving demand, rather than expecting for the overall macro to improve and drive growth?
Yes, sir. Congratulations on stro ng performance. Sir, first question on this adjusted term that you're speaking. So just to understand right, we are implementing this first in Kalyan. And if it works right, then we plan to roll it out with the regional brands. And only after it works with the regional brands, do we plan to take the entire Kalyan model on this leaner credit period? Is that the right understanding of the time lines?
So in this quarter, I'm guessing approximatel y, say, a small proportion of our procurement in Kalyan would have been done via the leaner credit model. Is that the right understanding?