We like the continued strong growth in Madura (5% SSSG) during Q3FY23 as premium brands are relatively less impacted by general slowdown in discretionary consumption (at value price). However, performance in Pantaloons has been underwhelming (-9% SSSG vs pre-covid). Emerging businesses’ revenue growth (48% YoY, ~15% of revenues) looks impressive, but unstable profitability causes concern.