JSW Dulux Limited (500710) Earnings Call Transcript
August 12, 2026
Earnings Call Speaker Segments
Ladies and gentlemen, good day, and welcome to JSW Dulux Limited Q1 FY '27 Earnings Conference Call. [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.
Yes. Thank you. On behalf of ICICI Securities, we welcome you all to Q1 FY '27 results webinar of JSW Dulux Limited. We have with us today senior management represented by Mr. Rajiv Rajgopal, Joint Managing Director and CEO; Mr. Krishna Rallapalli, Whole-Time Director and CFO; and Mr. Rajiv Jha, General Counsel, Company Secretary and Compliance Officer. Now I hand over the call to the management for initial comments on the quarterly performance, and then we will open the floor for question-and-answer session. Thanks, and over to you, Rajiv, sir, for reading out the disclaimer. Thanks.
Good afternoon. This media release contains statements which address such issues as the company's growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results or outcomes to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues and legislative, fiscal and other regulatory measures and approvals as well as significant market disruptions. Stated competitive positions are based on management estimates, supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report. And with this, I'm handing over the stage to Mr. Rajiv Rajgopal.
Good afternoon, everyone. Delighted to be back on a call with all of you on the quarterly earnings for the first quarter of the fiscal. As all of you have seen our commentary, we had a pretty strong quarter. But just so that I'm able to clearly explain, we have to look at the quarter from a like-to-like perspective because when you look at the first quarter, the quarter also had certain remnants of the business which has got taken off or carved out as a part of the AkzoNobel India deal with the JSW Group. So the JSW Dulux like-to-like houses now all the brands and businesses, which are now a part of this journey, right? What's got carved out is the powder coating business, the IRC business and a few customers, global customers, which AkzoNobel has retained as a part of its unlisted entity. So with that, I just want to quickly run you through first the financials at a high level. We've loaded the entire presentation on the stock exchange, and most of you would have by now gone through it, so I'm not going to spend a lot of time. But just for being very clear, I just want to sort of inform you first the numbers so that we then can move quickly. And Krishna -- R Krishna, our CFO, is here and Rajiv is here. We can quickly run through how the quarter has gone by and give you more time for Q&A. So the revenue, we grew -- we hit INR 965 crores in the quarter. The like-to-like last year was INR 812 crores, which is an 18.8% growth, blended between decorative plus industrial. The gross margin was INR 360.8 crores against last year INR 353.6 crores, which is a 2%. EBITDA, we delivered INR 115.1 crores against INR 100.4 crores last year, which is a 14.7% growth. And the PAT was INR 135.5 crores against INR 67.2 crores, right? And the PAT we, as mentioned in our press release, had 2 one-offs, which we want to clearly highlight. One is the interest on IT fund of about INR 21.5 crores and a dividend income from ICI R&T, which is for the property sale that -- of assets which were under that entity of about INR 55.9 crores. So that's really the commentary at a high level. So really, if I were to look at the quarter, what I would like to start with is we had a volume growth of 25%. I think the quick question will be, yes, when you look at volume price mix and we've got various industry is calling it underlying volume growth, et cetera, UVG, right? Now we've delivered a volume growth of close to about 35%. And if you were to just adjust for the putty, we would still have a volume growth of close to about 18%. So really 18% to 19%, right? So the pretty strong growth, if you just take out some of those, which is again a very high growth in our view, almost close to 20%, right? So really, 20% growth giving you 18.8% revenue growth there is very little I can complain. I'd -- so first, before running through the other metrics, really talk about really complementing the team. Our decorative business grew pretty high double digit. Our industrial business all grew upwards of 25%. So really, it's been a fantastic performance and my kudos to the team. One has to also keep in mind that in this quarter, in between April and May and June, many of the employees, we shut our Delhi headquarters and moved the entire headquarters to JSW Center in Mumbai. So it involves the transition of a team. And as I told one of the channels in the morning, it almost felt like you're having to rewire the house without switching on the brain. So to me, I really want to compliment the team for being able to achieve one of the highest growth, right? Because I don't -- the COVID was a base effect. So if I take that off, this is one of the highest growth I've ever seen since I took over as MD in 2018 at AkzoNobel India. So really fantastic growth under tough circumstances, right? Obviously, a lot of shifts happening, massive change for employees speaks volumes of the way the teams have been conducting themselves, right? So that's one. And also a huge kudos to Mr. Parth Jindal, our Chairman, for welcoming us into the family and making sure that we feel at home, right? It was also an add line of our VT campaign a couple of years ago, right? So really, I think those are the 2 pivots, which helped us to accelerate faster. Of course, there are brand pivots, there are distribution pivots and there are strategic pivots which we've done. Now quickly to then get into the granularity of the gross margin. The gross margin, if you look at, was at 37.4%, largely impacted for 2 reasons. One, that we had a lower inventory, particularly in our decorative business. So our blended inventory was about 95-odd days. against the industry, which has been about 110 to 10 days, right? And within that, decorative was just at about 60 days. And so in the decorative business, we've seen a hit in our margins, which is the reason why it came in because we had to immediately buy high-priced stocks almost end of March. And that sort of -- and we see some improvements right now as we enter August on that because obviously, the high-priced stocks -- those stocks have got exhausted. And we are now obviously at much lower rates than that rate there. We had some benefits in industrial for the same reason because we had close to about 100-day plus inventory cover, right? And so one has to keep in mind that the gross margin had an impact of approximately about 2-odd points because of the crude challenges. The other is a painter reclass, which we have done on promotional spend, which we moved to gross to net in line with the industry. And this is something that we wanted to also proactively do so that we are now speaking the same language, right? And we've taken a little more of a cautious view here, but suffice to say that also was the reason, and that's another 2.5 points. So really, if you look at it, the underlying gross margin, and maybe Krishna will also walk through it, was closer to about 39.5% to 40%, which is really then changes the picture of the results. The second is the EBITDA margin of 11.9%. So obviously, there is a flow-through from the gross margin to EBITDA, but remember that we've decided to reinvest in the growth. I mean, to start growing faster than the market, it was imperative for us to start adding people, particularly 2 areas: one, R&D because, as you know, I am a strong believer that innovation and brand differentiation is very important, particularly in a hypercompetitive environment. Second, we've decided to add people in many parts of India. I'll just give you an example that when our Chairman visited Hyderabad recently, it was a little astounded to know that we had only 2 area managers and about 6, 7 people until a few years ago. And with his approval in end of March, we decided to hire people. We've added approximately about 160-odd people. And so obviously, that cost, the salary plus travel cost is going to see an impact. But I call this a correction because what we are doing is we are laying the strong foundation, and we are not planning to add this every year. We will obviously add incremental thereafter. And hence, we see the EBITDA margins coming back to the band that I used to talk about. But given the crude prices, I said that the EBITDA margin would be in the range of 13% to 15%. That's the sort of margin I think we should be able to hit for the reasons that I mentioned, right? So with this, let me just quickly hand over to Krishna. Krishna will give you secondly a quick glimpse of the business and the financials, and then we'll walk through and take all your questions. Krishna, over to you.
Thanks, Rajiv. I think Rajiv clearly summarized the overall situation. Despite of a turbulent external environment, we could able to focus in terms of our strategic priorities and be able to deliver the results and we grew the business in line with our plans. And then, of course, there is a significant increase in terms of input prices vis-à-vis the raw material prices, which we should able to navigate through the price increases which we have taken in line with the industry. And then there is a cost prudence which was applied. We confined our OpEx to the growth initiatives. And we ended the quarter with around 14.7% growth in the absolute EBITDA on a like-like basis. And of course, because of the fix which has happened during the quarter, the EBITDA percentage has diluted by around [ 50 ] basis points. And we have also notified about the 2 exceptional items, one-off items. One is the dividend income which we received from the ICI R&D, which is a wholly owned subsidiary, INR 59.9 crores that has been posted as other income which is resultant of the real estate monetization transaction which we have completed last quarter. Second is that as we are moving towards bringing the efficiency, optimizing the cash, our rigor towards pursuing the old income tax litigations resulted in a INR 108 crores of refund pertaining to the assessment year 2013-'14, which includes interest income of INR 21.5 crores. So these are the summary of the key financial metrics and what happened during the last quarter. And with this Aniruddha I would hand over back to moderator for the question answers.
[Operator Instructions] First question is from the line of Pratik Gothi from HSBC.
This is Pratik Gothi from HSBC. My first question is, can you elaborate on some of the changes that you brought on, on the ground in terms of better execution, especially on the deco business? You talked about any other distribution or any other changes.
I think good question. What we've done is we are looking at a very micro market strategy now. What we are doing is we are going to first look at markets where we've got a significantly higher market share in states like Bengal, Gujarat, parts of Punjab, Delhi, et cetera. Then where we've got about [indiscernible] and these are places where we've got market shares of above -- a weighted average of 4.5%, above almost 8% to 10% sort of market shares. Then we've taken the second, which is between -- around the weighted average, right, where there are bulk of states. And third is absolutely the states where our shares are very low, very low single digits. Now what we've done is we've broken that into saying 2 parts. One, how can we start having the right portfolio for the right market? And within that, we made sure that we, during the quarter, put in -- particularly into the states where there has been, for us, a huge decline in certain undercoat categories, products like Promise cool 1, Primer, et cetera, which has seen fantastic growth. Also, what we've done is on the top end, we redoubled our efforts on Velvet Touch and Weathershield to try and make sure that we grow. Now what we've done is we are present in more than 5,000 towns, but our meaningful presence is roughly about 3,400, 3,500 towns, which we call active presence, right? So what we are doing is we are first taking that to about 4,500 this year. And again, we are focusing on towns with population greater than 20,000 and then we are trying to redouble our efforts to say that, look, at least in the large cities, metros, et cetera, how do we really pull back if there was a share loss or how do we really build our share. The focus is really driving the 3 categories: first, premium; second, adjacencies, which is led by waterproofing and wood care; third, obviously, the mid-market. Now where we've had good success in the quarter, to answer your question, has been in premium and in the adjacencies. In mid, I think we've still got some miles to go in terms of growth. What we've also done is we -- to be specific in some of the town engagement with the painter and also started our architect interior designer program. Some of the other players could have been doing it, but we've really sharpened it, and we've gone digital. So what we are trying to do as we move forward is use a lot of analytics and use a lot of AI to help us to be able to sharpshoot given the fact that we cannot afford as a #4 player to have wastage. Hopefully, I've answered your question. And one last piece is we are also looking at where the distributor model work because all of you know that distributor model, one of the reasons we went into it was because we never got approvals to open many depots, et cetera. That's changed. So one of the things that we are looking at is we are looking at high share markets, high potential markets where our ability to win is going to be very high because of the residual strength of the Dulux brand. And there, in about the top 20 towns, we will start moving to a direct store hybrid model and obviously, continue on the distributor model wherever that's yielded us great dividends all these years. So that, in a substance is what we are trying to do.
A follow-up to that is you're mentioning that the growth in the mid-premium segment was still -- if I read that right, was still below the premium growth of the premium portfolio adjacencies growth.
Not premium. The premium and luxury grew high double digits, right, almost close to the blended growth that we've done, both volume and value. The mass market and the economy segments grew for us a little lower than -- yes, it grew in the early double digits.
Right, right. So towards that, so mix was sort of improving year-on-year in this quarter. And in spite of that, we haven't seen much of a margin impact. I understand you mentioned the -- sorry.
Yes, I got explanation for that. Go ahead.
Yes. So you mentioned the margin impact from consumption of high-cost inventories and higher promotional spend. Anything else that explains the volume value gap, so to speak?
So 2, as I told you, one was the inventory. Second was the fact that the gross to net painter went gross to net, which was almost about 2.5% on the blended revenue. And the third is obviously the business mix because while premium grew in decorative and automotive grew, but in some of our other businesses like industrial coatings, et cetera, actually, we grew significantly faster than some of the other places. So obviously, if you're growing at 20% in one and you're growing at 30% in another, the mix still tends to -- so that's sort of a positive challenge we had this quarter. Krishna, do you want to add something?
Nothing.
Moderator, then we can take the next question. Pratik, do you have any follow-up question?
No.
[Operator Instructions] Next question is from the line of Aniruddha Joshi from ICICI Securities.
Sir, just 2 questions from my side. So now the company is going to be a bit more in investment mode to gain the market share. So is there any target that you would like to indicate? I guess the earlier target was we want to be in top 3 paint companies with Dulux as well as the paint, both businesses put together. So how do you see any time lines for that? Any inorganic acquisition plans to be in top 3? If you can elaborate a bit more on that? That is question number one. And then secondly, if you can elaborate a bit more on the painter program. How is the painter program working out? What can be the potential benefits in terms of additional revenues and how it will help to reach to more consumers? What will be the investments, et cetera? Anything that you can share.
So Aniruddha, first question what exactly would you want me to cover because the second one is very clear.
No, sir. I guess our target earlier was to be in top 3. So...
Strategy. Okay. So look, I think our strategy, I think, obviously, given -- and you're talking of both JSW Paints plus JSW Dulux, we currently are close to -- if you add the 2 are close to almost about INR 6,000 crores, right? So obviously, that gives us a pivot, and I'm talking of both decorative plus industrial. So when you look at that, obviously, the pivot has to be to something which is far more ambitious, and that's where the [ JSW ] crafted is how can we be a #2 player. I know there are a lot of players gunning for position. But suffice to say that, look, we will do that and do it in a very prudent, efficient and a value-accretive way as we move forward. How are we going to do this? Obviously, in decorative, we still see that, look, we would end up being. Our challenge is -- we believe that, look, in industrial, we've got a sweet spot, primarily because of the brand strength of what JSW Dulux will bring in on the international side of the business and some other propositions that we are going to bring alive. So we believe on the industrial side, we should now start gearing ourselves to moving to top tier, along with JSW Paints Industrial. I think we want to be, hence, positioning ourselves over a period of a couple of years, 1 year, 1.5 years to a #1 position, right? So our vision, of course, is a 2030, 2031 vision. So it's not like as if we have to do this. But you're right, we have to start getting those sort of growth now. And unless we are able to do that, we will not be able to reach that. So that's on the industrial side. Decorative, look, I think the market is still very competitive. And our endeavor is to continuously start outperforming. In decorative, the mission is very clear that we want to now start gaining market share because at the size at which we are in, if we only focus in terms of playing in select pools, then you will not be able to add it. But while doing it, make sure that we are delivering absolute EBITDA. So one of the things that we've said as an organization is that we will continuously focus on driving market share gains and to deliver absolute EBITDA, right? So that, Aniruddha, is the plan, and that's where we are working to ourselves towards. Hopefully, I've answered your question. The second one is in terms of your painter program. Look, what we've done in painter is we've obviously moved the whole thing digital. I talked about it in a smaller manner last time. I think we use what we call a customer life cycle management, which is used by telecom companies, and I talked about it also once earlier, where we break our painters into high, medium, low usage. What we try and do is as painters and then we try and give offers to try and move people up. Why do we do it? Because otherwise, there's a lot of wastage in the other offers that are going into the market. And so that's where -- why we are trying to smartly do things to try and make sure we give. Hopefully, with this, I've answered your question, Aniruddha.
[Operator Instructions] Next follow-up question is from the line of Pratik Gothi from HSBC.
Sir, your comments on the competitive dynamics in the deco business, can you also elaborate on that, please?
Well, all I'm saying is it will continue to be very competitive for the next 1, 2 years. So you're seeing that with the arrival of new entrants, the disruption that happened, right? I still believe that there is going to be competitive intensity. Maybe pricing may have in a certain manner look stabilized, but there is a lot of discounting that the new entrants are still sort of pursuing as a strategy. So hence, for us, building our brand, making sure that we are driving continuous sellout is the only way that we'll be able to sustain ourselves in the long term. So really, that's the area of focus, Pratik. Hopefully, I've answered your question.
Yes. That does help. On discounting, if I look at Akzo's annual report, even your rebates to gross revenues ratio has gone up to about 25%. So how should one read into that? Your rebates have also probably increased. Have your discounting strategy also tried to be -- to match the incumbents or to try and match the new entrant? Any comment on that?
No, we don't match. So there are 2 parts of it. So wherever the projects business grows, projects obviously has a higher because of the rates, not discount, but because you have to give rates to the customers, that has an impact. And remember, we are also large in the -- we don't give segment results. So we're looking at it blended. We've also got large industrial business where people have asked for price to be able to manage their projects over a period of time. So that's one. Second, remember that we -- when you look at our discount, it also includes distributor commission, right? So that's a big difference versus the industry. So when you negate our take out close to 4.5%, 4.7% of that, yes, that's distributor margins, then it's not -- you'll see that we are pretty underwhelming in terms of what we do in terms of the dealer commissions. And that's also a known fact when you go to the markets, you see we are not looking at benchmarking on pricing versus the new competitors. We benchmark ourselves on pricing versus the market leader because we believe that the strategy on that pretty disciplined.
The next question is from the line of Abhishek Mathur from Systematix.
Sir, in your opening remarks, you said that the price hikes that we have taken have been in line with the industry. But despite that, our decorative specifically seems to be far ahead of the #1 and #2 players. I'm guessing decorative would be probably in the low teens in terms of volume growth. So just wanted to check what is driving this outperformance? Is it the expansion into newer towns that you talked about earlier? Or is it probably the higher absolute tonnage contribution of the mid-market or the mass economy categories? Specifically what is driving [Technical Difficulty] in terms of decorative volume growth?
Yes. So decorative, I was very clear that our largest contributor of 45% comes from premium. So if premium doesn't grow in the 20%, we cannot do a 25% volume growth. So very clearly driven by decorative premium, right? So I want to be very, very categoric on it. Yes, categories like adjacencies have grown even faster, but it's premium that led the growth, and that was above a good news for us, a bit -- yes, so that's one. Two, as far as the industrial business grew, industrial also, the businesses grew in the 20s. So it's not that decorative was in mid-double digits or early double digits or any of that stuff. Decorative, it's 60% of the business. Unless you grow 20% in decorative and volume, you can't get a 25% volume growth. So that's -- it's led by decorative, and it's not done by the undercoats of putty or something this time. The value per outlet is largely the growth has come from value per outlet, right? So it's an increase in value per outlet from existing town, existing outlets have largely contributed, and it's been fairly secular across the types of outlets. So it's not that large outlets have contributed more. We've seen that growth coming in. We used to have a problem about 2 years ago with the new entrant coming in, in our smaller dealers, but that's something that the team has managed to fix well over the last year. Hopefully I answered your question.
Yes. Just a quick follow-up, sir. I appreciate the answer, but we have seen that probably Asian Paints and Berger have reported 8% to 9% sort of volume growth in decorative. Any comments from you as to how -- what could be driving our relative outperformance in decorative?
Look, I think there are 2, 3 things. I think, one, I think, you're talking of fairly strong brands and players. I don't want to sort of talk -- I think what we've done is we redoubled our effort starting from last year, same time, maybe August last year after -- once the acquisition was announced to the group, even before the formal acquisition started in putting our strategies to say how do we really start growing in growing faster than market because that was a very clear goal or task given by the Chairman to me, right, even before the acquisition saying that, look, if we acquired, he made me really understand how JSW Group operates, and that was very helpful because it gave me a context on how to start building the organization for tomorrow. So really, it's very difficult for me to say it's 1 or 2 things that have done it or we've put some quick -- we've been working on this pretty assiduously. And that's how we've sort of developed it. It's come. There has been obviously good work on distribution expansion on decorative, but also it's come across -- the good news is it came almost quite secular across the portfolio, as I said, except the mass market, where obviously, the growth has been a little underwhelming because obviously, the other players have done better. Other than that, we've sort of looked at it. We've also done a lot of work on digital. So we've improved our lead management system. It's all completely digitized. We've worked on the AID and contractor program, which we've also talked about. We are using a lot more data to be able to make decisions in our -- we've grown -- the focus on distribution, as I told you, was how do you move from about 3,500 meaningful, while availability may be there in 5,000 towns, how do you really start making that availability count, which means how do you really make your presence in a town. And that's why we've really redoubled in our strategy to say that, look, focus on where you're very strong and then start really growing it up. So that's on our decorative business. On automotive, it's absolutely stunning growth by premium with a lot of marquee brands coming in for us into our portfolio. We've been large players in terms of usage with companies like Mahindra, et cetera. As you may know, we also signed up with Porsche. We've got, of course, MG now being a part of the group. And JSW MG will not just take us because we are part of the group, but unless you're a better paint, it's very difficult. And with the credibility of sequence, we've been able to get into some of the body shops very quickly. And we are working with a few other players that we've just sort of begun work on, right? There's a lot of work happening on automotive and specialty. We are also working on our industrial and coatings and Marine and Protective, where we are really looking at saying what can -- there are a set of products that we've been working on for the last 7, 8 years. Are there some new things that we need to add on because the world is changing, the environment is changing. Are there new propositions that we need to bring in. And there are some work that we've started, but some of that you would appreciate, I would not be able to talk on a call because of confidentiality. But that's what we are really trying to do, yes.
Yes. Great, sir. I appreciate it. And just lastly, do you see these strong growth trends continuing into July and August as well?
No, July is a short season because of the rainfall. Even if India rainfall started a bit late. So yes, it's -- well, it hasn't been as strong. But yes, I do expect that the quarter would be in a similar band. I mean it's very difficult today to sit and predict what the quarter will look like. But yes, as I started even before this quarter, for which I'm giving the call today, I said that, look, our endeavor is to get to double-digit growth, both in volume and value, and I definitely maintain, right? So finally, for us, you've got to remember, the adage of the group ASW is better every day. So that's something that I have to live up to. Hopefully, that answers your question.
[Operator Instructions] As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Okay. Cool. I'm glad that the note today was clear. Thank you all for your incredible support. But before I close, I want to talk about how the integration is proceeding between -- I thought I'd get asked the question between JSW Dulux and JSW Paints. We've started a program called Project Akshaya, right? And what we are doing is obviously to look at unlocking synergies. And I will give you the outline, and I'll ask Krishna to comment in terms of the impact in the last quarter. So what are we doing? Basically, what we are doing is to look at areas where we can reduce duplication, look at cost efficiencies and move forward. So some of the areas that we've started work on is cross manufacturing. So today, we make JSW Paints in our Gwalior factory, and we make JSW Dulux in our [Technical Difficulty] plant of JSW Paints to start with, right? And I'm giving you one example, but actually, we started in a much higher engagement. We also have, for example, manufacturing some of the wood care products for JSW Paints in Mohali, et cetera. So just to give you an idea. Second, supply chain. We are going to redesign our end-to-end supply chain to maximize efficiency and get a faster response to market. Third, ERP and systems integration. So a lot of work is happening at our end. And obviously, the ERP migration will happen by end of the year. That's planned because obviously, it's a very laborious process. We want to make sure that we are not just doing it, but doing it well and making sure that we are not just building a system for today and tomorrow, but building as the Chairman, wanted a system that's going to last for us to meet the vision that we've outlined. The fourth alignment of functional structures. What we are going to do is we've already started integrating the functions. And other than the CEOs and the CFOs and the marketing teams and the retail team, we've started integrating. So our projects team, for example, is we've got a unified project business. And the idea of that was to create a unified business model that enhances customer value and also offers the entire plethora of products and services to the customer. So that's broadly what we've started with. Krishna, can you just quickly outline how this is going in the last quarter?
I think Rajiv summarized this quite well. The entire genesis of the project Akshay is that we have alluded that we wanted to become a #3 player in decorative and #1 in industrial coatings and it also requires a good amount of the cannibalization resources and the funding which is required. How do we do a self-help program, which will bring the efficiencies to fund the growth initiatives. And then we also have a context is that we also have an entire digital ecosystem was based on the as to help the parent organization, which is AkzoNobel. Now we have a limited period of TSA. We need to move out of that system, and we need to create a system which is agile enough to capture the growth initiatives with a robust control framework. So in this context, we started evaluating every single opportunity as on a first principle basis, which has resulted in terms of funneling it down to the initiatives, which was mentioned by Rajiv. The fundamental core of the app of any of these initiatives is how do we ensure the 100% governance and we are taking help of a few big four in terms of the framework has to be robust enough to ensure that there are no related party transaction concerns or questions. So that's the first priority. And then how do we bring the synergies. And what will happen is that when the synergies are there, how do we fund the growth initiatives. These are 3-layered approach, which we are taking it, and we started yielding results despite extremely volatile situation in the Q1 and savings of around INR 2.4 crores was realized, which was part of the cost initiatives part of the P&L, which was presented to you. With this, Rajiv, I think this is as part of the journey and we also said that very clearly, it's a 3-year roadmap, which is very clear, which requires a sustained and a consistent strategic approach towards delivering and disciplined execution. Yes.
Thank you, Krishna. Manoj, I would thank you for setting this up. I think there are a couple of people who are reaching me on WhatsApp because they've not been able to join the call. We take that back. We'll make sure that we get back to our normal call next time. I really look forward to be able to connect with all of you. I wish all of you a fantastic Independence Day ahead and wish all of you all the happy festive that we do before we enter Ganesh Chaturthi and other festive before sort of we meet the next time. Suffice to say the following. I think we continue our execution. Of course, it's not an easy one. I've been at the helm since 2018, and I understand. But I must once again say this that, look, I think this is a journey that we are committed to. And as a team, I think the larger team now is very clear in terms of direction where we needed to. So you can count on us, and I want to thank each and every investor on the call for all the support that you have given us over the years. Good luck. Goodbye. Wish you all the very best. Thank you.
Thank you very much. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.
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