Utkarsh Nopany

Yes. Hey, good evening, sir. Sir, my first question is on your CAPEX plan. So, like we have a pretty strong balance sheet with a good cash balance and our existing tile plant is operating at full capacity also, then why we have deferred our investment proposal of coming up with a large slab GVT tile plant in Morbi, can you please throw some lie?

Sir, even for the large slab GVT tile plant you are of the view that there is an excess capacity in the market so we are not intending to come up with a new plant?

The second question is on your tile margin in the March quarter. So even if we adjust the Rs. 7 crores write-off related to the UK operation, then also our tiles EBIT margin has come down to multi-year low level. So can you please explain the reason for sharp margin pressure in the tile segment on a Q-on-Q basis?