Result has been unexciting; pressure on SSSG (due to late winter), declining margins due to (1) raw material cost pressure, (2) value repositioning (launch of sharp price points) and (3) ~150bps impact of online-platform cash-burn (on EBITDA margin) have been concerning. Positively, incremental store addition in South India (of Unlimited) is tracking well (similar revenue psf as VMART).