Trends from interaction with companies and channel checks in July-Aug’23 are as follows: (1) B2B demand has remained strong, (2) B2C demand has recovered in July-Aug’23 partially helped by favourable base YoY, (3) There is improvement in demand for fans, and fan companies are likely to raise prices by 1-1.5% of BLDC fans, (4) Lighting segment continues to be under pressure and the deflationary trends continue.