Questions across 5 calls

Akshay Krishnan

ICICI Securities

Travel Food Services Limited

Travel Food Services Limited CC-Jun26.pdf · 2026-05-26

Hi, thanks for the opportunity. So my first question is on the airport side. Now we've been seeing that the airport is actually getting sophisticated, with a lot of F&B standards , also the lounge operations have been growing up, because you have the aspect of more international brands that's coming in. So, the part of the question is, are we seeing the airport operators retaining the higher concession fee? And how should we think over the long -term sustainability of the TFS economics in this?

Perfect. My second part of the question is on the lounge business. So, we've been seeing the banks metrically tightening up the credit cards and the swipe systems. Now have we reached a point or is there an inflection state, wherein the consumer, the lounges are more being driven by the consumer habits or is the industry still heavily dependent on the bank funded access of the lounge?

Travel Food Services Limited CC-Feb26.pdf · 2026-02-13

Hey. Hi, Varun and Vikas. Great performance. So few questions from my end. So if we look at the last few quarters, so when we compare the revenue growth and the passenger growth, vis-a- vis, the revenue growth has been a notch higher than the passenger growth. So I just wanted to understand the delta that's been coming in from the higher spend that per passenger versus the premiumization in the mix shift. So how sustainable is this revenue performance versus the traffic growth?

Perfect. The second question is on the PAT margin. So if we look at the Q3 numbers, so our margins has expanded close to around 30 percent. So how much of this expansion is from the operating leverage from the new unit ramp -ups versus the structural cost optimizati on, and should we view this current margin as a new base or is it closer to the peak? Vikas Vinod Kapoor So basically in terms of the PAT margin, what exactly happens is, yes, our PAT margin has improved mainly due to quite a bit of factors: one is of course the disciplined execution on the new projects that we have been foll owing. The further important thing is that yes, our PAT margin has been in the range of 27% in Q3, but it is a seasonally strong quarter, very similar to what Varun alluded as part of the delayed flights and the scale that we operate. Our PAT margin has been in the range of 2 0% to 22%, before the share of the joint ventures and with the addition of the JV profitability, it kind of moves to the 25% to 26%. We believe it will be stable around that phase, but as we continue to expand and build on new projects, we expect the PAT margin to continue in that same threshold.

AWL Agri Business Limited

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

My question is on at what point in time does the business shift from the reinvesting gross margin gains to be delivering sustained EBITDA expansion? And what are the key triggers for this transition, sir?

For the foods, exactly.

AWL Agri Business Limited CC-Dec23.pdf · 2024-01-31

Sir just wanted to understand on the branded segment, what are the key drivers that we are monitoring in and do we expect any further acceleration down the line and what is that we can actually look in for that?

One more question just a follow up I just want to understand the performance trend that's been seen through the quarter. So, just want to can this help us in qua ntifying the October v ersus November versus December trends that we are seeing in?

JSW Dulux Limited

JSW Dulux Limited CC-Feb26.pdf · 2026-02-03

You clearly mentioned that you wanted to scale up the ladder on the ranking aspect , what will be the guardrails that you will be looking at? And let it be on the brand positioning or the pricing power or the channel economics, which means that you will protect yourself despite having a slower growth, even certain phases of the entire life cycle.

Yes. We have many growth levers in the paint industry; let it be on the pricing or let it be on the adjacencies or the distribution integrities . It looks very attractive in an isolation path. But how do you evaluate the second order effect of these choices when you make on brand equity or the channel distribution or the return of capital on a full life cycle, so what is the trade-off point that you are consciously looking on to accept in today's point in time?