We like the continued outperformance in Kewal Kiran Clothing’s (KKC) Killer franchise and the visibly higher aggression towards retail expansion in this format. Even though meaningful improvement (18% YoY vs 9% YoY in Q2FY23) in realisation is encouraging (benefits of price hikes and mix improvement), underperformance in volumes (-2% YoY vs 18% in Q2FY23) is a matter of concern.