And congrats on a good set of numbers. Basis, the adjusted profit growth that you have given, so my understanding is that the PBT margin this time is around 5.43% versus previous year of 5.01% which suggests almost a 40 basis -- 42 basis points PBT margin expansion. Is that calculation roughly, correct? I mean, 40 basis points plus?
Right, right. So, once you look at maybe Q2 and Q3 together to kind of better way to look at it.
Congrats on a good set of numbers. The first question is on the international foray. Can you talk a bit about what could be the estimated TAM for you when you address U.S. and U.K.? What is our right to win? And what -- why enter now? I mean, what has changed that allows us to address this market because we may be a relatively unknown brand there. Obviously, we'll be known among the Indian community, b ut otherwise relatively unknown. So just trying to understand how you think about the whole market.
Okay. But the product assortment, will it continue to remain quite similar or to that extent, I mean, we try to make a lot more non...
Thank you for the opportunity and congrats on the good set of performance. Just the first question is really on the margins, which seems to have been elusive. I mean looking at the company for the last two years, we seem to be executing quite well in terms of store expansions and revenue growth and clearly delivering higher than expected there. But margin expansion just has been completely elusive. And I find it surprising your comment that while growing at 30% growth and 12% SSSG, I mean, which is quite healthy, you're still talking about high competitive intensity kind of quite contradictory that with such high growth rates, we have to invest so high. So can you talk about this a bit more? I mean we don't expect with lower revenue growth rates that you would not have to invest in the business. And it's only during a higher revenue growth that you expect margin expansion.
Okay. So how do you see this play out on -- so I mean, to that extent, you have to keep investing in the business to just continue the revenue growth momentum, which is a gre at strategy. But I think -- is that the thought process that let's keep margins stable and grow revenue growth at a healthy way?
Congrats on a good set of numbers. My first question is on the franchise margin of 5% PBT. As the business expands, obviously, as you yourself are seeing double-digit SSSG versus high- single digit and mix also changes. So actual business margins will be more volatile at a franchise level. But is the understanding very clear that we get only 5% irrespective of whatever be the margins on the therein? Or do we also participate in case there's an increase in business margins?
But scale also does have an impact, right? I mean so while you're focusing on gross margin, but I'm saying doesn't scale of the business impact below the gross margin to also create a leverage on the business margin?
This is the first quarter where we have very high revenue growth, which did not translate to an equivalent PBT growth, in fact, there is a substantial difference in your PBT growth and revenue growth in Q3, so 40% is translating only to 26% PBT growth?
Now I understand that we are in a major revenue expansion drive, store expansion drive and also there is a business model change, right, which we are going for franchisees, now in the process of doing so, are you saying that this will be margin dilutive because you are going into areas which may require, which may not be as comforting on margins as you might have initially thought it to be, your thoughts on the same?