Euro Pratik Sales Ltd

MS. AYUSHI GUPTA – MUFG INTIME INDIA PRIVATE LIMITED

Ladies and gentlemen, good day and welcome to Euro Pratik Sales Limited Q3 FY26 earnings conference call. As a reminder, all participants' lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone.

Please note that this conference is being recorded. I now hand the conference over to Ms. Ayushi Gupta from MUFG Intime India Private Limited. Thank you and over to you.

Thank you. Good morning, ladies and gentlemen. I welcome you to the Q3 and 9- month FY26 earnings conference call of Euro Pratik Sales Limited. To discuss this quarter's performance, we have from the management, Mr. Pratik Singhvi, Chairman and Managing Director, Mr. Jai Singhvi, Executive Director and CFO, and Mr. Alpesh Sangoi, Finance Controller.

Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website.

Without further ado, I would like to hand over the call to the management for their opening remarks and then we can open the floor for Q&A. Thank you and over to you, sir.

Hello, everyone. I am Pratik Singhvi here, the MD of the company Euro Pratik Sales Limited. Good morning and thank you all for joining us for the earnings conference call of our company to discuss Q3 and 9-month FY26 results. I hope you all had the opportunity to review our financial results and investor presentation, which have been uploaded to both the Stock Exchange and our company website.

Let me begin by expressing my sincere gratitude to our investors, partners, stakeholders for the trust and confidence you have placed in Euro Pratik Sales Limited.

On 23rd September 2025, we reached an important milestone as Euro Pratik entered the public markets as a listed company. The successful completion of our IPO marks a significant step forward as we strengthen our position as one of India's leading players in innovative and decorative interior solutions.

Before we move to the financial highlights of this quarter, let me take a moment to introduce our company to you. Euro Pratik Sales Limited, incorporated in 2010, has grown into one of India's leading sellers and marketers of surface decorative product

industry. We offer an eco-friendly, pre-finished, ready-to-use product portfolio tailored to modern interior needs.

As per the Technopak report, we are amongst the largest organized layer in the new decorative wall panel segment with a strong revenue share of 15.87%. Our fast fashion approach to wall panels and laminates is driven by continuous product innovation, rapid design cycles, and market-led development. Through our flagship brands, Euro Pratik and Gloirio, we offer a wide and continuously expanding portfolio spanning more than 30 product categories and over 3,000 designs.

Our innovation pipeline remains strong with nine new products currently under development comprising over 308 new designs. Our in-house R&D team closely tracks emerging design trends and customer preferences, enabling us to introduce over 1,000 new designs every year. Over the last four years alone, we have launched 113 catalogs, averaging two new catalogs every single month, each featuring 50 to 60 fresh designs.

This ensures that our offerings remain relevant and trend forward. In FY26, we continue to execute our fast fashion strategy by refreshing and expanding our product portfolio. During the quarter, we launched our economy series Canfour, Decolite, Artisan 3, Vinline under the Gloirio brand, along with Leatherlite Range under Millennium Decor.

These launches reflect our focus on design innovation, affordability, and speed to market. In nine months, FY26 decorative wall panels contributed around 66.5% of our revenue. Decorative laminates accounted for 26.9%, and the remaining portion came from allied products such as interior films, adhesive, and other miscellaneous offerings, providing resilience and diversification to our business model.

We operate on a fixed asset-light model through long-term partnership with more than 36 contract manufacturers across India, South Korea, China, United States, and other key international locations. This allows us to scale efficiently while managing strict quality standards. Our distribution network spans 188 in India, 2 in Nepal, 138 cities, 25 states, and 6 union territories.

With nearly 1,84,162 square feet of operational warehouse located strategically across Bhiwandi, Chennai, Delhi, Bangalore, it enables efficient logistics and timely deliveries. Let me now briefly touch upon our industry landscape. The decorative interior industry is seeing strong momentum driven by rapid urbanization, rising disposable incomes, and growing preference for quick installation.

According to the Technopak report, the decorative wall segment is expected to grow at a CAGR of 18% from FY24 to FY29. Similarly, the decorative laminate segment is projected to grow at a CAGR of 12%. There is a clear transition underway towards the organized segment across both categories. This shift aligns strongly with our strengths and positions as to effectively capture upcoming growth opportunities.

Let me now move to our strategic acquisitions. Over the past two years, we have taken several strategic steps to strengthen and expand our platform. In the year 2024, we incorporated our subsidiary, Gloirio Decor Private Limited., to which we acquired the business of Vogue Decor. We also acquired businesses of Millennium Decor, Euro Pratik Laminate, LLP and secured a controlling interest in Euro Pratik Intex LLP.

Further consolidating our presence in the surface decorative segment. Alongside domestic expansion, we have advanced our international growth strategy by entering new markets in the United States and UAE. In 2025, we continue to build on this momentum and took a significant step forward through forward integration of acquiring a 51% stake in URO Veneer World, one of the South India's respected interior surface brands.

This acquisition strengthens our entry into B2C retail segment, provides direct insights into end-customer preferences. As we look ahead, we remain confident about the road before us. Strong industry tailwinds, a clear shift toward organized players, GST rationalization, rapid urbanization, and growing consumer preference for aesthetic and eco-friendly interior solutions creates a powerful environment for sustainable growth.

With a fast fashion approach and a consistent pipeline of trendy globally inspired collections, Euro Pratik is well positioned to capitalize on these opportunities. Now I would like to request our financial controller, Mr. Alpesh Sangoi, to share highlights of our financial performance. Thank you very much.

Thank you, Pratik. Good morning, everyone. Let me walk you through the financial highlights for the quarter. Our revenue for the quarter stood at INR80.4 crores compared to INR75.1 crores in Q3 FY25, reflecting a year-on-year growth of 7%.

Operating EBITDA for the quarter was INR34.6 crores, up from INR27.4 crores in Q3 FY25.

With the EBITDA margin at 43.1%, delivering a strong 26% year-on-year growth driven by our operating leverage. Profit after tax for the quarter came in at INR23.6 crores as compared to INR20.2 crores in the same period last year, marking a 17% year-on-year increase with a PAT margin stood at 29.4%.

Moving to the nine-month period, our revenue from operations reached INR241.5 crores as compared to INR211.3 crores in the same period of the last year, reflecting a year-on-year growth of 14.3%. EBITDA for nine months FY26 stood at INR87.5 crores with the EBITDA margin of 36.2%.

PAT for nine months FY26 came in at INR55.6 crores and the PAT margin was 23%.

Thank you. That concludes my remarks. We can now open the floor for questions and answers.

The first question is from the line of Pritesh from Lucky Investments.

My question is with respect to the top-line growth for the quarter. So, when you look at your presentation and the industry slides that you have put, where the world decorative panel is a bigger number, so if you dissect the 7% growth, how do you look at that number for the quarter 3? Are there any misses?

And how do you look at the incremental growth coming up for let's say H2 and maybe next year? That would be very helpful in understanding just the revenue growth part.

And obviously, you have done very good at margins, but revenue growth is what we wanted to understand?

Thank you, Pritesh. I am Pratik here. There was in the last quarter, quarter 3, as you know that there was some pollution restrictions in north part of the country that resulted a little bit of slip in the sales in the north India, but it was very well recovered from the south India sales, which we did almost 40% in our sales in the third quarter.

Going forward, as the acquisition was done from 1st December, we will have a full three months in the current quarter. Also, now this quarter seems to be more promising, and we are confident that we can deliver both top-line and bottom-line growth in the fourth quarter onwards.

Can you dissect the north India performance and the rest of India performance for quarter 3? How much did rest of India grow and what was the impact from north India?

Pritesh Alpesh here. So, north India, as Pratik rightly said, the construction restrictions which was going on, has did not result into the expected sales, which was the external factor. However, the south grown very well. Industry has been projected to grow at 18% to 20%. And in Q3, even after post Diwali, there are a couple of weeks, which generally overall there is a low in the northern part of India.

And that has dissected the revenue growth in the northern part of India. But we are hopeful that lifting up all this pollution bans, now we are hoping that this particular sales will come in the coming quarter, which was slightly halted in Q3.

So combined H2, will you land up growing 20% to whatever is it a lost sale in quarter 3 or in your opinion, it's a postponed sales of quarter 3 to quarter 4?

It is combined of both. There would be a shift of the sales from Q3 to Q4, more particularly in the northern part of India. India is growing, giving us a sale at the same pace what we have projected. But of course, the northern sale what we have but unable to achieve in the Q3 will give the result in the Q4. So it's a postponed sale? Yes.

Can you just share one number, how much did north decline for you in quarter 3 so that we can correlate the math that 25% of the business because of the restrictions declined, how much?

So if you see the presentation, my sales has been around Good afternoon, sir. Your voice is breaking in between.

Yes. So if you see my presentation, then North India sales is contributing 22.4% in Q3.

South India sales has grown up 42.2%. Had this construction ban was not there, we would anticipate it would be somewhere around 27%, 28% on the overall sales basis.

Of course, the sales which has not been generated from the North India is being compensated by the southern part of the country.

If you ask me, I can give you the broad range of close to 8% to 10% of the sales, which we generally expect from the North India has not given us the sales and this could be the postponement into the next quarter of FY26. 8% to 10% of the sales. So what is reported as 7% revenue growth could have actually been plus 17% basically.

I am talking 8% to 10% of the North India sales.

Okay. Done, I'll come back with more questions. So H2, should it be - or growth should be closer to what is your assessment of the industry, which is 18%, 20% growth. H2 put together should be that number or that's an optimistic number?

No, I think hopefully we should be there. To be honest, we are a bottom-line driven company and we will also focus on the top line. And for the bottom line, we are pretty confident to hopefully by H2.

The next question is from the line of Atul Mehra from Motilal Oswal Asset Management.

So just to take the previous question ahead. So basically, what we are seeing is given the issue in North, there is a little bit of postponement of sales to Q4. So with that logic, basically if your growth is 18% to 20% at the industry level, and if you add the loss of sales in the current quarter, then the next quarter you should be growing top line by over 30%. So can you explain what is the current trajectory that you're seeing in Q4 and whether this mathematics that we talk about, we can look forward to that in Q4?

Thank you, Atul. So we feel that, as you said, I think we are on the same growth trajectory and I think 25% is the minimum that we are targeting for the Q4 Y-on-Y.

Also, the sales in this quarter is picking up. And as what Mr. Alpesh said, there is a little bit postponement of the North India, which is now almost streamlined. And that is the sales that we hope to achieve in the Q4.

I wanted to add here, Atul, if you consider on our overall yearly basis, we have suffered a loss in the quarter 1 of FY26 because of the fire. But having said that, considering the loss of sales which has happened in quarter 1 of FY26, still we are hopeful that we will grow in terms of the sales as compared to the FY25 numbers.

And secondly, you have the M&A consolidation also happening. So if you look at total growth for Q4, if you have 25% plus organic growth and then also have the contribution coming from M&A, then the total sales growth can be up to 30%?

Atul, I want to commit at around 25% and hopefully we will be able to do much more than that.

There can be in terms of thought process on M&A going forward, if you can highlight, you have obviously made an acquisition and which will get consolidated, which started to get consolidated already. But what is the medium term thought process you have on M&A?

So, yes, our intention is to for maybe forward integration and similar premium products in the interior segment. And our talks are on with a few companies. Hopefully, we will have some positive news on that side as well.

And more from a 2 to 3-year perspective in terms of growth. So given the industry is expected to grow at 18%, if you were to think about 3-year growth, what is the kind of growth that we can expect say from 3 years from now, organic?

I think we should be better than the industry average. I can't quote a number as of now, but we are hopeful to grow. In spite of the fire, if you see where the first quarter we had a lot of loss this year, still, I think there is a growth of around 12% to 15% for the 9 months. Over the year, I think it should be better. And in the next 3 years, we are hopeful to do much better than the market growth.

The next question is from the line of Hiten Boricha from Sequent Investments.

Sir, my first question is on the margin. We saw very good improvement in the margin of around 600 bps. So if you can share some lever on that. And also, is this kind of margin sustainable as you have given 25% group guidance in Q4? So what kind of margins we are looking in Q4?

So if you see the history of the company, we are always a bottom-line driven company, asset light model and new innovative products where we work with handsome margins. It is not a one-off case. It's been consistent for the last 5 years. And we hope to continue to deliver the same way in the future as well. So this 40% margin will also come in Q4.

I can't give a number, but hopefully we will be able to get good budgets. If you see the last 3-4 years, that is the figure that approximately we are working with.

Understood. And so my second question is on the ban you mentioned to one of my colleagues that there was a ban in North. So is that ban lifted?

Yes. I think like 2 weeks back, now there are no restrictions. And they had a GRAP 4 where the entire construction interior, exterior was at a hault. Now it has been lifted and the business is now as usual.

Okay. And sir, one last clarification question, you mentioned 25% growth in Q4 is including the acquisition, right? Yes, hopefully… The next question is from the line of Love Gupta from Countercyclical Investments.

So I just wanted to understand who are your key competitors?

In the wall panel segment?

Yes. In the wall panel and the floated panel segment?

Yes. So as per the Technopack report, we hold around 16% of the market share.

Remaining market is like fragmented, regional. There are a lot of players, maybe hundreds of them, but they are small. They do one or two, three products. We have a basket of more than 30 products and 3000 SKUs. Also, this market is quite new. You can say it has been expanding from the year 2018-19.

And post COVID, it got really, this trend really caught up in the market because of quick installation. So there are very small regional players, which would be doing maybe INR50 crores, INR60 crores, INR70 crores top line.

And I can add in terms of the competitors, there are Mystic Panels and there are Rung, and Treelam. These are the players who you can classify as the competitors.

So do you consider Dhabriya Polywood as a competitor?

Yes, they are into manufacturing. I don't know their sales model. Maybe they are supplying to some importers or some channel partners, but they just have one of the products which we do. So as I said, we have 30 products, more than around 40 contract manufacturers. So one product is similar to Dhabriya. Remaining products, they are not doing.

Okay. And one second question would be, do you use other PVC profiles, fabricators, distribution, in your distribution channel?

No, mainly our distribution channels are focused into wall panels. They stock our products and they supply to their dealers and architect contractors.

The next question is from the line of Vrudhi Vora from SAS Capital.

So my question is, the distributor count has grown from 97 in FY23 to approx. 190 by December 2025. So what is your target for FY27 and how do you plan to sustain this space? You mean the number of distributors? Yes.

Yes. So our internal target is to grow at least 12% to 15% more channel partners every year. And India is now very, very diverse country. Earlier, majority of the sales used

to come from the metros. Now the strategy has moved to target rural market, B-Cities, C-Cities. So there is purchasing power and how development, infrastructure development happening all across India. So we hope to grow this distribution network in the coming years.

Okay. And further, like we know that Euro Pratik and Gloirio operating is independently. So how do you balance the channel strategy between the two brands?

So we work in the market with dual brand. Gloirio and Euro Pratik both have their individual office, warehouse, sales team. Distribution network is completely different.

In a way we are one but, we compete with each other, but the channel and everything is completely separate. So we get better product awareness and better distribution when we are doing it with both the brands.

Okay. Further, like we operate in a fixed asset light model with 36 plus contract manufacturers. So how do we, how do we mitigate the supply chain risk in such a diversified setup?

So most of our running products, we have more than two, three contract manufacturer.

So we are not dependent on any single contract manufacturer. Also, I would like to add here is the designs, development, everything is done in-house. R&D and everything is done at our end.

And we choose the contract manufacturer and we give them the designs and we just ask them to execute the designs and load the material to us. None of our contract manufacturers keep any inventory. They make the order once we give them the designs and the quantity from our end.

The next question is from the line of Prateek Shah from Investing Alpha.

Sir my first question is on the EBITDA margins. So EBITDA margins are expanded 40% to 43% of this quarter. Was it 36.5% year over year, last yearSo how sustainable is this margin profile going forward?

So we want to remain in the bracket of around 40% plus minus 2%-3%. That's the endeavor of the company and that has been consistent over the years. Last couple of years, you can see it has been consistent. Okay. So 40% will be the area, right? We hope to be on that track.

Okay. So another question is, you acquired 51% in URO Veneer World in December '25. So what synergies have you unlocked so far, particularly in South India? I didn't understand your question.

So we have recently acquired 51% URO Veneer World in December '25. So what synergies have we unlocked so far in particular regions of South India?

Yes. So synergy is like most of our business is currently B2B. URO Veneer World is more than a 25-year-old company, which is based out of South India, which are dealing with more than 2000 architects, contractors in southern part of the country. So it's a front-end pure retail business where we have a better understanding of the market requirement, also the trends which are going on in the market.

Also we have been able to our non-core products, we have been able to find a better supplier, in terms of quality, designs, at a better price for URO Veneer World. So we hope to grow that business based out of South India.

Sure. The next question is from the line of Rajiv Jain from Arcane Investments. Please go ahead.

Yes. Thank you for the opportunity. So I just have a couple of questions. So starting off with, what percentage of sales currently come from repeat customers versus the new acquisition, and how do you see this mix evolving over the period of time? If you could shed some light on that?

So as I mentioned earlier, most of our business is B2B. India is a very diverse country, where we don't know when the goods are going to Punjab, who is buying it. So for us, the regular business is through our distributors, which are about 185 all over the country. Also the designers, architects, they are well aware of the product and they are using it, maybe in small or big quantities as per their requirement.

Understood. Thank you. Are there any acquisition opportunities that you are actively evaluating for FY’26?

Sorry to interrupt you, Rajiv. Your voice is breaking.

I understood the question. Yes. So acquisition, as I said, over the last few years, we have done several acquisitions and we are looking at more opportunities. We are

considering evaluating a lot of opportunities currently. Hopefully, we will have something in the coming months.

I understood. Also lastly, with approximately 1,84,000 square feet of warehouse space across different cities that we have. So what is the utilization rate today, and do you see the need for further expansion?

So around 80% is the utilization as of today and whenever we need more space, it is readily available. So there is no challenge in terms of expanding the warehousing space.

Understood, sir. All right. That's all from my side. Thank you for answering my question. All the best for future quarters.

The next question is from the line of Aasim from Dam Capital. Please go ahead.

Yes. Hi team. Good afternoon. So just one question on this new joint venture that you incorporated, Hues Ply Decor. Can you talk about what the overall plan here is and how it fits in your overall Euro Pratik ecosystem?

So as I said, it's a retail chain where Hues Ply Decor, Hyderabad.

Yes, the new one that you announced. Yes, the Hyderabad joint venture with another gentleman. Yes.

Yes. So there we are. We are planning to do some products for catering mainly from South India, acrylics or ASA products. Oh, they have a proper warehouse. They are also more than 20-year-old firm based out of Hyderabad, and with a distributor, dealer network of more than thousand dealers. So we have done a joint venture where we plan to do around 300, 400 SKUs in the next one year.

So the idea is our main strength, our core strength is sourcing and designing, which we bring to the table. We will try to encash their distribution network based out of their legacy, their distribution network. And that's how the joint venture is. We hope that it's win-win for both sides.

Okay. So, but this other company has a different product profile. You guys have a different product profile, but you leverage the channel. That’s the broad strategy, right?

So you can expand more in that Andhra market or maybe the South market?

Okay. And any financial commitment for this joint venture is too early days on that bit?

So we plan to start this by Q1 next year. We have put a upper limit of around INR8 to INR10 crores, but I think it would be done lesser than that. Initially, it should be around, total investment should be around INR2 crores from the company side, plus minus 10%-15%.

Got it. Okay. Thanks and wish you all the best.

Thank you. The next question is from the line of Devanshi Shah from HUF Capital. Please go ahead.

Hi, thank you for the opportunity. So my first question is with partners spread across India, South Korea, China, the US and Europe, how do you ensure quality consistency across geographies?

So we have, the KMP team is there of around 10 people. They regularly visit our contract manufacturers. Also these, most of the contract manufacturers have been associated with us for the top, have been associated for more than 5-10 years.

So there has been some consistency in terms of quality, designing and everything. So of late, there has been absolutely, no major issues in terms of quality and everything which we have been doing over the years.

Got it. So also, you've launched 113 catalogs in the last 4 years, averaging to 2 per month. So how do you prevent product cannibalization across such a wide portfolio?

In terms of product cannibalization and new catalogs, it is the fast fashion model which follows. So generally the products which are being introduced in the market gets obsolete over a period of time, maybe 15-18-20 months. And that's why we phased out the old catalogs and we launched with the new catalogs.

Because the industry requirement is to give the new products to the industry.

backbone or the intangible asset which the company has, and which contributes in terms of healthy gross margins.

Also regarding product categories, which product categories are currently driving the highest growth momentum, say wall panels, laminates or others?

Wall panel and laminates, both if you see, consistently are remaining into the same range and in terms of the increased sales and turnover, this is contributing equally.

Broad range is 65%, contribution comes from the wall panel segments, and this has remained consistent over the quarters, last 8-10 quarters if you see, this has remained constant.

And laminates, again we are not into the lower segment of the laminates, these are the premium high-end laminates which complement with the wall panels and our intention is always to give the complete solution to the interior designer and end customers, and that's why we, both this complement with each other and that is the strategy with which we are going forward.

Got it, sir. That answers my question. Thank you and all the best.

The next question is from the line of Hrushikesh Shah from Alchemy Capital. Please go ahead.

Yes. So, the clarification I did that 25% good guidance for Q4, is it including acquisition or is it excluding acquisition?

Yes, this would be on an overall basis, as Pratik rightly said that we are sourcing certain sales for our acquisition for our acquired entity URO Veneer World. So, in terms of the consolidations as per accounting standard, this inter-unit sales gets eliminated. So, although we get the value-added margin because it's a B2C model and we are a B2B model, so on an overall basis, there would be a growth of 25%.

Okay. Then, see, if you remove URO Veneer and the base business itself, I don't think there's such high growth in that part of the business. It would be the same 14% growth for the nine months that you might have done. So, what is the reason? Is there some other thing also that is leading to lower growth?

So, see, as what Mr. Alpesh said, we do a lot of sourcing for the acquisition as well, including Glorio and now the URO Veneer World. So, you can say that these sales

come in as the inter-company sales get eliminated, the sourcing is done directly from the supplier to the acquired entity.

So, that is the reason that you can see that in organic, there is a little bit of it in terms of sales, but it's more than made up with the acquisition sales.

Yes, Hrushikesh, I wanted to add one important point. URO Veneer World is providing me a good platform to connect to the retailers. So, I understand their customer needs and demands and I directly even provide the goods for URO Veneer World.

So, I am being selling the goods on the URO Veneer World platform and technically that is my organic growth because the basket needs to be increased. That was which we have thought, which we have reviewed over a period of time, and the way the company has grown historically also to increase the product basket, starting from a one-stop key rack and now we are offering products.

This URO Veneer World platform provides us that opportunity, and that if we are introducing any new product for the URO Veneer World platform, that in a way, it's organic growth. What we are using is a platform of URO Veneer World. Hrushikesh Shah Okay, understood. Got it. Thanks a lot.

The next question is from the line of Atul Mehra from Motilal Oswal Asset Management. Please go ahead.

Just to clarify again on the same point, last year your quarter 4 revenue was INR73 crores, is that right? Yes.

So, if you assume that there is nothing in terms of the addition that you are doing in terms of M&A, what is the growth that you expect in Q4 on a standalone basis, not including M&A?

So, in terms of the Q4, what on an overall basis, we will have...

Not overall basis. Excuse me. Sorry. Not overall basis. If you assume there is no M&A that you have done currently, INR73 crores business should grow to what level by Q4?

So, I think it should be around 85. Also, when we sell to URO Veneer World, it gets… That is not the point, point is on a standalone basis.

No Atul my point is when we sell to them it gets eliminated in the inter-company sales.

So, I hope you are understanding what I am trying to say.

What I am saying is, that is a second conversation. That is what I am saying. Assuming that you have not made the acquisition, what would be the growth that you have in your business?

Yes. So, obviously, if the acquisition would not have been there and those sales would have been in Euro Pratik itself. So, obviously, then the growth in the company would be much higher.

And Atul, I wanted to add over here, what I have replied to the Hrushikesh also, is that the URO Veneer World is providing me the platform. So, any incremental sales in URO Veneer World through the effort of Euro Pratik sales, again, it is a sales which you can classify as organic sales for vis-a vis Euro Pratik. Because I am using that particular platform, the products which we were not dealing in the past.

And if I am procuring and using the URO Veneer World platform to sell this particular product, so indirectly, that is the organic growth. So, what Pratik is trying to say on a strict balance, if you ask me, what is the one bucket of standalone Euro Pratik, there will be a one sales, there will be a second bucket, where in URO Veneer World platform is being used, and the Euro Pratik is making an effort to increase the sales.

Ultimately, that is the Euro Pratik sales, because now it is on a consolidated basis.

And then there is a third thing, wherein the URO Veneer World is procuring the goods from the other suppliers and there is a sales. So, these are the three different buckets.

And on a consolidation basis, we are seeing that this would be a 25% growth. However, having said that, our strength lies into the designing, sourcing, and URO Veneer World's strength lies in the marketing of the goods.

So, this is the clear understanding between the two parties that both the parties will work on that, and URO Veneer World, sorry, Euro Pratik sales will bring the additional products on the platform of URO Veneer World to expand the sales.

So, basically, if you convert this into profit, so last year you did INR14 crores of net profit, and you did about INR17 crores of PBT. So, given that you have these consolidations, intersegment and so on and so forth, intercompany alignment, on a bottom line, if you can suggest or how you would look at when it comes to Q4.

So, as I said earlier, I think we should be on target to grow at 25%. Top line or bottom line?

Hopefully both.

Bottom line for sure. Top line, maybe a couple of percentage here and there.

Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Ms. Ayushi Gupta for closing comments.

I would like to thank the management for taking the time out for their conference call today and also thank all the participants. If you have any queries, please feel free to contact us. We are MUFG In-Time Private Limited, Investor Relations Advisors for Euro Pratik Sales Limited. Thank you so much.

On behalf of Euro Pratik Sales Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.