Yash Sonthaliya

Hi, thank you team for taking my questions and congratulations on a good set of numbers. Am I audible?

Yes. So my first question is on gross margin. Like year-over-yea r, our gross margin is pretty much flat, while if I see the change in mix, we have seen a very good mix changing towards retail, which is like one of the highest margin products, highest margin revenue for us. So how to understand this flat margin?

Got it, got it. And one more follow-up on the same. Basically, I really want to understand how to read the retail margin for the business, right? Because in retail also, there is a huge sale of less studded or maybe plain gold type jewellery. So what is the ideal retail margin for our business when the studded ratio is in the range of 10% to 11%?