Correct option is D
We are given the words and their coded forms:
GLOAT → EJMYR
INCUR → GLASP

Logic - each letter decreased by 2.
We need to find the pattern and apply it to PANDA.
Step 1: Identifying the Letter Shift Pattern
Let's check the shifts for GLOAT → EJMYR:
G L O A T
↓2 ↓2 ↓2 ↓2 ↓2
E J M Y R
Each letter is shifted backward by 2 places.
Checking INCUR → GLASP:
I N C U R
↓2 ↓2 ↓2 ↓2 ↓2
G L A S P
Again, each letter is shifted backward by 2 places.
Step 2: Applying the Same Pattern to "PANDA"
P A N D A
↓2 ↓2 ↓2 ↓2 ↓2
N Y L B Y
Final Answer:
D) NYLBY