Stockrabit · Analysts
Questions across 61 calls

Aditya Soman

CLSA

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Jun25.pdf · 2025-08-07
Yes. Hi. Good evening. Sir, two questions for me. Firstly, on - you indicated the impact of the early monsoons potentially on soaps. Was there also a similar positive impact on home insecticides given that we had an early rain and typically insecticides does well in the rainy season? Second question on the liquid deter gents business, we've seen Unilever get very aggressive in the space. They've recently launched Sunlight at INR70 a liter, actually even significantly undercutting even Fab. Do you see this as being a challenge to growth and margins going forward? Thanks.
Thanks, Sudhir. That's very clear. Thanks for the clarification for both. Thank you.
Godrej Consumer Products Limited CC-Dec24.pdf · 2025-01-24
Just one question for me, actually. So when you're comparing this market share, is this also Nielsen? And the reason I ask is because I think if I look at the data from Nielsen last quarter, I haven't seen the 3Q numbers. But in 2Q, there was a clear difference in sort of urban metro and non-metro, where metros seems to be decelerating. And the reason I ask is because I suspect that a lot of urban, metro deceleration is basically just not capturing the quick commerce data accurately. So is there more light you can throw on this?

Marico Limited

Marico Limited CC-Jun25.pdf · 2025-08-04
Hi, good evening and thanks for your time. So, two questions. Firstly, on VAHO, what would be the volume growth? I mean, you indicated that it's sort of double -digit, excluding Shanti Amla. Including Shanti Amla, would it be like low single-digit?
Mid-single-digit. And so, that effectively means that volumes for the remaining 30% of your portfolio, other than Parachute, Saffola and VAHO, would be sort of north of 25%. Would that be the right rate to get you to the 9% overall.

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-07-31
Yes, hi. Two questions for me. Firstly, your competitor is moving to an inventory model. Do you think that confers them any sort of substantive advantage, or any plans from your perspective to change the way you manage your inventory? And the second question is on your rider apps. So, if today are the apps on the rider side completely different for Instamart and for food delivery, or do you, or is there an overlap and do you see any advantage in that overlap if there is? Thanks.
I understand, sir. In some ways, it is like the combined app, right, where you will have a different tab, maybe for rider platform.
Swiggy Limited CC-Jun25.pdf · 2025-07-31
Yes, hi. Two questions for me. Firstly, your competitor is moving to an inventory model. Do you think that confers them any sort of substantive advantage, or any plans from your perspective to change the way you manage your inventory? And the second question is on your rider apps. So, if today are the apps on the rider side completely different for Instamart and for food delivery, or do you, or is there an overlap and do you see any advantage in that overlap if there is? Thanks.
I understand, sir. In some ways, it is like the combined app, right, where you will have a different tab, maybe for rider platform.
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-02-05
I'm sorry to dig a little bit more on this contribution for quick commerce, but I see that the contribution has actually gone down by about INR 14 per order. This has gone down from sort of a contribution loss of INR 10 per order to INR24. Now if I see the drop for Zomato, while it was also there in the quarter, it was much lower from INR 25 to INR21, and they added almost 2x the number of stores. And you also indicated that your stores were more back-ended towards at the end of the quarter. So, I'm just trying to understand where this incremental cost has gone in because you also saw a significant jump in AOV and take rates also improved. So, I'm just trying to understand how this contribution per order actually worsened so much?
But I mean, I'm just comparing like-for-like because even if you compare with your competitors, I mean, they also seem to have similar growth, but the take -- and your take rates actually improved. And so, I'm just wondering on a like -for-like basis, why should it be that different where they have seen a INR 3 drop per order and you're seeing almost INR 14. I mean, I'm just trying to understand in more detail. Is there -- is it because we expanded in more cities? Or is there something more to it that we don't see from the Shareholder Letter?
Swiggy Limited CC-Dec24.pdf · 2025-02-05
I'm sorry to dig a little bit more on this contribution for quick commerce, but I see that the contribution has actually gone down by about INR 14 per order. This has gone down from sort of a contribution loss of INR 10 per order to INR24. Now if I see the drop for Zomato, while it was also there in the quarter, it was much lower from INR 25 to INR21, and they added almost 2x the number of stores. And you also indicated that your stores were more back-ended towards at the end of the quarter. So, I'm just trying to understand where this incremental cost has gone in because you also saw a significant jump in AOV and take rates also improved. So, I'm just trying to understand how this contribution per order actually worsened so much?
But I mean, I'm just comparing like-for-like because even if you compare with your competitors, I mean, they also seem to have similar growth, but the take -- and your take rates actually improved. And so, I'm just wondering on a like -for-like basis, why should it be that different where they have seen a INR 3 drop per order and you're seeing almost INR 14. I mean, I'm just trying to understand in more detail. Is there -- is it because we expanded in more cities? Or is there something more to it that we don't see from the Shareholder Letter?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors conducted on December03, 2024 · 2024-12-03
Hi. Good evening. So, a quick question from me. So, on one of your competitors, they obviously have a cafe business within quick commerce. Now, is there sort of an imminent plan to sort of have something along those lines within quick commerce? And do you see that as a business that will allow for higher AOVs and profitability or not?
Totally understandable. Thanks for that.

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Hi. Good morning. And Neville, firstly, thanks for your very honest answers and always engaging conversation. So, we'll miss you on these calls. But in terms of questions to hear, firstly, you talked about sort of the white spaces in North India and we saw you open a store or two in UP. So, can you talk more about how this new clu ster will evolve for you? Any differences that you're seeing compared with the earlier clusters that you opened as you expanded in other states in North India? And what took you or what finally made you make that decision to enter a state like UP? And the second question is on private labels or exclusive brands, as you call them. So, you have two types. Obviously, one is -- the ones that are distributed by Align Retail, which are mostly DMart Ready products. And then there are these exclusive brands that I see you build. Any sense on the scale of the brands outside of Align Retail, since the Align Retail ones we can calculate, but the ones outside of Align Retail, I see that in terms of shelf space, they are now very prominent across home and personal care categories. So, those are my questions.
Yes. Fair enough, Neville. Thanks for these replies. I mean, just maybe on the private label point, just pushing on a little bit. I mean, if I look at a category of liquid detergents, fairly large category, growing very rapidly. I've seen that now you have two brands operating in that space, I think, and which is a space, again, multiple new entrants. So, as you mentioned before, some of these D2C brands also pushing in that space. With all these D2C brands, obviously, a lot of these are using same manufacturing facilities that I see that you are using for your private brand. So, does that mean that you're already -- I mean, there are already manufacturers that are coming up as we push away from, let's say, the two or three dominant brands in the past? And that gives you an opportunity, maybe not like a very short-term, but over a five-year, seven-year period to grow that business meaningfully.

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Jun25.pdf · 2025-07-30
Two questions from me. Firstly, thanks for your sort of detailed presentation, which really is fairly transparent and gives out a lot of data. But I wanted to just ask on you have laid out the pricing structure for P&A and Mass Premium and other brand and other price points. But I just want to understand how the margin structure also varies as we move from sort of Mass Premium to Prestige. If you can answer it on sort of a price per bottle or in terms of percentage margins, that would be super useful.
That’s very clear . And just in terms of the opportunity on the Super-Premium and, let’s say, Super-Premium and Luxury, could you give us some sense of where you see this entire space being in terms of the number of cases for ABD in particular over, let’s say, 5-year period or what your aspiration would be?

Varun Beverages Limited

Varun Beverages Limited CC-Mar25.pdf · 2025-04-30
Good afternoon and thanks for the opportunity. Two questions from me. Firstly, any sort of early trends from the recent launches you have made of Sting Gold or of the sort of lower price point pack of Gatorade, especially as we head into summer, we have seen that you have increased capacity. So, any sort of sense on how these new products are doing will be very useful. And the second question, in your presentation you highlight that one of the reasons for the sort of gross margin impact has been the higher CSD share in India. Could you please elaborate on why that has impacted gross margin? And secondly, is there also an impact in this because of the water cost that has shifted, you had indicated some time back from other expenses to COGS. Thanks. Those were my questions.
Thank you, that's clear. Maybe just on that, so are we alluding that CSD gross margins are slightly lower than the overall system average?
Varun Beverages Limited CC-Dec24.pdf · 2025-02-10
Hi, good afternoon. Two questions, firstly, on the capacity increase that we are building in the four plants in 2025. Can you give us a sense of how much the capacity will go up? Like you've shown 45% over 2022. So how much would it go up over 2024? And secondly in terms of volumes, can you give us a sense of how much of the volumes are now in India are non-core, so non-Pepsi Mirinda, 7UP. and do we see competition?
Yes, my question was actually capacity for 2025 that will go up because we are sort of adding.

ETERNAL LIMITED

ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21
Hi. So, first question, in your ROCE calculation on Blinkit, you've laid out the assumption of about 18 days of working capital. Now this is significantly lower than retail or traditional retailers like DMart. Is this because you do not have to maintain as much shelf inventory? Or is it just that your models allow you to minimize inventory just because you have a just-in-time model and can move much faster? Or does this mean that some of the inventory will still stay off the books?
Fair. No, that's clear. And then secondly, I mean, in your statement on competition, you've also mentioned that there's a clear trend for you at least that speed, assortment and customer support are almost more important than price. So, does this mean that we are seeing the segmentation of the market as we've seen everywhere in the world with sort of players like Reliance or DMart going after value and Blinkit effectively filling the gap in India for the convenience channels as we just don't have any supermarkets or convenience stores here?
ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01
Hi - so, two questions. So firstly, in terms of these new stores that you've added, can you give us a sense of how many have come in new cities and then just an extension of that, how many cities you are present in today? And second question is on Zomato Everyday. This was one attempt to address the affordability and sort of frequency it fuels, but it seems like you are shutting the business down. Can you give us a sense of what really didn't work out with that business? And is there another similar business or something along those lines that we are tracking? Maybe does Zomato Bistro fill in that gap?
Understand. And just in terms of the first in terms of city additions, would it be fair to say that, let's say, the time taken for these new stores to hit breakeven remains unchanged more or less in line with the average? Or is there any difference in timing in these cities?
ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20
Hi, good evening. I have two questions. Firstly, can you elaborate a little more on the take rate in quick commerce coming off? While you've explained why we've seen profitability worsen because you've brought forward the acceleration in stores and warehouses, can you talk about take rate? And the second question, a related question, why do you feel so confident about profitability improving in quick commerce? I understand store maturity. Can you give us a sense of what proportion of stores will be mature, let's say, in FY26? Thank you.
I understand. Thanks, very clear.

Jubilant Foodworks Limited

Britannia Industries Limited

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Dec24.pdf · 2025-01-30
So 2 questions. So one, are you seeing, in tea when you mentioned that some of the smal ler competitors, they've had more lead time to adjust to prices. But is there also a sense that some of these players are also benefiting from easier access to the market whether it's because of modern retail or quick commerce? Sunil D’Souza: I'm not sure. I mean, the access -- modern retail, I don't think things have changed significantly. Quick commerce, I'm not sure you're seeing all the tail -end SKUs coming. So -- and that was always there. So it is not -- yes, it could be, but I don't think we're seeing anything dramatically different in that front. In fact, e -commerce, we are the #1 player, and we continue to be the #1 player, and we are ex panding market share as we speak. So I'm not sure we're seeing what you mentioned.
No, very clear. And the second question on the Beverages business. So would it be fair to say that now the product is a lot more competitive from a pricing per spective and which is what is driving up the volumes? Sunil D’Souza: Absolutely. So if I divide the ready -to-drink business, there are 3 parts of the business, right? Himalayan was unaffected. It's on a different planet, if I may, in terms of image, premiu m, type of outlet, et cetera. That's number one. So, number 2 was Tata Copper Plus, which we showed you the revenue growth of 18%. That's on a strong wicket going from strength to strength. Tata Gluco Plus was the one impacted where -- while the INR 10 price was matched by competition, they had gone significantly deeper on retail margin, and that is what we've matched. And like I said, the critical thing is to make sure we build momentum back under the business and then figure out how to improve profitability there on. While, like I said, in December, top line -- I think for December, we exited at a 39% volume growth. For the quarter, it was 14% because it is accelerated month -on-month. But the 14% volume growth translated into minus 2% on revenue, p rimarily because as we re -indexed retailer margin that has had an impact on revenue. But here is the thing. First, guys, as long as my unit economics works, and I have question marks on the other side, and therefore, what exactly is going to happen in the future, my game is to stay in the market, build momentum and build profitability from here on.