Tricky Question actually. A part of it was due to channel stock rationalisation that Page did. That’s why secondary sales were higher than primary.
Some of it can also be attributed to bumper Q2,Q3 last year as Q1 and Q4 last year were really muted due covid.
And the rest can be explained by ppl going slow on innerwear spends and going heavy on travel, outdoor spends etc as can be seen in the results of Hotels, top line of Airlines etc
Lets hope for the best wrt Q1. Q4 also looks muted as per the management.
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