For Q4CY23, VBL continued its strong revenue traction and reported a revenue net of excise of INR 26,677 Mn, a growth of 20.5% YoY. The YoY growth was supported by strong double-digit volume growth (+18.0% YoY) and realization improvement (+1.9% YoY). Revenue declined by 31.1% QoQ due to seasonality, with volumes declining by 29.1% QoQ and net realization declining by 2.8% QoQ.