Som Distilleries & Breweries Limited (NSE: SDBL) Q3 2025 Earnings Call dated Jan. 30, 2025
Corporate Participants:
J.K Arora — Managing Director
Nakul Sethi — Director Finance & Strategy
Analysts:
Unidentified Participant
Upanshu Das — Analyst
Rishikesh Oza — Analyst
Rahil Shah — Analyst
Hiten Boricha — Analyst
Rohit Deshmukh — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Som Distilleries & Breweries Limited Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you recession during the conference call, please signal an operator by pressing star and then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Arora. Thank you, and over to you, sir.
J.K Arora — Managing Director
Thank you. Thank you. Good afternoon, everyone, and thank you for joining us to discuss our Q3 FY ’25 performance call. It is always a pleasure to connect with you the valued investors and analysts. And I extend a warm welcome to each one of you on behalf of Distilleries and Limited.
Looking at the quarter going ahead, we demonstrated resilience — resilience on the value front and adaptability and managed to deliver strong volume performance. Our volumes, we achieved a total of 50 lakh cases with beer volumes growing to 47 lakh cases or 4.7% year-on-year growth. Our MFL has grown to 3.4 lakh cases, 25% year-on-year growth during the quarter. Key brands such as, and Power have continued to perform well. And our recent launches like Legend and Woodpecker are also gaining good traction in the market.
The beer realization for Q3 FY ’25 was 560 as compared to 518 the previous quarter in Q3 FY ’24 and this is mainly influenced by higher sales of the Power brand, particularly in the states of MP and Karnata and also the introduction of Legend in Karnataka. Growth in beer has been driven by Legend beer which was introduced by us in Karnata which recorded 7 lakh cases in Q3, totaling to 18 lakh cases till nine months.
A major highlight going-forward in this quarter was the acceptance of our premium brand Woodpecker. Since its launch, Woodpecker has seen a good amount of success, particularly in Karnataka where it has been well-received. The innovative twist cap beer crafted with premium ingredients has set a new benchmark for quality and convenience in the Indian beer market.
We continue to innovate in this forum and the two variants of Woodpecker, which is glide, which is the lager beer and crest, which is a strong beer, are steadily building their market-share and contributing positively to our endeavor to premiumize our portfolio. The production capacity of all facilities was significantly utilized during nine months, where SDBL stood at 73%, wood Pecker stood at 65% and the unit at Odisa stood at 64%. In the lean season, our capacity utilization stood at the following, which is 58% for SDBL, 60% for Hasan and 34% for the Orisa plant. Price of raw materials was stable during Q3 as well as the nine months in all our production facilities.
As we move towards our premium offerings, we are also making strategic investments to support our future growth. The capex execution at our Orissa facility is progressing well and it remains on-track for a timely completion. Expansion will enhance our production capabilities, ensuring we are well-positioned to meet the increased demand during the peak beer season.
Another milestone this quarter has been the upgrade of our credit facility ratings of our subsidiary Woodpecker Distilleries and Breweries Private Limited from BBB-plus to A-minus. As a — as a group, we have had a 37% debt reduction over nine months as compared to last year nine months, showing our financial prudence and positive cash flows.
We remain optimistic about the upcoming summer season and the opportunity it presents for growth. We are heavily focused on expanding our footprint in high-potential markets as such as UP, Rajasthan, Delhi, Jarkan and the Northeast. While we are also continuing to innovate and premiumize our portfolio, cater to evolving consumer preferences. This includes beer and IMFL both.
Now I would like to hand over the call to Mr. Nakul, who will help in providing further insights into our financial performance for the quarter. Over to you, Nakul.
Nakul Sethi — Director Finance & Strategy
Thank you, sir, and good afternoon to everyone on the call. It’s a pleasure to take you through the financial and strategic highlights for quarter three and nine months FY ’25.
For the quarter, we posted a consolidated income of INR3,027 million, achieving a robust 13.6% year-on-year growth. Our EBITDA for the quarter stood at INR379 million, reflecting a 18.3% increase compared to the same-period last year. This translates to an EBITDA margin of 12.5%, showcasing our ongoing focus on cost optimization and operational efficiency.
Net profit for the quarter increased by 19.5% to INR215 million, reflecting our ability to deliver sustainable profitability in the middle of dynamic market conditions.
For the nine months ended December 31, ’24, our total income stood at INR11,074 million, marking a significant growth of nearly 23% compared to the same-period last year. Our EBITDA for this period reached INR1,379 million at a margin of 12.5%, up from INR1,096 million for the corresponding period last year.
Profit before-tax grew by nearly 30% to INR1,112 million and PAT increased by 21% to INR807 million for the nine-month period. Our nine-month volume was approximately INR178 lakh, this is of beer, up 18% over the same-period last year. The overall IMFL portfolio grew by 14% on a year-on-year basis. As of 31st December ’24, our total debt was INR1,110 million with cash-and-cash equivalents of INR230 million, reflecting a net-debt of INR880 million.
Thank you for your continued support and confidence in our company. With that, we now open the floor for questions. Thank you so much.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Participants who wish to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, may press. Participants are request to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles good.
First question from the line of Aditya Singh from Multi-banger Stocks. Please go-ahead.
Unidentified Participant
Good morning, team. Congratulations on a great set of numbers. My question was that could you please tell me the excise policy that we have on different states that we own each of our products.
J.K Arora
The excise policy, sir, comes at various times of the year. It’s all published there. So you’ve got to be more specific on what excise policy, which state policy
Unidentified Participant
Because in the quarter sheet, I’m saying that this time the excise policy was quite, you know, less-than-expected.
J.K Arora
Sorry, sir, I don’t understand your question. Less means exactly.
Unidentified Participant
That was the only question. I’ll get back-in the queue okay.
J.K Arora
If it can be more specific, it will help.
Unidentified Participant
No, I’ll get back to you. I’ll get back to you in the queue.
J.K Arora
Sure.
Operator
Right. Thank you. We have the next question from the line of Upan from Traxin Technology. Please go-ahead.
Upanshu Das
So very good afternoon, sir. So first of all, a very congratulations on a very good set of numbers. So my — so my first question is, so do you think that means we are hearing some kind of news of the ban of alcohol at some of the key cities at Madhya Pradesh. So do you really think that it can hamper our turnover in the medium-to-long term? Can you shed some light on that.
J.K Arora
I’m glad you asked that question. Let me make that clear that the ban at Madhya Pradesh is encapsuling areas of where the religious temples are there, which already had a very controlled environment for liquid consumption. So we don’t see that affecting the liquor consumption as there were already a very muted consumption already. So in terms — so if you look at the number of shops, I think there are only approximately 47 shops which have been closed down out of a universe of 3,500. So don’t see a material impact of that on the consumption pattern in the state.
Upanshu Das
Okay. So very good to hear on that. So means I have my last question. So means I’m closely monitoring that our company SOM Distan have been trying to erase some funds from our various fund houses like the quota Securities or the SK securities. But means I’m very sad to say that for a very long-time, we are not able to raise funds and get the desired result. So can you please elaborate on this issue that being a company of such a — means a good fundamentals and means at present it is present at such a tremendous evaluation. So why are we not able to raise the funds.
J.K Arora
Sir, let me make it clear. Thank you for asking that question. As I already mentioned in my address that we are actually looking at — we have actually done a debt reduction of 37%, which shows that we have good enough cash flows to sustain our growth story. And secondly, we are not actively looking at raising any funds right now because of our cash flows. So our cash flows are sustainable and they are as we — another number which you will be pleased to know is that our realization in the beer has gone up from 518 to 560. That’s a 10% increase. So which is a very healthy sign, which shows that our existing products by optimizing their prices, we are able to generate enough cash flows that we don’t need a fundraise to fuel our growth story. So I would like to humbly say that we are not actively looking at raising funds for any use because our cash flows are very healthy right now.
Upanshu Das
But I’m saying is that don’t you think that if you are getting some kind of a big mutual fund means in the shareholding, so it can positively impact all the shareholders and the company in the longer run, means it can give some kind of a credibility to the — be means company.
J.K Arora
These are the biggest credibility is our numbers, I would say and it’s up to the market to decide then how do they perceive it. I can deliver good numbers and good performance. And while we will actively work on your suggestion, but I see no problem with the company going ahead, Miles, I don’t see any problem.
Upanshu Das
Okay. Yeah, thanks a lot and wish you all the very best for the coming quarters and years. Thank you.
Operator
Thank you. We have the next question from the line of Karan from DR Fine Service Limited.
Unidentified Participant
Good afternoon, sir. Thank you for taking my question. Sir, my question is on the volumes front. So two of our brands have been like losing volumes for like last two quarters. So just wanted to understand that when can we see a pickup or is there — is this a thing that will continue for the upcoming quarters?
J.K Arora
Let me read that. That’s a good question, I would say. For the last two quarters, if you see on the volume front, you’re right. But if you see on the value front, we have been gaining. That’s primarily because we have taken a lot of price increases. So we — a brand like PowerCool although has lost a couple of lakh cases in the quarter, partly because of the season, but it has shown a 11.7% growth in the value on the nine months. So that has been the case.
And there has also been a shift in Karnataka exercise policies, which has led to a change in the price brackets. The people consuming a certain section of price band have moved to a lower or a higher price band, which has affected the other brand. But we continue to grow in the — in terms of the total value, we have a good 17.6% growth overlap.
Unidentified Participant
Got it, sir. Got it. Sir, so on the new brand that we’ve launched and that has almost covered up the gap also that we’ve lost in terms of these two brands. So can we — can you please give me a color on the new brand and what our plans for plans are for that brand?
J.K Arora
Yes. So as I said, there has been some uptake on the prices, particularly in our states like Kanatka. So that has been partly covered by the introduction of legend beer, which has grown from 7.3 lakh cases basically from — has grown to 7.3 lakh cases this year. So this is also a function of adapting to your consumers and ensuring that they do not suffer. So legend has been well-accepted as a group in the state of Karnatka and it has clocked 18 lakh cases a year already.
So it is already a millionaire brand in its first-nine months of the launch. That just shows the brand acceptance, which has happened, partly fueled by the fact that there has been instability at the price level in the state of Karnata. So we are trying to accommodate all our consumers at all the price points and which reflects in the product quality and the pricing, which we have done for.
Unidentified Participant
Got it, sir. Thank you so much from my side. That’s it from my side.
Operator
Thank you. We have the next question from the line of Janvi from Rise Equities. Please go-ahead sir.
Unidentified Participant
Hi, sir. Good afternoon. Congratulations on a great set of numbers. Just wanted to ask regarding UVL lately posted set-out a press release that they have been facing issues with the Telangana government. So — and I think we also received an approval from Telangana lately. So on — in the states that we supply, just wanted to specifically understand that if we are facing a delay from the government’s end in clearance of dues.
J.K Arora
We currently do not operate in Telangana. So we do not have any dues there already. And whatever previously we used to operate have all been clear.
Unidentified Participant
Okay and sir in other states have the number of days increased for us in terms of clearance of dues from the governments and Karnataka, MB, Delhi.
Nakul Sethi
All the states continue functioning as normal and we have not experienced any increase in debtor days.
Unidentified Participant
Okay. And also, sir, one last question. So sir, in Karnataka lately the price increase that they’ve taken. So for the premium segment, they’ve taken from — they’ve taken a lesser increase compared to the beers priced at 100 to 130 bucks. So what sort of consumption pattern change are we seeing? Are we — are people upsizing their patterns or people are shifting to cheaper beers?
J.K Arora
Not really. It is too early to say as it came into effect, I think on the 20th or 23rd of January. We are progressing on — we are monitoring the matter and I mean, it will take us a month or so to actually realize what is the consumer feedback on the sudden increase in prices. But of course, it’s not a small jolt in terms of pricing where they’ve taken a 40% increase on the price affordability, which is a — which is detrimental to the consumer and detrimental to the society where you are actually making a low alcohol beer more taxed, more expensive. So we’ll have to see how the consumer reacts. It’s too early to say that.
Unidentified Participant
Okay. Sir, just a follow-up on this. So I remember in the last con-call, power cool, we — with an MRPU of 100, we started with an MRPU of 100, which you mentioned had started retailing at 130. So that was already a price hike that we had taken in the state in Karnataka on the MRP. So now again taking a price increase in that would it’s like from 100 to almost 1, 30 and then again a 30 40 rupee increase on that would you know, take the volumes down massively?
J.K Arora
Not really, because if you see the beer consumption pattern across the country and across Karnataka, especially Karnata is a well to do state in terms of the GDP contribution. So I don’t see a much impact there. Also, the price increase in the total of INR100 from INR100 to INR130 is not exact — not all INR30 has come to the company. There have been two price increases on the excise by the government. So you can safely say that more than 50% of the increase has gone actually to the government in terms of the revenue. So that is the case.
Also, also the price has gone up for everybody. So — but I don’t see a problem in terms of the current pricing in terms of how they are perceiving. I mean, it’s at the end-of-the day, the consumer has to decide what he wants to do. But I don’t see a massive change terms of the industry. There will be certain jolts to start with, but I think in the medium run, the consumers should get adjusted to the price.
Unidentified Participant
Right. And sir, in terms of licensing for new states, so whenever we plan for a newer geography, what are the sort of entry barriers that we come across and like what are our plans in terms of newer geographies?
J.K Arora
And so we are actively scouting for opportunities where there is a more — where-is a conducive environment in terms of stability of policies. We are already looking at some states which are growing higher like UP. UP has a very stable policy as of now. I also mentioned Northeast. Northeast is another where the Government of India is actually focusing. So there will be a consumption story happening because of the amount of money being pumped into the Northeast. And so we are looking at actively these two markets where we can actually — where the pie is growing substantially and we want to be part of that growing pie.
As far as the government’s attitude towards this is concerned is governments — we are a net contributor to the state. So every government would want more-and-more the to come in, whether through new products, whether through new factories, whether through anything else. So I don’t see a problem there either that there is some issue on, you know, getting into states which are growing and because we directly are linked to the estate. We contribute revenue to the state extract. So while we may not get incentives, but we do contribute to the state extract.
Unidentified Participant
Right. Thank you so much, sir. Thank you for answering all the questions. Thank you.
Operator
Thank you. We have the next question from the line of Jitesh Gupta from Investments. Please go-ahead.
Unidentified Participant
Hi, sir. Good afternoon. Thank you for the opportunity. I have two questions. So as we — the first is, as we can see, the recently the volume for Blackfoot has gone down while legend has gone up. So can you help me understand companies plan with these two brands? And also after the capacity expansion at Odesha, what will be the new capacity post expansion? So these are my two questions.
Nakul Sethi
Currently we are at 35.2 million cases as 3 crores and 52 lakh cases combined capacity and after the Urisa capacity comes on-stream, the capacity will rise up to 3.82 crore cases.
Unidentified Participant
Okay, sir. And sir, your plan with the new brand Legend and since is volume is going down.
J.K Arora
Yes. So Blackfort had the volume is going down, you’re correct on that aspect. We plan to increase the base of Blackfort by launching it in new states. So we are actually pursuing that because Blackfort was you know, primarily participating in Karnataka and Madhya Pradesh. So we are looking at arresting that growth by launching in new states.
As far as legend is concerned, legend has shown a very, very positive trend in the market and the consumers are actually liking it, otherwise we won’t have had these sales. So we are going to focus on, you know, keeping the bandwidth going on legend and opening — increasing the base for because it is — at the price points which it is, it is kind of saturated at that price point, the industry is actually not growing in that part on those price parts. We are looking at increasing the base. We are trying to add more states so that we can reverse this trend.
And we are also looking at, you know adding to the premium portfolio, which should add to the total portfolio of the Group. So while some segments do get redundant due to excise changes, but some get the benefit. So we are trying to play in all the segments so that such changes, the company — the group is insulated from that. So that’s why we’re playing a portfolio game where some brands sometimes degrow, but the other brands take-over that degrowth, maintain the healthy growth story for the Group.
Unidentified Participant
Understood, sir. And sir, just one last question. Can you please repeat the utilization of each plant for Q3 and nine months?
J.K Arora
Yes, of course. So the — during the nine months, SDBL was at 73%, woodpecker was at 65% and Orisa is at 64%. These are all above industry averages, by the way. And in the lean season we with SDBL was at 58, Arsen was at 60 and was at 34.
Unidentified Participant
Okay, sir, understood. That’s it from my side. Thank you.
Operator
Thank you. We have the next question from the line of Rishike from Robo Capital. Please go-ahead.
Rishikesh Oza
Yeah, hi, thank you for the opportunity. Am I audible?
J.K Arora
Yes, sir. Yes, sir.
Rishikesh Oza
Yeah. Thank you. Sir, firstly, if you — you could indicate what sort of revenue growth and EBITDA margins are we looking for in FY ’26 and FY ’27?
Nakul Sethi
Hi. At this point, we’ll be not in a position to give out the estimate for the next two years. Maybe after we miss the year, then we can give you the guidance.
Rishikesh Oza
Okay. Given that we are expanding capacity and do we have any sort of visibility that you can share of whether we can do, say, around INR2,000 crores of revenue by say FY ’27, could you give any comments on that?
Nakul Sethi
I think we can look at that kind of growth by FY ’27.
Rishikesh Oza
Okay, got it. And what sort of volume growth do we expect for Q4 season assuming there would be good volume growth in Q4?
J.K Arora
So the CAGR has already always been at 9% for the industry. Again, it is based on seasonality as well, how the weather plays out. So — but it will be — I think over last year, it should be a bare minimum 9% more than previous years — previous Q4.
Rishikesh Oza
Okay. And lastly, our EBITDA margins, would it be fair to expect that EBITDA margin would be in similar range what we are doing currently?
Nakul Sethi
I think this year we have developed delivered more EBITDA margin as compared to last year because so I think we should be able to maintain these kind of margins going-forward.
J.K Arora
As a our bottle pool is going up and we are recycling more-and-more bottles, if we look at it because that’s a major cost, so we look at that table from a mid-term perspective. So we don’t see any changes in that.
Rishikesh Oza
Got it. Thank you very much.
J.K Arora
Thank you.
Operator
Thank you. We have the next question from the line of Kalra from MB Investment. Please go-ahead.
Unidentified Participant
Hello.
J.K Arora
Yes, sir.
Unidentified Participant
Yeah. My question is, like what are your projection for growth in the upcoming years, like a couple of years if you would want to give you throw some light.
J.K Arora
I think that question has come a couple of times. So if you look at the industry standards, right, in the industry has been growing at 7% to 9%, while we have been delivering numbers much above that, right? Right. And the whole idea is to continue that growth momentum in the coming years. The — of course, the base has grown tremendously for us by our numbers.
We continue to — as I said, there are two avenues for growth for us. One is consolidating market-share in the existing markets where we are playing where we are very confident of doing the same and also opening up new markets from a production footprint standpoint. So the minute we get that and we get those activated, we see no problem in growing in double-digits for the coming year.
Unidentified Participant
Right. Thank you so much. That will be all from my side.
Operator
Thank you. We have the next question from the line of Rahil Shah from Crown Capital. Please go-ahead.
Rahil Shah
Hi. Sorry. My questions have been answered. Thank you so much.
Operator
Thank you. We have the next question from the line of from Sequent Investments. Please go-ahead.
Hiten Boricha
Yeah. Thank you for the opportunity. Sir, sir, only one clarification question. You mentioned a Q4 volume growth — growth will be around 9%. Is that what I heard?
J.K Arora
No, I had mentioned the industry is growing at 9% CAGR. So someone had asked me that what would — what do you see that Q4 will grow more than the industry average or less than industry average that I had answered that no, last year Q4 would be at 9% last year. Whatever the last year Q4 growth for the industry was plus 9% is what we expected to grow at. Is was my submission on that.
Hiten Boricha
Okay, okay. But we are maintaining our guidance of, here, right, sir?
J.K Arora
Yes, yes, yes. So we are actually above the CAGR, so we are maintaining that.
Hiten Boricha
Thank you.
Operator
Thank you. Participants who wish to ask a question may press star and one on your touchstone telephone. Participants who wish to ask a question may press star and one on your touchstone telephone. We have the next question from the line of Manu from BMS. Please go-ahead. Mr. Manu, can you hear us?
Unidentified Participant
Hi, good afternoon. Can you hear me?
J.K Arora
Yes.
Unidentified Participant
Hi, good morning. Hi. Hi, sir. I think we have been quite strong in the beer market and I think our — the number for the IMFL also is growing. What’s the — what’s the plan around it? And is there more focus on IMFL market as well?
J.K Arora
I am glad you asked that question. Yes, we are now — because of our distribution strengths and the point-of-sale being the same for the nickel industry, we are actually now planning to transition to a complete alcobev company, which encompasses IMFL and beer operations both. So we have been testing our products where our distribution strength has been the strongest. And we are very happy to inform that, yes, that has led to an increase in the IMFE performance.
And that has given us confidence that, yes, we can go-ahead in this market and you know, premiumize our portfolio and play the portfolio game in terms of a total perspective, not just a beer company, not just an IMFL company, want to be a complete 360 degree company and the numbers on IMFL are encouraging us to transition to that phase.
Unidentified Participant
Yeah, all right. So are you also planning to launch more brands around it or expand the current one?
J.K Arora
So to be more specific, in the coming quarters, we would be launching more products in the IMFL space. We will be leveraging our existing distribution strengths to push those products and create some sort of standing in the IMFL sector as well?
Unidentified Participant
Sure. So my understanding is that the beer as such as an urban phenomenon and do you see that playing out and how does that work-out in the rural areas.
J.K Arora
So I don’t see that as an urban phenomenon anymore. I think with the demographics of our country and with the social media in-place, there’s nothing known as an urban or a rural phenomenon now. It’s more about the pocket size. So you got to really understand the demographic from the pocket size perspective that where — what pocket size suits, which part of the state in the country and Karnataka is a living example of that.
When we started — we started at a INR100 MRPB, today we are at 130 going up to INR150. So the pocket size has definitely increased, but the idea of trials only can start with the — by attending the consumer at his pocket base, not at the — you know at a base level of saying that, okay, beer cannot be less than INR200 or INR150 rupees. That’s not how the trials happen.
I — with the ethanol project, I see a lot of money getting pumped in the rural sector because of good prices for the farmers. So I see that going up. I don’t see any reason why the rural phenomena will not be having a higher-growth rate than the urban phenomena. In fact, the urban phenomenon is kind of flat is what our numbers tell us. So the future is the rural phenomenon sure.
Unidentified Participant
Thank you, sir. Sir, one more question. So I think my understanding is some of the raw materials are imported and do you think that’s sustainable? And are you looking at sourcing locally as well?
J.K Arora
Yes, I’m glad to inform that there are a couple of new furnaces coming up in India due to the demand, the supply situation. And we are very confident that the imports will get cut-down and we will start sourcing it locally because our delta is higher than the industry average, we tend to insulate ourselves by ensuring that we have foreign suppliers so that we don’t come under any sort of pressure due to the scarcity of suppliers. So that has always been the case, whether it was barley, whether it was glass bottles. So we have always maintained that strategy.
Unidentified Participant
Thank you, sir. All the best.
J.K Arora
Thank you.
Operator
Thank you. We have the next question from the line of Rohit Deshbook from Vishwai Investments. Please go-ahead.
Rohit Deshmukh
Hello.
J.K Arora
Yes, sir.
Rohit Deshmukh
Sir, are there any plans for expansion or entering new markets in this year or next year?
J.K Arora
Yes. Yes, I had addressed that in my comment that we are looking at expanding our footprint in-markets like UP and the Northeast, which is on our agenda. The fact that we are increasing capacity in Orissa is also a testament to that because this is the second round of expansion, which has happened in and three years. So we’re trying to reach a critical mass scale where we can actually derive profitability through economies of scale.
So while we do that and as the cash-flow is also improving, we would have to — whether we like it or forcefully, we’ll have to expand to new territories. There is no question and we are very, very confident that with our portfolio, we’ll be able to do well in the markets which I have mentioned in UP and Northeast.
Rohit Deshmukh
Okay. And sir, there are any recent regulatory changes that could impact the business and how are you addressing them?
J.K Arora
Not really. It’s a state subject, so it varies from state-to-state, but I don’t see any regulatory hurdles as such right now. I don’t see that.
Rohit Deshmukh
And my last question is that are you seeing success in premium products?
J.K Arora
Yes, with our launch of beer in Karnataka, I’m happy to say we have, you know been very successful in spreading the product and getting repeats from the customers, which has given the retail a lot of confidence. So with the coming season, we should definitely see better numbers there.
Rohit Deshmukh
Thank you. Thank you, sir. Thank you so much. That’s all. From my side.
J.K Arora
Thank you.
Operator
Thank you. Thank you. That was the last question. I would now like to hand it over to the management for closing comments.
J.K Arora
Thank you. So thank you everybody for joining the call. We are committed to the growing the company forward. And we thank you for all your questions and support and look-forward to seeing you in the next quarter.
Operator
Thank you. On behalf of the Distries and Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.