Questions across 26 calls

Abneesh Roy

Nuvama Institutional Equities

Zydus Wellness Limited

Zydus Wellness Limited CC-Sep23.pdf · 2023-11-06

Just one question I had, so on Complan and your Dairy business, in terms of price hike last 1 -2 years the entire industry and you must have taken price hike, there is a correction in the milk prices, so do you see your margins bottoming out once the inventory level, etc., corrects ? And second related question on Complan is the market leaders are volume dip in Q2, so specific to Q2 how is your volume performance in Complan?

But are you calling that out as a good structural improvement given your base etc., I understand was a bit soft and market leader is also taking lot of activation, promotion, sampling etc., so how do you judge this from a 2-year perspective, Y-o-Y I understand?

Emami Limited

Emami Limited CC-Sep23.pdf · 2023-11-06

Thanks and congrats on the margins. My first question is on the D2C Zanducare business. So essentially I see a lot of new products being launched. So my question is out of the Zandu portfolio what percentage of the products which are sold on Zandu D2C website are also available on third parties, say Amazon, Flipkart, BigBasket, etc. Second is what is the thought process behind launching a very non FMCG kind of product or just tumbler etc. We do not see FMCG company normally do this, but I understand the Ayurvedic thesis behind this but why does a FMCG company need to do this?

On the overall company for the India business, if you could tell e -commerce and modern trade, what is the growth and do you expect acceler ation given festival demand will be in Q3, would you expect that?

Marico Limited

Marico Limited CC-Sep23.pdf · 2023-10-30

My first question is on VAHO. So, you have been taking lot of interventions in VAHO to ramp up the premiumization. So, two questions there. One is in terms of the blended oil and shampoo usage by customer. If you could tell within the alternate channel now how much is the propensity of customer to consume both shampoo and oil together? And second is, what would be your long-term 3-5-year target within alternate channel to have in the premium part of VAHO? VAHO itself is premium , but I am sure you must be benchmarking that 30% of VAHO should come from premium in alternate. So, if you could share some numbers on what is the target and what is the current number?

One quick question on 300 plus price. So, currently, you are not there. Is it because you want it to become a threshold level, and then enter? Is that the reason?

United Breweries Limited

United Breweries Limited CC-Sep23.pdf · 2023-10-20

My first question is on the impact of route to market. So, if I see the impact of route to market is around 2% in terms of overall volumes, but there is no impact in terms of the premium. So, wanted to understand why there is a divergence and when do you see the route to market further reducing in terms of the impact, it has already reduced for the Q1, but when do you see it fully going away?

Sure. My second question is on the region wise volume growth which you have given, very heartening to see East and South both grow in double digit volume. So, here my question is more on Delhi and Haryana where still volumes are declining. So, when do you see this reversing and in terms of East and South is it a market share gain also, or is the industry also growing in similar doubled eight volumes in East and South?

PVR INOX Limited

PVR INOX Limited CC-Sep23.pdf · 2023-10-19

Yes thanks for the opportunity and congrats on very good set of numbers. My first question is on your debt levels coming down by 327 Crores. I wanted to understand given now you are much more confident from the Hin di movie business which was suffering for the industry what will be the plan from one to two years perspective on the overall debt levels, you had rationalized the store openings, the cinema screen openings also earlier, would that change because of now fr ee cash flow turning on the favorable side?

So just to understand 1100 Crores net debt which is there currently what will be the long-term goal on this do you have any aim to make it almost negligible over the next two years will that be your vision?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Mar24.pdf · 2023-04-28

A lot of questions have been asked on Deodorants, so my first question will be on the men's wellness. Do you see GCPL continuing with this four, five years down the line? Why I am asking this is, one comment in your commentary was, this was not the first reason for buying this product portfolio. And second, if you see in terms of the size also as a percentage of the total business which you have bought, it’s a small size. And third is GCPL currently has no presence there, and we also mention that there are non-commercial products by other companies also and maybe even the NGOs etc . So, do you see that you will continue to exist say four, five years down the line or you would focus only on the Deo essentially in the medium term.

My second question is on the overall leakage etc., which you explained in terms of the MRP to NSV. So, now when I see your guidance for FY'24 in terms of flattish sales, flattish EBITDA, wanted to understand that because clearly in some of the acquisition by other companies we have seen that the first year in terms of sales is a bit tough, because there is normally EV to sales and methodology being used in terms of acquisition. So, there is a push model by the earlier company which is huge. So, is that a reason why you expect sales to be flattish? You did mention that you will rationalize the non-core and the tail, so why would you want to start with non -core and tail rationalization in the first year? Why don’t you do it later, because ultimately when you are starting, it’s better to start with bigger revenue and then also do the higher advertising spent , so could you explain that a bit?