Questions across 57 calls

Devanshu Bansal

Emkay Global

Page Industries Limited

Page Industries Limited CC-Sep24.pdf · 2024-11-07

Thanks for taking my question. S ir, currently, we are at 80% in -sourcing versus these levels being 70% about 6, 7 months back. I just wanted to check how much of this margin improvement is because of this higher level of in-sourcing and whether these levels of in-sourcing are expected to continue even after the demand recovers for us?

Understood. Sir, anyways, the PPT's mentioned that it is 80% in- sourcing, maybe I'll check it again. Yes. Second question, sir, the working capital has been optimized by about INR330 crores over the last 6 months. So what has driven these savings exactly? And are these expected to continue because inventory levels are below the March '24 levels despite whatever growth that we have seen in H1?

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

Sir, there is some level of optimization that we are doing on the general trade side in terms of lower retail outlets, which should, in a way, benefit our EBO channel. So I wanted to check what are the like-to-like growth trends for EBOs, if you could sort of provide an outlook here.

All right, sir. And secondly, economy players are quite optimistic on front-loading of growth in Q4 due to an early Eid this time around. But your commentary is not indicative of such trends. What is the reason for this?

Page Industries Limited CC-Sep23.pdf · 2023-11-09

Sir, your commentary indicates that team at least has done a good job and whatever challenges are there are because of weak macro. So my concern was regarding the several senior-level exits, first, Mr. Shukla; and now Mr. Sehgal. So I wanted to check what are the reasons for these exits? And what are the key guidelines for new hires? And also who will be taking care of their portfolios in the interim?

Varun Beverages Limited

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

First question is on India's gross margin, which have dipped about 120 basis points in this current quarter. I wanted to check if this is due to raw material or inferior revenue mix, if you could just highlight.

That 1% has actually shifted upwards from the earlier expenses.

Varun Beverages Limited CC-Jun24.pdf · 2024-07-30

Sir, congratulations on a very good performance, and thanks for the opportunity. Sir, this 23% growth when we compare it to about 40 %-45% expansion in our capacity. I guess some of it is due to delay in opening of some of the plants, which happened during the quarter. The question is to check is in even for a short period of time, did we touch the peak capacity in the June quarter?

Got it, sir. Second question is on margin time. Our stand -alone EBITDA margin improved largely in line with the gross margin improvement that we have seen. However, in the consol idated level, there is some mismatch between gross margin gains and EBITDA margin gains. What is the reason for that, sir?

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

Congratulations on good margin execution in the past quarter. Sir, you indicated that summer season has started off well. I wanted to check if you can call out the utilization levels of your plants for the month of April as in how are we trending on that front?

Okay. That's really encouraging to hear, sir. From a depreciation perspective, Mr. Gandhi, as some of the plants were commissioned during the quarter, what is the expected run rate for depreciation going into the coming quarters, if you can help us?

Devyani International Limited

Devyani International Limited CC-Jun24.pdf · 2024-08-05

Congratulation on a good margin performance. Manish, if we look at channel performance, KFC's off-premise channel has grown faster at about 19 odd percent while Pizza Hut has seen about 4% to 5% decline. What is the reason according to you for this different consumer behavior across Pizza Hut and KFC?

So, you are saying last time around in Q1 , off-premise was 37% for KFC which has moved to 41%. But over last three quarters, it is about 40%-41%. So, maybe lower base was there, right? Is that what you mean?

Devyani International Limited CC-Mar24.pdf · 2024-05-14

Congratulation on a good margin execution in the quarter. Just a small bit on the food court, is it like food courts within theatre premises? Or the common food court that is there in the malls? Just wanted a clarification on that?

Got it. And will it be like only our brands? I just wanted to check with competing brands be comfortable with such kind of a relationship because there are global precedence? So any views here?

Devyani International Limited CC-Dec23.pdf · 2024-02-02

Wanted to check , as in this calendar year also we are targeting aggressive store expansion. So, are formats like Pizza Hut, Costa Coffee sort of generating enough free cash flow to sort of support this expansion that we are planning to?

And from margin perspective; while there was a SSD decline for both formats , KFC Pizza Hut. But in KFC we have been sort of able to deliver a relatively better margin performance compared to Pizza Hut. So , wanted to check is there any kind of difference in operating models for the two brands where costs are more variable for KFC vis-à-vis Pizza Hut?

Titan Company Limited

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

During the analyst meet, we indicated some margin pressure related to our ability to charge the making charge in the wake of sudden spike in gold price. But when we see our Q1 margins, it has actually improved 20 basis points, and this is despite the lower studded growth. So, I wanted to check on the drivers of this margin improvement for Q1?

Got it. And these cost optimization levers are expected to continue in the coming quarters as well, right?

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

Yes. Sir, gold prices are elevated, which should also lead to higher inventory at stores. According to you, can this also lead to lower inventory turns or the Company is sort of trying to reduce the stock or lightweight the inventory at the stores?

Got it. Ajoy, do you also sort of see lower interest from franchisees under such elevated gold prices? Just a follow-up to this.

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

Sir, retail UCP growth as well as like -to-like growth has seen a meaningful deceleration compared to previous two quarters. So what are the reasons attributable for this? Do you expect growth to bounce back in the coming quarters? This is for Tanishq.

Got it, sir. Second question is on the margin front. The Jewellery EBIT margin has declined about 80 basis points this quarter. In my opinion, a 2% mix change towards studded should have resulted into only half of this decline plus there should have been s ome operating leverage as well. So what are the other growth investments that we are doing which is leading to this kind of a margin decline?

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

Yes. So my question is on the capital raise of about INR 2,500 crores through debentures and about INR 1,000 crores through debt. So wanted to check if you can provide some color on the utilization of these proceeds and also what is the blended rate of interest that you foresee for the same.

Acquisition of CaratLane stake, sir?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jun24.pdf · 2024-07-30

Sanjay, I'm not sure if these are right macro indicators, but just wanted to check if employment growth in the country or wage hikes sort of relevant metrics that you track internally for sort of tracking improvement in demand? Any sense on these metrics for FY '25 if you're tracking these metrics?

Got it, Sanjay, very clear. Second, I wanted to check, typically, so we are at 122 in KFC ADS, which was 135 in '23. So is this entirely due to weak macros or there is some bit of bill size reduction also because there has been a focus on value launches? O r there is some increase in competition from that perspective. So any color on this, please?

Sapphire Foods India Limited CC-Mar24.pdf · 2024-05-10

I want you to check within...

Sure. I'm already using my handset. I'll be a bit louder. What is the -- within the 3% SSSG decline for KFC, what is the kind of transaction growth or decline that we have seen this quarter?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Mar24.pdf · 2024-05-29

Congratulations on the good margin execution in the quarter. First set of question is on Lifestyle Brands. Just wanted to check if you could call out the LTL growth for retail segment in Q4 and for full year FY '24?

All right. And Vishak, this in elasticity is expected to continue or with more improved footfalls, we can sort of opt for more discounting, so this year views on that?

Aditya Birla Fashion and Retail Limited CC-Sep23.pdf · 2023-11-10

Sorry for stressing again on this, but I just wanted to have a better understanding, in H1, our debt is increased by about Rs. 3,000 odd crores and for TCNS, I guess we have paid about Rs. 1,600 odd crores , s o there is a requirement of about Rs. 1,400 crore in the existing business, you mentioned that working capital levels are relatively higher, so just wanted your clarity as in the rest Rs. 1,400-Rs. 1,500 crore, how much of it is because of this onetime working capital elevation, if you could help me explain that?

But sir, that also includes GIC investment of Rs. 1,400 crores that?