Nitin Gupta

I have questions related to P&A volumes. So just wanted to have some clarity on Q2 volumes. So, like before FY 26, we generally saw Q -o-Q growth in Q2 versus Q1 of around 20% to 30%. So, I guess this reflects basically a dip in volume in summer months in Q1. So, do you see the trend resuming for this year where the Q2 will see another quarter of healthy volume growth for us in P&A?

Sure. And second question pertains to like we have grown 36% in P&A for first quarter. And for the full year, we are aiming for like 25% plus growth. If I consider 25%, then for the balance 9 months, it will be 22% growth. So like just wanted to have some clarity around Q1, like the volume growth what we have seen in Magic Moments of around 43%. So, is there any loading one -off?

Sure. So that means like rest of the portfolio, if they sustain and Magic Moments sustains, then you can out deliver on your guidance for the full year. Thanks for that. And lastly, on this royalty volumes have seen 14 | P a g e Q1 FY2027 Earnings Call Transcript a dip. And with the Tamil Nadu sort of expected to see open up. So, can you throw some light around like what exactly is happening with the royalty volumes?