Just to add, Videesha. There is no major difference between the AUTC growth and the growth in number of orders in the India multi-channel business. However, the difference in the International business is because, as I mentioned earlier, we have seen a few competitors entering the market in Q3. So that has led to a difference between the AUTC growth and the growth in the order. So while customers are coming in, but the frequency of those customer transacting, they may be doing some transaction on other s ites because of higher discounts. So that's the reason, there is a big difference between AUTC growth in th e international business and the growth in the number of orders. India multichannel business is more or less in line. Ms. Videesha Sheth That is helpful. And the second question was on the marketing spends. The ad spends look pretty elevated, so if you could elaborate on how should one think about it going forward? Mr. Supam Maheshwari So, if you look at our consol business, I mean, we share our total overall ad spends. Globalbees as a business has a higher percentage of marketing cost, compared to all the rest of the three business segments. So the share of that segment has increased, therefore, you actually see an increase in the overall marketing spend. But we have ensured that we have a much superior expansion in the gross margin as a business overall, so that we can retain and keep expanding our Adjusted EBITDA appropriately. So that way, we have balanced our growth with profitability while, managing these two expectations. So one is more of a weighted average , numerical sort of a mode ling, and second is, we've ensured while we do that, we continue to expand gross margin to be able to pull it down towards, increase in EBITDA as well.

Thank you, Videe sha. Next question is from Sachin Dixit. Sachin, please unmute yourself. Mr. Sachin Dixit Hi, Hope you can hear me. Hi, Supam Gautam and broader team. Thank you so much for the improved disclosures. My first question is at a slightly higher level. If you look at your businesses, obviously multiple businesses, segments and a lot of moving parts, w hat do you feel a lot more satisfied about sitting at the fiscal year close versus where do you thin k there's a substantial effort, that you need to still put in?

Sorry, I'm not even clear with your question . Is there a question? Mr. Sachin Dixit So Supam, my question is, if you look at your business performance, right, obviously you cannot be happy about everything. So there might be pieces where you can tell me, okay, Sachin, I'm very happy about this, this, this, and this, and this is where probably we need to do a lot more work going forward. So that's the question, largely.

Look, we would be, as a professional or as a team leader, our job is to remain hungry. I think we feel that we should have delivered mo re, both in India multi -channel and even in International. Rest other two segments have done well. We would want to expand our Gross margin, our EBITDA margins faster in Globalbees. School business is small, an d although it's doing well. I think both India multi -channel, especially in offline, we would like to see, better performance, and I also would color it with the way that the opportunity fundamentally remains solid. There is a large untapped market, largely unorganized. We are the largest organized player. We are a true omni-channel or a multi-channel player, with 1,000 + stores and a large amount of business coming online. None of our competitors are like us, so we believe that the opportunity will be with us, as it unfolds. But yes, c ould we have done in FY25 more? We were doing fairly well, and we believe our online has done quite well. We could have delivered more in offline, i n India multi-channel. We have become more cautious in terms of capital e fficiency and we will remain that way. But we believe in the longer run and medium term, we should be able to pull back overall, as consumer slowdown improves, w ith some of the efforts by the government and some of our internal efforts, t hat we have at our sleeves that we will unfold, to be able to extract more growth, both at India multi-channel. And in Middle East, I think our focus will remain very profitable growth. We believe that while we had expected a little superior growth, but there's no point i n getting that growth at a higher cost or a higher burn. We rather believe that the w ay we have played out our story i n India, when some of these horizontals were there, especially in times like 2013 to 2017, when we played out, our similar moats are getting built up , in a similar way in terms of gross margin expansion, which Abhinav talked about. What we delivered in 7 years in India, we have delivered in 4 years in International business. So, I think once our home brands get acknowledged, and get penetrated in those markets, we will continue to see superior adoption curve , and, improvement in cohorts, improvement in quality of customers that we will onboard, and so on and so forth. Some of these metrics will improve, and the long-term journey is going to remain with us. The way we have charted out . In short-term, we might feel a little unhappy about the growth that we are demonstrating because of some external reasons. So those are the two large points that I will cover. Rest, I think, everything how we have anticipated is playing out, in the way that the moats are structured, they're very fundamental and that'll continue to compound for next 10 years, or 20 years. Mr. Sachin Dixit Fair enough, that's very, very helpful, Supam. My second question is on the franchisee network side. Obviously, we have not seen any growth in the number of stores in the last six odd quarters. So, what is happening there? Is it you not proactively wanting more franchisee partners? Or franchisee partners probably shutting down because there's COCO store which is much larg er that they can't compete with? What is happening there? Mr. Supam Maheshwari So, Sachin, our position hasn't changed as what we talked about in our last couple of quarterly calls. We are very sensitive about the fact that we want to continue to grow our franchisee partnership. We have had strong partnership for almost 13 years plus, with many of our franchisee partners as old as 10 years plus in the system, s ome of them, even have multiple stores. So that remains very, very strong. And they have seen our journey for a long period of time, and they continue to remain with us as long-term partners. So nothing has changed. Many of our franchisee partners are also partners for other retail brands in the country. And they have seen a material sort of a slowdown, so that's how, they've also become very cautious, and we have also become super cautious because we just don't want any larger store churn, although some of this is a very controlled. So, the criteria for us to select a partner has become taller and taller over time. In terms of controlling the churn, and in terms of superior customer experience that we can give to the end customer. Those are the reasons , while there has been gross additions , while there has been a churn, which is in late single digit and therefore, the net number remains what you are referring to. So I think over time, we have been adding stores, but because addition is lesser, because of the quality of the partners. And obviously in COCO, we have a far greater cont rol and it's relatively easier, to have control, in terms of say that we have. And when the location is available, we can actually close and move on. But no change fundamentally. We continue to adapt more and more partners as we grow our business. In offline, both for the franchisee partners as well as the COCO. Yes, in last couple of quarters, you may have seen that, but fundamentally, there is no change. Mr. Sachin Dixit Makes sense, Su pam. Thanks so much, and All the Best for FY26.

Thank you, Sachin Mr. Anish Arora Thank you, Sachin. Next question is from Percy. Percy, please unmute yourself. Mr. Percy Panthaki Hi, Am I audible?

Yes, Percy Mr. Percy Panthaki Yeah, So I just wanted to understand on your margins front. Like, for the India business, what do you think is the stable state margin of this bu siness once we get enough scale? We are at around 9.5%. So, where do you think we max out? Is it 12, 13 or 15? What do you think is that number? And what will drive it? Because if we a re already at 55% private label, how much more can we push that? Because beyond a point, we are a retailer, and we want to give the customer as much choice as possible. So, if the entire platform becomes predominantly just a private label, then the customer experience will also be affected. So, assuming that this 55 goes to a max of 65, and that gives you some margin, but what else will result in the margin expansion? Because, see now our scale is not small, we are close to INR 5,500 crore kind of a top-line company for India itself. So, yeah, that was my first question, really. Mr. Supam Maheshwari Sure, Percy. Percy, first of all, I would like to draw your attention to the fact that, while we are at a 55%, and if you look at the slide that Vivek took you through, w e have compounded, on an average 50% higher than our overall India multi-channel growth for our home brands. And that is the reason why we increased from 37% to 55% plus in last four to five years. Having said this, the journey hasn't stopped, the growth hasn't stopped of over -compounding in our home brands. So we believe that we will continue, and the reason is very, very fundamental. There are no big brands . In let's say, the largest category of Babies and Kids is a Apparel and fashion, you tell me a brand , which is in Mothers, Baby, and Kids in fashion, which will be lets say INR 400 crores plus. You won't be able to find a large brand out there, or multiple of them. Most of these brands , either have withered away, or have become very small. There are many of them which are INR 100 to 300 crores, or INR 100 to 200 cror es range. And then there is a range of hundreds and thousands of them, which are mompreneurs and brands which are beautifully crafted by mompreneurs. They serve a very specific design, aspiration or quality aspiration or curation. And we will continue to h old them beautifully in our portfolio to be able to solve for mothers w ho are trying to solve for a specific curation need. So, we believe that this partnership of holding them, while we will continue to grow as a platform, we will remain relevant to most of our brand partners, 8,000 of them. But at the same time, we will be able to continue to compound, because at scale, we can only do it. Building reliable supply chain, buildin g rel iable product, quality product, at scale and at different set of price points, that we will be able to bring. So, with that architecture, we are playing at a different price point, quality and supply chain, and at a scale, i t's very hard for a small b rand or sub -optimal-sized brand. That's not their aspiration. So, therefore, the blend of these mompreneurs or these brands, along with us , will continue and we will continue to compound much superior as we have done in the past, we will continue to perform that. So, we believe, without putting a number, whether it's 65 or more, we will continue to expand our share of home brand s and we bel ieve that we aspire, as we have shared in our earlier calls as well. W e aspire, as in India multi-channel, to be at least, late teens, as an adjusted EBITDA. That is what we aspire to do, and we believe it is possible to deliver. The companies that we personally aspire and our management team aspire to be is Page Industries, where we can get there. Now, whether we take 4 years, 6 years, 7 years, is that something that we can deliberate , how the opportunity presents to us. But we will not leave any stone unturned in terms of grabbing improvement of margin both at a gross margin level, as well as at a marketing efficiency level. Marketing efficiency is very unique to us. As you can see, the m ulti-channel model that we have, i t's very unique. And then also, obviously our operating leverage, that we can get on a fixed cost. Because we'll not be expanding on our warehousing and so on and so forth. So, all of these will compound, as you will see, which we will deliver . We have been with you guys publicly at least for a couple of quarters, but you'll continue to see us expanding gross margin as well as EBITDA for a very, very significant longer period of time, till the time we believe that we have achieved our aspirational goal. Mr. Percy Panthaki Sure, Supam. My second question is on the right to win for verticals versus horizontals. So supposing, if I just take the example of Nykaa. The two differentiations that I can see for Nykaa versus a horizontal is that there is a big threat of fix and count erfeits on horizontal platforms. And because Nyka a holds inventory and is not a marketplace and vouches for the products, that is one of the reasons why people buy on that. And the second reason is that, this is a category which has huge number of SKUs, there is a huge long tail, many of them are not available on horizontals, and that is why people go there. So if I have to find reasons why people need to go to FirstCry versus other horizontals, what would be the reasons in your case? Mr. Supam Maheshwari So, look, I think we are very different than some of other names that you just mentioned. First of all, our biggest differentiation is that, as we see, 55% of our GMV comes from our own home brand itself. They are not available on any other marketplace, fundamentally. So the end consumer, which is primarily the mother and young fathers , they a re coming to First Cry for two fundamental reasons. One, w e're an MBO, which is solving for every curated need for a brand, for a product type, product size, in a much more curated way. That is what we are solving for. We are a very, very highly curated pla tform, and Vivek took you through some of the personalization at age level, at a category level, at climatic condition level. Some of those areas, when you club it with the age, it actually makes a world of a difference. And we are more of a discovery platform than a search-led platform. So if you apply all of that, with our share of a home brand and the curation of other mompreneurs, with fashion being the largest sort o f segment for us, i t presents a very different outcome from a young m other or a father to be with us, compared to a horizontal. And as a matter of fact, BabyHug, just one of our home brand is India's largest Mother's, Baby, and Kids product brand in the country on GMV itself. What are the other moms buying on horizontals? BabyHug is not available fundamentally. So, there are two reasons why they will come to us, is simply, it's MBO on multi-channel. Sorry, on online, just, I'm talking about online because horizontals are only online. So, as a curation , for solving every need. And then, second is repeat cohort of our buying of our home brand itself, because the products are superior in terms of quality, experience, they have done it ov er years, and they just want to, for lack of brands, known brands that they want to repeat and they are satisfied . So, with these two reasons, they will continue to come back to us. And that is exactly what we have seen even in 6-12. When our journeys are ending for mothers from 0 to 6, because BabyHug is available, now it's PineKids, which is taking the journey and legacy of BabyHug to PineKids for the older age kid. So, the power of a superior product itself, apart from convenience of online and curation that we have built through personalization, is driving more and more consumers and stickiness of those consumers, as you have seen in the cohort, which Vivek also took you through, is a result of all of these work that we have been able to deliver. Mr. Percy Panthaki And may I be permitted. Sorry, yeah, please continue. Mr. Vivek Goel If I may add one statement to this. So, all the horizontals actually are a reflection of the market, w hich is highly unorganized. So, that is where, both in terms of home brands and the other brands as well, third-party brands as well, our curation ensures a superior selection, as well as experience for the consumer, and that is what , Supam was mentioning, increases our stickiness and strength for the organization. Mr. Percy Panthaki Got it, got it. If I might be permitted, one small question more, on the India business growth. This year has been around 15%, w hich is a little lower than our expectation of around 17% to 18%. So, do you think this is a blip, or an anomaly, and you will come back to a 17 -18% kind of number, or do you think that what we have displayed this year is more likely to be the sustainable growth going ahead? Mr. Supam Maheshwari So Percy, while you know, in the short run, it's very difficult to sort of outline exact data point. But what we collectively think that, the industry which is growing at 12% to 14%, highly unorganized. And this particular year, or rather this calendar year, starting from January, February, we saw a little bit of a consumer slowdown. And especially in the offline , so we believe that it is not a refle ction of a medium-term approach of the overall growth that the industry will demonstrate. And being the largest player in the industry, we should be able to come back to a much superior gr owth. If you look at our online, even Q4 resulted in 16% GMV growth, quarter-on- quarter, Q4 over Q4, I mean FY25 over FY24. But just the offline piece, we believe , I think it's just a blip, and even the government is doing its bit in terms of reducing some tax labs and some of the other areas where government help will also reflect in some of the more consumer pickup. Plus some of our other efforts internally that we are putting up, maybe we can talk about, but those are also going to fill up, getting more and more custo mers and improving retention or improving frequency. So, we believe it is just a temporary blip, is what we believe, because we remain steady and strong as far as a ship in terms of grabbing more growth over a medium to long run. Mr. Gautam Sharma And important thing, Percy, is that we are not losing our growth to any competitors or any new player. So we 'll continue to do better than the industry growth. While we have seen some slowdown, but we'll continue to deliver a better growth, compared to the industry growth. Mr. Percy Panthaki Thanks, Gautam, Supam, Vivek. Thank you very much. That's all from my side. Mr. Supam Maheshwari Thanks, Percy

Thank you, Percy. Next question is from Sachin Salgaonkar. Sachin, please unmute yourself. Mr. Sachin Salgaonkar Thanks, Anish. Hi, management. Thank you so much for the improved disclosure. Two questions from me. First question is on International business. Clearly, the business is in nascent stages, but we are seeing an order growth of 8% on a YoY basis. And you guys clarified it's largely on the back of competition. So the question here is, is it only competition, or is it something else which is impacting the growth? And the reason is, see, the players which we are talking about, like T emu and others, are here to stay in the market, perhaps for a long time. And what we are seeing in other markets is, they tend to get aggressive over a period of time. So I was wondering if there is any change in strategy from management to acc elerate the growth out here , given the fact that the growth is slowing for the last couple of quarters? Mr. Supam Maheshwari Sure, Sachin. I'll just maybe start the answer, and maybe , Abhinav can add to it , or Gautam can add. So, look, I think it was important for us, while this is some external factor that really played out. As I earlier also alluded, we have seen this in the past in India as well, when some of the marketplaces are very, very aggressive, but they became saner over time. That same thing will play out in Middle East geography as well. It is important that we keep our head down and build the moat that we started our journey with, because that is what will help us , not just discounts or higher marketing burn or higher CPMs. So that doesn't help, except for, increasing your burn. It was easy for us, we had the money, we can do all of that, but we don't believe in that. It is better to improve the quality of the customers, i mprove penetration of the home brands, improve assortment of the home brands that we have in India, taking there, t ailored home brands for the Middle East market as well, so we just want to focus on building those assortments, because it takes time to build those assortments and get the penetration of those assortments into the market. Get our product mix, the category mix, our home brand mix to a level that what India has already accomplished , in an accelerated way. Because once you deliver that, none of the horizontals will ever be able to sort of, they don't operate in that fashion. So, therefore, we will be having a very superior economics over a period of time, so we don't want to play a rushed game. We want to play a very steady game, to ensure that we build a sustainable, profitable growth, keeping a focus on reducing burn and making our Middle East operatio ns profitable, as per our internal plan and within a few years, we want to make it profitable, a neutral EBITDA. That is what we want to focus more on through our own strengths, rather than actually, burning more sort of tyre. That’s how we are tracking ourselves internally. Not a rushed approach, but, I mean, if you want to add anything, or Gautam, if you want to add anything here? Mr. Gautam Sharma So, in fact, as Supam mentioned earlier, Sachin, we have witnessed, the competition from horizontals in India as well during 2013 to 2016 . We stuck to our playbook on building home brands, improving margins, and today, we can proudly say that, we are the largest multi -channel player in India in terms of GMV and the largest brand is our Home brand, which is BabyHug. And we have taken the same playbook in Middle East as well. So, we will be focused more on improving the customer stickiness, as we have done in India. And you can see the impact of the strength of the playbook in the margins. What we have delivered in India in 7 years, i n terms of gross margin, we have delivered that in Middle East in 4 years. Abhinav, if you want to add anything?

I think, you guys have covered it completely. Mr. Sachin Salgaonkar Great. Thank you. My second question is on Global Bees. Clearly a very phenomenal growth in a quarter, given the context that there's a consumption slowdown going into India and what we are seeing on the ground with multiple D2C brands, given the fact that consumer pr eferences are changing so fast, now with, how quick commerce is evolving. Not many brands are sort of scaling up beyond a particular level, so the quest ion to you guys is out there is, should this be a steady-state growth going ahead in terms of, let's say, 25 to 30%? Or how could one think about, a sort of a normalized growth in this business? And the same is in terms of long-term steady-state margins for Globalbees, how to think about that? Ms. Supam Maheshwari Going forward, I think, obviously the growth has to moderate. It won't remain at a 30% level. B ut yeah, it'll remain, meaningfully high, as you go along for at least next few years to come. And we are a young company. We have, some great brands and great sort of founders that are working with us and they are hungry. And all of us are working together to grow, some of these brands. And as I said, in t heir journe y itself, they're fairly young. So they will have a very decent growth and even profitability margin as well. The slide that we talked about, the 8% of our business, which was 14% earlier, leads to a 30%, negative EBITDA. Once you shr ink that, meaningfully low in ter ms of 8% becoming even smaller and 30% reducing to zero, you can imagine our business will be even more profitable at a current stage itself. I mean, even if you don't increase you know, the gross ma rgin or the operating leverage within the rest of the brands, which is 92%, of the business. So, essentially, we are clearly saying that Globalbees business, over a period of time will improve Adjusted EBITDA, no questions on that. I t will play out over a 3 to 5 year journey. It's hardly a less than four -year-old company. First year went out with a lot of acquisitions, as you know. It's not easy, but I just want to make sure that the business is done, segment has done very well, and we continue to believe that we will deliver stronger performance, both in top line and bottom line, for many years to come , because we believe the story is getting there. We have the playbook that we have executed well and it's getting stronger and stronger. Mr. Gautam Sharma And just to add, Sachin. So while, the consol growth of Globalbees is 30%, but if you see the growth in the core brands, the four core segments, t he growth is disproportionately higher. Mr. Sachin Salgaonkar Got it. Thank you, guys. Ms. Anish Arora Thank you, Sachin. Next question is from Garima. Garima, please unmute yourself. Ms. Garima Mishra Thank you so much for the opportunity. I also had a couple of questions on Globalbees. What was the loss Globalbees made in FY25, and this CCPS infusion is essentially, to keep funding losses for the next 2 -3 years? Or you have some acquisitions in mind, how should we read it? Mr. Gautam Sharma At EBITDA level, Garima, Globalbees is positive. It has given us a positive EBITDA of INR 22 crore . The o ther thing post EBITDA, the large part of the spend , is a non -cash expenditure, which is in the form of amortization of brands, which is roughly INR 100 crore every year. And some finance costs, towards the borrowings made by Globalbees and their subsidiaries. Other than this, if we adjust these two items, we will reach to a PBT level in Globalbees. One important thing I would like to mention is, if you see the consol results, there is an exceptional item that we have taken roughly amounting to INR 37 crore . Those are towards the impairment of some brands in Globalbees. So you will see that additional one-time expenses impact on Globalbees, as an exceptional item. Other than that, business is doing very well. Brand amortization is the classification of inves tment done by Globalbees in the consol financial statements, so we have to ammortize it over a period, so that's a non-cash expense. And once the company starts generating higher cash profits, the number should become better, Garima. Ms. Garima Mishra So the CCPS is towards what? Mr. Gautam Sharma This is largely for taking care of their working capital requirement, Garima Ms. Garima Mishra Alright, understood. Globalbees also recently had departure of the CEO, plus some board of directors resigning. What was that about? And who takes over the reins of this entity going forward? Mr. Supam Maheshwari So, Garima, I think some of these news article, I would like to clarify. First of all, Nitin, who was the CEO of the company, left for the personal reasons. His role has been taken over by Anuj Jain, who has a lmost 10+ years of experience with ITC and L'Oreal. He is a throrogh professional, M BA, and some of these are public information, but, sharing it, that he was with ITC and L'Oreal before he joined FirstCry. He has been with FirstCry for 12 years. So he has seen a 20 year+ consumer product journey, a playbook across ITC, L'Oreal, and FirstCry. And he steered up the ship in India in multi-channel and BabyHug as well. S o he has seen D2C, online, offline, throughout our journey of FirstCry and also, he was handling our school business. And we felt that he would be the most appropriate, and he has now taken the reins of the Globalbees. So that's on Anuj. About the directors, s o I would just like to clarify, look, the news article said that three directors resigned after Nitin resigned. That's not correct. O ne director resigned 9 months prior to Nitin . And see, these are investor directors, Garima. And typically, investor directors, and by investors, I mean, PE VC funds, typically investors have an internal policy. While I can't speak for any one of them on their behalf, but what I'm saying at a generic level, they have a typical policy of not being part of a board of a publicly listed or deemed publicly listed company. Therefore, the request was to not being part as a board member. And while one of them resigned 9 months prior to Nitin, which was, l ike, early September or August, somewhere around that, but the news article, you know how it was. So please ignore that. And one of the investor directors remains as an observer as well, so it's not that they have completely moved away. Mr. Gautam Sharma And just to give you additional comfort, Garima. A few of these investors, w ho used to represent on the board of Globalbees, t hey have participated along with us, in the recent funding we have done for Globalbees. Mr. Supam Maheshwari Not few, all of them. All three of them. All of them have invested in the last round . So there's not even a single exception. Ms. Anish Arora Thank you Garima. The next question is from Madhav Yadav. Please introduce yourself and unmute. Hello, am I audible? Mr. Supam Maheshwari Yes, Madhav. We can hear you. Mr. Tejas Shah Yeah, Hi Supam. Hi, Gautam. This is Tejas Shah from Avendus. So with the f aster delivery becoming a baseline expectation across the ecosystem, including for the traditional online players, what steps are we taking to strengthen our delivery proposition? Mr. Supam Maheshwari I heard the second part of your question, but not first. Delivery becoming a base…., I didn't understand you. Meaning delivery experience, or? Mr. Tejas Shah Yes, I'll repeat it. So, am I audible? Mr. Supam Maheshwari Yeah. You're absolutely audible.

So, yeah, so, no, I was just saying that now, faster delivery has become a very hygiene baseline expectation. So yeah. Mr. Supam Maheshwari Understood, fair question. So, look, you're absolutel y right. So, what we are doing, Tejas there, while , we haven't put a slide on it, but, what we are doing, I'll also sort of share that. I think some of the companies like us, and online companies, or e-commerce companies as well have experienced, a little bit of a customer experience being not up to the mark that we would have wished as operators, because some of our delivery partners have had challenges. And those are because of the manpower c onstraints on the last mile end, for w hich we are dependent on them. So for those, and I'm talking about India multi-channel, and India Online in that sense. So those are experiences , that we have faced in the last two, three months, a lot more than what we have faced in the past. And I think some of other colleagues from the overall ecosystem ha ve alluded to some of these commentary as well. Having said this, what we are doing , to answer to your question as well. While we are improving, in some of the cities, we have done some experiments to take our tech infra and work with local logistics partners within those cities to be able to improve the last mile experience as well as improved and a faster delivery. So, let's say, in a city, we were delivering same-day delivery, in 6 hours, so our attempt is now to reduce it to 4 h ours, or a 3-hour. So that is the experiment that we have take n into a few cities , as of today, i n last couple of months. And our endeavor will be to continue to expand on this journey that we are just talking about, into many more cities, so that we do not remain dependent, or we do not really have to wor k at an industry average level, w hich has deteriorated in the past couple of months, and still we will be able to improve the quality of the customer experience in terms of delivery performance. So we'll expand on our experiment that we have just in a couple of cities to be able to overall improve and at the same cost. Not just increasing the cost. So I hope I've been able to answer your question in terms of directionally, that what we are doing to improve the delivery experien ce, faster delivery experience for our customers.

Yeah Supam, very clear. Thanks Supam, s econd question pertains to private label ambition that you spoke about. Now, what we have observed that it's a double -edged sword from multiple dimensions, from working capital, from customer expectations. Whether they are ready for it or not. So when you look at our categories today, where are we under-indexed, you think materially in private label versus, company average? And I'm assuming that our private label contribution will be higher on offline channel versus online channel. So, how should one think about from near-term, very immediate one-or two-year perspective, how this can move in terms of low lever of private label. Mr. Supam Maheshwari Only two points that I will make. First of all, I would request everyone to call it Home Brands. We just feel private label is just about margin, and not about the love and how we have built all of these products, so we certainly call it home brands. But in the home brand point, I would say that it's not like a double-edged sword, because our long-standing partners, brand partners, will continue to grow with us. It's not th at they are not growing with us and it's not that we will not have more partners that we will take in our partnership. As you see, our disclosures on number of partnerships from 7,000 brands to now we are at 8,000 brands. So, our number of brand partnerships have continued to increase. But having said this, many of our b rand partners are small, and they will, for whatever, histori cal or evolution curve reasons, they will remain, while we will continue to over -compound on our growth journey in terms of home brand, because it is a very structured playbook, structured homework that we do from a design, till manufacturing and capability and all of that. So, therefore, we will remain, I would say powerful enough , to continue to embrace our other partners as well, and the ecosystem will continue to deliver a superior, homegr own, home brand share, w hile at the same time embracing both brand partners and expectation of our end consumers and mothers who want to solve for unique attributed products as well, while Home Brand solves for some of them. So, I don't think that would b e a challenge, and that hasn't bee n a challenge even in the past, w hen we traversed our journey from 37% to 55% plus. So we don't believe that it'll be the case, unless you were not being able to have brands which are not growing with us. And in t erms of gross margin expansion, home brands definitely give more sort of margins, and therefore , t hat'll continue to happen for us, in terms of margin expansion. So, it will not be the case and we will see our journey together for over next few quarters an d years. We won't be able to talk about a short -term, but I thi nk over a longer period of time, there are no big brands that really kind of like are after BabyHug, after some of these brands, no brand is like, in a very, even if I just remove India's Pampers and Johnsons and some of these brands. In fashion, not even a mid-single-digit percentage, in terms of the share. So, it's very comforting for us to embrace all of that, and the best attributes that they make still embrace with us while we continue to compound on our Home Brand strategy. Mr. Vivek Goel So, Su pam, if I may add one point on this. Because you mentioned that we should not call private label, but we should call our brands as home brands. So, one of the core fundamental in developing products in home brands is not to capture, share in any under -penetrated category. The fundamental premise why we create any product is to give a superior experience to the end consumer a nd that is a very important factor for the over period of time, how w e have grown our brands. And we continue to follow that philosophy as a company. Mr. Tejas Shah Thanks, thanks, Vivek. Thanks Supam, very clear. A nd all the best for coming quarters. Mr. Anish Arora Thank you, Tejas. Next question is from Nigel. Nigel, please unmute yourself. Mr. Nigel Mascarenhas Good evening, sir. Thank you for the opportunity. Firstly, can you talk about the unit economics for various types of offline stores, in terms of store sizes, capex, revenue, and profitability? For the FirstCry stores vs BabyHug stores? And how does it work for owned versus franchisee stores as well? Mr. Supam Maheshwari Okay, I think, it's there in some of our previous quarterly calls, but Gautam, we want to repeat at a high level, maybe.

So the size of the store, if I talk about , the FirstCry franchisee stores, are typically 1,500 to 1,600 square feet area. The same size we follow for our BabyHug company owned stores. However, when it comes to FirstCry company-owned stores, those are a little larger, probably 2,000 to 2,500 square feet. In terms of capex that we do, the capex per square feet is around INR 1,500 per square feet and a little lesser than the capex is the working capital that we put in each company owned stores. So roughly, INR 1,100 rupees per square foot is the working capital we put in. In terms of profitability, at CM- 2 level, if we talk about , both offline stores as well as online, gives us almost a similar profitability, post-marketing spends, if we see. Mr. Supam Maheshwari And even, in CM -2 offline stores will be post -rent. And some of these franchisee partners, Nigel, we have had a large number of our franchisee partners have been 7, 8 years plus, and many of them are 10 years plus and they have multiple shops with us. So they have seen the profitability in the ir stores, over years, with us and they have continued to stay and have been a long-standing partner with us. And likewise, we have tried to look for such partners who can be a lo ng- term partners. On that basis only, we started our COCO journey around in 2021. And because of having run the FOFO business for the first 10 years. So that's how the profitability was ensured in the FOFO network, both for the franchisee and for the company and therefore, we took that journey ahead, for the COCO journey as well. Mr. Nigel Mascarenhas Yeah, Thanks for the detailed reply. Second question is, for the India business, what sort of growth have you had in the India online business versus the offline business? Mr. Supam Maheshwari Yeah, it's there in the disclosures, further in the presentation. For the online business, Nigel, we had 18% GMV growth for FY25 over FY24, even for Q4 FY25, we had 16% growth over Q4FY24, f or the onlin e. But for the offline business, a nnual one, I wouldn't exactly remember. I think it is around 11 or 12%? Mr. Gautam Sharma Yeah, slightly lower . And that is largely because of the slowdown we have witnessed, esp ecially in the offline business. Mr. Supam Maheshwari Plus some store closures that we have now in the base effect of the previous year, quarter. Mr. Anish Arora Thank you, Nigel. In the interest of time, we'll take one last question from Chintan. Chintan, please unmute yourself. Mr. Chintan Shah Hi. So I just had one question, and tha t is on India offline business. So, I understood the external issues that we faced, as well as some store closure s that impacted the performance, b ut as a slightly medium to long term as a strategy, what are we doing, or what steps we are taking to have more conversions from unorganized to organize, as well as to protect ourselves from the competitive int ensity that keeps on increasing? That is one. And second, how do you think in medi um to long term, this online is, say, 78% of GMV, and it's doing pretty well. So, over longer term, how do you think offline as a strategy, where does this next head to? And what were the plans for expansion in this segment? That's it from my side. Mr. Supam Maheshwari Sure, Chintan. So, fundamentally, if you look at our business , mothers love to buy the product both online and offline. If you remember one of the slides that Vivek showed. This is the first time that we had done this disclosure, in the top 20 cities, 38% of our GMV comes from customers which have an overlap of online and offline, and we have been saying this. We're a very unique category, where consumers or mothers typically love to buy products both online a s well as offline. They can start their journey online and go offline as well, in the vicinity of their homes and the other way as well, which is going offline and come for convenience in the online, because they build a trust with the platform, as well as with the product and the brand, or the curation that we have. So, I think, fundamentally, nothing will change. If you look at last 3 years of our journey, our ratio between online and offline has not materially changed, maybe 100 to 200 bps here and there, in terms of the share. So no material change has happened. And we will continue to expand ou r offline operation as well, in terms of the gross block that we will add in FY26, we will be somewhere similar to FY25. So, we do not feel that. We will have a lot of legroom to play, even to expand our offline network. But we have become more cautious , for last few months, that we have seen and we believe these are temporary. Ultimately, the customer that we get, how we look at our offline business, particularly, is a footfall that gets the customer into our store, gets the experience of our platform, also then goe s online, so it has a material network effect and advantage, both in terms of the experience and the CAC, eventually, even for online and so on and so forth. So it's a very unique proposition of multi -channel, which you would not find in a very traditional or a normal business model in a retail model. So we believe that we will continue to play from a consumer insight, or a mother's insight of buying both, and also the unit economics be nefit that we'll continue to derive from being both present online and offline. So we'll continue to play this card for a very long period of time. We may tailor here and there in terms of improving the wallet share of the customer in that catchment and the footfall optimization that we can continue to do. So those are efficiencies that we'll try to drive to build more cap ital efficiency, but strategy -wise, nothing will change. We'll continue to compound on both our offline, which will also deliver online, and online will deliver offline as well. Mr. Anish Arora Thank you, all the participants. That was the last question. Now back to Supam, Gautam, and everyone for the concluding remarks. Mr. Supam Maheshwari Thank you very much, every one, for being patient. We had, instead of reserving one hour, we reserved one and a half hours, so that you can have a lot more detailed conversation. But really appreciate your time and patience. Look forward to seeing you in the next quarter. Thank you. Mr. Gautam Sharma Thank you so much, everyone. Mr. Vivek Goel Thank you so much