Stockrabit · Analysts
Questions across 57 calls

Devanshu Bansal

Emkay Global

Devyani International Limited

Devyani International Limited CC-Nov25.pdf · 2025-11-06
Sir, you seemed to have optimized the promotions for KFC as the gross margin drop has been relatively much lower in Q2 versus what we saw in Q1. So, wanted to check adjusted for this shift of Navaratri in Q2, were the underlying SSSG trends for KFC comparable to what we saw in Q1? So that was the first question.
Yes, please answer sir. So basic question is that promotion seems to have reduced because gross margin dip is relatively lower. So, I wanted to check whether the underlying SSSG trends in Q2 adjusted for the Navaratri share, were they broadly similar to what we saw in Q1, despite a reduction in promotion. So that was the first question.
Devyani International Limited CC-Dec24.pdf · 2025-02-11
Congratulations on reaching the sto re milestone. Manish, last quarter we talked about experimenting with some marketing and pricing promotions in select markets, right? So , how has been the response to such initiatives and what is the margin impact of this in the current quarter?
Understood. Sir, just a follow-up on this. So , Q3, it's seasonally a stronger quarter, but the ADS is flat sequentially. And we have taken these initiatives where we are indicating that the response has been good. So , wanted to check the reasons for a lower pickup on a sequential basis in KFC. So, just your thoughts on that.

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Mar25.pdf · 2025-05-26
Sir, I was referring to this company by balance sheet that you have provided in the PPT. The net working capital for the demerged ABFRL is at negative INR136 crores and there are some businesses like TCNS, which would be operating at around INR200 crores to INR250 crores of working capital. This implies that the working capital for the other businesses is even more negative. So I wanted to check are these sustainable levels? And what is the long -term assumption that we should work with?
So currently, this negative level, at least on an overall basis, at least because Pantaloons is at 0 and others are high single digit, double digit, so that should be like 5%, 6% of sales is a good estimate, right?
Aditya Birla Fashion and Retail Limited CC-Dec24.pdf · 2025-02-17
Congratulations on good LTL in Lifestyle Business and margin improvement across segments for the company. Sir, first question is on network optimization and restructuring with partners, both in Lifestyle and Pantaloons. I ju st wanted to check, do you foresee any losses related to inventory liquidation at these stores, any kind of asset write-offs which may happen, or that has already been taken care of?
Understood. And sir, we have sort of closed stores, right? And now we ar e sort of again going aggressive on the expansion. So I just wanted to check on the key learnings with the stores that we have closed, which we are now sort of building upon to open new stores aggressively again?

Varun Beverages Limited

Varun Beverages Limited CC-Mar25.pdf · 2025-04-30
Hi, thanks for the opportunity. Congrats on strong execution in last quarter. Sir again building on the marketing perspective, the competition is quite aggressive in terms of advertisement during major sporting events as well as large congregations like Kumbh Mela. You mentioned that obviously BTL we are quite aggressive in terms of chilling equipment as well as the banners that are there at the shops. But from a mass marketing perspective which I guess is the brand's responsibility. So, what is the strategy there from PepsiCo side? So, we are relatively , this is my perception but relatively, as of now the word of mouth is relatively lower. So what's the strategy there?
Understood sir, so the if the spend s are remaining stable then maybe we will see during the season. Sir, second question is on the international front . So, Zimbabwe sort of saw some moderation due to sugar tax last year. Now that it is in the base, you also indicated that from this quarter things should improve. Just if you could help us understand what kind of a growth that we can expect on a low base in that particular geography.
Varun Beverages Limited CC-Dec24.pdf · 2025-02-10
Yes, sir. Hi, thanks for taking my question. Sir you mentioned that the trends are really interesting so far in the current quarter. I wanted to check if you can quantify either quantitatively or qualitatively what are the kind of trends that we are seeing in the current quarter?
Understood sir. Sir second question is on low sugar and no sugar mix, right. So that has been continuously increasing for us. This year it is about 53 % odd. What all is included in this? Is this only Pepsi Black and Sting or can you highlight.

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Oct25.pdf · 2025-10-17
Hi Sanjay, Vijay, festive greetings. Sir, I wanted to check. So sorry for stretching on this. There have been multiple questions here. So, I wanted to check, so the 17 days that have happened in this quarter. So, is it fair to assume the underlying trend in KFC is still flattish or because of the pricing corrections that we have done in light of GST side, there is some pickup in like for like comparison for these 17 days?
I understand. So, my question was more since post Navratr i 17 days this year and last year. So anyways, I get your point. I was just checking on that trend. My second question is on Tamil Nadu Pizza Hut performance. You indicated that the trends are in double digit there. I wanted to check if this is largely because of same store growth or there is a component of store additions in that market as well?
Sapphire Foods India Limited CC-Jul25.pdf · 2025-07-23
Hi. Thanks for the opportunity. Sir, there is a growth divergence between channels for us, right? So, for KFC specifically, dine-in growth is 5%, d elivery is doing well at around 20% odd. So, we have been trying to improve this growth with, as you mentioned, Tasty Epic campaign where these are dine-in specific campaigns that we are doing. But that has so far not led to improvement in dine-in growth. So, I wanted to better understand the reason behind slower growth for this channel specifically. And a follow -up to this is you have also mentioned that the delivery mix increase has some impact on your margins as well. So, do you foresee a structural margin reset as well because of higher delivery?
Understood. So, Vijay, I was trying to understand and then say in FY23, when your margins or even in FY24, when your margins were 19% to 20% in K FC and that was at a certain delivery mix of 36 % to 38%. So, at current level of delivery mix, so does that imply that we may structurally be lower at 40 % to 43% delivery mix that we may not be able to do that kind of a margin? So, that was the broader question.
Sapphire Foods India Limited CC-Mar25.pdf · 2025-05-07
Hi. Thanks for the opportunity. Sir, question on KFC. Q1 typically is the strongest quarter with the last three quarters having some days where the consumption is weaker. This time around it was also preponed to Q4FY25 where I am suspecting that consumption may be lower. So, we have a relatively cleaner Q1FY26 this time around versus last year. So how should we read this flat SSSG? Is there actually some demand improvement happening or it has further worsened in April so far?
And sir, we are sustaining with this epic campaign for KFC which was launched last quarter also. So, what are the key benefits that we have gained during Q4 and what are the expectations from this campaign going ahead?

Aditya Birla Lifestyle Brands Limited

Titan Company Limited

Titan Company Limited CC-Jun25.pdf · 2025-08-07
Hi, Sir. Congratulations on a good margin performance across segments. First question is on growth for jewellery segment. The rest three quarters have a relatively higher base, obviously, because there was a 900 -bps duty cut that happened. Do you foresee some growth moderation in the rest of FY '26 or we should be able to sustain the momentum that we have seen in Q1?
Thanks for this. Secondly, I wanted to understand on margins. There is indication that there is some 50 bps of one-off in this segment for Q1 and there was some one-off in Q4 as well. Firstly, I wanted to understand what is the nature of this and whether both these one -offs are expected to reverse in the rest of FY'26? Subsequent margin question is also that if we exclude this one -off, there has been still a pretty robust margin performance as the mix was weaker due to lower studded and higher coin sales. So, do you see scope of beating the upper end of your margin band which is 11 %-11.5% in FY '26?

Page Industries Limited

Page Industries Limited CC-Jun25.pdf · 2025-08-07
Yes, sir. Hi. Thanks for the opportunity. So the volume has grown by 2%, but RM cost in absolute terms has declined by 8%. This actually implies that RM cost per piece has actually fallen by 10%. And this is a trend that we are seeing since the last couple of months. So wanted to check what is driving this. And pardon my ignorance, but I wanted to confirm this labor cost would be sitting in employee cost, right? So gross margin, if there is a lower cost of sewing from a labor perspective, then it would sort of aid your lower employee cost, right, not the gross margin. So throw some light on that.
Sorry, I got confused from your last sentence. So this reported P&L that we see, the employee cost is including the labor that is employed in your factory. Is that the right assumption?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Dec24.pdf · 2025-02-12
Hi, thanks for the opportunity. And congrats on a very good investment pick up. Sir, your aggression in market share gain is obviously not a good news for smaller competition that sort of popped up over last few years. I just want to check your views on the continuation of this ADS strategy of yours, and are we also sort of seeing initial signs of consolidation in the marketplace?
Understood. Very clear. Sir, the last question I sort of wanted to build on Percy’s question. The difference between order growth and revenue growth in Domino's has increased over the three quarters, right. So, it was 7.5% in Q1, which increased to about 12% in Q2, and now it is 15% in Q3. So, what is leading to a continued drop in realizations for us, because delivery waiver impact was there in all the three quarters.

Kalyan Jewellers India Limited