Questions across 41 calls

Avi Mehta

Macquarie

Titan Company Limited

Titan Company Limited CC-Sep24.pdf · 2024-11-05

Hi Team, Thanks for the opportunity. Just on the margin front, first, we have seen the first half at almost about 11.3% adjusted for this custom duty. Would you still look at 11 .5%-12.5% for the year? Is that a range that we can kind of, how should we look at FY25, if you could give us some sense?

And just a second question is on, again, sorry, on lab-grown diamond. I hear you clearly on the consumer adoption. I just wanted to appreciate that within the Tata Group, one other Company has launched lab-grown diamond. Does that indicate or preclude any possible entry by us? Or how should we look at that or would love to hear your thoughts on the same?

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

Sir, I just wanted to check with you whether the current elevated discounts in Jewellery, should it be or could it be seen as a possible indication of demand weakness? And secondly, is 4Q capturing or is a fair representation of the current discounting pressures in Jewellery segment? Or is there -- is it for some part of the quarter, and hence, if there's possible downside risk?

But what I was trying to get to is, would you link it more to the current sharp increase in gold price? Or would you link it more to its generally a demand issue, and hence, we don't know. That's the point I was trying to understand. How would you look at this. The near term, I understand, but that's where I was trying to get to.

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

Sir, I just wanted to check if you could update on how the demand in the Jewellery for the sub - INR 50,000 segment is behaving because you had pointed towards that being under -stressed. Has that changed? Or is it still deteriorating further? Any updates on that, please?

Got it, sir. And sir, the second bit is on this competitive intensity that you alluded or highlighted. Given the increase in gold price, does this in any way make us revisit our margin expectation for the year? Or are we -- is this in a fairly comfortable level? Because you've been citing this, however, the margin delivery has not taken a hit. But I just wanted to get a sense if that has changed, especially because some of the other peers are going a lot aggressive on store additions, so would love to hear your comments on that part.

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

Congratulations on the great performance this quarter. I had just 2 questions. The first one was, in the presentation, you've pointed to a material beneficial , material impact of Shradh being delayed from September last year to October in the current year. So 2 sub-questions on that. a), is it material enough to impact the October sales? And if that is, does it make us reevaluate our expectations for 3Q sales growth?

Okay, sir. Okay.

Marico Limited

Marico Limited CC-Sep24.pdf · 2024-10-29

Sir, I just wanted to kind of double click on the margin a bit. Now given that you have taken another round of price increase in Parachute, and our comment that there is no competitive concerns from price discounters, could you please elaborate why, whether your comment of being watchful on margins in the second half, does it suggest a material revisit of the earlier expectations of flattish margins in FY '25?

The second question is on, I know it's early stages for Project SETU, but would love to get any early insights on how are you seeing the benefits flow through in the initial stage where this was rolled out and where you have some history?

Marico Limited CC-Jun24.pdf · 2024-08-05

I just wanted to revisit this Bangladesh thing. Could you help us understand how should we look at the performance from a near -term perspective? Does it impact the portfolio diversification pace in any manner? And I just wanted to kind of better understand how should we incorporate this bit in?

So, would it be fair, Saugata, to say that, from our perspective of how we look at the business, this is something that should not significantly change the broader growth trajectory, even from an annual perspective.

Marico Limited CC-Mar24.pdf · 2024-05-06

I just wanted to understand Project Setu a little better and clarify a point. Now in addition to this benefit that could come in terms of reach and hence to segment level growth rates , do you see it fair to see such a reduction in inventory lowering the impact of channels , down stocking or up stocking that is witnessed during periods of copra and vegetable oil price hikes?

But as I clear ly understand, there is a lot more benefits in s ales perspective and reach retrospective in terms of quality , that is what you are targeting. The second bit I just was your comments on pricing growth coming back in Parachute, vegetable oils, decline coming in the base, foods sector doing well, I just wanted to reconfirm that our expectations for FY25 are a t double digit profit revenue and low teens profit growth remains or is there any update on it?

Marico Limited CC-Dec23.pdf · 2024-01-29

I just wanted to follow up on the GT comment. Are you looking at these changes in supply chain margin, changing the level of inventory, is that the thought or is it more towards a nimble supply chain which you talked? So, would love to understand what do you mean by these and could you just clarify or give us some examples of what are the changes that are being done to drive growth?

Just a follow up. Could you kind of help us understand how this inventory has changed 4 years back and what is it now? And probably 5 years ahead how should we look at that? Just to get a sense because it seems you're targeting more channel inventory and trying to modify that.

Pidilite Industries Limited

Pidilite Industries Limited CC-Sep24.pdf · 2024-10-24

Most of the questions have been answered. I just had 1 basic question on the margin front. Now you have historically indicated this 20% to 24% steady-state range, with the first half EBITDA margin already ahead of that range, it's at 24.5%, would you say input costs are benign, would it be right to say that there's a higher possibility of us breaching that range? Obviously, things could change, but I'm just trying to understand how should we look at the margin front? That's all from my side.

Pidilite Industries Limited CC-Mar24.pdf · 2024-05-08

I just wanted to clarify the understanding, and sorry to belabour on this, but the way I should look at the next year is while 1Q might have some disruption, it is more a transient impact, which will be offset by the remaining quarters. And we remain focused on driving that double-digit volume growth guidance.

And second, sir, is it also fair to say that the realization decline that we've been having about 5% or so, that's kind of coming into the base. So from here on, that number should also trend down or actually become 0. Is that the right way to look at that ?

Hindustan Unilever Limited

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

Just picking up on where the earlier participant left, with the superior formulation in soap of much competitive pricing and early signs of healthy consumer traction, could you give us a sense on by when do you see these Stratos essentially translating into volume market share gains in soaps? Is that the right way to look at this? And would love to hear your thoughts on by when do you see it translating into these outcomes?

Clear. Perfectly clear on that. Just on that Rohit, if I may just a second bit on the industry. I heard your comments about the fact that we are ensuring that our performance is less linked to the industry. But what in your view is the reasons why urban has weakened? And by when do you see this turnaround? I wasn't able to kind of get a clear understanding of that, if you had any thoughts on that, that will be great.

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

I just wanted a simple question on the EBITDA margin range. You have said that you want to refer with healthy range. Could you kind of give us a sense on what this range is given that GSK portfolio, the distribution agreement falls off and that would also have a margin impact? Would love to know what ratings are you talking about and say healthy?

Got it. Got it. Fairly clear on this. And the second bit -- just a clarification, I would love to hear your perspective on the distribution margin structure change that has been talked about -- and whether you see any near-term impact of this on channel inventory and probably because of the reported sales. That's all from my side.

Page Industries Limited

Page Industries Limited CC-Jun24.pdf · 2024-08-08

Sir it is heartening to see your comment on early signs of demand revival. Wanted to just check, are you more optimistic on calling a recovery now versus where we were in end of the fourth quarter?

So, how do you expect the year to pan out, again second half mid-teens or how do you see that would be useful to understand, thatchanges?

Page Industries Limited CC-Dec23.pdf · 2024-02-08

Sir, I had a few questions, especially on inventory, on demand and on margins, if I may. So first, on inventory, I would love to know how the inventory levels at distributor and retailers and they how far off are they from normalized levels. Also on your point about bottoming out of seen in December, is that because the discounting pressures have peaked out? Or are you seeing Jan being better? If you would kind of clarify that part, sir? And lastly, on margin profile, I would love to hear your thoughts on how should we look at this given this quarter is closer to the bottom end of our 19% to 21% range. And how should we look at it going forward? These are the 3 questions, sir. If you could please help.

Sorry, you said towards bottoming out seen in December on demand side. So is it in terms of discounting pressures having peaked out? Or is that Jan has seen an improvement? What was that comment supposed to mean? I was not sure, sir.

Britannia Industries Limited

Britannia Industries Limited CC-Jun24.pdf · 2024-08-05

Hi, sir. Sir, with the marginal inflation that you have seen in commodity costs, how do you think -- could you share your thoughts on the FY '25 pricing growth? How do you see that?

Got it, sir. So, okay, so some pricing, but depending on how it kind of pans out, but it looks benign in that sense. Got it. Sir, on the adjacent businesses, I just wanted to check, would it be possible to share where do we stand at the EBITDA margin level now? And whether that is the focus, when you highlighted that there's a focus on consolidation in this category or that margin trajectory, something that we would -- I mean, your thoughts on that one, please?

Britannia Industries Limited CC-Mar24.pdf · 2024-05-06

Sir, I just wanted to ask the adjacencies that you highlighted, the non -biscuits portfolio. What is the current share of sales? And how -- more importantly, how does the margins contrast in this portfolio versus the biscuits business? Would you be able to give us a qualitative sense? Yes. I just wanted to check, sir, that in the non -biscuits portfolio, what is the revenue salience right now? And could you give us a sense on how do the margins stack up versus the biscuits portfolio, would this be possible?

Yes, the non-biscuits, basically, the adjacencies, yes.

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

Sir, I just have two questions. One, I wanted to understand your comment on market share gains a little better and whether you believe this suggests that the price -based competition is largely behind us. Would you see it this way? Or I would love to hear your comments on that one, sir.

So -- sorry, sir. You think there is still room wherein this could be a cause of and we have to be vigilant. That's how I should read it. It's not yet behind us.

JSW Dulux Limited

JSW Dulux Limited CC-Jun24.pdf · 2024-08-02

Sir, I just wanted to kind of double click on what is happening on the ground in the decorative. We now know a new entrant is on the ground. So I wanted to get your initial impressions or thoughts on -- versus what we were when there was -- there's clear uncertainty in what they will do. And now we have some clarity, I would love to hear your thoughts on how exactly are things on the ground? How are you seeing this? Any update over here? Because you could appreciate we would -- we have limited -- we'd love to kind of gain that understanding from you, please, if you could.

Sorry, sir, I can't hear you. Sorry. I think you've gone on mute. No, sir, you're not audible.

United Spirits Limited

United Spirits Limited CC-Mar24.pdf · 2024-05-27

Hi, team. Thanks for this opportunity. It was a very useful presentation highlighting the key legs of growth, thanks for that. Could you give us a sense of the demand con ditions? And whether there has been a pickup versus the comments that you had shared last time?

Hina if I can just extend -- just a follow-up. Basically, is it fair to read in your comments that the trajectory of double -digit growth in the Prestige segment versus the 6.5% that we saw in fourth quarter is likely to take a couple of quarters? Or no, that's not the right way to read the comment?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Dec23.pdf · 2024-01-31

I just wanted to clarify a bit on RNF. Would it be fair to say that if we were to extend this formulation to other formats, the pricing of the format would remain the same or would not have to be tempered with the despite the additional efficacy? So, on a per ML basis, the pricing still comes out to be favourable. Is that the right way to look at this?