We are enthused by EBITDA margin expansion posted by Hatsun in Q1FY24 YoY. Correction in milk procurement price has resulted in gross margin expansion of 110bps QoQ. We model the full benefits of lower input prices to be visible in Q2FY24. The sale of windmill assets is likely to be value accretive in our view as the RoCE on windmill operations was lower than cost of capital.