Viraj Mehta

Very good performance. My first question is regarding the guidance for the year. We are still guiding for 20% growth, which would imply very limited growth for the rest of the year after such a strong Q1. What am I missing? You have had a spectacular first quarter despite the headwinds. Now that Adhik Maas and the election are behind us, why are we so conservative about growth for the rest of the year?

You said April was a spectacular month, while May and June were softer because of various factors, including global uncertainty and the call to moderate gold buying. You also said July and August were better in terms of footfalls. Without asking for an exact number, have monthly sales moved back from roughly INR500 -600 crores toward INR700 -800 crores in July and August, or at least in July?

Just to be sure, are you saying July was up by 8%-10% compared with July last year?