Questions across 9 calls

Abneesh Roy

Nuvama Wealth

Colgate Palmolive (India) Limited

Colgate Palmolive (India) Limited CC-May26.pdf · 2026-05-22

Yes, thanks and congrats on good recovery. I have two questions. My first question is when the analyst meet had happened, say around six quarters back, you were doing a big pilot project of connecting with the dentist where the QR code was put wherein customers could connect to the local dentist. If you could update us how that has helped with the premiumization in terms of growth, etc., because all this happens with some level of lag. And related question is on the B2B sales to the dentist in terms of the specialized product. If there is some update you can share in the last few years, how is the movement? That is the first question.

Thanks. My second question has two subparts. One is your Visible White Toothpaste, really very innovative product, industry-first product clearly. Now we are seeing competitors launch an extremely similar kind of product, which looks almost like a Xerox copy in terms of the product and maybe even the packaging. So, does that expand the market? And how has your product done? Second subset question will be, there have been a few D2C companies, startup companies in the toothpaste and broader oral care space. Any learning from there? Any market share loss which has happened for the legacy players? And is that a long-term threat for you all?

Britannia Industries Limited

Britannia Industries Limited CC-May26.pdf · 2026-05-08

My first question is on the pricing bit. You did say that Parle and other local players will now soon vacate the INR 5 or INR 4.5 and INR 9. In fact, I see Parle still selling at INR 9 on Amazon and e-commerce as we speak. So maybe it is still work in progress. So specific question was what kind of pricing you will need? If local players are vacating INR 4.5, INR 9, you will also need the price hike or maybe grammage cuts. If you could tell us what kind of grammage cuts or price hike is needed as of now? Have you taken some corrective actions already? Because most other FMCG companies have already taken 3% to 5% price hike as we speak. So, if you could give that clarity because in your case, wheat is deflationary and maybe cocoa, etcetera, are deflationary but lot of other things are inflationary. So, if you could give some sense for pricing.

Understood. Second and last question will be on local players. Other FMCG categories are telling us because of GST rate being lower to, say, 5% in most cases, compliance has dramatically improved. So, if you could tell us in biscuit this was a key benefit. So, ex of whatever INR 4.5, INR 9 coinage issue is there, is there a compliance big improvement? Second is you said you don't sell much of INR 5 and INR 10 on e-commerce. I do see Parle, I have personally also ordered, and right now also, Parle INR 9 is available on Amazon, quick commerce and some of the other e-commerce. So, are you a bit under -indexed on INR 5 and INR 10 on quick commerce? So, is that something you would want to change?

Britannia Industries Limited CC-Jun25.pdf · 2025-08-06

Congrats on near double-digit sales growth. My first question is on the market share and overall local player dynamics. So yes, specific question is number 3 player, ITC has called out in their Q1 release that biscuits has been one of the key driver s for their growth. Now 5, 6 years, of course, the number 3 player has been quite rational. Is there any resurgence of the number 3 player? And on your comment on local players coming back. Why in only 2 regions you faced a market share issue, why was it restricted to 2, why not in all the 7 regions? And could you clarify which are those players and which are those regions? That is my first question.

The number 3 player ITC?

Britannia Industries Limited CC-Sep24.pdf · 2024-11-12

My first question is on the volume growth. So last 3 quarters, we have seen good volume growth from you in the range of 7% to 8%. So my question is, how do you see in terms of outlook next few quarters, given base is high? Second, there is a good inflation in many of your raw materials and at INR5, INR10 you'll have to cut grammage to pass on. So that also means that, that will have an adverse impact on the volume growth. So would you say that now it will be a he althy mix of pricing and volume? So -- plus there could be some down trading impact, right? You did speak on the urban and very good Slides, I'll say. It has really made us understand the urban slowdown a bit better. So because of the down trading, the volume growth number, could there be some negative shock in the next few quarters?

Varun, one related question is, if I see last 4 quarters, out of that, the operating profit has declined for you on Y-o-Y basis. Now I wanted to understand, given the base because favorable, at least on the margins and profits, if you could tell us on an RM basket, how much is the inflation? And if I see that w ith a soft base, how do you see profitability? Is that going to be in a tight range? I'm not asking for any guidance. I'm just saying that out of 4 quarters, 3, there's a negative Y-o- Y. But how is the RM basket on an overall basis, if you could tell us, currently?

Marico Limited

Marico Limited CC-May26.pdf · 2026-05-05

Congrats. I have three questions. First is on international business. Two subparts to it. One is Bangladesh, there is a sharp acceleration of sales growth to 35% versus full-year growth of 25%. So any one-off here? Was there some delayed pricing, which is benefiting now? Or was it a soft base? And given now in FY '27 entire year, a democratically elected government is there versus a very fragile government in most part of FY '26 in Bangladesh, what will be the outlook? Second subpart to the international piece is MENA, obviously, in the March month was challenging for all FMCG companies, which were having business there. In April month, are there alternate channels from which maybe the business has seen some improvement. So if you could update on April. I understand March, there was a sharp decline or maybe no business for most companies. How has April been?

Understood. My second question is on some of the recent acquisitions. So if you could give us some update on 4700BC and some of the other ones in India and Vietnam, etcetera. What is the initial scale up in distribution? Any initial shocks because in M&A, generally, we see in India, especially everything looks quite positive initially, but when actual business comes up in the first year , t here are a few challenges, either inventory buildup or any other channel. So any learnings you can share on any of the recent acquisitions?

AWL Agri Business Limited

AWL Agri Business Limited CC-May26.pdf · 2026-04-29

Firstly, congrats on good recovery. First is, in terms of Iran crisis, we saw 2, 3 levels of impact on the sector. One was, of course, gas availability to a lot of the canteens and restaurants was severely restricted for a few days. And then we obviously saw inflation in edible oil, etcetera. And a lot of the local edible oil players would not have been able to manage the working capital sourcing for a few days, the way you would have managed. If you could tell us on an overall basis, did you gain or did you lose? Because in HoReCa, I think the re could have been some adverse impact, if you could clarify on that? And second, of course, convenience food, there was some upstocking for a few days because some consumers got worried that availability itself could get impacted. So overall holistic level, what is the impact in Q4 of Iran crisis?

Okay. Till now, how much price hike you have taken pre- Iran versus now across your products, if you could tell us, given packaging cost will be, say, 20% of your broad raw material, how much hike you would have taken across different parts of the portfolio, specific each, if you can tell?

Patanjali Foods Limited

Patanjali Foods Limited CC-Feb26.pdf · 2026-02-12

Thanks. My first question is on biscuits, toothpaste and hair oil. If you could tell us in terms of GST pass-through, have you taken the gram mage route or have you taken the price cut route? For example, biscuits, I think some regional players are still operating at Rs. 4.5 and 9 while the number one player transition fully to Rs. 5 and 10. I wanted to understand that for the three categories, what have you done, toothpaste, hair oil and biscuits. Thank you.

In terms of outlook, how do you expect toothpaste for example, last one year toothpaste competitive intensity, promotional intensity has been high and there is the LUP, the GST benefit also because 30 %-40% for the industry leader at least is the LUP and they are adding back grammage there. If you could comment, how do you see toothpaste industry volume growth and competitive intensity in FY27 and Q4?

PVR INOX Limited

PVR INOX Limited CC-Dec24.pdf · 2025-02-06

Yes. Thanks. My first question is on the overall consumption impact on your business. So, we have seen this quarter and maybe previous quarter also lot of the FMCG and even discretionary categories call out slowdown in urban of course yours is an essentially urban consumption. So, how do you see in the near term this impact? I do understand Q4 because exam season anyway pipeline every year is a bit less. But would you be worried in the near term because of the urban slowdown? And on the flip side, because of the budget, the taxes have been reduced and substantially also. So, in the in the past have you seen any such measure , similar measure lead to more consumption? Or is it still fully dependent on the quality of the content?

My second question is a bit re lated to the content only and it is specific on the Hindi content. So, we have seen a few Hindi movie producers facing very tough times because one after the other, the movies have not done well. And we have also seen, for example, marquee producer like Karan Johar, sell out a major stake to another Company. And we have also heard that in terms of mid budget movie s there is a calendar which has become erratic and with the inconsistent trend. So, how do you see that the funding of Hindi movies? Because most of the hits are coming essentially from South India or dubbed South India. So, from a funding perspective, how FY ‘26 you see for Hindi movie? And if you could talk about mid budget movies , how the calendar is? A nd FY’25 why did the large tentpole kind of Hindi movies not release? What was the specific reason? Because normally these can be easily planned. What was the reason for lack of tentpole Hindi movies?

PVR INOX Limited CC-Sep24.pdf · 2024-10-15

My first question is on the re -releases. Two, three sub-questions there. One is when I see PVR share versus the India share, it's ranging from 50% to 95% in the three movies where you have given the data. So I wanted to understand why we have such a range, maybe b ecause some are only in your screens and may not be widespread. So I wanted to understand what is the science behind this? Second is in a year, how many movies would you be doing in terms of re-releases. For example, October month, again, the current month. Bollywood scheduling seems again quite weak. So are you planning some re-releases again right now? Third is in terms of variable cost, I understand you have got 6% admissions from re -releases. But in terms of variable cost and occupancy, if you could give some data, do you make good profits here? Or it's more of a marketing exercise to increase the movie overall consumption habit as such?

Yes, 50% to 95% range between PVR and total in the three examples which you have given re- releases, the range is between 50% to 95%. So why such a wide range?