Nifty

:

23151.10

Sensex

:

74563.92

-488.05 (-2.06%)
-1470.50 (-1.93%)

Login

Nifty
Sensex

:
:

23151.10
74563.92

-488.05 (-2.06%)
-1470.50 (-1.93%)

Monte Carlo Fashions Ltd.

Textile

Rating :

59/99

BSE: 538836 | NSE: MONTECARLO

Watchlist

NSE BSE

503.85

13-Mar-2026

Open
High
Low
Previous Close

519.9
519.9
502.45
519.95

Volume
Traded Value (lacs)
52 Week High
52 Week Low

41077
20849147.05
860.95
502.45

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

1,044.59
10.80
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

1,512.48
3.97%
1.11

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

5.88
12.09
-0.52

EBITDA CAGR (%)

10 Years
5 Years
3 Years

4.60
10.23
-3.04

PAT CAGR (%)

10 Years
5 Years
3 Years

3.08
4.13
-15.07

P:E (Median)

8 Years
5 Years
3 Years

14.31
14.31
15.19

P:BV (Average)

8 Years
5 Years
3 Years

1.84
1.84
1.80

EV:EBITDA (Average)

8 Years
5 Years
3 Years

8.06
8.06
8.26

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var%
Net Sales 608.38 548.78 10.86% 248.70 219.70 13.20% 138.53 126.00 9.94% 205.93 206.52 -0.29%
Expenses 442.63 395.17 12.01% 207.16 191.34 8.27% 144.40 128.39 12.47% 199.97 216.37 -7.58%
EBITDA 165.75 153.61 7.90% 41.54 28.36 46.47% -5.87 -2.39 - 5.96 -9.85 -
EBIDTM 27.24% 27.99% 16.70% 12.91% -4.24% -1.90% 2.89% -4.77%
Other Income 8.46 5.85 44.62% 9.23 9.16 0.76% 10.43 7.27 43.47% 12.63 8.36 51.08%
Interest 15.22 14.90 2.15% 13.06 12.03 8.56% 11.05 9.05 22.10% 11.89 9.67 22.96%
Depreciation 17.10 15.89 7.61% 16.05 14.61 9.86% 15.21 13.57 12.09% 16.10 13.12 22.71%
PBT 141.89 128.67 10.27% 21.66 10.88 99.08% -21.70 -17.74 - -9.40 -24.28 -
Tax 35.05 33.33 5.16% 5.49 2.87 91.29% -5.38 -4.47 - 0.88 -5.32 -
PAT 106.84 95.34 12.06% 16.17 8.01 101.87% -16.32 -13.27 - -10.28 -18.96 -
PATM 17.56% 17.37% 6.50% 3.65% -11.78% -10.53% -4.99% -9.18%
EPS 51.61 46.06 12.05% 7.81 3.87 101.81% -7.88 -6.41 - -4.97 -9.16 -

Description Dec 25 Dec 24 Var% Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var%
Net Sales 608.38 548.78 10.86% 248.70 219.70 13.20% 138.53 126.00 9.94% 205.93 206.52 -0.29%
Expenses 442.64 393.91 12.37% 207.17 191.35 8.27% 144.40 128.40 12.46% 200.25 216.41 -7.47%
EBITDA 165.74 154.87 7.02% 41.53 28.35 46.49% -5.87 -2.40 - 5.68 -9.89 -
EBIDTM 27.24% 28.22% 16.70% 12.90% -4.24% -1.90% 2.76% -4.79%
Other Income 8.49 5.87 44.63% 9.24 9.17 0.76% 10.44 7.28 43.41% 12.85 8.36 53.71%
Interest 15.11 14.78 2.23% 12.94 12.00 7.83% 10.93 9.05 20.77% 11.76 9.67 21.61%
Depreciation 17.10 15.89 7.61% 16.05 14.61 9.86% 15.21 13.57 12.09% 16.10 13.12 22.71%
PBT 142.02 130.07 9.19% 21.78 10.91 99.63% -21.57 -17.74 - -9.33 -24.32 -
Tax 35.03 33.33 5.10% 5.52 2.87 92.33% -5.35 -4.47 - 1.01 -6.56 -
PAT 106.99 96.74 10.60% 16.26 8.04 102.24% -16.22 -13.27 - -10.34 -17.76 -
PATM 17.59% 17.63% 6.54% 3.66% -11.71% -10.53% -5.02% -8.60%
EPS 51.61 46.67 10.58% 7.84 3.88 102.06% -7.82 -6.40 - -4.99 -8.57 -

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 1,201.54 1,100.41 1,061.91 1,117.71 904.32 622.02 725.61 656.37 575.95 578.45 621.53 Net Sales Growth 9.13% 3.63% -4.99% 23.60% 45.38% -14.28% 10.55% 13.96% -0.43% -6.93% Cost Of Goods Sold 615.41 573.02 610.09 592.83 486.64 330.99 383.14 344.40 292.21 327.92 311.80 Gross Profit 586.13 527.39 451.82 524.88 417.68 291.03 342.48 311.98 283.74 250.53 309.73 GP Margin 48.78% 47.93% 42.55% 46.96% 46.19% 46.79% 47.20% 47.53% 49.26% 43.31% 49.83% Total Expenditure 994.16 913.29 916.49 898.00 722.23 506.46 601.19 558.03 462.80 501.19 502.15 Power & Fuel Cost - 6.84 6.87 6.53 6.56 4.99 5.85 5.67 5.22 5.84 6.98 % Of Sales - 0.62% 0.65% 0.58% 0.73% 0.80% 0.81% 0.86% 0.91% 1.01% 1.12% Employee Cost - 122.49 105.72 96.57 81.18 59.89 69.62 59.49 53.07 49.24 46.38 % Of Sales - 11.13% 9.96% 8.64% 8.98% 9.63% 9.59% 9.06% 9.21% 8.51% 7.46% Manufacturing Exp. - 71.57 69.54 73.85 62.41 53.13 62.90 55.37 43.97 42.22 47.52 % Of Sales - 6.50% 6.55% 6.61% 6.90% 8.54% 8.67% 8.44% 7.63% 7.30% 7.65% General & Admin Exp. - 17.55 15.96 14.45 10.46 7.40 12.36 21.86 20.07 20.89 19.17 % Of Sales - 1.59% 1.50% 1.29% 1.16% 1.19% 1.70% 3.33% 3.48% 3.61% 3.08% Selling & Distn. Exp. - 108.53 94.77 99.55 65.28 36.99 55.20 58.61 44.35 48.04 57.83 % Of Sales - 9.86% 8.92% 8.91% 7.22% 5.95% 7.61% 8.93% 7.70% 8.30% 9.30% Miscellaneous Exp. - 13.29 13.54 14.22 9.70 13.08 12.12 12.63 3.90 7.04 57.83 % Of Sales - 1.21% 1.28% 1.27% 1.07% 2.10% 1.67% 1.92% 0.68% 1.22% 2.01% EBITDA 207.38 187.12 145.42 219.71 182.09 115.56 124.42 98.34 113.15 77.26 119.38 EBITDA Margin 17.26% 17.00% 13.69% 19.66% 20.14% 18.58% 17.15% 14.98% 19.65% 13.36% 19.21% Other Income 40.75 34.91 27.50 20.83 25.20 20.17 11.52 18.23 17.79 23.93 16.23 Interest 51.22 49.45 39.96 26.34 17.46 13.51 17.01 8.95 7.72 11.75 16.24 Depreciation 64.46 60.17 51.22 41.77 37.25 34.20 33.40 19.10 20.96 24.74 29.27 PBT 132.45 112.41 81.74 172.43 152.58 88.02 85.53 88.53 102.25 64.71 90.10 Tax 36.04 32.61 20.73 39.69 38.54 21.72 22.84 28.93 34.34 20.56 31.16 Tax Rate 27.21% 29.01% 25.36% 23.02% 25.26% 24.68% 26.70% 32.68% 33.58% 31.77% 34.58% PAT 96.41 79.80 61.01 132.74 114.04 66.30 62.69 59.60 67.91 44.16 58.94 PAT before Minority Interest 96.41 79.80 61.01 132.74 114.04 66.30 62.69 59.60 67.91 44.16 58.94 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 8.02% 7.25% 5.75% 11.88% 12.61% 10.66% 8.64% 9.08% 11.79% 7.63% 9.48% PAT Growth 35.56% 30.80% -54.04% 16.40% 72.01% 5.76% 5.18% -12.24% 53.78% -25.08% EPS 46.57 38.55 29.47 64.13 55.09 32.03 30.29 28.79 32.81 21.33 28.47

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Net Sales 1,201.54 1,100.41 1,061.91 1,117.71 904.32 622.02 Net Sales Growth 9.13% 3.63% -4.99% 23.60% 45.38% Cost Of Goods Sold 615.41 573.02 610.09 592.83 486.64 330.99 Gross Profit 586.13 527.39 451.82 524.88 417.68 291.03 GP Margin 48.78% 47.93% 42.55% 46.96% 46.19% 46.79% Total Expenditure 994.46 912.33 917.56 898.22 722.32 506.46 Power & Fuel Cost - 6.84 6.87 6.53 6.56 4.99 % Of Sales - 0.62% 0.65% 0.58% 0.73% 0.80% Employee Cost - 122.49 106.13 96.61 81.18 59.89 % Of Sales - 11.13% 9.99% 8.64% 8.98% 9.63% Manufacturing Exp. - 71.57 69.54 73.85 62.41 53.13 % Of Sales - 6.50% 6.55% 6.61% 6.90% 8.54% General & Admin Exp. - 17.57 16.61 14.63 10.55 7.40 % Of Sales - 1.60% 1.56% 1.31% 1.17% 1.19% Selling & Distn. Exp. - 108.53 94.77 99.55 65.28 36.99 % Of Sales - 9.86% 8.92% 8.91% 7.22% 5.95% Miscellaneous Exp. - 12.31 13.55 14.22 9.70 13.08 % Of Sales - 1.12% 1.28% 1.27% 1.07% 2.10% EBITDA 207.08 188.08 144.35 219.49 182.00 115.56 EBITDA Margin 17.23% 17.09% 13.59% 19.64% 20.13% 18.58% Other Income 41.02 35.17 27.50 20.83 25.20 20.17 Interest 50.74 49.17 39.96 26.34 17.47 13.51 Depreciation 64.46 60.17 51.22 41.77 37.25 34.20 PBT 132.90 113.91 80.67 172.21 152.48 88.02 Tax 36.21 32.74 20.73 39.69 38.54 21.72 Tax Rate 27.25% 28.74% 25.70% 23.05% 25.28% 24.68% PAT 96.69 81.17 59.94 132.52 113.94 66.30 PAT before Minority Interest 96.69 81.17 59.94 132.52 113.94 66.30 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 8.05% 7.38% 5.64% 11.86% 12.60% 10.66% PAT Growth 31.11% 35.42% -54.77% 16.31% 71.86% EPS 46.71 39.21 28.96 64.02 55.04 32.03

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 834.10 796.22 776.76 687.36 604.09 545.17 483.72 511.42 495.89 446.06 Share Capital 20.73 20.73 20.73 20.73 20.73 20.73 20.73 21.73 21.73 21.73 Total Reserves 813.37 775.49 756.03 666.63 583.36 524.44 462.99 489.68 474.16 424.33 Non-Current Liabilities 222.20 171.55 154.06 95.17 94.21 98.74 24.41 16.09 24.04 38.85 Secured Loans 0.00 0.00 2.70 8.33 11.73 16.31 12.87 12.82 15.38 29.29 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 1.37 1.22 0.89 0.00 0.00 1.93 2.03 1.51 0.00 0.00 Current Liabilities 640.10 524.27 543.64 321.18 229.18 258.61 273.09 182.24 179.91 313.88 Trade Payables 121.77 141.47 193.98 138.64 138.72 167.36 134.55 110.17 103.33 106.40 Other Current Liabilities 213.66 158.94 133.07 107.31 70.48 73.55 105.56 29.92 36.67 57.81 Short Term Borrowings 293.73 214.29 195.99 56.80 18.48 15.44 31.74 40.34 34.38 29.75 Short Term Provisions 10.94 9.57 20.60 18.43 1.50 2.26 1.24 1.81 5.54 119.92 Total Liabilities 1,696.40 1,492.04 1,474.46 1,103.71 927.48 902.52 781.22 709.75 699.84 798.79 Net Block 389.64 327.59 280.91 231.83 224.84 228.21 149.50 156.20 162.84 163.22 Gross Block 637.03 517.80 426.28 357.08 477.17 451.66 340.29 335.15 323.04 299.35 Accumulated Depreciation 247.39 190.21 145.37 125.25 252.33 223.45 190.80 178.96 160.20 136.13 Non Current Assets 541.08 508.95 412.92 302.37 248.23 289.18 211.93 206.22 212.47 214.22 Capital Work in Progress 0.30 0.08 19.37 3.10 1.16 2.49 0.02 0.09 2.73 0.72 Non Current Investment 122.31 120.29 72.50 54.36 3.92 35.71 47.72 37.61 23.57 20.00 Long Term Loans & Adv. 28.40 34.11 13.39 11.40 7.11 12.96 13.60 11.55 5.83 5.27 Other Non Current Assets 0.43 26.88 26.75 1.68 11.19 9.81 1.09 0.77 17.50 25.01 Current Assets 1,155.32 983.09 1,061.54 801.34 679.25 613.34 569.29 503.54 487.38 584.58 Current Investments 137.90 120.73 170.12 163.08 173.60 97.94 89.81 90.72 93.50 29.96 Inventories 503.18 434.62 460.42 289.08 201.54 216.18 191.16 173.54 202.01 221.76 Sundry Debtors 416.18 370.08 380.18 259.91 229.50 252.17 219.85 189.97 146.31 151.72 Cash & Bank 34.59 7.28 13.58 47.92 40.85 12.77 34.91 18.12 25.97 70.82 Other Current Assets 63.47 16.59 13.64 8.73 33.75 34.29 33.56 31.20 19.59 110.32 Short Term Loans & Adv. 43.47 33.79 23.60 32.62 27.92 28.53 27.65 27.30 13.96 101.79 Net Current Assets 515.22 458.82 517.90 480.16 450.07 354.73 296.20 321.30 307.47 270.69 Total Assets 1,696.40 1,492.04 1,474.46 1,103.71 927.48 902.52 781.22 709.76 699.85 798.80

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Shareholder's Funds 834.04 794.80 776.40 687.26 604.09 Share Capital 20.73 20.73 20.73 20.73 20.73 Total Reserves 813.31 774.07 755.67 666.53 583.36 Non-Current Liabilities 222.20 171.55 154.06 95.17 94.21 Secured Loans 0.00 0.00 2.70 8.33 11.73 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 1.37 1.22 0.89 0.00 0.00 Current Liabilities 633.23 524.30 543.70 321.18 229.18 Trade Payables 121.77 141.48 193.99 138.64 138.72 Other Current Liabilities 213.53 158.96 133.12 107.31 70.48 Short Term Borrowings 286.93 214.29 195.99 56.80 18.48 Short Term Provisions 11.00 9.57 20.60 18.43 1.50 Total Liabilities 1,689.47 1,490.65 1,474.16 1,103.61 927.48 Net Block 389.64 331.56 280.91 231.83 224.84 Gross Block 637.03 521.78 426.28 357.08 477.17 Accumulated Depreciation 247.39 190.22 145.37 125.25 252.33 Non Current Assets 526.57 506.64 411.50 302.17 248.23 Capital Work in Progress 0.30 0.08 19.37 3.10 1.16 Non Current Investment 107.80 104.59 63.80 54.16 3.92 Long Term Loans & Adv. 28.40 43.53 20.67 11.40 7.11 Other Non Current Assets 0.43 26.88 26.75 1.68 11.19 Current Assets 1,162.90 984.01 1,062.66 801.44 679.25 Current Investments 137.90 120.73 170.12 163.08 173.60 Inventories 503.18 434.62 460.42 289.08 201.54 Sundry Debtors 416.18 370.08 380.18 259.91 229.50 Cash & Bank 35.47 8.20 14.69 48.02 40.85 Other Current Assets 70.17 16.59 13.64 8.73 33.75 Short Term Loans & Adv. 43.47 33.79 23.61 32.62 27.92 Net Current Assets 529.67 459.71 518.96 480.26 450.07 Total Assets 1,689.47 1,490.65 1,474.16 1,103.61 927.48

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Cash From Operating Activity 70.40 82.54 -5.12 70.65 112.11 36.55 125.50 23.87 85.10 44.82 PBT 112.41 81.74 172.43 152.58 88.02 85.53 88.53 102.25 64.71 90.10 Adjustment 76.47 65.97 51.95 34.69 35.00 40.01 15.60 12.36 19.34 31.88 Changes in Working Capital -95.18 -17.99 -179.82 -85.33 3.51 -65.79 45.52 -54.44 25.46 -45.12 Cash after chg. in Working capital 93.70 129.72 44.56 101.94 126.53 59.75 149.64 60.17 109.51 76.86 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -23.30 -47.18 -49.68 -31.29 -14.42 -23.19 -24.13 -36.31 -24.41 -32.04 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -31.94 2.64 -47.52 -48.39 -82.20 -30.34 9.55 20.53 -13.15 26.64 Net Fixed Assets -119.45 -72.23 -85.47 118.15 -24.18 -113.84 -5.07 -9.47 -25.70 -10.50 Net Investments -19.19 1.60 -25.18 -39.92 -43.87 3.88 -9.20 -11.26 -67.11 -2.00 Others 106.70 73.27 63.13 -126.62 -14.15 79.62 23.82 41.26 79.66 39.14 Cash from Financing Activity -38.12 -85.22 52.92 -22.38 -30.81 -37.52 -103.92 -43.57 -72.05 -71.49 Net Cash Inflow / Outflow 0.34 -0.04 0.28 -0.12 -0.90 -31.31 31.13 0.83 -0.10 -0.03 Opening Cash & Equivalents 0.56 0.60 0.32 0.44 1.34 32.66 1.52 0.69 0.80 0.85 Closing Cash & Equivalent 0.90 0.56 0.60 0.32 0.44 1.34 32.66 1.52 0.69 0.82

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Cash From Operating Activity 72.81 81.46 -5.29 70.55 112.11 PBT 113.91 80.67 172.21 152.48 88.02 Adjustment 74.95 65.97 51.95 34.70 35.00 Changes in Working Capital -92.68 -18.00 -179.77 -85.34 3.51 Cash after chg. in Working capital 96.18 128.64 44.39 101.84 126.53 Interest Paid 0.00 0.00 0.00 0.00 0.00 Tax Paid -23.37 -47.18 -49.68 -31.29 -14.42 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -28.54 3.53 -46.34 -48.19 -82.20 Net Fixed Assets -119.45 -72.23 -85.47 118.15 Net Investments -19.19 1.60 -25.18 -39.92 Others 110.10 74.16 64.31 -126.42 Cash from Financing Activity -44.77 -85.22 52.92 -22.38 -30.81 Net Cash Inflow / Outflow -0.50 -0.23 1.29 -0.02 -0.90 Opening Cash & Equivalents 1.48 1.71 0.42 0.44 1.34 Closing Cash & Equivalent 0.98 1.48 1.71 0.42 0.44

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Book Value (Rs.) 402.36 384.09 374.70 331.58 291.38 262.96 233.32 235.33 228.18 205.25 ROA 5.01% 4.11% 10.30% 11.23% 7.25% 7.45% 7.99% 9.64% 5.89% 7.66% ROE 9.79% 7.76% 18.13% 17.66% 11.54% 12.19% 11.98% 13.48% 9.38% 13.72% ROCE 15.12% 12.22% 22.92% 24.38% 16.64% 18.43% 17.75% 19.49% 13.83% 19.57% Fixed Asset Turnover 2.58 3.02 3.60 2.73 1.48 2.03 2.13 1.75 1.88 2.12 Receivable days 96.44 96.20 82.96 78.53 128.12 107.42 104.08 106.48 92.91 79.76 Inventory Days 115.03 114.77 97.14 78.72 111.11 92.70 92.62 118.91 132.12 119.07 Payable days 83.84 100.35 102.40 104.01 168.76 86.73 79.92 86.73 78.12 64.84 Cash Conversion Cycle 127.63 110.62 77.71 53.24 70.47 113.39 116.78 138.66 146.91 133.99 Total Debt/Equity 0.35 0.27 0.26 0.10 0.06 0.07 0.10 0.11 0.13 0.22 Interest Cover 3.27 3.05 7.55 9.74 7.52 6.03 10.90 14.25 6.51 6.55

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21
Book Value (Rs.) 402.33 383.41 374.53 331.53 291.38 ROA 5.10% 4.04% 10.28% 11.22% 7.15% ROE 9.97% 7.63% 18.11% 17.65% 10.97% ROCE 15.29% 12.12% 22.90% 24.37% 15.89% Fixed Asset Turnover 2.57 3.00 3.60 2.73 1.44 Receivable days 96.44 96.20 82.96 78.53 122.09 Inventory Days 115.03 114.77 97.14 78.72 107.22 Payable days 83.84 100.35 102.40 104.01 152.97 Cash Conversion Cycle 127.63 110.62 77.70 53.24 76.34 Total Debt/Equity 0.34 0.27 0.26 0.10 0.06 Interest Cover 3.32 3.02 7.54 9.73 7.52

Top Investors:

carnelian structural shift fund

vijaykumar mangturam khemani

investor education and protection fund (iepf)

Annual Reports:

News Update:

Monte Carlo Fashions - Quarterly Results
29th Jan 2026, 00:00 AM

Read More
Monte Carlo Fashions incorporates subsidiary
20th Jan 2026, 15:00 PM

The company has incorporated Wholly Owned Subsidiary of the Company Namely ‘MCFL Energy Projects’
Read More
Monte Carlo Fashions gets LoA worth Rs 147 crore from MPUVNL
24th Dec 2025, 09:59 AM

The contract is to be executed in 18 months with 25 years of operational period
Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

Feedback