Our current phase of investments reflects a clear strategic choice to build the Company for the next leg of growth. We are strengthening our global Creative Development Centres, expanding capacity, and investing in capabilities that enhance innovation, execution, and customer engagement across markets. These initiatives are not designed for short-term outcomes, but to position the Company for sustainable and profitable growth over the long term.

The US market represents a significant strategic opportunity for us, and we are making steady progress in building our presence there. During the quarter, the US Creative Development Centre secured its first customer order and began generating initial revenues, marking an important early milestone in our entry into the world’s largest flavours and fragrances market.

I am excited to be part of SH Kelkar at a time when the Company is investing to build the next phase of growth. It is a leadership business with strong customer relationships, deep capabilities, and significant long-term potential. As I step into this role, my focus will be on strengthening the Company’s financial discipline while supporting its ongoing investment phase. We remain committed to maintaining a prudent capital structure, even as debt levels may see a near-term increase in line with the execution of our strategic initiatives. Alongside this, we see scope to improve working capital efficiency, which will be an important lever in supporting balance sheet strength over time. We are also focused on strengthening cash conversion and improving the translation of operating performance into bottom-line outcomes. While these initiatives will take time to fully play out, our approach will be structured and disciplined, with the benefits expected to emerge progressively over the medium term.