The global tariff situation continues to weigh on export performance, but we remain confident this is a passing phase. While near-term pressures are evident, we believe these disruptions are transitional and will ultimately accelerate the shift in global sourcing where India stands to emerge stronger. India’s strong macro momentum, rising consumption, and the recent GST rationalization create a powerful backdrop for medium-term growth. At the same time, the progress on key trade agreements, including the India—UK FTA, opens new avenues for expanding our global reach and competitiveness Our focus remains on what we can control—driving cost discipline, deepening customer relationships, and scaling innovation. With our diversified portfolio and strong domestic foundation, Welspun Living is well- positioned to capture opportunities as markets stabilize.