Tata Coffee Ltd (NSE: TATACOFFEE) Q3 FY23 Earnings Concall dated Jan. 25, 2023
Corporate Participants:
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Amit Pant — Head of Sales and Marketing
Analysts:
Aniruddha Joshi — ICICI Securities — Analyst
Nishant Sharma — Nuvama Wealth — Analyst
Nirav Savai — Abakkus Investments — Analyst
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Dhiral Shah — PhillipCapital — Analyst
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Varun Singh — ICICI Securities — Analyst
Kiran — Kiran Investments — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Tata Coffee Q3 FY23 Results Conference Call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only. There will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] 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.
Aniruddha Joshi — ICICI Securities — Analyst
Yeah. Thanks Darwin. On behalf of ICICI Securities, we welcome you all to Q3 FY23 results conference call of Tata Coffee Limited.
We have with us senior management of the company represented by Mr. K. Venkataramanan, Executive Director, Finance and CFO; and Mr. Amit Pant, Head of Sales and Marketing.
Now I hand over the call to the management for initial comments, post that we will open the floor for question-and-answer session. Thanks and over to you, sir.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Good morning to all. I am Venkat. Thanks for joining. I am here to present the Q3 earnings call of Tata Coffee.
Overall, for the quarter, our standalone including Vietnam instant coffee and plantation business have done quite well. There have been challenges of course pertaining to the inflationary environment and some bit of demand contractually in some geographies, but overall the standalone revenue has gone up by 23% and this is mainly possible in account of higher gross margins on instant coffee and include realizations and also hedging and FX benefits. The standalone profit is slightly lower at 26.61%, the PBT is higher that there will be a bit of higher tax rate due to the higher [Indecipherable] income.
On Instant Coffee, India and Vietnam, both have delivered very, very good performance with capacities being saturated in both the places. We continue to drive wherever the cost optimization and efficiency improvements across all the operations. And Tata Coffee Vietnam in particular has delivered an excellent performance despite the inflationary challenges. And thanks to the good work around the new product development and very quick execution of orders and continued customer focus, we have delivered a strong performance there. The order book for Tata Coffee Vietnam continues to be strong. We have covered right up to the year at the end of this fiscal and also rolling on to the next year as well. We also commissioned the liquid extract line in Vietnam and we hope to see the results in the coming quarters.
On the coffee plantations, the process of harvest is continuing. Arabica is getting completed and then Robusta and Pepper would follow. The green bean business has also done quite well, thanks to our premiumization efforts. Tea business continues to be impacted due to the pest in the tea, [Indecipherable] operations. However, we have been able to deliver higher realizations. We are interested quite well in the tea factories and we are putting in lot of efforts to see how the infestation or insects can be controlled.
Coming to the consolidated revenue, we are at INR747 crores compared to INR626 crores for the previous year same quarter, increase of 19%. [Indecipherable] delivered higher realization both on Eight’O Clock and the instant coffee business of the company. The consolidated profits are lower, that’s primarily due to the Eight’O Clock coffee has been impacted due to higher input and other costs and a bit of volume pressure is there. And of course with the — we hope to see the easing up, back of the margins over the coming quarters.
So to summarize, it has been a kind of a stable good performance on the standalone and Vietnam on the instant coffee businesses and Eight’O Clock, there has been improved realizations, the profitability has been impacted and it’s more over the next few quarters we hope to sort of see improvement in the margins there.
I’m joined by my colleague Amit Pant. I now hand the conference call back to ICICI Securities for the questions. Thank you.
Questions and Answers:
Operator
Thank you. We will now begin with the question-and-answer session. [Operator Instructions] We have the first question from the line of Mr. Aniruddha Joshi from ICICI Securities. Please go ahead, sir.
Aniruddha Joshi — ICICI Securities — Analyst
Sir, two questions. One, how do you see the coffee prices panning out over next one year, and as well as tea prices panning out over next one year. We have seen rapid inflation and then deflation also in both the commodities. So how is the situation in both these commodities?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah, I’ll answer the tea part and I hand over to Amit Pant, my colleague for answering the coffee part. The tea prices, well, the Orthodox bit of, we saw quite a bit of improvement there, but now it has sort of papered-off, but we are seeing good demand and prices on the CTC front. So we are hoping that the same trend would continue or whether hold-on for the ensuing few quarters.
On the coffee, Amit?
Amit Pant — Head of Sales and Marketing
Yeah. So thanks Venkat. On the coffee, both the coffee that is Arabica and Robusta, we’ve have seen a significant erosion in terms of where the markets were last year and where they are right now. Just to give you a statistic, in the last six months, the Arabica markets have eroded by almost 32%, in the last 12 months by almost 37%, 38%. The erosion has been lower in Robusta, about 17% let’s say on a 12-month basis. And similarly, about 15% to 20% on a six-month basis. So both the markets have been under pressure, largely because of the markets pricing recovery in the Brazilian crop in the middle of this year when it comes to the harvest and also the larger recessionary environment that we see around the world. So clearly coffee markets are under pressure right now. And we would reckon that [Indecipherable] a year of distress has been already to some extent [Indecipherable] by the market. So the undertone of the markets, if you were to ask especially Arabica in particular is soft going forward.
Aniruddha Joshi — ICICI Securities — Analyst
Okay. Thanks sir. Sir, second on the merger with Tata Consumer. So can you indicate about the timelines. And while the regulatory process will take its own time, the on-ground work, the operational merger, has it commenced in terms of integration of sales team or freight and distribution or even the employees, etc. So any process, any update that you can share on this as well as the regulatory process also. Yeah, thanks.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah. On the regulatory process, we have our shareholders meeting on February 3 and then the normal process in terms of NCLT, NCLT process will continue for some more time. We hope in the next three, four months time that should conclude. That’s what our expectation is. On the integration front, yes, we are looking at where the teams are etc, but I won’t comment on that now, because it is still work under progress.
Aniruddha Joshi — ICICI Securities — Analyst
Okay, thank you. Thank you sir.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from Mr. Aniruddha Joshi from ICICI Securities. Please go ahead, sir.
Aniruddha Joshi — ICICI Securities — Analyst
Yeah. So before the question queue assembles, just wanted to check on certain aspects. So in terms of the plantation business, what is the outlook. It will get formed in a separate subsidiary. So how do you see that business panning out and also overall, is Tata Coffee working on any particular capex and what is the capex plan of Tata Coffee, considering there was a merger announced almost a year back. So there may not be a big capex done. So what would be the immediate need to do capex for particularly for Tata Coffee operations first. Yeah, thanks.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
On the first part regarding the separate entity, so the whole rationale was explained in the composite scheme whereby by forming a separate plantation entity, so there is fair bit of synergies among the plantation client companies and more of dedicated focus. So that’ll be there. Other ways, operationally, we don’t see any kind of changes there except that there’s going to be much dedicated and better focus on the plantation business as such.
On the capex front, see, normal capex is about INR25 crores, INR30 crores, but that’s more to do with — we invest in the kind of instant coffee modernization equipments. So those would continue because those are for us wherever we see kind of incremental revenue streams or efficiency improvements those will continue. Other than that, we also invest behind some of the plantation replanting activities, wherever required in terms of irrigation. So those will continue. But we are not seeing any extraordinary exceptional capex coming up, but then the normal capex, whatever is required for the instant coffee modernization, those would continue.
Aniruddha Joshi — ICICI Securities — Analyst
Okay, thank you. Thank you sir.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you.
Operator
Thank you. [Operator Instructions] We have the next question from Nishant Sharma from Nuvama Wealth. Please go ahead, sir.
Nishant Sharma — Nuvama Wealth — Analyst
Thanks for the opportunity, sir. This is more of a follow-up question on the merger timelines. So if I’ve heard correctly, February 3, we would be having a shareholder meeting and thereafter, we would required to file with NCLT or we have already filed with NCLT?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
No. The scheme has been filed with the NCLT, both TCPL and Tata Coffee. TCPL shareholders meeting is over, and they already got the approvals. There are further process in the NCLT itself. So that is going on for TCPL. Tata Coffee is concerned, we have our shareholders meeting for approval on February 3. And post that, of course, the normal NCLT process of Chairman’s report being filed and second motion petitions, all that will continue.
Nishant Sharma — Nuvama Wealth — Analyst
Okay. Apart from NCLT, any other regulatory approval would be required or that’s the only one which is pending?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah. Other than the NCLT approvals, other process we do cover, whatever approval from the various authorities that is part of that process. Other than that, we don’t see regulatory side of it, NCLT is the major one.
Nishant Sharma — Nuvama Wealth — Analyst
Okay. And the three to four months, which you have referred to complete the entire process is from today or it is from the post shareholder approval?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
No, we are saying post the shareholders — our shareholders. See, there are two legs. One is TCPL has to, they have completed the shareholders’ approval, they got the approvals, and that process has to complete. Ours, we are estimating about three to four months, because these are all depending on the NCLT hearing all that will take place. So our estimate is about four months around that kind of period.
Nishant Sharma — Nuvama Wealth — Analyst
Okay, But this is four months post the approval, shareholder approval?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah, correct. Absolutely. Right.
Nishant Sharma — Nuvama Wealth — Analyst
Okay, understood. Thank you sir.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you.
Operator
Thank you. The next question is from the line of Nirav Savai from Abakkus Investments. Please go ahead, sir.
Nirav Savai — Abakkus Investments — Analyst
Yeah. Sir, thanks for the opportunity. Sir, my question is regarding the Vietnam motor book, which you said is covered for this fiscal as well as, is it for the next year or am I missing something.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah, next year also. See, we normally have finally healthy order book for Vietnam. So we are well covered into the next years’ two quarters also.
Nirav Savai — Abakkus Investments — Analyst
Okay. So first half we are covered, not the entire year?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
That keeps happening. I’m saying two quarters, there could be say October of next year, all that, like that.
Nirav Savai — Abakkus Investments — Analyst
Right. Sir, do we intend to expand our capacity in this business or how do we see this going forward?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
We are aware of the opportunities, but I don’t think we have any immediate kind of plans to announce on all that. We continue to evaluate whatever — just to mention, Vietnam is operating at close to 100% capacity. So India is also sort of — our businesses are operating at full capacity. So but we need — we are looking at. See, when we look at this, we have to look at the future also. So then we continuously evaluate in terms of whatever investment is required.
Nirav Savai — Abakkus Investments — Analyst
Right now sir, is there any macro tailwind which is driving this higher utilization or you might see this continuing for some time. What exactly is driving this demand right now?
Amit Pant — Head of Sales and Marketing
So I think it’s not tailwind. For the last almost several quarters we’ve run a completely packed order book in Vietnam. Installation of the plant is near 100% I think for several quarters right now, not necessarily for the last three, four quarters. So we’re very confident that the work that we’ve done in Vietnam in terms of the product performance, in terms of customer relationships, I think that is something which is really sort of driving a very healthy demand for our products. I wouldn’t attribute it to any particular macroeconomic or episodal factors right now.
Nirav Savai — Abakkus Investments — Analyst
All right. Got it. That’s it from my side. Thank you.
Operator
Thank you. We have the next question from Akshay from Canara Robeco Mutual Fund. Please go ahead.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Yeah. Thank you for the opportunity, sir. Partly, actually [Technical Issues]
Operator
Sorry to interrupt. The volume is very low.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah. Not able to hear properly, Akshay.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Hello.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah. Can you speak a little louder, Akshay.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Yes. Hello. Is it audible now?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Slightly better.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Sir, just wanted your sense on the global demand like at least the order book for us is largely filled, but then how do you see the global demand shaping up. Is there some slowdown that [Indecipherable] you are not going for a capacity expansion or what is it. If you can portray some global picture, that would be helpful, sir.
Amit Pant — Head of Sales and Marketing
So yeah. We don’t see a challenge on the global demand. On the overall global demand, no, we don’t see a challenge. There are pockets where there is a challenge. I think Venkat mentioned earlier in his summary that there are certain markets where we are seeing the effect of recession and inflation on a much stronger level than certain other markets, but coffee in general and that’s true for instant coffee also. If you look at over the last 10, 15 years, the growth has been — it’s been a very resilient category. The growth despite slowdowns and financial issues in certain parts of the world, last 10, 15 years Coffee has not stopped growing. So we’re sanguine about prospects of coffee. We would reckon that coffee would continue to grow at a pace that it has been growing in the last 10, 15, 20 years. Yeah, but certain pockets will be impacted higher, in their ability to respond to what you’re seeing today in terms of macroeconomic topics.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
So sir, would this be a temporary issue or you see this as a prolonged issue, because if the inflation cools-off, then do you see that they coming back or how do you see that?
Amit Pant — Head of Sales and Marketing
Yeah. So see if history is anything to make a comment on, these things are periodic. So inflation is cyclical. Some of the other factors like currency, currency is being severely depreciated, All these are periodic issues and over a period of time, things are cyclical. So they even-out, so we don’t expect a long-term challenge anywhere. We expect some of these markets to rebound in due course.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Okay. Any sir, customer additions that we would have done?
Amit Pant — Head of Sales and Marketing
Yeah. So I wouldn’t like to go into specifics here, but yes, I mean in both India and Vietnam over the last, I think, especially over the last year, there has been addition of new clients, there have been addition of new portfolios. So that all bode well for both these, both our FX in India and Vietnam. Specifics I wouldn’t like to go into on this call right now.
Akshay Chheda — Canara Robeco Mutual Fund — Analyst
Actually just we wanted a sense. This was helpful, sir. Thank you.
Amit Pant — Head of Sales and Marketing
Thank you.
Operator
Thank you. [Operator Instructions]. The next question is from the line of Dhiral from PhillipCapital. Please go ahead.
Dhiral Shah — PhillipCapital — Analyst
Yeah, good morning, sir. Thanks for the opportunity. Sir, if you can elaborate which pockets you are seeing slowdown or a growth concern.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
See, one geography which is clearly we are seeing a challenge is Africa, because see, there it is impacted, we packed SKUs for some of the customers there, so that has been impacted, largely two reasons, one is the coffee prices itself, which we — that’s what Amit said that it will rebound. So now with some kind of easing in prices and also the kind of packing materials and freight and all that. So those are all pushed up the cost for the market to absorb. So that is one geography which we would call-out specifically. Any other?
Amit Pant — Head of Sales and Marketing
I think Africa is one definitely where we’ve seen challenges as Venkat outlined right now. The other markets where we’ve seen things a little slow, especially if you look at our India asset, Southeast Asia. But again as I said earlier, with China opening up, there’ll be a knock-on effect on countries around China. So we expect demand eventually, sort of recover and rebound by middle of this year or by end of this year in Southeast Asia. Africa, we believe is a larger challenge because certain other product categories similar to coffee has also been impacted because of their ability to withstand a very significant inflation factor.
Dhiral Shah — PhillipCapital — Analyst
Okay. And sir as you talked about that we are already running at 100% capacity in Vietnam since last many quarters and you are also you know will be targeting to grow at 100%, running at 100%, so what is restricting you to do a capex, looking at the demand environment improving?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
See, the thing is like this, Vietnam is a freeze-dried facility. So we need to assess the demand over the next, see, when we invest substantially large capex, so INR50 million, INR60 million in terms of 5,000 tonne capacity, so obviously, we need to assess the capacity over a long period of time, maybe three to five years and all that. So depending on that only the decision we can take. So as I said, we continuously evaluate, but I don’t think we have positioned to sort of comment anything on any concrete steps. That’s where we are.
Dhiral Shah — PhillipCapital — Analyst
So because sir, one of our competitors again from the domestic market sir, they are aggressively expanding capacity and they have also announced for a new capex of freeze-dried even in Vietnam, that’s why. So they are growing much faster than us.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
So our competition, if you are mentioning that they have some great capacity in Vietnam. And now they want to expand — see, the point is, everybody looks at market from their own lens, in the sense, what they know, what priorities they have. So obviously when we invested in our plant in Vietnam, went in commissioning in ’19-’20, sometime in May 2019. And after that, of course, now it’s three years. So we are well stabilized there and we have started doing doing quite well there. So the next wave of expansion has to come for us, which we are continuously evaluating. So we don’t want to comment on what our competition per se is doing because they kind of how they look at market may be different.
Dhiral Shah — PhillipCapital — Analyst
Okay. Sir, just last one thing sir, how much Robusta coffee you have collected from the freeze?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
You are saying from the highs of last year, how much it is collected right now?
Dhiral Shah — PhillipCapital — Analyst
Exactly.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
So roughly about, if you look at where the market is right now, I think about 17%. So the shrinkage in Robusta is far lower than what we have seen in Arabica.
Dhiral Shah — PhillipCapital — Analyst
And sir, what is the current Robusta prices?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
See, yesterday, if you’re looking at the London chart, yesterday it settled at around $1,940 per tonne, $1,941 per tonne. It had gone up to a high, if I recall correctly last year, close to $2,350 per tonne. So the contraction has been about 17%.
Dhiral Shah — PhillipCapital — Analyst
Okay, sure. Thank you so much.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you.
Operator
Thank you. The next question is from the line of Rahul Ranade from Goldman Sachs Asset Management. Please go ahead, sir.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Yeah. Thanks for the opportunity. Just one question in terms of this Eight’O Clock Coffee.
Operator
You are not audible clearly, sir. If you could please speak closer to the mic.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Hello. Is this better in anyway.
Operator
Slightly better, sir. If you could speak closer sir, it would be better.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Hello.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yes, Rahul. Please go on.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Yeah. My question was on Eight’O Clock coffee. So if I do a simple consolidated minus standalone, there is some bit of a gross margin improvement, which has happened on a sequential basis for us.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Yeah.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Yeah. So I remember from last quarter commentary where we said that it will take some time for Eight’O Clock margins to come back to normal. So just wanted to understand where are we in that process and how long it would take for us to recover the margins on that?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
See, typically last quarter also I had mentioned regarding these roasters carry a little inventory in terms of weeks carried is typically little long, depends on, could be about 25 weeks and all those kinds of levels. So for that to come back with the kind of improvement in prices would take maybe two or three quarters roughly. I am just estimating that it would take about two or three quarters, but there are other factors also at play. So that’s where we are. I won’t put a specific month or quarter by which the margins would improve, but then that process has already started, so whatever actions are required are being taken.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Sure. Understood. And what would that rough margins be. We get the consol minus standalone. But would it kind of be possible to give margins for let’s say Eight’O Clock separately or Vietnam separately?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
No. Also I won’t be able to give. Sorry Rahul, we won’t be able to share.
Rahul Ranade — Goldman Sachs Asset Management — Analyst
Okay, sure. Thanks.
Operator
Thank you. The next question is from the line of Varun from ICICI Securities. Please go ahead.
Varun Singh — ICICI Securities — Analyst
Yeah, thanks. Thanks for the opportunity. Sir, my question is on like after post merger of Tata Coffee with Tata Consumer, how the management — what changes in management structure is likely to be?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
I have no answer for that, because it is still a couple of months away, this merger. So I don’t think I’ll be able to answer that. I don’t think anything is there concrete at this point of time.
Varun Singh — ICICI Securities — Analyst
Okay, fair enough. Sir, and secondly, what are the top three benefits, I mean, it’s on the top of the mind that we should see this merger kind of bringing on the table or I mean you said that you wish to highlight what is the top three things.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
See, the extraction business, what we call instant coffee, the Tata consumer has also got an instant tea business. We have coffee extraction business, so there is kind of combining that would put a lot of synergies in-place in terms of reach, customers, projects, in terms of the distribution. So those are the kind of the infrastructure itself in terms — so that is one clear kind of synergy, which will be there. Secondly in terms of the — see, there is a compliance costs listed as a separate listed entity. So this also would be know, that it becomes a kind of larger kind of unified entity, whereby the Tata Coffee shareholders straightaway would get into a rather the larger consumers play in the sense of getting the Tata Consumer shares. And thirdly, it is also leading to a separate plantation entity, because Tata Consumer already has got two — they have shareholding in two plantation entities and so there is more dedicated focus onto the plantation vertical and the plantation entities per se. So these are the sort of three broad things. Definitely it is win-win, definitely and with a sound rational listing has been planned.
Varun Singh — ICICI Securities — Analyst
Right. Got it sir. Thank you very much, sir. This is very much helpful.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Kiran from Kiran Investments. Please go ahead.
Kiran — Kiran Investments — Analyst
Thank you for giving me an opportunity, sir. Sir, Tata Consumer is launching any new products in the coming six months, three months?
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
They will have their analyst call sometime in early February. Please — I’m sure Tata Consumer team will have to answer that.
Kiran — Kiran Investments — Analyst
Okay, thank you.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you.
Operator
Thank you. [Operator Instructions] As there are no further questions, I would now like to hand the conference over to the management for the closing comments.
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you very much for joining the call and we thank the investors for continued interest in the company. Thank you very much.
Operator
[Operator Closing Remarks]
K. Venkataramanan — Executive Director – Finance and Chief Financial Officer
Thank you very much.
Amit Pant — Head of Sales and Marketing
Thank you.