There are three key positives in the result (1) highest retail expansion rate (at 27% YoY) compared to results declared by other retail companies so far (22-23% by GoFashion and Vedant), (2) CBL’s integration going on well (3% negative impact on NPM, inventory issue likely to be solved by Mar’24, closed 2 stores), (3) premium price point (> INR 3K) outperforms (31% YoY) value range.