Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Jubilant FoodWorks Limited (NSE: JUBLFOOD) Q4 2026 Earnings Call dated May. 20, 2026
Corporate Participants:
Apar Saraswat — Lead – Investor Relations
Sameer Khetarpal — CEO and MD
Suman Hegde — CFO
Analysts:
Nihal Mahesh Jham — Analyst
Avi Mehta — Analyst
Aditya Vikram — Analyst
Karan Torani — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Jubilant FoodWorks Limited Q4 and FY26 earnings conference call. As a reminder, all participant lines are and there will be an opportunity for you to ask questions after the presentation. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Apar Saraswat, Head Investor Relations and MNA Jubilant Foodworks Limited.
Thank you. And over to Mr. Saraswat.
Apar Saraswat — Lead – Investor Relations
Thank you, Neera. Welcome to Jubilant Foodworks Quarter 4 NFY 26 Earnings Call for investors and analysts. We are joined today by senior members of the management team including our Chairman Sir Shyam S. Bhartia, our co Chairman Sir Hari s. Bhartia, our CEO and MD Mr. Sameer Khetrapal and Asia. Please note that this earnings call is scheduled for a duration of 45 minutes and will comment directly with the Q and A session. Along with the financial results. We have also released a late. Sorry to interrupt
Operator
You. We are losing your audio. Can I ask us to come closer?
Apar Saraswat — Lead – Investor Relations
Am I audible now? Is it better? Yes.
Operator
Yes, this is better.
Apar Saraswat — Lead – Investor Relations
Okay, thank you. Please note that the earnings call is scheduled for a duration of 45 minutes and we will commence directly with the Q and A session. Along with the financial results. We have also released a letter to our shareholders in which we have shared our outlook and have already answered certain pertinent questions about the performance. Hence, the participants are requested to limit the scope of discussion to only strategic questions and count of questions to only 2. If you wish to seek any accounting clarification, kindly get in touch with the investor relations team later.
A cautionary note before we move ahead. Some of the statements made on today’s call will be forward looking in nature and the actual results could vary from such statements. I will now hand over the call to moderator to begin the Q and A session. Thank you.
Questions and Answers:
Operator
Thank you very much. We’ll now begin with the question and answer session. Anyone who wishes to ask a question may press RN1 on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. You may press Star and one to ask a question. The first question is from the line of Nehal Jam from hsbc.
Please go ahead.
Nihal Mahesh Jham
Yes, Good evening Sameer and team. You have Highlighted in detail about the like for like performance. I just had one question to it with two subparts that if I look at even the two year CAGR there has been a deceleration from 9% to 6% from Q3 to Q4 and even if you bifurcated both for diamond which is anyway sitting on a low base so that is not the case and even with delivery that is say fallen from 28% YoY growth to 10%. So if you could just give more clarity in detail about the sequential deceleration.
I understand the long term 5 to 7% but the sequential deceleration and both the sub segments.
Sameer Khetarpal
Yeah, I think again quarterly quarter on quarter is more noise nihal. Right. Therefore what we should look at is a full annual number which actually for two years have been closer to 7%. Right. So I think the double click on dine in is more important. Right. And I think delivery continues to grow strong. Right. That’s number one. That is our strength. We continue to have very strong operating metrics. We continue to see strong like for like growth. There are two underlying headwinds which are there.
We called out dine in takeaway and second was the average order value drop. The average order value dropped because we have very consciously moved to match the competitors on the minimum order value of 99 rupees. So we were just to recall our minimum order value was 149 rupees. To gain market share, to make sure that we are building a business for longer term and acquire new customers we have very consciously taken a call to reduce minimum order value from 149 to 99. And as a result there was a drop in the average ticket size and that is the subtext to it.
So therefore I’m not too worried on the variation of 9% to 6%. The real challenge to solve is over there is the dine in and takeaway sales.
Nihal Mahesh Jham
Understood Sameer. The other thought is that how was the, you know, discounting trends this season during this quarter and to your dual goal of 5 to 7% growth and the 200 basis point margin improvement, can they be achieved simultaneously?
Sameer Khetarpal
I think the great question, right, so the. From a. From a priority standpoint we prioritize growth and from a growth standpoint we prioritize volumetric growth because we are building a business for the large long run. And you’re absolutely right if you drop the minimum order value it puts additional headwinds towards margins. But we believe in our business where almost more than 50% of the cost is fixed cost growth is the biggest driver of margins and hence I continue to remain optimistic about driving both growth and margins.
Just to remind you there is a drag of new businesses like Popeyes, Hong and Duncan and we have taken very conscious calls to focus on few areas and drive profitability that drag or dilution is actually ahead of the plan. So again I continue to be optimistic on achieving both growth and margins.
Nihal Mahesh Jham
I have more questions. I’ll just come back on the Q1. Thank you.
Sameer Khetarpal
Thank you,
Operator
Thank you. Next question is from the land of Avi Mehta from Macquarie Capital. Please go ahead.
Avi Mehta
Hi team. First of all, you know must compliment you on the shareholders letter. It was extremely nicely done. I just had two questions. First Sameer on this, you know the outlook as we speak. You have cited that there are some near term headwinds, there is competition that has changed. Wanted to understand how do you look at store editions in this context and whether what is the pace that you would be more comfortable with as we go forward would be the first question. And I’ll come in a second interview.
Sameer Khetarpal
Avi, I think the if I just cut the noise from the all what’s happening? There is one truth that Domino’s has gained share. It has gained share in the category. It has gained share in the QSR space and we have a separate panel of 50,000 customers run by Nielsen. They are also indicating that we have gained share and we have gained share materially in pizza as a category. So this allows us to expand more aggressively. This allows us to penetrate more and invest more in brand building. So from a store edition standpoint, I also check how the new stores that we have opened are doing.
So from all accounts store addition expansion is not a worry. We should open someone like similar, like about, similar to about 30 to 250 kind of restaurants this year.
Avi Mehta
Okay. Okay. No where I’m coming from sunit maybe I’m just clarifying on this question. It was not on the quantity but also on the type because as we can see delivery is where the growth has been. Does that you know require a reset in the way we look at store editions? Does that mean we kind of look at changing capex and hence that’s where I was coming from. So that was the underlying question. Sorry for not clarifying.
Sameer Khetarpal
No problem. So we are constantly calibrating and learning. Right. So if you look at our go to model in large metros is actually a delivery carryout store. So understandably it is a mall which is footed like there is a food court or something. So we are opening more delivery Carryout stores which are about 600, 700 square feet. When I joined the company four years ago, there were a lot of store approvals we were giving which were 1500, 1600 square feet. Don’t do that even in tier three, tier four.
We have also resize and remodeled our kitchens to be more efficient and put more seating space. Sorry to interrupt,
Operator
We are losing your audio.
Sameer Khetarpal
Okay, so we are constantly calibrating our store format, store model and as a result our capex per store has actually reduced year on year and in fact almost nearly three years in a row by 20%. Right. So it has come down by 20% and we are constantly calibrating that. And there are places where in fact we also realize that we need to add more seats. We’re also doing that. So that’s a constant exercise. We are in the company.
Avi Mehta
Got it, sir. And just, you know, just, just to follow up some, you know, some bookkeeping questions and particularly on the gross margin, you know, you’ve seen a, the sequential margin expansion at the gross margin side and the drivers of it seem to be more stable and sustainable. Does that mean that we should kind of look at this 75 and a half as the more steady state run rate as we go forward? That was the first part. And the second part is if you could also give us just what is the inflation levels that we are looking at in the input cost so that we can better understand the near term margin pressures.
That’s all from my side.
Sameer Khetarpal
So Avi, we had actually mentioned, if you recall in our earnings call about three or four earning calls ago that we’ll improve the gross margin. And this was a conscious choice we had taken like for example, we had taken calibrated price increases in Volcano Pizza. We had worked on our cost, we have reduced wastages materially. We launched BigBic Pizza, launched Sado Pizza. We launched some of the other like more premium products by conscious effort of wastage reduction, premium launch of premium products, mixed changes and calibrated price increases.
We have increased the margin. That bit has happened in terms of inflation, I think it is one number at least. I don’t have a very good handle on at this stage because the numbers are moving very quickly. We’ve been hit the most in the, in the energy cost, right, which is very real where the cost of LPG has increased, cost of PNG has increased. So that is one additional calibration that we have to do in our system between electric ovens and gas based ovens. We are doing that. But that is the biggest piece which has been hit.
If tomorrow war were to die down and things would go back to normal. We also know that the energy prices are at an all time high elevated level. So it can also come down but can work on both sides. But I think there is an inflation. We are entering an inflationary at least near term inflation pressure is high. To what extent? It’s been very hard to calibrate AVI but the energy is definitely to the tune of 100220 basis point that hit. We are already beginning to see come into the P and L.
Avi Mehta
Sorry I missed you. You said 100 to 120 basis points hit from energy, right? That’s correct. That’s right. And the price increases around 1.2 percentage. So that should kind of help that offset. So
Sameer Khetarpal
We are taking price increases. Right. So
Suman Hegde
Energy is. And but also there are a couple of other things. So commodities. I think we all wait to see how it plays out in this. Right now some amount of commodity inflation has come. But as you would all well understand covering the consumer sector that if you know petrol diesel prices go up and as logistics cost goes up across the board, commodities will see further inflation. So we are also trying to model that. But we have to wait and watch while we continue to drive of course efficiencies at our end.
The other big headwind which has been coming our way and again something we’ll have to see how it materializes consumer inflation goes up in the market is wage inflation. And that’s also because about 11 states have already increased minimum wages as the fiscal year started. Plus the labor code also brought in further headwinds on the labour inflation. So Those are the 2 inflation which are already in. So if I look at it back to your question on saying 120bps on energy we have taken 120bps of pricing.
All of the pricing of course doesn’t flow through into the margins to that extent. Lesser one flows through but we also have other headwinds. So we do believe that in the near term there might be some compression. But coming back to your point of structural improvement, they continue to will stay the course. So wastage reductions, improvement in mix and looking at the premium part of our portfolio, looking at productivity and better scale benefits from sourcing that will continue to flow through and hopefully help mitigate some of the inflation coming our way.
Avi Mehta
More images that you could kind of give us from labor. That’s the only problem request if possible or not
Suman Hegde
On labor,
Avi Mehta
On labour, because it’s at 10 to 15 basis points if I remember 10 to 20 basis points impact from the labor code. So I’m just trying to appreciate the extent of the impact. So it doesn’t seem large. That’s where I was coming from. So is it that understanding correct? Yeah, sorry,
Suman Hegde
F Labor code. But I’m getting into the. I’ll help you out with that. So you know, there are a few things on labor costs which are coming our way. One is of course labor code and absolute right is of the 20 odd disk. But the minimum wage increases that we have seen across some of the states that have already gone live over the 2911 have announced and we’ll wait and see some more. But that’s not the 2030 bid which is there. And then even the delivery mix headwind, we sat at 76% delivery mix on there and that another inflation headwind on the labor cost.
So there are three or four elements to it which takes it higher than the 30bps only on account of the labor code which were indicated in the past.
Avi Mehta
Got it. That’s all from my side. I’ll come back in the deeper questions. Thank you very much.
Operator
Thank you. Next question is from the line of Dhruv Ludra from Bernstein, Please go ahead.
Avi Mehta
Hello. Yeah, thanks for taking my question. So my first question is. So through some of our channel checks we saw that you took some price increases in April which have been rolled back. So could you walk us through what you observed during the period that led to the rollback?
Sameer Khetarpal
So there has been no prices which has been rolled back in April or anything? I think our price increases are very calibrated after 14 to 16 weeks of strong experimentation. I can’t recall something that has been rolled back.
Suman Hegde
No, we haven’t rolled back anything. Is there any specific instance which makes you say that through? Yeah.
Avi Mehta
So some of my order history though, in April, the garlic breadsticks, the 10 rupee price reduction I saw in me versus my ordering appeal,
Suman Hegde
It will be very store specific and discounting specific. We do a lot of this recalibration of prices at an overall level. There’s not any of that changes that have happened. No rollback. We don’t anticipate anything.
Avi Mehta
Okay. Okay. And so my next question is. So as you mentioned that we are seeing inflation in some of the raw materials. Milk price has gone up and with petrol and diesel going up. So how should we think about SSFG and margins going
Sameer Khetarpal
Forward? So SSG, we’ve given a commentary already. Right. On Q1 and the longer term for the annual number 5 to 7 remains the quarter 1 we’ve already given better than running, better than Q4. And in terms of margins, actually we are modeling ourselves growth. There is. Things are changing very rapidly. One spoke about the three elements where. Where there is inflation, I. E. Energy, labor and commodity. Right. So. What we are doing is to of course first tighten our belts and not pass on everything to the consumer.
And the resultant will have to pass on to the consumer after doing a thorough, thorough calibration of price increases.
Avi Mehta
Okay. Okay.
Sameer Khetarpal
Yes. Thank
Avi Mehta
You so much.
Operator
Thank you. Next question is from the line of Aditya Vikram from DB Securities. Please go ahead.
Aditya Vikram
Hi Sameer. So the optimism doesn’t fit but the numbers are saying something else. And the way the story is panning out in terms of the war and everything along with the margin pressure. If I see your results this time around, the cost of goods purchase have slowed down drastically from Q3 to Q4. I just want to know if that is sustainable because I’m assuming Jan said would have been very good for you in terms of the raw material inflation. However from March onwards it would have started giving you jitters.
Right. So do you see similar trajectory in the month of April and May as well?
Sameer Khetarpal
I think gross margin is sustainable. I think we answered that before and there was no such. I think your assumptions are incorrect. When you say January, I don’t know where you have the data from. At least in our. In our P and L it doesn’t say that.
Aditya Vikram
Okay. And in terms of the margin. Right. So we already read the shareholders letter that there would be short term margin pressure. So are you seeing. I understand that one of the aspect of this is war and how the global economy pans out in terms of the energy cost and everything. But do you see margin pressure for next couple of quarters or just one or two quarters at best and then all the initiatives which the company is taking will get us back to 20 plus percent margins.
Suman Hegde
I think at this point in time it’s very difficult for anybody to anticipate. Right. Every day the increase in numbers. We do hope that it’ll stay only for the next couple of quarters. But if you guys have of the industry players, I’m sure you’ll have a better view on that. Very difficult to predict. Can’t really give you a guidance of that spot at this time.
Sameer Khetarpal
I think the broader story is Domino’s is gaining share. The 5 to 7% is what the business we are building. If you do that, we have enough levers to get back to the margin that we wanted that we have selected
Aditya Vikram
See, Sami, I understand that and I completely appreciate the honesty behind all the statements that you’re making. The Q4 line to light growth is only 0.2. So I’m hoping vaccine one wouldn’t be that. Right. So that is well understood, Right. However, only if you provide some calibrated view about margins. Right? And then only we can actually go ahead and reprice any inputs which we have at our end. And that is why the question around that, right. Q4 cannot be a benchmark. A 0.2% like to write growth is not a benchmark.
Q1 you will definitely do good, right? But it for the entire year, life for life growth has, like one of the other participants pointed out, Q3 to Q4 has been lower obviously because of LPG issues. But LPG also now there are news floating around that lpg, there is a shortage. So you will see significant cost on that front. Now that is precisely the why the raise the questions around that. Right? But if the company hasn’t calibrated it yet, it might be a good idea if the company can come back and at least give some guidance on the margin front.
Because every other competitor of yours have said the same. However, they have given some margin guidance which is off from where they are. Right. With Jubilee. And we expect the transparency to be very high considering how the company works and performs.
Suman Hegde
I would like to correct on that. I think it’s a long question, but we have said there’s going to be short term margin pressure. We’ve been quite transparent on what’s the kind of inflation margin pressure we’re seeing on energy. We’ve also talked about labour, commodities. We’re seeing, you see, muted right now. But I think at this stage, any company that we’re seeking and we also track all the companies and competitors, I think we’re very hard pressed when you say what will be the kind of inflation that of course we’ve internally calibrated our numbers, but the way the dynamics of the market are moving, we have to recalibrate numbers every two days.
So of course we have been transparent. There are all the structural initiatives on getting the margin expansion going. Then in our note also we have said the long term margin guidance on 200bps holds and we try quickly to get to that elevated number. But short term pressure exists. Now, will it be for a quarter, two quarters, three quarters? I think at this stage is anybody’s guess, right? And I don’t think that takes away from the fact that of course the management is more concerned on ensuring that they keep Calibrating this to do judiciously what needs to be done on pricing, on cost of charity measures and to ensure that we still manage our consumer franchise.
I hope that answers the question. But if there’s more detail on what is possible, we can take it offline.
Aditya Vikram
No, absolutely. See, that’s what I’m saying, right. You are not able to quantify whether it’s for 1/4, 2/4, 3/4. That does not give enough clarity and it has nothing to do against you whether you are calibrating it or not. It’s just that how the market dynamics are and then pricing pressure, competition and everything. I’m just reading the shareholder letter and which is why I’m asking because it doesn’t give enough visibility either. We go ahead and say that the initiatives will do this and will help us gain X amount versus Y amount is on the cost side.
Right. Anyway, I’ll take this offline. There are the participants as well. Thanks. Thanks so much for answering. Thank you.
Operator
Thank you very much. Next question is from the line of Karan Torani from Milara Capital. Please go ahead.
Karan Torani
Hi, thanks for being my question. My question was pertaining to these cost inflation. Right? So from a commodity standpoint it will be largely equivalent for other QSR change versus yours. But from an NPG perspective you’ve got a significantly higher exposure towards NPV basis pizza category. And second of course is the employee purchase. You have got your own delivery fleet, you run your own fleet, which means that the inflation variation costs again, the petrol cost was already. So from that context, what is the kind of negative impact one can see on housing?
Again, I know it’s not possible to quantify, but can we say that it will have a significantly higher negative impact on margins versus your peers?
Sameer Khetarpal
Actually no. And someone can add firstly, like for like growth will help. Second is the large part of our fleet is actually electric. Right. I think therefore we believe we have an advantage versus the rest of the market. Number three, I think there is an impact of LPG that we are calibrating and part of the part of it we have already mentioned in our newsletter we pass back to the consumer, to the tuna, 1.2%.
Karan Torani
And what is the potential for moving these LPG based outlets towards electric? I mean what percentage of the outlets currently would have gone to electric or what is the kind of OPEX of running the outlets on electric basis? And how can this number change? They say if this war were to continue for the next three, four months and the inflation pressure is very high on NPG as a commodity Would you move to electric and if the OPEX costs higher and is it possible Kausti, to shift a large share of your outlets towards electric?
Sameer Khetarpal
I think we’re constantly doing that. The teams have done an amazing job of converting LTG to electric. We developed our own solution kits. We’ve also been able to import quite a lot of electric ovens and we are also converting very quickly to pipe natural gas and there is a mandate from the government to convert to pipe natural gas. So from a business continuity standpoint I don’t see any risk unless until I am surprised by by the extent of war and control of LPG in India. So I think the teams have done an amazing job of managing the situation.
From a price standpoint there was a positive delta towards lpg but with the LPG price increasing and on commercial cylinders actually the delta between electric and the LPG is no longer there. So we can. So we’ll be able to shift. I mean I want to assure the investors and we’ve released two circulars also earlier that the impact of LPG availability was very minimal on the business operations. On the cost we already said it impacts to 120 basis points. We’ve already passed on the pricing to the tune of 120 basis point to the customers and there are other initiatives in the work.
So I think this should assure you that as a team we will continue. We have the wherewithal to continue to grow at the desired pace we want and also improve our margins barring one or two quarters which may we will, we will not do major price increases that is out of the table otherwise we know what needs to be done on the margin front.
Karan Torani
If I may just squeeze in that bring in the last question. So apart from the Dunkin Donuts business which is being hyped up, apart from lower losses and profiles that you may see going ahead, what are the structural margin levers that you’re building for the next two years? For Domino’s India, what should one pencil in delivers that could drive margin improvement of 200bps in the next two years?
Sameer Khetarpal
So the biggest lever is the growth, right. So which covers for inflation the like for like growth. Second is the gross margins. Have you seen already improved Right. On account of better management of operations We’ve already launched premium products which have better margins and then there are several productivity initiatives at work. In fact our supply chain cost has been lowest ever in the history of this company. We believe there is even more juice over there. Our logistics cost actually we believe can improve further.
So again And I can go on and on. This is my favorite topic. So there are enough productivity levels that exist across large line items. We are opening 250 stores every year. Therefore we are able to go back and renegotiate with our landlords because this is giving them annuity rental income. So there are several levers that we are pulling and therefore feel confident to meet our numbers on the margins too.
Karan Torani
Thank you. That’s from my side.
Aditya Vikram
Thank
Karan Torani
You.
Operator
Thank you. Next question is from the line of Vishal Gutka from Ask Investment Managers. Please go ahead,
Avi Mehta
Just have a simple question. I think during the World cup final day tech suggested that our systems were down for six hours maybe in the second half of the day which impacted the sales to an Excel. So my question is what is the probable impact incurring the channel sector through and then what are what steps are we taking that such as not reveal in future? Thank you.
Sameer Khetarpal
Firstly the information is correct. The systems were not down by six hours. Incorrect, incorrect, incorrect. The systems were not down. There was a minor downtime on our app, but rest of the system was working and we recovered very quickly. There was not even like a notable impact in that week that is noteworthy of calling out over here and systems are very stable. So please don’t forget. Okay,
Aditya Vikram
Thank you.
Operator
Thank you. Next question is from the land of Nihal Jam from hsbc. Please go ahead. Yes, go ahead.
Nihal Mahesh Jham
Yes ma’, am. This is one follow up. Thank you so much. Just one follow up on the market share with that. You know you mentioned that as per the Nielsen panel you gained market share both on dine in delivery. The only data point that say we track is that if we look at aggregators which is say sort of the larger QSR basket, that this is sort of the first quarter where the divergence in growth has been this much versus say domino’s and say the aggregator. So just your comments on that.
Sameer Khetarpal
I was referring to the good question. So I think firstly the data that we track is only for delivery. That’s the most like accurate data available through a consumer research. So I was referring to that and the. I think, I think when I was saying that the among the 30 odd players that we track we have gained share among that Those are largely QSRs which will go to almost like 3.3.4% of market share. So I was mentioning again that. So you are right, the aggregators have grown faster than the delivery of dominoes.
That bit I agree. Which would only indicate that the QSR as a basket has not grown as fast and Therefore, the aggregators are getting growth from other non QSR players or premium players is what my sense is. I don’t have their data and we are. We have plans to increase our delivery growth rate.
Nihal Mahesh Jham
Understood? Sameer. That is it. Thank you so much.
Operator
Thank you. Ladies and gentlemen. We’ll take the last question from the line of Avi Mehta from Macquarie Capital. Please go ahead.
Avi Mehta
Yes, I just wanted to clarify the gross margin bit a little bit. See, the reason why the confusion comes in is we’ve seen almost a 5% realization decline, which means that the underlying cost of goods have essentially reduced. Does that mean that the expansion is more to do with the move towards 99? If you could just throw some light on that, please, on how do you reconcile the decline in realizations with the expansion in cross margin or is that method also inaccurate? Thank you.
Sameer Khetarpal
Can you just maybe explain like when you say expansion cross margin?
Avi Mehta
No, no. The gross margin has gone up 100 basis points from 74.5 to 75 and a half. And your realizations have gone down by 5, which means that the cost of materials have to go down by almost about 8, 9% percentage points. So I’m just trying to understand how is this kind of reconciling. Is it because the new, the move towards the cheaper or the lower price point is actually towards better gross margin products? Because the comment that you made about, you know, premium products mix improvement should have also helped realizations that didn’t pan out, but the margin panned out.
So I’m just. I’m just wanting some help on how to reconcile these two.
Sameer Khetarpal
Maybe some more nuanced question. Can I suggest we take it? No
Avi Mehta
Problem.
Suman Hegde
We have a breakup, but I think it’s a reconciliation point, so maybe you can pick it up with a part. I
Avi Mehta
Will do that. That’s all. Thank you very much.
Apar Saraswat
Thank you.
Operator
Thank you very much. I now hand the conference Gautam Sharapal Saraswat for closing comments.
Apar Saraswat
Thank you everyone once again for joining the call and for listening patiently. For any other further questions, reach out to the investor relations. You will find the recording and transcript of this call on the investor relations page of our website very soon. Thank you and have a very good evening.
Operator
Thank you very much on behalf of Jubilant Food Works Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.