Dabur India Ltd. (DABUR.NS) recently reported its third quarter earnings and discussed the following topics in its earnings conference call.
Abneesh Roy – Edelweiss: Sir, congrats on the volume growth and margin expansion. My first question is on the modern trade, if you see some of the FMCG companies and retail companies, which have reported numbers, they are bonding towards a sharp slowdown in the same-store growth and store closures on a net level. So how much is modern trade contributing on an overall basis for the domestic business and which are the categories in which modern trade is more relevant, because if I see your Real Juice, we see a 29% YoY growth. So what’s the trend reversing in modern trade?
Sunil Duggal – CEO: For us modern trade actually did extremely good performance in this quarter. The revenue growth was close to 30%, again largely volume. So we don’t see any compression in terms of demand for modern trade. I don’t have numbers in terms of sales, pro-sale et cetera, but overall aggregate modern trade growth was more than twice that of the total domestic growth. So in our case, the two drivers of growth had been rural, which has grown close to 20% and modern trade, like I said, which is around 30% and the biggest drag really has been canteen stores department, which continued its decline. Urban markets have grown at a (date pace) double digits, but not as fast as the other two.
Abneesh Roy – Edelweiss: Regarding rural, are you seeing the trend reversal in any points, because it’s still 20% growth and how much of this growth is coming from your rural distribution initiative? On the market, overall, how will you see the rural market if you take off the distribution expansion?