Eternal Ltd.

Akshant Goyal adds that more benefits will be passed to customers as the platform grows, supporting additional MTUs.

Akshant Goyal said that as the business improves it should become more profitable, allowing more aggressive expansion, with a "cautiously expanding" stance for now.

Akshant Goyal states they do not think current discounting levels are sustainable: "We expect this to not continue beyond the near future so we do think that this will come off," which should reduce pressure to discount.

Akshant Goyal: We should look at this number more longer-term because there is a lumpiness in investment here because while we are presenting the information as capex per store, a large part of the capex is in warehousing and that investment is lumpy. If you therefore look at our capex over the last six months, nine months or a longer period, and the capex per store for that period, you will find it is lower than INR 2.5 crore. We expect that to continue going forward. Swapnil Potdukhe: Just a last one on your NOV retention data that you mentioned that over a three-year period, typically a cohort of customers see 3x increase. When you give this data, this data is for only those customers who you have retained, or this is also includes customers who may have left the platform and never come back after three years? Akshant Goyal: Yes, it's for the overall cohort. If you acquire 100 customers in the quarter, the percentages are for the entire 100. If 40 of them never show up again, then the retention is only 60%. Swapnil Potdukhe: And despite that, you have 3x increase, is what you are suggesting? Akshant Goyal: Yes. For the cohort that has remained, the growth is much higher, but at the full cohort level, the numbers are what we have presented here. Swapnil Potdukhe: Got it.

Albinder Singh Dhindsa attributed some take-rate versus contribution margin impact to minimum-wage increases implemented in many states and to opening larger stores, whose earlier-stage contribution is lower than smaller stores.