We are repeating the headline used previously about JYL's performance. Our conviction is intact. Its performance continues to be impressive under Ms Jyothy's leadership. 1QFY24 underlying results stay good and improving – (1) +15% revenue growth YoY (+9% YoY volume growth) and (2) focus on laying (medium-term) building blocks – rural & LUP focus along with distribution expansion. The good performance was across segments led by Personal care and Fabric Care.