Post interacting with companies and channel partners in the white goods space, we note: 1) revenue growth has recovered slightly in July’23-TD after remaining muted in Q1FY24, 2) trade schemes as well as consumer offers are at elevated levels owing to steep competitive pressures, 3) adspend too has increased post decline during FY21-FY23, and 4) B2B demand remains strong vs B2C demand.