Questions across 61 calls

Aditya Soman

CLSA

Devyani International Limited

Devyani International Limited CC-Sep24.pdf · 2024-11-11

Two questions, firstly, in terms of KFC, can you break down what actually impacted SSSG in the quarter? So, how much of it was because of sort of the geopolitical issues that we faced earlier? How much of it is just the quarter where there's been a weakening of consumer sentiment. And secondly on the new brands , I just want to understand what level of investments would this entail over the next couple of years, any sort of early sense on this?

Maybe just a follow up on that. Just in terms of the small format , it will still be a consumer facing format, right? It's not dark kitchen or that is still to be decided?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Sep24.pdf · 2024-10-23

Just following up on Latika's question actually on e-commerce and the impact, particularly of quick commerce. I find it a bit disingenuous that both - - I mean, you and one other large multinational called this out that large cities are growing slower when we are seeing growth in some of these channels being well over 100%. If I look at even growth for businesses like Nykaa in the Beauty segment and even if I compare your sort of adjusted beauty growth, the absolute increase in turnover for Nykaa was actually larger. I understand they are a retailer and then also sell your products, but than what it seems to be for Beauty and Wellbeing for HUL. So I just wanted to get a sense, I mean, is it that when we are saying we are gaining market share, are we looking at a different set of data? Or am I just missing something?

No, no. I'm just saying that on one hand, we've got these companies growing, I mean, e -commerce or businesses like Nykaa, which obviously are beauty focused and the beauty business growing very fast. And on the other hand, obviously, HUL's growth in beauty has -- or remains relatively...

Hindustan Unilever Limited CC-Dec23.pdf · 2024-01-19

Just one question from me. Sir, this appointment of the new Chief Digital Officer as well as the split of the Beauty & Personal Care business, it seems like clearly, targeted towards some of these newer D2C brands that seem to be growing faster than the Unilever, at least in the past few quarters. Sir, what would be the immediate targets for both from the perspective of the Chief Digital Officer as well as from the Beauty business over what we can track over the next, let's say, 4 or 5 quarters?

Yes. No, that's very clear. I think just 1 follow -up here. I mean, in terms of growth, so obviously, I understand the opportunity for a very long period from on the beauty side in particular. So would we see sort of clear demarcation or differentiation in the growth between Beauty & Personal Care? Or do you think that even on the Personal Care business that is still a significant headroom for growth?

Varun Beverages Limited

Varun Beverages Limited CC-Sep24.pdf · 2024-10-22

Two questions from me. Firstly, on the India volume growth , which has deflated sharply, are there any sort of regional or brand level nuances given the relatively sharp slowdown? While I understand obviously the rains have been very uneven in the quarter and this quarter is not very large seasonally, I just want to understand if there were any differences between different regions and secondly, just in terms of whether there's been a recovery in October. And the second question is on competition. Now, Tata Consumer in their call indicated that they were impacted by the higher trade margins offered by Campa Cola. Have you seen any effect of this?

Varun Beverages Limited CC-Mar24.pdf · 2024-05-13

Two questions. Firstly, can you tell us a little bit more about the increased capacity and your plans for Gatorade and Cream Bell? And secondly, again, in terms of South Africa, any sort of color in terms of the numbers for the next year will be super useful.

ETERNAL LIMITED

ETERNAL LIMITED CC-Sep24.pdf · 2024-10-22

Hi, good evening. I have two questions. First, adding on to the previous question about newer markets, can you give us a sense - obviously, we see that Blinkit is now available in over 40 markets. How many markets do you see yourself entering? And second, how much would the top, let’s say, 5 or 10 cities contribute to your overall GOV in the near term, and what do you expect over the next year or so? My second question is on capex, which you indicated has been around INR 214 crore. Can you give us a sense of where this is being spent, as it has gone up? This has also led to an increase in depreciation, so any color on that would be useful. Thanks.

Thanks, Akshant. And maybe just quickly on that first point. For a new city, would you measure it again in the same way - orders per store or GOV per day per store? Can you give us a sense of whether, when you say most of those cities have been reasonable, they are hitting the same GOV or orders per store?

ETERNAL LIMITED CC-Jun24.pdf · 2024-08-01

Hi, can you hear me?

Excellent. So a few questions. Firstly, on Blinkit stores, any idea of how many of these would be sort of owned or managed by you versus outsourced?

ETERNAL LIMITED CC-Mar24.pdf · 2024-05-13

Quick question. So firstly, on Blinkit, the guidance of doubling the stores is fairly straightforward but would you also see the per store throughput to continue along similar lines? That would be question one.

Understood, that's very clear. And secondly on Zomato Everyday, can you throw a little more light? I think recently, there was some press that even Swiggy is restarting their daily service. So, any more light on Zomato Everyday?

ETERNAL LIMITED CC-Sep23.pdf · 2023-11-03

So just one question from me. If you think of quick commerce versus food delivery, I think, we all understand that the overall addressable market in quick commerce is much larger. But on the competitive dynamic, would you also say that's a lot easier given that in a lot of pin codes, basically, you could be the only player. And even, would that be a fair statement to say that the competitive dynamic is much easier and likely to stay easier or that is incorrect?

Fair enough, that's interesting. And in terms of benchmarking, in food delivery, it is fairly obvious who you could benchmark to or not. But would you say in quick commerce, as you mentioned, you could benchmark to everybody from direct quick commerce competitors to Amazon to Reliance or whoever?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Sep24.pdf · 2024-10-18

Sir, two questions. One, can you give us some sense of how margins are trending for Sampann? And secondly, on Starbucks, can you just give us some understanding of what same-store sales -- that our same -store sales growth is there at Starbucks? And also, why we are seeing so much stress in the channel? Is it the weather or is it something else?

Yes. That's very clear. And m aybe just a follow -up on that Sampann margin number. What's the best way to understand why this is happening? Is this just a function of leverage as you scale up the business and you get leverage over fixed cost? Or is it a better sourcing efficiency or pricing?

TATA CONSUMER PRODUCTS LIMITED CC-Jun24.pdf · 2024-07-30

Just following up on the previous question . For this quarter, can you just give us a breakdown of how much would be the international business within Capital Foods and Organic India? Sunil D’Souza: So, let's get back to you separately on that, and we will give all the numbers.

Understand. And last ly, would you have a breakdown of contribution of modern retail and e - commerce for at least at a segment level, let's say, beverages or foods? Sunil D’Souza: No, unfortunately, we don't track on a daily or a regular basis contribution by category, by channel, on a consolidated basis. Overa ll, historically, we have had about 11% to 12% contribution from e-commerce and 14% to 15% contribution from modern trade.

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Jun24.pdf · 2024-08-07

So two questions. Firstly, on the Africa EBITDA that you said has improved. Does this include the amount that we received from the entity that we sort of franchised out? That's one. And if we were to exclude that from the EBITDA, then what would be the und erlying EBITDA of the businesses that we retain? And secondly, on GAVL, when we've done this pet food launch, how would the transactions with GAVL work? I mean in terms of transfer pricing or will there be a JV with GAVL, I didn't get that clearly a nd lastly, on deodorant, just to clarify, how much would be the proportion of Urban GT as a proportion of overall deodorant sales?

Godrej Consumer Products Limited CC-Sep23.pdf · 2023-11-01

Sir, just following up on Indonesia. You mentioned that the margins there were something that you can improve. So, any specific measures that you think you can drive to improve margins, sir?

I understand. And any sense of guidance on what you feel are the right level of margins?

Titan Company Limited

Titan Company Limited CC-Jun24.pdf · 2024-08-02

Sir, two questions. Firstly, can you give us a sense of the contribution in the jewellery business from the overseas stores? And secondly, are we seeing any sort of underlying change in the demand environment post this custom duty got any sort of sense in the 15 days that you've had.

Understand. Very clear. And just to follow up on that, I mean, this also coincided with your activation, right, or coincides partly -- so how has that played out?

Titan Company Limited CC-Mar24.pdf · 2024-05-03

Two questions. Firstly, on Zoya, can you talk a little bit more about the ambitions here, both near term and more medium term? And also some color on what the sales there are or any sort of color on margins would be very useful. And secondly, on the overseas business, any markers on how that business or how the stores that you've opened have been doing, especially the ones that have been opened for more than a year?

Yes. Yes. On Tanishq or Mia.

Titan Company Limited CC-Dec23.pdf · 2024-02-01

Sir, one question on the International Business. Can you give us a sense of -- I mean, you've given a number of 100% retail growth there. But can you just give us a more qualitative information on the average ticket size, especially in the US?

Yes, yes. No, just in terms of qualitative information on ticket size and the customers that you are probably -- typical number of customers that you are looking for at the store level? And any sense on that would be super useful since we don't have context on those stores?

Titan Company Limited CC-Sep23.pdf · 2023-11-03

Sir first question, I mean, you talked about faster customer growth at the top end in terms of higher ticket size s, but I see that Z oya at present, I mean, while you're expanding it, is about 10 stores. Would you think the time is now right for you to accelerate the expansion of Zoya and any sort of outlook you want to give us in terms of where Zoya can be, let's say, in the next 2 to 3 years?

Yes, 8.

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Jun24.pdf · 2024-07-30

Hi. Good afternoon. Sir, two questions. One, I mean, just mathematically, as your cash from operations increases, and especially as you're opening more stores in smaller towns, would the number of stores just mathematically go up because we h ave more cash available to open stores, given that utility would match store adds, capex and cash from operations?

Great. And the other thing is, I mean, just to add to this, right, the area of the cluster also keeps widening, right? So, when you open within the cluster, even that cluster itself is widening. So, in theory, I mean, there is no reason why -- I mean, I know you've said 40 to 60 stores over two to three years, bu t in theory, that number should keep going up as your -- one, as your revenues and cash flows improve, and second, as your cluster size increases, right?

Britannia Industries Limited

Britannia Industries Limited CC-Sep23.pdf · 2023-11-02

So firstly, you highlighted this whole branded F&B category being INR 9 trillion. Would you - - I mean, how much of a play can Britannia make in that category? And any specific categories or subcategories within that, that you want to highlight where you feel that Britannia potentially has the right to win?

No. Understand, very clear. And just a follow -up on this: I mean you mentioned that maybe in some of these categories, at this point, you don't see a -- sort of any natural right to succeed, but how do you get to that point where you're confident that, "Look. We are likely to succeed?" Let's say chocolates, right, I mean, hypothetically. Would that be like test marketing and then taking notches off or at what point would you just dismiss the strategy?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Sep23.pdf · 2023-10-25

So, firstly, just in terms of volume growth, can you give us a sense that pre COVID to now, what would be the rough level of volume growth for the company and maybe for perspective even for the industry? And the reason I ask that is because we've had several moving parts, right. We've got some changes take place because of COVID. We've had obviously very sharp inflation and changes in pricing. So, I just wanted to understand volume growth at a system level or another way to put it if that would be better in just number of pizzas sold?

Understand. And just to follow up on that. So, when you talk about sort of some pressure on ticket prices overall, we are not specifically for this quarter, but in general I think would it be fair to assume that part of it is just or is it people consuming smaller pizzas or lower value pizzas which is the way to think of it?