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NITCO - Nitco

📊 NSE: NITCO 🏢 Trading 📅 Last Updated: 12/14/2025 10:33

📢 Recent Corporate Announcements

Nitco Ltd Q3 Results: Board Re-appoints Chairman & Approves ₹100 Cr Inter-Corporate Loans

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 18 Feb 2026, 12:36 PM

Nitco Limited's board has approved the re-appointment of Vivek Prannath Talwar as Executive Chairman for a three-year term starting April 2026. The company is seeking shareholder approval to provide loans or guarantees up to ₹100 Crores to subsidiaries and related entities. Financial results for Q3 FY26 include an ESOP expense of ₹779.07 lakhs and a one-time exceptional charge of ₹400.13 lakhs for labor code adjustments. A significant contingent liability of ₹17,000 lakhs related to an ADGFT penalty remains unprovided for, which the management is currently contesting.

Re-appointment of Vivek Prannath Talwar as Executive Chairman for a 3-year period effective April 1, 2026.
Approval to provide loans, guarantees, or securities to group entities up to an aggregate limit of ₹100 Crores.
Exceptional item of ₹400.13 lakhs recognized due to gratuity and leave liability changes under the New Labour Code.
Contingent liability of ₹17,000 lakhs from ADGFT penalty not provided for in books based on legal opinion.
Alibaug factory assets reclassified as 'Held for Sale' following a binding scrap-sale offer of ₹3,250 lakhs.

💡 Investors should exercise caution regarding the ₹17,000 lakh unprovided penalty which could severely impact the balance sheet if realized. Monitor the upcoming postal ballot regarding the ₹100 crore inter-corporate loan limit for potential related-party transaction risks.

Nitco Seeks Shareholder Nod for MD Re-appointment and ₹100 Crore Loan Limit

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 17 Feb 2026, 06:10 PM

Nitco Limited has issued a postal ballot notice to seek approval for the re-appointment of Mr. Vivek Prannath Talwar as Executive Chairman for a three-year term starting April 2026. Notably, Mr. Talwar has voluntarily waived his remuneration for this period, which is a positive sign for the company's cost management. Additionally, the company is seeking authorization to provide loans, guarantees, or securities up to an aggregate of ₹100 Crores to its subsidiaries and group entities. The remote e-voting period for these special resolutions is scheduled from February 19 to March 20, 2026.

Proposed re-appointment of Mr. Vivek Prannath Talwar as Managing Director for 3 years effective April 1, 2026.
Mr. Talwar has voluntarily waived his remuneration for the proposed term, receiving only statutory benefits and reimbursements.
Seeking approval for a ₹100 Crore aggregate limit for loans, guarantees, and securities to group entities under Section 185.
Special resolution required to allow Mr. Talwar to continue his directorship beyond the age of 70 years.
E-voting results are expected to be announced on or before March 24, 2026.

💡 Investors should monitor the allocation of the ₹100 Crore loan limit to ensure it does not lead to excessive related-party exposure. The MD's waiver of remuneration is a positive gesture of commitment to the company's financial stability.

NITCO Q3 FY26 Revenue Rises 56% YoY to ₹131 Cr; Targets ₹1,000 Cr Real Estate Monetization

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 14 Feb 2026, 09:27 PM

NITCO Limited reported a robust 56% YoY revenue growth in its core tiles, marble, and mosaic business for Q3 FY26, reaching ₹131.18 crore. The company is executing a turnaround strategy supported by Authum Investment, which has restructured debt and provided working capital. A major highlight is the company's 445-acre land bank, with plans to unlock over ₹1,000 crore in cash flow over the next 3-5 years through monetization and joint developments. While the company still reports a net loss, EBITDA margins are showing improvement, and the institutional pipeline is strong with ₹280 crore in LoIs from major developers.

Q3 FY26 revenue from operations grew 56% YoY to ₹131.18 crore, with 9M FY26 revenue up 77% to ₹387.97 crore.
Real estate division targets unlocking ₹1,000+ crore in cash flow over 3-5 years from a 445-acre land bank.
Received Letters of Intent (LoIs) from Prestige Estates and Lodha Group for orders worth approximately ₹280 crore.
Authum Investment & Infrastructure Limited holds a 49% stake, providing strategic debt restructuring and capital infusion.
Projected revenue for FY26 is ₹450 crore, with a long-term target of ₹1,000 crore revenue and 10% EBITDA by FY29.

💡 Investors should focus on the company's ability to execute its real estate monetization plan, as this cash flow is critical for debt reduction and growth. The strong institutional order pipeline and backing from Authum suggest a potential turnaround, though the company remains in a loss-making phase.

Nitco Re-appoints Vivek Talwar as Executive Chairman; Approves ₹100 Cr Related Party Funding

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 12 Feb 2026, 07:02 PM

Nitco Limited has re-appointed Mr. Vivek Prannath Talwar as Managing Director and Executive Chairman for a three-year term starting April 2026. The board also approved providing loans or guarantees to subsidiaries and related entities up to an aggregate limit of ₹100 Crores. Financially, the company reported an exceptional item of ₹400.13 lakhs due to the New Labour Code's impact on employee benefits. Notably, the statutory auditors highlighted a significant unprovided penalty of ₹17,000 lakhs from ADGFT, which the management is currently contesting.

Re-appointment of Vivek Prannath Talwar as Executive Chairman for 3 years effective April 1, 2026.
Board approval for loans and guarantees to related entities up to a limit of ₹100 Crores.
Exceptional charge of ₹400.13 lakhs recognized for gratuity and leave liability under the New Labour Code.
Auditors flagged a ₹17,000 lakh penalty from ADGFT and a ₹855.22 lakh capital advance as unprovided for.
ESOP expense of ₹779.07 lakhs recognized for the period August 2024 to December 2025.

💡 Investors should closely monitor the outcome of the ₹17,000 crore ADGFT penalty appeal, as it represents a massive contingent liability relative to the company's size. The ₹100 crore related party funding limit also warrants caution regarding future capital allocation and corporate governance.

Nitco Ltd Q3 Results: Board Approves ₹100 Cr Loan Limit and Re-appoints Executive Chairman

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 12 Feb 2026, 06:31 PM

Nitco Limited's board met on February 12, 2026, to approve Q3 financial results and several strategic mandates. Key decisions include the re-appointment of Mr. Vivek Talwar as Executive Chairman for three years and seeking shareholder approval for a ₹100 crore limit for loans and guarantees to subsidiaries. The company is currently managing a significant contingent liability of ₹17,000 lakhs related to an ADGFT penalty, which management is contesting. Additionally, the company recognized a ₹400.13 lakh exceptional cost due to New Labour Code adjustments.

Approved re-appointment of Vivek Prannath Talwar as Executive Chairman for a 3-year term starting April 2026.
Proposed a ₹100 crore aggregate limit for loans, guarantees, or securities to subsidiaries and group entities.
Disclosed a ₹17,000 lakh penalty from ADGFT which is being contested; no provision has been made in the books.
Recognized an exceptional item of ₹400.13 lakhs for increased gratuity and leave liability under the New Labour Code.
Allotted 56,000 equity shares during the quarter following the exercise of vested employee stock options.

💡 Investors should exercise caution regarding the ₹17,000 lakh ADGFT penalty, as an adverse final legal outcome could significantly impact the balance sheet. Monitor the progress of the Alibaug asset disposal and the utilization of the new ₹100 crore inter-corporate loan limit.

Nitco Appoints Bikash Jain as CFO and Rupali Swami Kambli as Company Secretary

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 14 Jan 2026, 07:28 PM

Nitco Limited has announced a significant leadership transition, appointing Mr. Bikash Jain as the new Chief Financial Officer effective January 16, 2026. Mr. Jain brings over 20 years of experience, including a decade as CFO or Head of Finance at major multinationals like GSK, Coca-Cola, and Colgate-Palmolive. Simultaneously, Mrs. Rupali Swami Kambli has been appointed as the Company Secretary and Compliance Officer, succeeding Mrs. Geeta Shah who resigned due to relocation. These appointments represent a strengthening of the company's Key Managerial Personnel (KMP) with high-caliber professionals.

Mr. Bikash Jain appointed as CFO effective January 16, 2026, with 20+ years of experience in finance leadership.
New CFO has a strong pedigree with previous roles at GSK, Colgate-Palmolive, Coca-Cola, and Hero Cycles.
Mrs. Rupali Swami Kambli appointed as Company Secretary and Compliance Officer effective January 16, 2026.
Outgoing CS Mrs. Geeta Shah resigned effective January 14, 2026, but will remain until February 28, 2026, for a smooth transition.
The board meeting concluded at 4:50 P.M. on January 14, 2026, finalizing these key managerial changes.

💡 Investors should view the appointment of a CFO with extensive multinational experience as a positive step toward improving financial governance and strategic growth. Monitor the company's upcoming financial results to see if the new leadership can drive better operational efficiency.

Nitco Appoints Bikash Jain as CFO and Rupali Swami Kambli as Company Secretary

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 14 Jan 2026, 07:25 PM

Nitco Limited has announced a significant leadership transition, appointing Mr. Bikash Jain as the new Chief Financial Officer effective January 16, 2026. Mr. Jain brings over 20 years of experience from major multinational corporations including GSK, Colgate-Palmolive, and Coca-Cola, which is expected to strengthen the company's financial strategy. Additionally, Mrs. Rupali Swami Kambli has been appointed as the Company Secretary and Compliance Officer, succeeding Mrs. Geeta Shah who resigned to relocate abroad. The outgoing Company Secretary will remain with the firm until February 28, 2026, to ensure a smooth handover process.

Mr. Bikash Jain appointed as CFO effective January 16, 2026, with 20+ years of experience in finance and strategic resource allocation.
Mrs. Rupali Swami Kambli appointed as Company Secretary and Compliance Officer with over 11 years of experience in corporate governance.
Outgoing CS Mrs. Geeta Shah resigned effective January 14, 2026, but will assist in the transition until February 28, 2026.
New CFO has a proven track record in driving profitable growth and leading large-scale restructuring in complex markets.
The appointments were approved by the Board based on recommendations from the Nomination & Remuneration and Audit Committees.

💡 Investors should view the appointment of a CFO with extensive MNC experience as a positive step toward improving financial governance and operational efficiency. Monitor the impact of the new leadership on the company's cash flow management and strategic growth initiatives over the coming quarters.

Nitco Appoints Bikash Jain as CFO and Rupali Swami Kambli as Company Secretary

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 14 Jan 2026, 07:23 PM

Nitco Limited has announced a significant leadership transition following its board meeting on January 14, 2026. The company has appointed Mr. Bikash Jain as the Chief Financial Officer, effective January 16, 2026, bringing over 20 years of experience from major MNCs like GSK and Coca-Cola. Additionally, Mrs. Rupali Swami Kambli has been appointed as the Company Secretary and Compliance Officer, replacing Mrs. Geeta Shah who resigned to relocate abroad. These strategic appointments of Key Managerial Personnel (KMP) are aimed at strengthening the company's financial governance and regulatory compliance frameworks.

Mr. Bikash Jain appointed as CFO effective January 16, 2026, with 20+ years of experience at GSK, Colgate-Palmolive, and Hero Cycles.
Mrs. Rupali Swami Kambli appointed as Company Secretary and Compliance Officer with 11+ years of experience in corporate governance and law.
Outgoing CS Mrs. Geeta Shah resigned effective January 14, 2026, but will remain as an employee until February 28, 2026, for a smooth transition.
The new CFO's background includes expertise in driving profitable growth, cash flow improvement, and large-scale restructuring.
All appointments were made based on recommendations from the Nomination & Remuneration and Audit Committees.

💡 The appointment of a CFO with high-profile MNC experience is a positive signal for Nitco's financial management and strategic planning. Investors should monitor if this leadership change translates into improved financial discipline and operational efficiency in the coming quarters.

Nitco Appoints Bikash Jain as CFO; Announces New Company Secretary

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 14 Jan 2026, 07:22 PM

Nitco Limited has appointed Mr. Bikash Jain as its new Chief Financial Officer, effective January 16, 2026. Mr. Jain brings over 20 years of experience, including a decade as CFO or Head of Finance at major multinational organizations such as GSK, Colgate-Palmolive, and Coca-Cola. Simultaneously, the company appointed Mrs. Rupali Swami Kambli as the new Company Secretary and Compliance Officer. These appointments follow the resignation of the previous Company Secretary, Mrs. Geeta Shah, who is relocating outside India.

Mr. Bikash Jain appointed as CFO and Key Managerial Personnel effective January 16, 2026.
New CFO has 20+ years of experience with leadership stints at GSK, Colgate-Palmolive, Coca-Cola, and Hero Cycles.
Mrs. Rupali Swami Kambli appointed as Company Secretary and Compliance Officer with 11+ years of experience.
Outgoing CS Mrs. Geeta Shah will remain as an employee until February 28, 2026, to ensure a smooth transition.
The board meeting concluded on January 14, 2026, approving these key leadership changes.

💡 The appointment of a CFO with extensive MNC experience is a positive development for Nitco's financial governance and strategic planning. Investors should watch for improvements in the company's cash flow management and operational efficiencies under the new leadership.

Nitco Appoints Bikash Jain as CFO and Rupali Swami Kambli as Company Secretary

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 14 Jan 2026, 07:08 PM

Nitco Limited has announced a significant leadership transition following its board meeting on January 14, 2026. Mr. Bikash Jain, a Chartered Accountant with over 20 years of experience at multinational firms like GSK and Coca-Cola, has been appointed as the new Chief Financial Officer effective January 16, 2026. Simultaneously, Mrs. Rupali Swami Kambli will take over as Company Secretary and Compliance Officer, bringing 11 years of experience in corporate governance. These appointments follow the resignation of the current Company Secretary, Mrs. Geeta Shah, who is relocating abroad but will assist in the transition until February 28, 2026.

Mr. Bikash Jain appointed as CFO effective January 16, 2026, with 20+ years of experience at GSK, Coca-Cola, and Hero Cycles.
Mrs. Rupali Swami Kambli appointed as Company Secretary and Compliance Officer effective January 16, 2026.
Outgoing CS Mrs. Geeta Shah resigned effective January 14, 2026, but remains an employee until February 28, 2026, for transition support.
The new CFO has a proven track record in large-scale restructuring and merger integration across Southeast Asia and North Africa.

💡 Investors should view the appointment of a CFO with extensive multinational experience as a positive step toward strengthening financial governance and strategic growth. Monitor the company's upcoming financial reports for any shifts in fiscal strategy under the new leadership.

NITCO Limited CFO Sitanshu Satapathy Resigns Effective January 13, 2026

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 13 Jan 2026, 07:28 PM

NITCO Limited has announced the resignation of Mr. Sitanshu Satapathy from his position as Chief Financial Officer and Key Managerial Personnel. The resignation is effective from the close of business hours on January 13, 2026. Mr. Satapathy cited his future plans for self-engagement as the reason for stepping down. The company will now need to identify a successor to lead its financial operations and maintain regulatory compliance.

Mr. Sitanshu Satapathy resigned as CFO and Key Managerial Personnel effective January 13, 2026.
The reason for the resignation is stated as future plans for self-engagement.
The resignation also results in his cessation as a Senior Management Personnel of the company.
The company has acknowledged the services rendered by him during his tenure.

💡 Investors should monitor the company's upcoming announcements regarding the appointment of a new CFO to ensure leadership continuity. While the resignation appears routine, a timely replacement is essential for maintaining financial oversight.

NITCO Limited Reports 85% Sales Growth in December 2025 vs January 2025

🟢 POSITIVE ⭐ 7/10

OTHER 📅 09 Jan 2026, 03:49 PM

NITCO Limited announced a significant sales growth of approximately 85% in December 2025 compared to January 2025 on a month-on-month basis. This robust performance was driven by increased customer demand, a strengthened product portfolio, and improved distribution reach. The company also attributed the success to strategic partnerships and enhanced operational efficiencies. Management remains optimistic about future growth prospects while maintaining a focus on financial discipline.

Achieved approximately 85% sales growth in December 2025 compared to January 2025.
Growth driven by higher customer demand and a strengthened product portfolio.
Improved distribution network and strategic partnerships contributed to the sales surge.
Management emphasized a focus on sustainable growth, capacity expansion, and operational efficiency.

💡 Investors should watch for the upcoming quarterly earnings to see if this high sales growth translates into improved net profit margins. It is important to verify if this momentum is sustainable or a result of year-end cyclical demand in the construction materials sector.

Nitco Limited Files Quarterly SEBI Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 06:00 PM

Nitco Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, covers the period ending December 31, 2025. The registrar specifically noted that no requests for dematerialization were received from shareholders during this quarter. This filing is a standard procedural requirement to ensure the integrity of shareholding records and regulatory adherence.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India Private Limited confirmed zero (0) dematerialization requests were received during the period.
The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
The document was formally submitted to both BSE and NSE on January 6, 2026.

💡 No action is required as this is a routine regulatory filing with no impact on the company's financial health or business operations.

Nitco Limited Announces Trading Window Closure Starting January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 01:25 PM

Nitco Limited has notified the exchanges that its trading window for dealing in securities will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. This is a standard regulatory procedure for listed companies to prevent insider trading before earnings releases.

Trading window closure commences on January 1, 2026.
Closure is related to the unaudited financial results for the quarter and nine months ended December 31, 2025.
Window will reopen 48 hours after the financial results are officially declared.
Applies to all designated persons and their immediate relatives as per SEBI regulations.

💡 No action is required as this is a routine regulatory filing. Investors should wait for the upcoming financial results to assess the company's performance.

View All NITCO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income declined by 3.78% from INR 325.22 Cr in FY24 to INR 312.92 Cr in FY25. The Marble segment contributes approximately 11% of total revenue as of FY25. Real Estate inventory saw a significant increase of 75.9% from INR 150.00 Cr to INR 263.89 Cr, indicating a shift in segment focus.

Geographic Revenue Split

NITCO exports to over 40 countries globally. Domestically, the Asia Pacific region dominates the market, with West India holding the largest share of the Indian market for the company's tile and marble products.

Profitability Margins

The company reported a Net Loss of INR 741.15 Cr in FY25, a sharp increase from a loss of INR 162.96 Cr in FY24, primarily due to exceptional items and debt restructuring. PAT Margin worsened from -49.37% to -226.14% YoY.

EBITDA Margin

EBITDA Margin improved slightly from -13.18% (INR -42.87 Cr) in FY24 to -11.05% (INR -34.73 Cr) in FY25. This 2.13% improvement reflects better operating profit management despite the overall revenue decline.

Capital Expenditure

The company is undergoing a 'Turnaround Phase' (2020-2025) involving the disposal of Property, Plant, and Equipment (PPE) at the Alibaug factory to pivot towards an asset-light model. Planned asset monetization is expected to support repayments of INR 30-40 Cr between FY26 and FY28.

Credit Rating & Borrowing

The company's credit rating was assigned as IVR D (Default) by Infomerics in September 2024 due to continuous delays in debt servicing. Total debt was significantly reduced by 70.5% from INR 971.13 Cr in FY24 to INR 285.92 Cr in FY25 following a preferential issue of INR 625.21 Cr.

⚙️ Operational Drivers

Raw Materials

Key raw materials include clay, feldspar, and marble blocks. Historically, Chinese imports represented a significant portion of the cost structure, though reliance has been reduced to mitigate forex risks.

Import Sources

Raw materials and finished goods were historically sourced heavily from China; however, the company is now focusing on domestic sourcing and processing at its marble plants in India.

Key Suppliers

Not specifically named in the documents, but the company manages a distribution network of franchisees and retail partners across India.

Capacity Expansion

The company has shifted away from heavy manufacturing, evidenced by the shutdown of the Alibaug plant. It is now focusing on a franchisee-led model and trading of floor and wall solutions to maintain an asset-light structure.

Raw Material Costs

Raw material costs are highly sensitive to foreign exchange fluctuations, which previously inflated costs and eroded margins. The company has implemented a strategic talent management system to improve operational efficiency and reduce waste.

Manufacturing Efficiency

The company is focusing on 'Premiumisation' and 'HD Digital Printing' technology to increase the value of output per unit. Inventory turnover ratio slightly decreased from 4.16 in FY24 to 3.97 in FY25.

Logistics & Distribution

Distribution is managed through a pan-India network of display centers and franchisees. Trade payables decreased by 41.3% from INR 157.49 Cr to INR 92.50 Cr in FY25, suggesting improved vendor payment cycles post-restructuring.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

The 30% CAGR will be achieved through a 'strong comeback' strategy focusing on premiumisation, expanding the retail footprint, and leveraging a revitalized team. The company is utilizing a preferential issue of INR 625.21 Cr to deleverage the balance sheet and fund growth in the surfaces and real estate domains.

Products & Services

Floor and wall solutions including ceramic tiles, vitrified tiles, marble, mosaico, and real estate development projects.

Brand Portfolio

NITCO, Nitco Tiles, Nitco Marble, Nitco Mosaico.

New Products/Services

New product launches include HD Digital Printing and Double Digital Printing Technology tiles, aimed at the luxury housing segment to capture higher margins.

Market Expansion

Expansion is targeted at metros and new premium project drops, aligning with luxury housing flows and offering end-to-end design-supported surface packages.

Strategic Alliances

The company works with major developers like the Shapoorji Pallonji Group for project-channel sales.

🌍 External Factors

Industry Trends

The industry is shifting toward premium, high-definition surfaces. NITCO is positioning itself to capture this by moving away from commodity tiles toward designer and luxury collections with a projected 30% CAGR.

Competitive Landscape

Competes with major Indian tile manufacturers; market dynamics are driven by the 'Buildings & Decoration' segment, particularly in West India.

Competitive Moat

NITCO's moat lies in its 50+ year brand legacy and its extensive pan-India distribution network. Sustainability is maintained through a shift to an asset-light franchisee model which reduces fixed cost burdens.

Macro Economic Sensitivity

Highly sensitive to the premium housing cycle and macroeconomic shifts that affect consumer discretionary spending on home decoration.

Consumer Behavior

Increasing demand for 'natural variation' and 'HD digital' finishes in tiles as consumers move toward premium home aesthetics.

Geopolitical Risks

Trade barriers or supply chain disruptions in the 40+ export countries could impact the international revenue stream.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to real estate regulatory approvals for its land bank development and manufacturing standards for tile and marble processing.

Legal Contingencies

The company is involved in a debt restructuring process; it recently completed a preferential issue of INR 625.21 Cr to settle existing debt and redeem non-convertible debentures.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to maintain timely debt servicing, given the 'Poor' liquidity rating and historical defaults. A failure to monetize real estate assets as planned would impact the ability to meet the INR 30-40 Cr annual repayment schedule.

Geographic Concentration Risk

High concentration in West India, making the company vulnerable to regional economic downturns or construction slowdowns in that specific area.

Third Party Dependencies

Heavy reliance on a network of franchisees and dealers; attrition in this network (Dealer Attrition Risk) would directly negate brand image and sales.