I want to get your sense on the entire FMCG space. Given now we have a reduction in the palm oil duty. It is a positive coming in for a lot of these FMCG players because they use palm oil as one of their core raw materials. So, give me a sense on what you believe is the FMCG space headed for. Is this going to be a big positive given that we have already seen some pricing action coming in or do you expect more of that despite this action coming in on palm oil in the quarters to come?
Nischal Maheshwari: So yes, it is positive for the FMCG space as a whole, especially for the users of the palm oil which are all of them, whether it is the manufacturers of food products or guys who are using it in for soaps and all. But the important thing remains to be that whether the growth is coming back or not, that we have not seen as yet and that seems to be a bit worrying that your volume growth is not very strong. This will definitely help them in improving their margins, but the market is still awaiting growth coming back in terms of volumes.
I want to get your view on this entire development that has happened with Zepto. How far behind does this set Zepto because if you see the competition in the quick commerce space, it is anyway very cutthroat between Zomato and Swiggy and now you have Zepto that was threatening to take away market share from both of these listed players. But now you have a regulatory concern in place. So, what is the sense that you are making of these because Eternal today is doing very well. Do you believe that this could have some long-term positive impact on both of these listed stocks?
Nischal Maheshwari: This is a fallout of the intense competition and Zepto being the youngest player wanted to do a catchup and in this catchup some amount of corner cutting has happened. This is what we are seeing. But it is a temporary setback. I do not see any long-term impact of that.
They will definitely rectify these problems and get for a reinspection and possibly sort this out. But this is a clearly a red mark for them that they need to get their systems and procedures right.
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What we had seen for Ola that was a problem, this is a kind of thing when you are growing much more aggressively, then your systems and procedures can handle that this kind of issues start happening. So, these guys need to sit back and understand to strengthen their procedures and then come back to it. But all these companies are in a hurry to get to the market and these are the shortcomings or these are the shortcuts which they are taking.
