Yash Modi

Good afternoon, Harit bhai. Congratulations on a good set of numbers and congratulations on taking the hard steps which was required prior to opening up the new stores. Continuing with the last participant's question, so earlier when we were basically not taking Gold Metal Loans and saying that we would prefer cash credit limit, because obviously gold going up, we would need to give margins and all.

Got it. So basically, what you're trying to say is that because our balance sheet size has increased, the ability to, if there is some margins hit also, the ability to take that margin hit has also improved, plus it is also acting as the natural hedge, which now that we are becoming more and more retail in nature, we would prefer to be more hedged rather than take that volatility on.

Okay, sir. Second question would be, now that we have planned these seven stores, what is our plans of going the franchise route? Taking on the previous participant's question, obviously now that you take the gold metal loan, the operating cash flows will improve, but now another lever of improving operating cash flows will also be the franchisee route. So, what are your thoughts on the franchisee route?