Yes, sir. Thank you for the opportunity. Just one on the overall industry demand. You clearly highlighted that the incumbents have not grown much. And how do you see this going forward as we enter into festive season? Any outlook that you think would find it challenging for us to maintain the growth momentum because the industry demand remains muted? That was my first question. And second is on PaintCraft. I just wanted to know, this service would be available to all our dealers and normally in a typical dealer, what is the share of painting service? I know not for all dealers, it may be, but at least the top dealers that we in their sales, how do we think about it, this as an enabler to drive further growth?
Questions across 8 calls
Amit Purohit
Elara Capital
Grasim Industries Limited
Congratulations for the excellent performance and hitting the targeted market share that you indicated in the last call. Two things I wanted to understand, one, on the dealer counts, if you could highlight what would be at the exit of March '25. And how do you see that over the next, say, 3 years reaching bigger counts? That's my first question.
Sure. And sir, on the comment that 65% of the portfolio is on the premium and luxury side, could you just provide some insights into it because, I mean, what we would understand is that we have a complete range of products. But are you saying that in the emulsion segment as well, the premium side? Or this also includes the waterproofing premium side or a good, finished premium because what we understand is that the leader would have a limited premium when we look at the emulsion side of the portfolio because that market itself is small. So just a clarification on that will be helpful.
Kajaria Ceramics Limited
Sir if you could highlight some of the regional trends in the demand that you have seen? And also second, on the gross margin, there has been sequential improvement. I understand Q1, if I'm not wrong, is a -- mix-wise, is a better quarter than the rest of the quarter. Is that the case one should think about it? Or is there something which is changing helping you to maintain this kind of gross margin?
Sir, gross margin, if I look at it, this quarter has been pretty strong. Sequentially, it has improved, although Y-o-Y broadly similar or slight improvement. So I just wanted to understand, is this that the mix is favorable during this quarter and going forward, this...
Sir, just on the growth, we've been growing ahead of the industry, and you would attribute it to what? I mean, would you attribute it to distribution expansion or existing markets also doing well? How do we think about that? And you highlighted that the smaller towns are doing better but just wanted to get your insight?
Varun Beverages Limited
Yes, sir. Thank you for the opportunity, sir. Just wanted to understand in light of a scenario where competitive intensity rises. In that context, I just wanted to get your perspective of how does the process happen? I mean tomorrow if the competition increases then who would take the decision for any change in pricing, how does that would play out? Just wanted to have your thoughts on that.
Sure. Okay. And just can you just highlight the couple of launches which probably we could see this year?
Sir, just on the comment that you made on international volumes, which are flat ex of BevCo and that you ascribe it to shift towards zero or low sugar. One, while you indicated 46% of the volumes is low sugar, I mean, majority of that would be in the international market, right? Just one clarification.
Yes. And this shift has been happening for quite some time, right? Why has the impact been seen probably in this quarter? And how do we think about it going forward in this transition?
Supreme Industries Limited
Yes. Thank you for the opportunity, sir. Just on your comments that Q3 you saw slower growth in the agri segment as well as infra. So, plumbing would have done well housing side and CPVC has grown probably faster than the rest of the portfolio. What explains the realization lower for the quarter? And if the coming quarters, there is a likelihood that agri and housing will continue to do well. Assuming that PVC prices remain stable, should we see sequential improvement or stable kind of how do you say? These are the two questions, sir?
No, sir I was referring to our performance. I am not -- I understand PVC price is difficult to predict. What I wanted to understand is that in Q3 our realization on plastic pipe was INR131.6 a kg. And when I look at the reasons that you highlighted in terms of your performance, this is because agri was not doing well and infra was not doing well which I presume that would have a lower realization than the housing? And CPVC did 20% and still we saw a sequential reduction in realization. So, I just wanted to know, is that the hypothesis, correct?
Godrej Consumer Products Limited
Yes, I just wanted to understand on the soap category a bit better. I want to find on what would you share of these regional or unorganized brands in the overall category? And assuming that these players may not be the grade 1 soaps. What has been their re sponse as of now given the palm oil prices have gone up. And do you think there is a likelihood of an increased competitive intensity from them as well as the leader is also looking at very aggressive pricing and all. So just wanted to know your thoughts on this?
And they would have also taken price increases as of now?