Q1 2027 JSW Dulux Ltd Earnings Call

August 12, 2026

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Speaker #3: Conference, conference, conference.

Speaker #4: Ladies and gentlemen, good day and welcome to the JSW Dulux Limited Q1 FY27 earnings conference call.

Operator: Ladies and gentlemen, good day, and welcome to JSW Dulux Limited Q1 FY27 earnings conference call. The conference is now being recorded. At this moment, all participant lines are in listen-only mode. Later, we will conduct a question and answer session. At that time, you may click on the Q&A tab to ask a live question. Please note that this conference is being recorded. I now hand the conference over to Mr. Aniruddha Joshi from ICICI Securities. Thank you, and over to you, sir.

Speaker #1: The conference is now being recorded.

Speaker #4: At this moment, all participant lines are in listen-only mode. Later, we will conduct a question-and-answer session. At that time, you may click on the Q&A tab to ask a live question.

Speaker #4: Please note that this conference is being recorded. And now, I hand the conference over to Mr. Aniruddha Joshi from ICICI Securities. Thank you, and over to you, sir.

Speaker #5: Thank you. On behalf of ICICI Securities, we welcome you all to the Q1 FY27 results webinar of JSW Dulux Limited. We have with us today the senior management represented by Mr. Rajiv Rajgopal, Joint Managing Director and CEO.

Aniruddha Joshi: Yeah, thank you. On behalf of ICICI Securities, we welcome you all to Q1 FY27 results webinar of JSW Dulux Limited. We have with us today senior management represented by Mr. Rajiv Rajgopal, Joint Managing Director and CEO, Mr. Krishna Rallapalli, Whole-Time Director and CFO, and Mr. Rajiv Jha, General Counsel, Company Secretary, and Compliance Officer. Now I hand over the call to the management for initial comments on the quarterly performance, and then we will open the floor for question and answer session. Thanks, and over to you, Rajiv, sir, for reading out the disclaimer. Thanks.

Speaker #5: Mr. Krishna Rallapalli, Full-Time Director and CFO; and Mr. Rajiv Jha, General Counsel, Company Secretary, and Compliance Officer. I will now hand over the call to the management for initial comments on the quarterly performance.

Speaker #5: And then we will open the floor for the question-and-answer session. Thanks, and over to you, Rajiv sir, for reading out the disclaimer. Thank you.

Speaker #6: Okay, good afternoon.

Rajiv Rajgopal: Okay, good afternoon.

Rajiv Jha: Okay, good afternoon.

Speaker #4: Sir, sorry, we are not able to hear you. Sir, can you hear us?

Operator: Sir, sorry, we are not able to hear you.

Aniruddha Joshi: Rajiv Jha, sir. Please go ahead. Thanks.

Speaker #5: Rajiv Jha, sir, please, please go ahead.

Speaker #4: Thanks.

Speaker #6: Aniruddha, are we audible?

Rajiv Rajgopal: Anirudh, are we audible?

Rajiv Jha: Anirudh, are we audible?

Speaker #4: Yes sir.

Operator: Yes, sir.

Speaker #6: Okay. This media release contains statements which address such key issues as the company's growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals.

Rajiv Rajgopal: This media release contains statements which address such key issues as the company's growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasts and actual results or outcomes to differ from these statements.

Rajiv Jha: This media release contains statements which address such key issues as the company's growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasts and actual results or outcomes to differ from these statements.

Speaker #6: Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results or outcomes to differ from these statements. These factors include, but are not limited to: price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures and approvals, as well as significant market disruptions.

Rajiv Rajgopal: These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures and approvals, as well as significant market disruptions. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report. With this, I am handing over the stage to Mr. Rajiv Rajgopal for taking this forward. Thank you.

Rajiv Jha: These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures and approvals, as well as significant market disruptions. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies.

Speaker #6: Stated competitive positions are based on management estimates, supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report.

Rajiv Jha: For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report. With this, I am handing over the stage to Mr. Rajiv Rajgopal for taking this forward. Thank you.

Speaker #6: And with this, I am handing over the stage to Mr. Rajiv Rajgopal for taking this call. Thank you. Good afternoon, everyone. Delighted to be back on a call with all of you on the quarterly earnings for the first quarter of the fiscal.

Rajiv Rajgopal: Good afternoon, everyone. Delighted to be back on a call with all of you on the quarterly earnings for the first quarter of the fiscal. As all of you have seen our commentary, we have had a pretty strong quarter. Just so that I am able to clearly explain, we have to look at the quarter from a like-to-like perspective, because when you look at the first quarter, the quarter also had certain remnants of the business which has got taken off or carved out as a part of the AkzoNobel India deal with the JSW Group. The JSW Dulux like-to-like houses now all the brands and businesses which are now a part of this journey. What has got carved out is the powder coating business, the IRC business, and a few customers, global customers, which AkzoNobel has retained as a part of its unlisted entity.

Speaker #6: As all of you have seen from our commentary, we've had a pretty strong quarter. But just so that I am able to clearly explain, we have to look at the quarter from a like-to-like perspective. When you look at the first quarter, the quarter also had certain remnants of the business which have been taken off or carved out as part of the Akzo Nobel India deal with the JSW Group.

Speaker #6: So the JSW Dulux, like-to-like, houses now all the brands and businesses which are now a part of this journey, right? What's got carved out is the powder-coating business, the IRC business, and a few customers, global.

Rajiv Rajgopal: The JSW Dulux like-to-like houses now all the brands and businesses which are now a part of this journey. What has got carved out is the powder coating business, the IRC business, and a few customers, global customers, which AkzoNobel has retained as a part of its unlisted entity.

Speaker #6: Which AkzoNobel has retained as a part of its unlisted entity. So, with that, I just want to quickly run you through, first, the financials. At a high level, we've uploaded the entire presentation on the stock exchange, and most of you would have by now gone through it, so I'm not going to spend a lot of time on that.

Rajiv Rajgopal: So with that, I just want to quickly run you through first the financials at a high level. We have loaded the entire presentation on the stock exchange, and most of you would have by now gone through it, so I am not going to spend a lot of time. But just for being very clear, I just want to sort of inform you first the numbers so that we then can move quickly. Krishna, our CFO, is here, and Rajiv is here. We can quickly run through how the quarter has gone by and give you more time for Q&A. So the revenue we grew. We hit INR 965 crores in the quarter. The like-to-like last year was INR 812, which is an 18.8% growth, blended between Decorative plus Industrial. The gross margin was INR 360.8 crores against last year, INR 353.6, which is a 2%.

Speaker #6: But just to be very clear, I just want to first inform you of the numbers so that we can then move quickly. And Krishna, our CFO, is here as well.

Rajiv Rajgopal: Krishna, our CFO, is here, and Rajiv is here. We can quickly run through how the quarter has gone by and give you more time for Q&A. So the revenue we grew. We hit INR 965 crores in the quarter. The like-to-like last year was INR 812, which is an 18.8% growth, blended between Decorative plus Industrial. The gross margin was INR 360.8 crores against last year, INR 353.6, which is a 2%.

Speaker #6: I'm here, and Rajiv is here. We can quickly run through how the quarter has gone by and give you more time for Q&A. So, the revenue—we grew, we hit ₹965 crores in the quarter. The like-to-like last year was ₹812 crores, which is an 18.8% growth.

Speaker #6: Blended between decorative plus industrial, the gross margin was 360.8 crores against last year 353.6, which is a 2%. EBITDA we delivered 115.1 against 100.4 last year, which is a 14.7% growth.

Rajiv Rajgopal: EBITDA, we delivered INR 115.1 against INR 100.4 last year, which is a 14.7% growth. The PAT was INR 135.5 against INR 67.2. The PAT, as mentioned in our press release, had two one-offs, which we want to clearly highlight. One is the interest on IP fund of about INR 21.5 crore and a dividend income from ICIRX entity, which is for the property sale of assets which were under that entity of about INR 5.9 crores. So that is really the commentary at a high level. So really, if I were to look at the quarter, what I would like to start with is, we had a volume growth of 25%. I think the quick question will be, yes, when you look at volume price mix, and you have got various industries calling it underlying volume growth, et cetera, UVG. We have delivered a volume growth of close to about 25%.

Speaker #6: And the PAT was ₹135.5 crore against ₹67.2 crore, right? And the PAT, as mentioned in our press release, had two one-offs, which we want to clearly highlight.

Speaker #6: One is the interest on IT fund of about ₹21.5 crore, and a dividend income from ICIRMT, which is for the property sale of assets that were under that entity, of about ₹55.9 crore.

Speaker #6: So that's really the commentary at a high level. So really, if I were to look at the quarter, what I would like to start with is, we had a volume growth of 25%.

Rajiv Rajgopal: So really, if I were to look at the quarter, what I would like to start with is, we had a volume growth of 25%. I think the quick question will be, yes, when you look at volume price mix, and you have got various industries calling it underlying volume growth, et cetera, UVG. We have delivered a volume growth of close to about 25%.

Speaker #6: I think the quick question will be, yes, you know, when you look at volume, price, mix, and, you know, we've got various industries calling it underlying volume growth—et cetera, UVG, right?

Speaker #6: Now, we've delivered a volume growth of close to about 25%. And if you were to just adjust for the T, we would still have a volume growth of close to about 18%.

Rajiv Rajgopal: If you were to just adjust for the T, we would still have a volume growth of close to about 18%. So really, 18% to 19%. So it is pretty strong growth, if you just take out some of those, which is again, a very high growth in our view, almost close to 20%. So really, 20% growth giving you 18.8% revenue growth, there is very little I can complain. I would like to first, before running through the other metrics, really talk about really complimenting the team. Our Decorative business grew pretty high, double digit. Our Industrial business all grew upwards of 25%. So really, it has been a fantastic performance and my kudos to the team.

Speaker #6: So really, 18 to 19%, right? So the pretty strong growth, if you just take out, you know, some of the those which is again a very high growth in our view, close almost close to 13%, right?

Speaker #6: So really, 20% growth giving you 18.8% revenue growth, there's very little I can complain about. I'd like to first, before running through the other metrics, really talk about complementing the team.

Rajiv Rajgopal: I would like to first, before running through the other metrics, really talk about really complimenting the team. Our Decorative business grew pretty high, double digit. Our Industrial business all grew upwards of 25%. So really, it has been a fantastic performance and my kudos to the team.

Speaker #6: Our decorative business grew pretty high, double-digit. Our industrial business also grew upwards of 25%. So, really, it's been a fantastic performance, and my kudos to the team.

Speaker #6: One is to also keep in mind that in this quarter, in between April, May, and June, many of the employees—we share a Delhi headquarters—moved the entire headquarters to JSW Center in Mumbai.

Rajiv Rajgopal: One is to also keep in mind that in this quarter, between April and May and June, many of the employees, we shut our Delhi headquarters and moved the entire headquarters to JSW Center in Mumbai. So it involves the transition of a team, and as I told one of the channels in the morning, it almost felt like you are having to rewire the house without switching off the mains. So really, to me, I really want to compliment the team for being able to achieve one of the highest growth rates. Because the COVID was a base effect, so if I take that off, this is one of the highest growth I have ever seen since I took over as MD in 2018, JSW Dulux. So really fantastic growth under tough circumstances.

Speaker #6: So it involves a transition of a team, and as I told one of the, you know, channels in the morning, it almost felt like you are having to rewire the house without switching off the mains.

Speaker #6: So really, to me, I really want to compliment the team for being able to achieve one of the highest growths, right? Because I don't—you know, the COVID was a base effect.

Rajiv Rajgopal: So really, to me, I really want to compliment the team for being able to achieve one of the highest growth rates. Because the COVID was a base effect, so if I take that off, this is one of the highest growth I have ever seen since I took over as MD in 2018, JSW Dulux. So really fantastic growth under tough circumstances.

Speaker #6: So if I take that off, this is one of the highest growth rates I've ever seen since I took over as MD in 2018, AkzoNobel India.

Speaker #6: So really, fantastic growth, and in tough circumstances, right? Obviously, a lot of shifts happening, massive change for employees—it speaks volumes about the way the teams have been conducting themselves, right?

Rajiv Rajgopal: Obviously, a lot of shifts happening, massive change for employees, speaks volumes of the way the teams have been conducting themselves. That's one. Also a huge kudos to Mr. Par Jindal, our chairman, for welcoming us into the family and making sure that we feel at home. It was also a headline of our Velvet Touch campaign a couple of years ago. Really, I think those are the two pivots which helped us to accelerate faster. Of course, there are brand pivots, there are distribution pivots, and there are strategic pivots which we've done. Now, quickly to then get into the granularity of the gross margin. The gross margin, if you look at, was at 37.4%, largely impacted for two reasons. One, that we had a lower inventory, particularly in our decorative business.

Speaker #6: So that's one. And also, a huge kudos to Mr. Parth Jindal, our Chairman, for welcoming us into the family and making sure that we feel at home, right?

Speaker #6: It was also an ad line of our VT campaign a couple of years ago, right? So, really, I think those are the two pivots which helped us to accelerate faster.

Rajiv Rajgopal: Really, I think those are the two pivots which helped us to accelerate faster. Of course, there are brand pivots, there are distribution pivots, and there are strategic pivots which we've done. Now, quickly to then get into the granularity of the gross margin. The gross margin, if you look at, was at 37.4%, largely impacted for two reasons. One, that we had a lower inventory, particularly in our decorative business.

Speaker #6: Of course, there are brand pivots, there are distribution pivots, and there are strategic pivots, which we've done. Now, quickly, to then get into the granularity of the gross margin.

Speaker #6: The gross margin, if you look at it, was at 37.4%, largely impacted for two reasons. One, we had lower inventory, particularly in our decorative business.

Speaker #6: So our blended inventory was about 95-odd days, against an industry which has been about 110 to 120 days, right? And within that, decorative was just at about 60 days.

Rajiv Rajgopal: Our blended inventory was about 95 odd days against the industry, which has been about 110 to 120 days. Within that, decorative was just at about 60 days. In the decorative business, we've seen a hit in our margins, which is the reason why it came in, because we had to immediately buy high-priced stocks almost end of March. We see some improvements right now as we enter August on that, because obviously the high-priced stocks, those stocks have got exhausted, and we are now obviously at much lower rates than that rate there. We had some benefits in industrial for the same reason, because we had a close to about 100-day plus inventory cover. One has to keep in mind that the gross margin had an impact of approximately about a two odd points because of the crude challenges.

Speaker #6: And so, in the decorative business, we've seen a hit in our margins, which is the reason why it came in—because we had to immediately buy high-priced stocks almost at the end of March.

Speaker #6: And that sort of—and we see some improvements right now as we enter August on that, because obviously the high-priced stocks, you know, those stocks have got exhausted, and we are now obviously at much lower rates than that rate there.

Rajiv Rajgopal: We see some improvements right now as we enter August on that, because obviously the high-priced stocks, those stocks have got exhausted, and we are now obviously at much lower rates than that rate there. We had some benefits in industrial for the same reason, because we had a close to about 100-day plus inventory cover. One has to keep in mind that the gross margin had an impact of approximately about a two odd points because of the crude challenges.

Speaker #6: We had some benefits in Industrial for the same reason, because we had close to about 100-day-plus inventory cover, right? And so, one has to keep in mind that the gross margin had an impact of approximately about 2 points because of the crude challenges.

Speaker #6: The other is a painter reclass, which we've done on promotional spends, which we moved to gross-to-net in line with the industry.

Rajiv Rajgopal: The other is a painter reclass, which we've done on promotional spends, which we moved to gross net in line with the industry. This is something that we want to do also proactively do so that we are now speaking the same language. Maybe we've taken a little more of a cautious view here, but suffice to say, that also was the reason, and that's another 2.5 points. Really, if you look at it, the underlying gross margin, and maybe Krishna will also walk through it, was closer to about 39.5% to 40%, which really then changes the picture of the results. The second is the EBITDA margin of 11.9%. Obviously, there is a flow-through from the gross margin to EBITDA, but also remember that we've decided to reinvest in the growth.

Speaker #6: And this is something we wanted to also proactively do, so that now we are speaking the same language, right? Maybe we've taken a little more of a cautious view here, but suffice it to say that was also the reason.

Speaker #6: And that's another two and a half points. So really, if you look at it, the underlying gross margin—and maybe Krishna will also walk through it—was closer to about 39.5% to 40%.

Rajiv Rajgopal: Really, if you look at it, the underlying gross margin, and maybe Krishna will also walk through it, was closer to about 39.5% to 40%, which really then changes the picture of the results. The second is the EBITDA margin of 11.9%. Obviously, there is a flow-through from the gross margin to EBITDA, but also remember that we've decided to reinvest in the growth.

Speaker #6: So, which really then changes the picture of the results. The second is the EBITDA margin of 11.9%. So obviously there is a flow-through from the gross margin to EBITDA, but remember that we've decided to reinvest in the growth.

Speaker #6: I mean, to start growing faster than the market, it was imperative for us to start adding people, particularly in two areas. One is R&D, because, as you know, I am a strong believer that innovation and brand differentiation are very important, particularly in a hyper-competitive environment.

Rajiv Rajgopal: I mean, to start growing faster than the market, it was imperative for us to start adding people, particularly two areas. One, R&D, because as you know, I am a strong believer that innovation and brand differentiation is very important, particularly in a hyper-competitive environment. Second, we've decided to add people in many parts of India. I'll just give you an example that when our chairman visited Hyderabad recently, he was a little astounded to know that we had only two area managers and about six, seven people till a few years ago. With his approval in end of March, we decided to hire people. We've added approximately about 100 and some odd people, and obviously that cost, the salary plus our travel costs is going to see an increase.

Speaker #6: Second, we've decided to add people in many parts of India. I'll just give you an example. When our Chairman visited Hyderabad recently, he was a little astounded to know that we had only two area managers and about six or seven people till a few years ago.

Rajiv Rajgopal: I'll just give you an example that when our chairman visited Hyderabad recently, he was a little astounded to know that we had only two area managers and about six, seven people till a few years ago. With his approval in end of March, we decided to hire people. We've added approximately about 100 and some odd people, and obviously that cost, the salary plus our travel costs is going to see an increase.

Speaker #6: And with his approval, and, you know, end of March, we decided to hire people. We've added approximately about 100 people. And so, obviously, that cost—the salary—plus our travel cost is going to see an imperative.

Speaker #6: But I call this a correction, because what we are doing is laying a strong foundation, and we are not planning to add this every year.

Rajiv Rajgopal: But I call this a correction, because what we are doing is we are laying the strong foundation, and we are not planning to add this every year. We will obviously add incremental thereafter. Hence, we see the EBITDA margins coming back to the band that I used to talk about. But given the crude prices, I have said that the EBITDA margin would be in the range of 13% to 15%. That is the sort of margin I think we should be able to hit for the reasons that I mentioned. With this, let me just quickly hand over to Krishna. Krishna will give you secondly a quick glimpse of the business and the financials, and then we will walk through and take all your questions.

Speaker #6: You know, we will obviously add incremental thereafter, and hence we see the EBITDA margins coming back to the band that I used to talk about.

Speaker #6: But given the crude prices, I've said that the EBITDA margin would be in the range of 13 to 15%. You know, that's the sort of margin I think we should be able to hit.

Rajiv Rajgopal: That is the sort of margin I think we should be able to hit for the reasons that I mentioned. With this, let me just quickly hand over to Krishna. Krishna will give you secondly a quick glimpse of the business and the financials, and then we will walk through and take all your questions.

Speaker #6: For the reasons that I’ve mentioned, right? So with this, let me just quickly hand over to Krishna. Krishna will give you, secondly, a quick glimpse of the business and the financials, and then we’ll walk through and take all your questions.

Speaker #6: Krishna, thanks. Thanks, Rajiv. I think Rajiv is fairly summarized overall situation. Despite of the turbulent external environment, we could able to focus in terms of our strategic priorities and could able to deliver the result.

Krishna Rallapalli: Thanks, Rajiv. I think, Rajiv, you fairly summarized the overall situation. Despite the turbulent external environment, we were able to focus in terms of our strategic priorities and were able to deliver the results. We grew the business in line with our plans. Then, of course, there is a significant increase in terms of the input prices, which is with the raw material prices, which we were able to navigate through the price increases which we have taken in line with the industry. Then there is also cost prudence measures which were applied. We confined our OpEx to the growth initiatives, and we ended the quarter with around 14.7% growth in the absolute EBITDA on a like-to-like basis. Of course, because of the fix which has happened during the quarter, the EBITDA percentage has diluted by around by 3 basis points.

Speaker #6: And we grew the business in line with our plans, and then of course, there was a significant increase in terms of the input prices, which is the raw material prices.

Speaker #6: We were able to navigate through the price increases which we have taken in line with the industry. And then there were also cross prudence measures which were applied; we confined our OPEX to the growth initiatives.

Krishna Rallapalli: Then there is also cost prudence measures which were applied. We confined our OpEx to the growth initiatives, and we ended the quarter with around 14.7% growth in the absolute EBITDA on a like-to-like basis. Of course, because of the fix which has happened during the quarter, the EBITDA percentage has diluted by around by 3 basis points.

Speaker #6: And we ended the quarter with around 14.7% growth in absolute EBITDA on a like-to-like basis. And of course, because of the shifts which have happened during the quarter, the EBITDA percentage has diluted by around 50 basis points.

Speaker #6: And we have also notified about the two exceptional items, one-off items. One is the dividend income which we received from ICI R&D, which is a wholly owned subsidiary.

Krishna Rallapalli: We have also notified about the two exceptional items, one-off items. One is dividend income, which we received from the ICI R&D, which is a wholly-owned subsidiary, INR 59.9 crores. That has been posted as other income, and which is a resultant of the real estate monetization transaction which we have completed last quarter. The second is that as we are moving towards bringing the efficiency, optimizing the cash, our rigor towards pursuing the old income tax litigations resulted in a INR 108 crores of refund pertaining to the assessment year 2013/14, which includes an interest income of INR 21.5. So these are the summary of the key financial metrics and what happened during the last quarter. With this, Aniruddha, I would hand it all back to moderator for the question and answer.

Speaker #6: Rs 59.9 crores that has been posted as other income, which is a result of the real estate monetization transaction that we completed last quarter.

Speaker #6: The second is that as we are moving towards bringing efficiency and optimizing cash, our rigor in pursuing old income tax litigations resulted in a refund of ₹108 crores pertaining to the assessment year 2013-14, which includes interest income of ₹21.5 crores.

Krishna Rallapalli: The second is that as we are moving towards bringing the efficiency, optimizing the cash, our rigor towards pursuing the old income tax litigations resulted in a INR 108 crores of refund pertaining to the assessment year 2013/14, which includes an interest income of INR 21.5. So these are the summary of the key financial metrics and what happened during the last quarter. With this, Aniruddha, I would hand it all back to moderator for the question and answer.

Speaker #6: So these are the summaries of the key financial metrics and what happened during the last quarter. With this, Anirudh, I would hand it back to the moderator for the question and answer session.

Speaker #1: Thank you very much. We'll now begin the question-and-answer session. Anyone who wishes to ask a question may please click on the Q&A tab on the panel below.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please click on the Q&A tab on the panel below and click on the Raise Hand button. The operator will announce your name when it is your turn to ask the question. Please accept the prompt on your screen. Unmute your microphone while proceeding with your question. Participants, you may click on the raise hand icon. Ladies and gentlemen, to ask the question, you may click on the Q&A tab and click on the Raise Hand button to ask your question. First question is from the line of Prateek Gothi from HSBC. Please go ahead.

Speaker #1: And click on the Raise Hand button. The operator will announce your name when it's your turn to ask a question. Please accept the prompt on your screen.

Speaker #1: And mute your microphone while proceeding with your question. Participants may click on the Raise Hand icon. Ladies and gentlemen, to ask a question, you may click on the Q&A tab.

Speaker #1: And click on the 'Raise Hand' button to ask your question. The first question is from the line of Pratik Gothi from HSBC. Please go ahead.

Prateek Gothi: Hello, am I audible?

Pratik Gothi: Hello, am I audible?

Speaker #2: Hello. Am I audible? Yes. Thank you for taking my question. This is Pratik Gothi from HSBC. My first question is: can you elaborate on some of the changes that you've brought on the ground in terms of better execution, especially on the Deco business?

Operator: Yes.

Krishna Rallapalli: Yes.

Prateek Gothi: Yes. Thank you for taking my question. This is Prateek Gothi from HSBC. My first question is, can you elaborate on some of the changes that you have brought on the ground in terms of better execution, especially on the deco business? You talked about headcount, but any other distribution or any other changes?

Pratik Gothi: Yes. Thank you for taking my question. This is Prateek Gothi from HSBC. My first question is, can you elaborate on some of the changes that you have brought on the ground in terms of better execution, especially on the deco business? You talked about headcount, but any other distribution or any other changes?

Speaker #2: You talked about headcount, but are there any other distributions or any other changes?

Speaker #3: I think that's a good question. What we've done is we are looking at a very micro-market strategy now. What we are doing is we are going to first look at markets where we've got a significantly higher market share—in states like Bengal, Gujarat, parts of Punjab, Delhi, et cetera.

Rajiv Rajgopal: Well, good question. What we have done is we are looking at a very micro-market strategy now. What we are doing is we are going to first look at markets where we have got a significantly higher market share in states like Bengal, Gujarat, parts of Punjab, Delhi, et cetera. These are places that we have got market shares of above, weighted average of 4.5, above almost 8% to 10% sort of market shares. Then we have taken the second, which is between around the weighted average, where there are bulk of states, and third is absolute leader. Those states where our shares are very low, very low single digits. Now, what we have done is we have broken that into saying two parts. One, how can we start having the right portfolio for the right market?

Speaker #3: Then, where we've got about—and these are places where we've got market shares above the weighted average of 4.5%, above almost 8% to 10%.

Speaker #3: Sort of market shares. Then we've taken the second, which is around the weighted average, right, where there are a bulk of states. And third is absolutely the states where our shares are very low.

Rajiv Rajgopal: Then we have taken the second, which is between around the weighted average, where there are bulk of states, and third is absolute leader. Those states where our shares are very low, very low single digits. Now, what we have done is we have broken that into saying two parts. One, how can we start having the right portfolio for the right market?

Speaker #3: Very low single digits. Now, what we've done is we've broken that into, say, two parts. One, how can we start having the right portfolio for the right market?

Speaker #3: And within that, we made sure that we in during the quarter, put in a particularly into the states where there's been for us a huge decline in certain undercoat categories, products like promised pool one, prima, et cetera, which has seen fantastic growth.

Rajiv Rajgopal: Within that, we made sure that we, during the quarter, particularly into the states where there has been, for us, a huge decline in certain undercoat categories, products like primer, et cetera, we just seen fantastic growth. Also, what we have done is on the top end, we redoubled our efforts on Velvet Touch and Weathershield to try and make sure that we grow. Now what we have done is we are present in more than 5,000 towns, but our meaningful presence is roughly about 3,400, 3,500 towns, which we call active presence. So what we are doing is we are first taking that to about 4,500 this year. Again, we are focusing on towns with population greater than 20,000.

Speaker #3: Also, what we've done is, on the top end, we redoubled our efforts on Velvet Touch and Weather Sheet, trying to make sure that we grow.

Speaker #3: Now what we've done is we are present in more than 5,000 towns, but our meaningful presence is roughly about 3,400 to 3,500 towns, which we call active presence, right?

Rajiv Rajgopal: Now what we have done is we are present in more than 5,000 towns, but our meaningful presence is roughly about 3,400, 3,500 towns, which we call active presence. So what we are doing is we are first taking that to about 4,500 this year. Again, we are focusing on towns with population greater than 20,000.

Speaker #3: So, what we are doing is, we are first taking that to about 4,500 this year. And again, we are focusing on towns with a population greater than 20,000.

Speaker #3: And then we are trying to redouble our efforts to say that, look, at least in the large cities, metros, et cetera, how do we really pull back if there was a share loss, or how do we really build our share?

Rajiv Rajgopal: We are trying to redouble our efforts to say that, look, at least in the large cities, metros, et cetera, how do we really pull back if there was a share loss, or how do we really build our share? The focus is really driving the three categories. First, premium. Second, adjacencies, which is led by waterproofing and woodcare. Third, obviously the mid-market. Now, where we've had good success in the quarter, to answer your question, has been in premium and in the adjacencies. In mid, I think we've still got some miles to go in terms of growth. What we've also done is we've to be specific in some of the towns engagement with the painter and also started our architect interior designer program. Some of the other players could have been doing it, but we've really sharpened it and we've gone digital.

Speaker #3: The focus is really driving the three categories. First, premium. Second, adjacencies, which is led by waterproofing and woodcoat. Third, obviously, the mid market. Now, where we've had good success in the quarter, to answer your question, has been in premium and in the adjacencies.

Rajiv Rajgopal: Now, where we've had good success in the quarter, to answer your question, has been in premium and in the adjacencies. In mid, I think we've still got some miles to go in terms of growth. What we've also done is we've to be specific in some of the towns engagement with the painter and also started our architect interior designer program. Some of the other players could have been doing it, but we've really sharpened it and we've gone digital.

Speaker #3: In mid, I think we've still got some miles to go in terms of growth. What we've also done is we've used ON to be specific in some of the towns, engaged with the painter, and also started our architect and interior designer program.

Speaker #3: Some of the other players could have been doing it, but we really sharpened it, and we've gone digital. So what we are trying to do as we move forward is use a lot of analytics and use a lot of AI to help us to be able to sharpshoot, given the fact that we cannot afford, as a number four player, to have wastage.

Rajiv Rajgopal: What we are trying to do as we move forward is use a lot of analytics and use a lot of AI to help us to be able to sharp shoot, given the fact that we cannot afford, as a number 4 player, to have wastage. Hopefully, I've answered your question. Yeah, and one last piece is, we are also looking at where the distributor model worked, because all of you know that distributor model, one of the reasons we went into it was because we never got approvals to open many depots, et cetera. That's changed. So one of the things that we are looking at is, we're looking at high-share markets, high-potential markets, where our ability to win is going to be very high because of the residual strength of the Dulux brand.

Speaker #3: Hopefully, I've answered your question. Yeah, and one last piece is, we are also looking at where the distributor model worked because, as all of you know, the distributor model—one of the reasons we went into it was because we never got approvals to open many depots, et cetera.

Speaker #3: That's changed. So, one of the things that we are looking at is, we're looking at high-share markets, high-potential markets where our ability to win is going to be very high because of the residual strength of the Dulux brand.

Rajiv Rajgopal: That's changed. So one of the things that we are looking at is, we're looking at high-share markets, high-potential markets, where our ability to win is going to be very high because of the residual strength of the Dulux brand.

Speaker #3: And there, in about the top 20 towns, we will start moving to a direct stroke hybrid model. And obviously, we will continue with the distributor model wherever that's yielded us great dividends all these years.

Rajiv Rajgopal: There, in about the top 20 towns, we will start moving to a direct-stock hybrid model, and obviously continue on the distributor model wherever that's yielded us great dividends all these years. So that, in a substance, is what we are trying to do.

Speaker #3: So that, in substance, is what we are trying to do.

Speaker #2: Thank you for the detailed response. A follow-up to that is you mentioning that the growth in the mid premium segment was still, if I read that right, was still below the premium growth, the premium portfolio and adjacencies growth.

Prateek Gothi: Thank you for the detailed response. A follow-up to that is, you mentioning that the growth in the mid-premium segment, if I read that right, was still below the premium growth, the premium portfolio and adjacencies growth.

Pratik Gothi: Thank you for the detailed response. A follow-up to that is, you mentioning that the growth in the mid-premium segment, if I read that right, was still below the premium growth, the premium portfolio and adjacencies growth.

Speaker #3: Not premium. The premium and luxury grew high double digits, right? Almost close to the blended growths that we've done, both volume and value. The mass market and the economy segments grew for us a little lower than that—yeah, it grew in the early double digits.

Rajiv Rajgopal: Not premium. The premium and luxury grew high double digits, almost close to the blended growths that we have done, both volume and value. The mass market and the economy segments grew for us a little lower. It grew in the early double digits.

Speaker #2: Right, right. So towards that, mix was sort of improving year on year in this quarter. And in spite of that, we haven't seen much of a margin impact.

Prateek Gothi: Right. So towards that, mix was sort of improving year-on-year in this quarter, and in spite of that, we have not seen much of a margin impact. I understand you mentioned.

Pratik Gothi: Right. So towards that, mix was sort of improving year-on-year in this quarter, and in spite of that, we have not seen much of a margin impact. I understand you mentioned.

Speaker #2: I understand you mentioned the sorry.

Rajiv Rajgopal: Yeah.

Prateek Gothi: Sorry.

Pratik Gothi: Sorry.

Speaker #3: Yeah, I need an explanation for that. Go ahead.

Rajiv Rajgopal: Yeah, I gave the explanation for that. Go ahead.

Speaker #2: Yeah. So, you mentioned the margin impact from the consumption of high-cost inventories and higher promotional spends. Is there anything else that explains the volume-value gap, so to speak?

Prateek Gothi: Yeah. So you mentioned the margin impact from consumption of high-cost inventories and higher promotion spends. Anything else that explains the volume-value gap, so to speak?

Pratik Gothi: Yeah. So you mentioned the margin impact from consumption of high-cost inventories and higher promotion spends. Anything else that explains the volume-value gap, so to speak?

Speaker #3: So two, as I told you, one was the inventory; second was the fact that the gross to net painter went gross to net, which was almost about 2.5% on the blended revenue.

Rajiv Rajgopal: So two, as I told you. One was the inventory, second was the gross to net. Painter went gross to net, which was almost about 2.5% on the blended revenue. The third is obviously the business mix, because while premium grew in decorative and automotive grew, but in some of our other business, like industrial coatings, et cetera, actually, we grew significantly faster than some of the other places. So obviously, if you are growing at 20 in one and you are growing at 30 in another, the mix still tends to. So that is sort of a positive challenge we had this quarter. Mr. Krishna Dallapalli, you want to add something?

Speaker #3: And the third is obviously the business mix, because while premium grew in decorative and automotive grew, in some of our other businesses, like industrial coatings, etc., we actually grew significantly faster than in some of the other places.

Speaker #3: So obviously, if you're growing at 20 in one and you're growing at 30 in another, the mix still tends to—so that's sort of a positive challenge we had.

Speaker #3: Krishna, do you want to add something?

Krishna Rallapalli: No, I think that is it.

Rajiv Rajgopal: Yeah. If that is your question, moderator, then we can take the next question.

Speaker #2: Ask your question, moderator, then we can take the next question.

Speaker #3: Yeah.

Speaker #2: Yeah.

Prateek Gothi: Yeah.

Pratik Gothi: Yeah.

Speaker #4: Thank you for having a follow-up question.

Operator: Prathwi, do you have any follow-up question?

Speaker #2: No, no.

Prateek Gothi: No.

Pratik Gothi: No.

Speaker #4: Thank you. Participants, you may click on the raise hand icon to ask your question. Next follow-up. The next question is from the line of Anirda Joshi from ICICI Securities.

Operator: Thank you. Participants, you may click on the Raise Hand icon to ask a question. Next question is from the line of Aniruddha Joshi from ICICI Securities. Please go ahead.

Speaker #4: Please go ahead.

Speaker #2: Hello.

Aniruddha Joshi: Hello?

Speaker #4: Yes, Anirudh, go ahead. You're audible.

Operator: Yes, Aniruddha. Sorry, you are audible.

Speaker #2: Yeah. Sir, just two questions from my side. So now the company is going to be a bit more in investment mode to gain market share.

Aniruddha Joshi: Yeah. Sir, just two questions from my side. Now the company is going to be a bit more in investment mode to gain the market share. Is there any target that you would like to indicate? I guess the earlier target was we want to be in top three paint companies, with Dulux as well as JSW Paints, both businesses put together. How do you see any timelines for that? Any inorganic acquisition plans to be in top three? If you can elaborate a bit more on that. That is question number one. Secondly, if you can elaborate a bit more on the painter program. How is the painter program working out? What can be the potential benefits in terms of additional revenues, and how it will help to reach to more consumers? What will be the investments, et cetera? Anything that you can share.

Speaker #2: So, is there any target that you would like to indicate? I guess the earlier target was, we want to be in the top three paint companies.

Speaker #2: With Dulux as well as the paint, both businesses put together. So, how do you see any timelines for that? Any inorganic acquisition plans to be in top three?

Speaker #2: If you can elaborate a bit more on that, that is question number one. And then, secondly, if you can elaborate a bit more on the Painter Program—how is the Painter Program working out?

Aniruddha Joshi: That is question number one. Secondly, if you can elaborate a bit more on the painter program. How is the painter program working out? What can be the potential benefits in terms of additional revenues, and how it will help to reach to more consumers? What will be the investments, et cetera? Anything that you can share. Yeah. Thank you.

Speaker #2: What can be the potential benefits in terms of additional revenues? And how will it help us reach more consumers? What will be the investments?

Speaker #2: Et cetera. Anything that you can share? Yeah. Thank you.

Aniruddha Joshi: Yeah. Thank you.

Speaker #3: So, Anirudh, first question: What exactly would you want me to cover? Clear.

Rajiv Rajgopal: Aniruddha, your first question, what exactly would you want me to cover? Because the second one is very clear.

Speaker #2: No, sir. I guess our target earlier was to be in the top three.

Aniruddha Joshi: No, sir. I guess our target earlier was to be in top 3.

Speaker #3: Okay.

Rajiv Rajgopal: Okay.

Speaker #2: So strategy.

Aniruddha Joshi: So-

Rajiv Rajgopal: Strategy. Okay. Look,

Speaker #3: Okay. So look, I think a strategy I think obviously given and you're talking of both JSW paints plus JSW Dulux, we currently are close to if you add the two are close to almost about 6,000 crores, right?

Aniruddha Joshi: Yeah, strategy.

Rajiv Rajgopal: I think our strategy, and you are talking of both JSW Paints plus JSW Dulux. We currently are, if you add the two, close to almost about INR 6,000 crore. Obviously that gives us a pivot, and I am talking of both decorative plus industrial. When you look at that, obviously the pivot has to be to something which is far more ambitious, and that is where the way we crafted is how can we be a number 2 player. I know there are a lot of players gunning for number 2 position, but suffice to say that look, we will do that and do it in a very prudent, efficient, and a value-accretive way as we move forward. How are we going to do this? Obviously, in decorative, we still see that look, we would end up being our challenges.

Speaker #3: So, obviously, that gives us a pivot—and I'm talking about both decorative plus industrial. So, when you look at that, the pivot has to be towards something much more ambitious.

Speaker #3: And that's where we've crafted: how can we be a number two player? I know there are a lot of players gunning for the number two position.

Rajiv Rajgopal: I know there are a lot of players gunning for number 2 position, but suffice to say that look, we will do that and do it in a very prudent, efficient, and a value-accretive way as we move forward. How are we going to do this? Obviously, in decorative, we still see that look, we would end up being our challenges.

Speaker #3: But suffice to say that, look, we will do that and do it in a very prudent, efficient, and value-equitable way as we move forward.

Speaker #3: How are we going to do this? Obviously in decorative, we still see that look. We would end up being a three. Our challenge is, we believe that look in industrial, we've got a sweet spot.

Rajiv Rajgopal: We believe that, look, in Industrials, we have got a sweet spot, primarily because of the brand strength of what JSW Dulux will bring in on the international side of the business and some other propositions that we are going to bring alive. We believe in the industrial side, we should now start gearing ourselves to moving to top tier along with JSW Paints Industrial. I think we want to be hence positioning ourselves over a period of a couple of years, a year and a half to a number 1 position, right? Our vision, of course, is a 2030, 2031 vision. It is not like as if we have to do this, but you are right, we have to start getting those sort of growths now, and unless we are able to do that, we will not be able to reach there. That is on the industrial side.

Speaker #3: Primarily because of the brand strength that JSW Dulux will bring on the international side of the business, and some other propositions that we are going to bring alive.

Speaker #3: So we believe, on the industrial side, we should now start gearing ourselves to move to top tier, along with JSW Paints Industrial. I think we want to be, hence, positioning ourselves over a period of a couple of years—one and a half years—to a number one position, right?

Rajiv Rajgopal: I think we want to be hence positioning ourselves over a period of a couple of years, a year and a half to a number 1 position, right? Our vision, of course, is a 2030, 2031 vision. It is not like as if we have to do this, but you are right, we have to start getting those sort of growths now, and unless we are able to do that, we will not be able to reach there. That is on the industrial side.

Speaker #3: So our vision, of course, is a 2030–2031 vision. So it's not like we have to do this immediately, but you're right—we have to start getting those sorts of growths now.

Speaker #3: And unless we are able to do that, we will not be able to reach there. So, that's on the industrial side. As for decorative, I think the market is still very competitive.

Rajiv Rajgopal: Decorative, look, I think the market is still very competitive, and our endeavor is to continuously start outperforming. In decorative, the mission is very clear that we want to now start gaining market share because at the size at which we are in, if we only focus in terms of playing in select pools, then we will not be able to add. But while doing it, make sure that we are delivering absolute EBITDA. One of the things that we have said as an organization is that we will continuously focus on driving market share gains and two, deliver absolute EBITDA, right? That, Aniruddha, is the plan and that is where we are working ourselves towards. Hopefully, I have answered your question. The second one is in terms of your painter program. Look, what we have done in painter is we have obviously moved the whole thing digital.

Speaker #3: And our endeavor is to continuously start outperforming in decorative. The mission is very clear – that we want to now start gaining market share, because at the size at which we are in, if we only focus in terms of playing in select pools, then you will not be able to add it.

Speaker #3: But while doing it, make sure that we are delivering absolute data. So, one of the things that we've said as an organization is that we will continuously focus on driving market share gains and, two, deliver absolute EBITDA, right?

Rajiv Rajgopal: One of the things that we have said as an organization is that we will continuously focus on driving market share gains and two, deliver absolute EBITDA, right? That, Aniruddha, is the plan and that is where we are working ourselves towards. Hopefully, I have answered your question. The second one is in terms of your painter program. Look, what we have done in painter is we have obviously moved the whole thing digital.

Speaker #3: So that, Anirudh, is the plan and that's what we are working towards. Hopefully, I've answered your question. The second one is in terms of your painter program.

Speaker #3: Look, what we've done in Painter is we've obviously moved the whole thing digital. I talked about it in a smaller manner last time. I think we use what's called customer lifecycle management, which is used by telecom companies.

Rajiv Rajgopal: I talked about it in a smaller manner last time. I think we use what is called a customer lifecycle management, which is used by telecom companies, and I talked about it also once earlier. Where we break our painters into high, medium, low usage. What we try and do is ask painters and then we try and give offers to try and move people up. Why do we do it? Because otherwise there is a lot of wastage in the other offers that are going into the market. That is where we are trying to smartly do things to try and make sure we gain. Hopefully with this, I have answered your question, Aniruddha.

Speaker #3: And I talked about it also once earlier, where we break up painters into high, medium, and low usage. What we try and do is, as painters, we try and give offers to try and move people up.

Speaker #3: Why do we do it? Because otherwise, there's a lot of wastage in the other offers that are going into the market. And so that's where we are trying to smartly do things to try and make sure we gain.

Speaker #3: Hopefully, with this, I've answered your question.

Speaker #2: Yes, sir. This is very helpful. Many thanks.

Aniruddha Joshi: Yes, sir. This is very helpful. Many thanks.

Speaker #3: Thank you.

Rajiv Rajgopal: Thank you.

Speaker #4: Thank you. Participants, you may click on the 'raise hand' icon to ask a question. Next, the follow-up question is from the line of Pratik Gauti.

Operator: Thank you. Participants, you may click on the Raise Hand icon to ask a question. Next follow-up question is from the line of Prateek Gothi from HSBC. Please go ahead. Prateek, may I request sir and mute your line and proceed with your question?

Operator: Thank you. Participants, you may click on the Raise Hand icon to ask a question. Next follow-up question is from the line of Pratik Gothi from HSBC. Please go ahead. Pratik, may I request sir and mute your line and proceed with your question?

Speaker #4: From HSBC, please go ahead. Pratik, may I request you to unmute your line and proceed with your question?

Prateek Gothi: Yes. Am I audible now?

Pratik Gothi: Yes. Am I audible now?

Speaker #2: Yes. Am I audible now?

Speaker #4: Yes, go ahead.

Operator: Yes, go ahead.

Speaker #3: Yeah, Pratik.

Rajiv Rajgopal: Yeah, Prateek.

Rajiv Rajgopal: Yeah, Pratik.

Speaker #2: Yeah, yeah. Thanks again. Sir, your comments on the competitive dynamics in the deco business—can you also elaborate on that, please?

Prateek Gothi: Yeah. Thanks again. Sir, your comments on the competitive dynamics in the deco business, can you also elaborate on that, please?

Pratik Gothi: Yeah. Thanks again. Sir, your comments on the competitive dynamics in the deco business, can you also elaborate on that, please?

Speaker #3: Yeah. Well, all I'm saying is it'll continue to be very competitive for the next one to two years. So, you're seeing, with the arrival of new entrants, the disruption that happened, right?

Rajiv Rajgopal: Well, all I'm saying is it will continue to be very competitive for the next 1, 2 years. We are seeing the arrival of new entrants, the disrupting that happened, right? I still believe that there is going to be competitive intensity. Maybe pricing may have in a certain manner looked stabilized, but there is a lot of discounting that the new entrants are still pursuing as a strategy. Hence for us, building our brand, making sure that we are driving continuous sell-out is the only way that we will be able to sustain ourselves in the long term. Really, that's the area of focus, Prateek. Hopefully, I have answered your question.

Speaker #3: I still believe that there is going to be competitive intensity. Maybe pricing may have, in a certain manner, looked stabilized, but there is a lot of discounting that the new entrants are still sort of pursuing as a strategy.

Speaker #3: So, hence, for us, building our brand and making sure that we are driving continuous sell-out is the only way that we'll be able to sustain ourselves in the long term.

Rajiv Rajgopal: Hence for us, building our brand, making sure that we are driving continuous sell-out is the only way that we will be able to sustain ourselves in the long term. Really, that's the area of focus, Pratik. Hopefully, I have answered your question.

Speaker #3: So, really, that's the area of focus, Pratik. Hopefully, I've answered your question.

Prateek Gothi: Yes, it does help. On discounting, if I look at AkzoNobel's annual report, even your rebates to gross revenues ratio has gone up to about 25%. How should one read into that? Your rebates have also probably increased. Have your discounting strategy also tried to match the incumbents or to try and match the new entrants? Any comment on that as well?

Pratik Gothi: Yes, it does help. On discounting, if I look at AkzoNobel's annual report, even your rebates to gross revenues ratio has gone up to about 25%. How should one read into that? Your rebates have also probably increased. Have your discounting strategy also tried to match the incumbents or to try and match the new entrants? Any comment on that as well?

Speaker #2: Yes, it does help. On discounting, if I look at Agzo's annual report, even your rebates-to-gross-revenues ratio has gone up to about 25%.

Speaker #2: So how should one read into that? Your rebates have also probably increased. Has your discounting strategy also tried to match the incumbents, or to try and match the new entrant?

Speaker #2: Any comment on that?

Speaker #3: No, we don't match the—so there are two parts of it. So whenever the project's business grows, projects obviously have a higher—because of the rates, not discount, but because you have to give rates to the customers.

Rajiv Rajgopal: No, we don't match the. There are two parts of it. Wherever the projects business goes, projects obviously has a higher because of the rates, not discount, but because we have to give rates to the customers, that has an impact. Remember, we don't give segment results, so we're looking at it blended. We've also got large industrial business where people have asked for price roles to be able to manage their projects over a period of time. That's one. Second, remember that when you look at our discount, it also includes distributor commission, right? That's a big difference versus the industry. When you negate our takeout, although close to 4.5%, 4.7% of that's distributor margins, then you'll see that we are pretty underwhelming in terms of what we do in terms of the dealer commissions.

Speaker #3: That has an impact. And remember, we are also large in that we don't give segment results, so we're looking at it blended. We've also got a large industrial business there.

Speaker #3: People have asked for price holds to be able to manage their projects over a period of time, so that's one. Second, remember that when you look at our discount, it also includes distributor commission, right?

Rajiv Rajgopal: That's one. Second, remember that when you look at our discount, it also includes distributor commission, right? That's a big difference versus the industry. When you negate our takeout, although close to 4.5%, 4.7% of that's distributor margins, then you'll see that we are pretty underwhelming in terms of what we do in terms of the dealer commissions.

Speaker #3: So that's a big difference versus the industry. So when you negate our takeout, all close to 4.5, 4.7% of that, yeah, that's distributor margins.

Speaker #3: Then it's not — you'll see that we are pretty underwhelming in terms of what we do in terms of the dealer commissions. And that's also a known fact; when you go to the markets, you'll see we're not looking at benchmarking on pricing versus the new competitors.

Rajiv Rajgopal: That's also a known fact when you go to the market. We're not looking at benchmarking ourselves on pricing versus the new competitors. We benchmark ourselves on pricing versus the market leader because we believe that the industry is fairly, on that, pretty disciplined.

Speaker #3: We benchmark ourselves on pricing versus the market leader because we believe that the industry is fairly, on that, pretty disciplined.

Speaker #2: Thanks a lot.

Prateek Gothi: Thanks a lot, sir.

Pratik Gothi: Thanks a lot, sir.

Speaker #3: Yeah, Pratik? Yeah, thank you.

Rajiv Rajgopal: Yeah, Prateek.

Rajiv Rajgopal: Yeah, Pratik.

Prateek Gothi: Yeah. Thanks a lot, sir. That helps.

Pratik Gothi: Yeah. Thanks a lot, sir. That helps.

Speaker #2: Yes, thanks a lot, sir. That helps.

Speaker #4: Thank you. Participants may click on the raise hand icon to ask a question. The next question is from the line of Abhishek Mathur from Systematics.

Operator: Thank you. Participants may click on the Raise Hand icon to ask the question. Next question is from the line of Abhishek Mathur from Systematix. Please go ahead.

Speaker #4: Please go ahead.

Speaker #2: Yeah. Hi, sir. Thank you for the opportunity and hope I'm audible. Sir, in your opening remarks, in your opening remarks, you've said that the price hikes that we have taken have been in line with the industry.

Abhishek Mathur: Yeah. Hi, sir. Thank you for the opportunity and hope I am audible. Sir, in your opening remarks you said that the price hikes that we have taken have been in line with the industry. But despite that, our decorative specifically seems to be far ahead of the number 1 and number 2 players. I am guessing decorative would be probably the low teens in terms of volume growth. Just wanted to check what is driving this outperformance. Is it the expansion into newer towns that you talked about earlier, or is it probably the higher absolute manage contribution of the mid-market or the mass economy categories? Specifically, what is driving outperformance in terms of decorative volume growth?

Speaker #2: But despite that, our decorative specifically seems to be far ahead of the number one and number two players. I'm guessing decorative would probably be among the low teams in terms of volume growth.

Speaker #2: Just wanted to check, what is driving this outperformance? Is it the expansion into newer towns that you talked about earlier, or is it probably the higher absolute margin contribution of the mid-market or the mass economy categories?

Abhishek Mathur: Just wanted to check what is driving this outperformance. Is it the expansion into newer towns that you talked about earlier, or is it probably the higher absolute manage contribution of the mid-market or the mass economy categories? Specifically, what is driving outperformance in terms of decorative volume growth?

Speaker #2: Specifically, what is driving the outperformance in terms of decorative volume growth?

Speaker #3: Yeah. So, in decorative, I was very clear that our largest contributor—45%—comes from premium. So, if premium doesn't grow in the 20s percent, we cannot do a 25% volume growth.

Rajiv Rajgopal: Yeah. So decorative, I was very clear that our largest contributor, 45%, comes from premium. If premium doesn't grow in the 20%, we cannot do a 25% volume growth. So very clearly driven by decorative premium. I want to be very categoric on it. Categories like adjacencies have grown even faster, but it's premium that led the growth, and that was a bit of a good news for us. So that’s one. Two, as far as the industrial business grew, industrial also the businesses grew in the trade. So it's not that decorative was in mid double digits or early double digits or any of that stuff. Decorative, it's 60% of the business. Unless you grow 20% in decorative and volume, you can't get a 25% volume growth. So it's led by decorative, and it's not done by the undercoats or putty or something this time.

Speaker #3: So, very clearly driven by decorative premium, right? So, I want to be very, very category-cognizant. Yeah, categories like adjacencies have grown even faster, but it's premium that led the growth.

Speaker #3: And that was a bit of good news for us, a bit, yeah. So that's one. Two, as far as the industrial business grew, industrial also, the businesses grew in the '20s.

Speaker #3: So, it's not that decorative was in mid-double digits or early double digits or any of that stuff. Decorative is 60% of the business. Unless you grow 20% in decorative in volume, you can't get a 25% volume growth, right?

Rajiv Rajgopal: So it's not that decorative was in mid double digits or early double digits or any of that stuff. Decorative, it's 60% of the business. Unless you grow 20% in decorative and volume, you can't get a 25% volume growth. So it's led by decorative, and it's not done by the undercoats or putty or something this time.

Speaker #3: So that's—it's led by Decorative. And it's not done by the undercoats of Pati or something this time.

Speaker #2: Got it, sir. But any.

Abhishek Mathur: Got it, sir. But any

Speaker #3: I think that hopefully answered your question.

Rajiv Rajgopal: I think hopefully answered your question.

Speaker #2: Yeah, yeah.

Abhishek Mathur: Yeah. Got it.

Speaker #3: It comes from existing towns. The value per outlet is largely— the growth has come from value per outlet, right? So, it's an increase in value per outlet from existing towns; existing outlets have largely contributed.

Rajiv Rajgopal: It's come from existing towns. The value per outlet is largely the growth has come from value per outlet. So it's an increase in value per outlet from existing town, existing outlets have largely contributed, and it's been fairly secular across the types of outlets. So it's not that large outlets have contributed more. We've seen that growth coming in. We used to have a problem about 2 years ago with the new entrant coming in our smaller dealers, but that's something that the team has managed to fix well over the last year. Hopefully answered your question.

Speaker #3: And it's been fairly secular across the types of outlets, so it's not that large outlets have contributed more. We've seen that growth coming in.

Speaker #3: We used to have a problem about two years ago with the new entrant coming in, in our smaller dealers, but that's something that the team has managed to fix well over the last year or so.

Speaker #2: Yeah.

Speaker #3: Hopefully answered your question.

Speaker #2: Yeah, just a quick follow-up, sir. Appreciate the answer, but we have seen that probably Asian Paints and Berger have reported 8% to 9% sort of volume growth in decorative.

Abhishek Mathur: Yeah, just a quick follow-up, sir. Appreciate the answer. But we have seen that probably Asian Paints and Berger Paints have reported 8% to 9% sort of volume growth in decorative. Any comments from you as to what could be driving our relative outperformance in decorative?

Speaker #2: Any comments from you as to what could be driving our relative outperformance in decorative?

Speaker #3: Look, I think there are two or three things. I think, one, I think—look, you're talking about fairly strong brands and players. I don't want to sort of talk.

Rajiv Rajgopal: Look, I think there are 2, 3 things. Look, you're talking of fairly strong brands and players. I don't want to sort of talk. I think what we've done is we redoubled our effort starting from last year, same time, maybe August last year after once the acquisition was announced to the JSW Group, even before the formal acquisition started, in putting our strategies to say, how do we really start growing in, growing faster than market? Because that is a very clear goal or task given by the chairman to me. Even before the acquisition, saying that, look, we acquired. He made me really understand how JSW Group operates, and that was very helpful because it gave me a context on how to start building the organization for tomorrow.

Speaker #3: I think what we've done is we redoubled our efforts, starting from last year, around the same time—maybe August last year—after the acquisition was announced to the group.

Speaker #3: Even before the formal acquisition started, in putting our strategies to say, how do we really start growing in—growing faster than market—because that was a very clear goal or task given by the Chairman to me.

Rajiv Rajgopal: Even before the acquisition, saying that, look, we acquired. He made me really understand how JSW Group operates, and that was very helpful because it gave me a context on how to start building the organization for tomorrow.

Speaker #3: Right? Even before the acquisition, saying that, look, if we acquire—he made me really understand how JSW Group operates. And that was very helpful because it gave me a context on how to start building the organization for tomorrow.

Speaker #3: So really, it's very difficult for me to say, you know, it's one or two things that have done it, or we've put a—some quick... We've been working on this pretty assiduously.

Rajiv Rajgopal: Really, it's very difficult for me to say it's 1 or 2 things that have done it, or we've put some quick. We've been working on this pretty assiduously, and that's how we've sort of developed it. It's come. There has been obviously good work on distribution expansion on decorative, but also it's come across. The good news is it came almost quite secular across the, as I said, except the mass market, where obviously the growth has been a little underwhelming because obviously the other players have done better. Other than that, we sort of looked at it. We've also done a lot of work on digital. So we've improved our lead management system. It's all completely digitized. We've worked on the AIDN contractor program, which we've also talked about. We are using a lot more data to be able to make decisions.

Speaker #3: And that's how we've sort of developed it. It's come—there has been obviously good work on distribution expansion on decorative, but also it's come across. The good news is it came almost quite secularly across the portfolio, as I said, except the mass market, where obviously the growth has been a little underwhelming, because obviously the other players have done better.

Speaker #3: Other than that, we've sort of, sort of looked at it, yeah. We've also done a lot of work on digital, so we've improved our lead management system.

Rajiv Rajgopal: Other than that, we sort of looked at it. We've also done a lot of work on digital. So we've improved our lead management system. It's all completely digitized. We've worked on the AIDN contractor program, which we've also talked about. We are using a lot more data to be able to make decisions.

Speaker #3: It's all completely digitized. We've worked on the AIDN contractor program, which we've also talked about. We're using a lot more data to be able to make decisions.

Speaker #3: In our—we've grown, the focus on distribution, as I told you, was: how do you move from about 3,500 people, while availability may be there in 5,000 towns.

Rajiv Rajgopal: The focus on distribution, as I told you, was how do you move from about 3,500 people while availability may be there in 5,000 towns, how do you really start making that availability count? Which means how do you really make your presence in a town? That's where we have really redoubled on our strategy to say that, look, focus on where you are very strong, then start really growing it up. So that is on our decorative business. On our automotive, it is absolutely stunning growth by premium, with a lot of marquee brands coming in for us into our portfolio. We have been large players in terms of usage with companies like Mahindra, et cetera. As you may know, we also signed up with Porsche. We have got, of course, MG now being a part of the group.

Speaker #3: How do you really start making that availability count? Which means, how do you really make your presence in a town? And that's where we've really redoubled on our strategy to say that, look, focus on where you're very strong and then start really growing it up.

Speaker #3: So that's on the decorative business. On our automotive side, there's absolutely stunning growth in the premium segment, with a lot of marquee brands coming into our portfolio.

Rajiv Rajgopal: So that is on our decorative business. On our automotive, it is absolutely stunning growth by premium, with a lot of marquee brands coming in for us into our portfolio. We have been large players in terms of usage with companies like Mahindra, et cetera. As you may know, we also signed up with Porsche. We have got, of course, MG now being a part of the group.

Speaker #3: We've been large players in terms of usage with companies like Mahindra, etc. As you may know, we also signed up with Porsche. We've got, of course, MG now being a part of the group.

Speaker #3: And JSW MG will not just take us because we are a part of the group, but unless you're a better paint, it's very difficult.

Rajiv Rajgopal: JSW, MG will not just take us because we are part of the group, but unless you are a better paint, it is very difficult. With the credibility of Sikkens, we have been able to get into some of the body shops very quickly. We are working with few other players that we just sort of begun work on. There is a lot of work happening on automotive and specialty. We are also working on our industrial and coatings and marine and protective, where we are really looking at saying, there are a set of products that we have been working on for the last seven, eight years. Are there some new things that we need to add on? Because the world is changing, the environment is changing. Are there new propositions that we need to bring in?

Speaker #3: And with the credibility of Sikkens, we've been able to get into some of the body shops very quickly. And we are working with a few other players that we've just begun work on, right?

Speaker #3: There's a lot of work happening on automotive, and especially, we are also working on our industrial and coatings and marine and protective, where we are really looking at saying, what can—there are a set of products that we've been working on for the last seven, eight years.

Rajiv Rajgopal: We are also working on our industrial and coatings and marine and protective, where we are really looking at saying, there are a set of products that we have been working on for the last seven, eight years. Are there some new things that we need to add on? Because the world is changing, the environment is changing. Are there new propositions that we need to bring in? There are some work that we have started, but some of that you would appreciate I would not be able to talk on a call because of confidentiality. But that is what we are really trying to do.

Speaker #3: Are there some new things that we need to add on? Because the world is changing, the environment is changing. Are there new propositions that we need to bring in?

Speaker #3: And there are certain works that we've started, but some of that, you would appreciate, I would not be able to talk about on a call because of confidentiality.

Rajiv Rajgopal: There are some work that we have started, but some of that you would appreciate I would not be able to talk on a call because of confidentiality. But that is what we are really trying to do.

Speaker #3: But that's what we're really trying to do. Yeah.

Abhishek Mathur: Yeah. Great, sir. Appreciated. Just lastly, do you see these strong growth trends continuing into July and August as well?

Speaker #2: Yeah, great, sir. I appreciate it. And just lastly, do you see these strong growth trends continuing into July and August as well?

Speaker #3: Well, July is a short season because of the rainfall, even if in India the rainfall started a bit late. So, yeah, it hasn't been as strong, but I do expect that the quarter would be in a similar band.

Rajiv Rajgopal: Well, July is a short season because of the rainfall. You know India rainfall started a bit late, so yeah. Well, it has not been as strong, but yeah, I do expect that the quarter would be in a similar band. It is very difficult to sit and predict what the quarter will look like. But yeah, as I started even before this quarter for which I am giving the call today, I said that, look, our endeavor is to get to double-digit growth both in volume and value, and I definitely maintain, right? So finally, for us, you have got to remember the adage of the JSW Group, JSW is better every day. So that is something that I have to live up to. Hopefully that answers your question.

Speaker #3: I mean, it's very difficult today to sit and predict what the quarter will look like. But yeah, as I said even before this quarter, for which I'm giving the call today, I mentioned that I endeavor to get to double-digit growth, both in volume and value.

Rajiv Rajgopal: But yeah, as I started even before this quarter for which I am giving the call today, I said that, look, our endeavor is to get to double-digit growth both in volume and value, and I definitely maintain, right? So finally, for us, you have got to remember the adage of the JSW Group, JSW is better every day. So that is something that I have to live up to. Hopefully that answers your question.

Speaker #3: And I definitely maintained, right? So finally, for us, you've got to remember the adage of the group: JSW is better every day. So that's something that I have to live up to.

Speaker #3: Hopefully that answers your question.

Speaker #2: Yeah, it does. Great. Thank you for the detailed answers, and all the best. Thanks.

Abhishek Mathur: Yeah, it does, sir. Great. Thank you for the detailed answers and all the best. Thanks.

Speaker #1: Thank you.

Rajiv Rajgopal: Thank you.

Speaker #2: Thank you. Participants, you may click on the raise hand icon to ask a question. Ladies and gentlemen, you may click on the Q&A tab on the panel.

Operator: Thank you. Participants, you may click on the Raise Hand icon to ask the question. Ladies and gentlemen, you may click on the Q&A tab on the panel and click on the Raise Hand icon to ask a question. Participants, you may click on the Raise Hand icon to ask the question.

Speaker #2: And click on the 'Raise Hand' icon to ask a question. Participants, you may click on the 'Raise Hand' icon to ask a question. A reminder to all the participants: you may click on the Q&A tab on the panel and click on the 'Raise Hand' button to ask your question.

Rajiv Rajgopal: Both of the entire, we complement each other.

Operator: A reminder to all the participants, you may click on the Q&A tab on the panel and click on the Raise Hand button to ask your question. As there are no further questions, I would now like to hand the conference over to the management for closing comments.

Speaker #2: As there are no further questions, I would now like to hand the conference over to the management for closing comments.

Speaker #1: Yeah.

Rajiv Rajgopal: Yeah. Okay, cool. I am glad that the note today was clear. Thank you all for your incredible support. Before I close, I want to talk about how the integration is proceeding between, I thought I would get asked the question between JSW Dulux and JSW Paints. We have started a program called Project Akshaya. What we are doing is obviously to look at unlocking synergies, and I will give you the outline and I will ask Krishna to comment in terms of the impact of the last quarter. What are we doing? Basically, what we are doing is to look at areas where we can reduce duplication, look at cost efficiencies and move forward. Some of the areas that we have started work on is cross-manufacturing.

Speaker #3: Okay, cool. I'm glad that the note today was clear. Thank you all for your incredible support. But before I close, I want to talk about how the integration is proceeding between— I thought I'd get asked the question—between JSW Dulux and JSW Paint.

Speaker #3: We've started a program called Project Akshaya, right? What we are doing is, obviously, looking at unlocking surges. I'll give you the outline, and then I'll ask Krishna to comment in terms of the impact in the last quarter.

Speaker #3: So, what are we doing? Basically, what we are doing is looking at areas where we can reduce duplication, identify cost efficiencies, and move forward.

Rajiv Rajgopal: What are we doing? Basically, what we are doing is to look at areas where we can reduce duplication, look at cost efficiencies and move forward. Some of the areas that we have started work on is cross-manufacturing. Today we make JSW Paints in our Gwalior factory, and we make JSW Dulux in our Indore plant of JSW Paints to start with. I am giving you one example, but actually we have started in a much higher engagement.

Speaker #3: So, some of the areas that we've started work on are cross-manufacturing. So, today we make JSW Paints in our Gwalior factory, and we make JSW Dulux in the plant of JSW Paints to start with, right?

Rajiv Rajgopal: Today we make JSW Paints in our Gwalior factory, and we make JSW Dulux in our Indore plant of JSW Paints to start with. I am giving you one example, but actually we have started in a much higher engagement. We also are, for example, manufacturing some of the care products for JSW Paints in Mohali, et cetera. Just to give you an idea. Second, supply chain. We are going to redesign our end-to-end supply chain to maximize efficiency and get a faster response to market. Third, ERP and systems integration. A lot of work is happening at our end, and obviously the ERP migration will happen by end of the year, as that is planned, because obviously it is a very laborious process.

Speaker #3: And I'm giving you one example, but actually we started at a much higher engagement. We also have, for example, manufacturing some of the food care products for JSW Paints in Mohali, etc.

Rajiv Rajgopal: We also are, for example, manufacturing some of the care products for JSW Paints in Mohali, et cetera. Just to give you an idea. Second, supply chain. We are going to redesign our end-to-end supply chain to maximize efficiency and get a faster response to market. Third, ERP and systems integration. A lot of work is happening at our end, and obviously the ERP migration will happen by end of the year, as that is planned, because obviously it is a very laborious process.

Speaker #3: So, just to give you an idea. Second, supply chain—we are going to redesign our end-to-end supply chain to maximize efficiency and achieve a faster response to the market.

Speaker #3: Third, ERP and systems integration—so a lot of work is happening at our end. Obviously, the ERP migration will happen by end of the year.

Speaker #3: We've planned, because obviously it's a very laborious process. We want to make sure that we are not just doing it, but doing it well, and making sure that we are not just building a system for today and tomorrow, but building, as the Chairman wanted, a system that's going to last for us to meet the vision that we've outlined.

Rajiv Rajgopal: We want to make sure that we are not just doing it, but doing it well and making sure that we are not just building a system for today and tomorrow, but building, as the Chairman wanted, a system that could last for us to meet the vision that we have outlined. The fourth, alignment of functional structures. What we are going to do is we have already started integrating the functions, and other than the CEOs and the CFOs and the marketing teams and the retail team, we have started integrating. So our projects team, for example, is we have got a unified project business. The idea of that was to create a unified business model that enhances customer value and also offers the entire plethora of products and services to the customer. So that is broadly what we have started with.

Speaker #3: The fourth alignment of functional structures. What we are going to do is we've already started integrating the functions, and other than the CEO's and the CFOs and the marketing teams, and the retail team, we've started integrating.

Speaker #3: So, our projects team, for example—we've got a unified project business. The idea of that was to create a unified business model that enhances customer value and also offers the entire plethora of products and services to the customer.

Rajiv Rajgopal: So our projects team, for example, is we have got a unified project business. The idea of that was to create a unified business model that enhances customer value and also offers the entire plethora of products and services to the customer. So that is broadly what we have started with. Krishna, can you just quickly outline how this is doing in the last quarter?

Speaker #3: So that's broadly what we've started with. Krishna, can you just quickly outline how this is going in the last quarter?

Rajiv Rajgopal: Krishna, can you just quickly outline how this is doing in the last quarter?

Speaker #1: I think Rajiv summarized this quite well. The entire genesis of Project Akshaya is that we have alluded that we wanted to become the number two or number three player in decorative, and number one in industrial coatings. And it also requires a good amount of re-channelization of resources and funding, which is required.

Krishna Rallapalli: I think Rajiv summarized this quite well. The entire genesis of Project Akshaya is that we have alluded that we wanted to become a number 2 player and number 3 player in decorative and number 1 in industrial coatings. It also requires a good amount of re-channelization of the resources and the funding which is required. How do we do a self-help program which will bring the efficiencies to fund the growth initiatives? Then we also have a context is that we also have an entire digital ecosystem was based on the erstwhile parent organization, which is AkzoNobel. Now we have a limited period of TSA, we need to move out of that system, and we need to create a system which is agile enough to capture the growth initiatives with a robust control framework.

Speaker #1: How do we do a self-help program which will bring the efficiencies to fund the growth initiatives? And then, we also have the context that we have an entire digital ecosystem, which is also based on the parent organization, which is AkzoNobel.

Krishna Rallapalli: How do we do a self-help program which will bring the efficiencies to fund the growth initiatives? Then we also have a context is that we also have an entire digital ecosystem was based on the erstwhile parent organization, which is AkzoNobel. Now we have a limited period of TSA, we need to move out of that system, and we need to create a system which is agile enough to capture the growth initiatives with a robust control framework.

Speaker #1: Now, we have a limited period of TSA. We need to move out of that system and create a system that is robust enough to capture the growth initiatives, with a strong control framework in place.

Speaker #1: So in this context, we started evaluating every single opportunity on a first principles basis, which has resulted in funneling it down to the initiatives which were mentioned by Rajiv.

Krishna Rallapalli: In this context, we started evaluating every single opportunity on a first principle basis, which has resulted in terms of funneling it down to the initiatives which was mentioned by Rajiv. The fundamental core of the application of any of these initiatives is how do we ensure the 100% governance, and we are taking help of Q4 Inc. in terms of the framework. It has to be robust enough to ensure that there are no related party transaction concerns or questions. So that is the first priority, and then how do we bring the synergies, and what will happen is that when the synergies are there, or we fund the growth initiatives.

Speaker #1: The fundamental core of the application of any of these initiatives is: how do we ensure 100% governance? We are taking help of two Big Four firms in terms of the framework, which has to be robust enough to ensure that there are no related party transaction concerns or questions.

Speaker #1: So that's the first priority. And then, how do we bring the synergies? And what will happen is that when the synergies are there, how do we fund the growth initiatives?

Krishna Rallapalli: So that is the first priority, and then how do we bring the synergies, and what will happen is that when the synergies are there, or we fund the growth initiatives. This is three-layered approach, which we are taking it, and we started yielding results despite of extremely volatile situation in Q1, and savings of around INR 2.44 was realized, which was part of the first initiatives, part of the P&L which was presented to you.

Speaker #1: This is a three-layered approach which we are taking. And we started yielding results despite an extremely volatile situation in Q1. Savings of around 2.4 crores were realized, which was part of the cost initiatives presented as part of the P&L which was presented to you.

Krishna Rallapalli: This is three-layered approach, which we are taking it, and we started yielding results despite of extremely volatile situation in Q1, and savings of around INR 2.44 was realized, which was part of the first initiatives, part of the P&L which was presented to you. Rajiv, I think this is a start of a journey, and we also said that very clearly it's a three-year roadmap, which is very clear, which requires a sustained and a consistent strategic approach towards delivering and disciplined execution.

Speaker #1: With this, Rajiv, I think this is the start of the journey. And we also said that very clearly—it's a three-year roadmap, which is very clear.

Krishna Rallapalli: Rajiv, I think this is a start of a journey, and we also said that very clearly it's a three-year roadmap, which is very clear, which requires a sustained and a consistent strategic approach towards delivering and disciplined execution.

Speaker #1: Which requires, yeah, which requires a sustained and a consistent strategic approach towards delivery and disciplined execution, yeah.

Rajiv Rajgopal: Thank you, Krishna. I think, look, Manoj, Aniruddha, thank you for setting this up. I think there are a couple of people who are reaching me on WhatsApp because they've not been able to join the call. We take that back. We will make sure that we get back to our normal calls next time. I really look forward to be able to connect with all of you. I wish all of you a fantastic Independence Day ahead, and wish all of you all the happy festive that we do before we enter our Ganesh Chaturthi and few other festive, before we meet the next time. Suffice to say the following, I think we continue. Of course, it's not an easy one. I have been at the helm since 2018, and I understand.

Speaker #3: No, thank you, Krishna. I think—look, Manoj, thank you for sharing this. I think there are a couple of people who are reaching out to me on WhatsApp because they've not been able to join the call.

Speaker #3: We take that feedback. We'll make sure that we get back to our normal calls next time. I really look forward to being able to connect with all of you. I wish all of you a fantastic Independence Day ahead, and wish you all the best for the festive season before we enter Ganesh Chaturthi and the many other festivals to come.

Rajiv Rajgopal: I wish all of you a fantastic Independence Day ahead, and wish all of you all the happy festive that we do before we enter our Ganesh Chaturthi and few other festive, before we meet the next time. Suffice to say the following, I think we continue. Of course, it's not an easy one. I have been at the helm since 2018, and I understand.

Speaker #3: Before we meet the next time, suffice to say the following: I think we continue, of course—it's not an easy one. I’ve been at the helm since 2018, and I understand.

Speaker #3: But I must once again say this: look, I think this is a journey that we are committed to. And as a team, I think the larger team now is very clear in terms of the direction where we need to go.

Rajiv Rajgopal: But I must once again say this, that, look, I think this is a journey that we are committed to. And as a team, I think the larger team now is very clear in terms of direction where we are headed to. So you can count on us. And I want to thank each and every investor on the call for all the support that you have given us over the years. Good luck. Goodbye. Wish you all the very best. Thank you.

Speaker #3: So you can count on us. And I want to thank each and every investor on the call for all the support that you have given us over the years.

Speaker #3: Good luck. Goodbye. Wish you all the very best. Thank you.

Speaker #2: Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you. The conference is no longer being recorded.

Speaker #2: Thank you.

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Q1 2027 JSW Dulux Ltd Earnings Call

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