Going forward, we estimate 20% revenue CAGR till FY24, driven by the increasing presence, high marketing spend and new product launches in the home appliances division. Currently, IFBIL is trading at a 2-year forward EV/EBITDA multiple of 12.1. We anticipate a FY24 EV/EBITDA multiple of 14.5, which is below the 3-year median of 20.62.