Metro’s Q2FY24 revenue growth at 14% YoY was decent given the context of a high base and a shift in the festive season. Positives in the results were (1) continued thrust on retail expansion (at 28% YoY), (2) CBL’s integration tracking well with PAT loss contained similar to 1Q despite revenue headwinds (plans to focus on brand repositioning similar to China in FY25 and accelerate growth in FY26), (3) premium price point (> INR 3k) outperforms (~30% YoY).