Stockrabit · Analysts
Questions across 40 calls

Gaurav Jogani

JM Financial

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-Jun25.pdf · 2025-08-14
Hi, sir. Thank you for taking my question. So my question is with regards to this LTL. You have mentioned that the LTL has been strong at around 15%. And however, the net revenue growth is 6%. So I am assuming a lot of this is also to do with a lot of store closures that have happened. Would that be a right understanding?
Also, sir, pardon my ignorance, but the retail LTL is at 15%. However, if you look at the total growth for the retail format is 12%. So just wanted to reconcile this difference.

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Mar25.pdf · 2025-05-26
Sir, if we are reading the balance sheet for the ABFRL business, the net cash actually comes to around INR9.3 billion-odd, the net cash that is. Now of that INR9.3 billion-odd, if you look at the capex that you just announced, that would be around INR5 billion-odd. Now assuming there will be still some losses at the PAT level in FY '26, do you still think that it would suffice for the expansions and the plans going ahead?
Sure. So sir, in effect, there will be gross debt that will be -- that could occur at some point in time, right?
Aditya Birla Fashion and Retail Limited CC-Sep24.pdf · 2024-11-08
Sir, my first question is with regards to the demand conditions, how have they been running into this first month of October and the festive season for both the brands, that is Pantaloons as well as the Lifestyle brand? So, that is the first question answer. The sir, the second question also is with regards to, post the demerger between ABLBL and ABFRL, how do you plan to scale up things in the AB FRL piece of business given that that business will have a certain amount of debt? So, how the growth will be planned in that piece of the business , if you can answer that, that will be helpful.
Just one thing, we have been hearing from eastern based players that while the Pujo has been good, but the Pujo has not been that great as per the expectations , at least for them. So , is it similar for you, too?

Devyani International Limited

Devyani International Limited CC-Mar25.pdf · 2025-05-23
Manish, my first question is with regards to the corporate overheads and specifically the overheads in the international business. That seemed to have jumped quite high. If you can provide any details why so and how is the outcome there?
Manish, if you look at the absolute terms, last quarter the corporate overheads were around Rs. 54.4 crore and this quarter it's around Rs. 59 crore. So, in bps terms also Q-o-Q and Y-o-Y both it has increased actually.
Devyani International Limited CC-Dec24.pdf · 2025-02-11
My first question is with regard to the store expansion that we have seen in Pizza Hut. You know, it's been a really strong expansion that we have seen here. And I think the same is the case with the other business segment also, wherein the network expansion has been strong. So, if you can highlight your guidance on the expansion in both of these formats going ahead.
And sir, on the other brands, the higher expansion is also due to the JV store expansion that you mentioned, the food court. Is that also a reason why the expansion is higher than the other brands?
Devyani International Limited CC-Sep24.pdf · 2024-11-11
My question is with regards to KFC, and particularly the brand contribution margin. I mean the drag in the brand contribution margin this time around is much higher despite the SSS G decline or the ADS decline being similar to one of the previous quarters. So, anything specific here that the margin declined and how should we think about the margins ahead?
Just one follow up on this the KFC bit only, that you have highlighted that there have been some community related issues which has been impacting the performance for KFC, so ex of these states where the impact is higher, would it be fair to assume that now we have come back to a positive SSSG in KFC in those other states?

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-Jun25.pdf · 2025-08-07
Congratulations on a strong set of numbers. Sir, my first question is with regards to this new pilot that you have mentioned regarding this procurement plan with a leaner credit from the vendors. If you can, sir, elaborate more on this? And how much of this benefit during this quarter in the gross margin was because of this pilot project that you did?
No, Ramesh, I just wanted to know that because you have done this pilot, how are you planning to take this ahead? And how is the impact of this would be on the overall working capital cycle? Because if we are planning to pay the vendors a bit earlier in lieu of some discounts, so how this can have an impact on the overall working capital cycle for us?
Kalyan Jewellers India Limited CC-Dec24.pdf · 2025-01-30
Sir, my first question is with regards to the demand conditions that has been -- that you have witnessed in Q4, especially with 1 month ahead now in the quarter. And also, with the recent surge in gold prices, has that had any impact on the demand for sale?
Okay. And sir, we have been seeing that for you, at least the studded growth has been quite good. And in fact, you are seeing a increase in the studded share. So just wanted to know from a lab - grown diamonds perspective, if you are seeing any impact? And if you can give some colour on what kind of studded jewellery you have, which kind of is not so much of impacted by the lab - grown diamonds?
Kalyan Jewellers India Limited CC-Sep24.pdf · 2024-11-13
Congrats on a great set of numbers. Sir, my first question is with regards to the studded share for you. The studded share now is like 30% odd and it has seen a robust growth versus the Titan, if you see, they had actually seen a decline in the studded sha re and they had also highlighted some pain in the consumption. So if you can highlight why there is a difference in the demand that you are seeing in the studded share versus them?
Okay. Sure. Sir, a follow -up to this question that also recently, we have seen some cut in the gold prices, the recent correction in the gold prices. So do you see any positive reaction of the same on the consumer demand, though the consumer demand already has been so robust. But any signs of some pickup in the footfall because of this?

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Thank you for taking my question. Neville, my question is with regards to the revenue per square feet. Now, if you look at the revenue per square feet in FY20, that was around INR35,500 odd and right now also we are clocking at the same mark. Now, despite five years hence and then inflation etc., that has not increased and the costs though at the same time are increasing, which are keeping a drag on the margins. So, what is your thought on this? How much of this revenue per square feet do you think is impacted because of the Quick Comm guys operating in the metro towns and taking away some share from there?
So, I would put it the other way around. So, if you look at your cost per square feet, those are increasing at a higher pace versus your sales per square feet and which in fact is impacting your margins. So, how do you look at that point is the larger question?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jul25.pdf · 2025-07-23
Thank you for the opportunity, sir. We are seeing as you also highlighted that you know despite very low basis, we are still struggling to even touch mid-single digit SSSGs. So, if you can break this problem into two parts , one is the overall macro factor that is impacting this and the other would be you know any other thing that you can highlight that is halting the growth even on a low base.
Thank you for the detailed answers. My second and last question is with regards to the overall margins across the three formats. Sir, overall, the margins across the three formats given the constraints that you are operating into at least we can say at the current levels the margins are bottomed out at least if not accelerating. But at least they would have bottomed out at current levels?

Page Industries Limited

Page Industries Limited CC-Mar25.pdf · 2025-05-15
My first question is with regards to the Q4 performance. Now this year, we also had a benefit of earlier Eid. So does that, in any sense, has helped us to have a better primary sales and which probably could have an impact on the Q1 numbers?
Sure. And my second and last question is with regards to these efficiencies, especially on the employee cost and other expenses side. Over the past couple of years, because post the COVID era, we were also having a lot of inventory, which got utilized over the next 2 years. And hence, we were not in need of replacing the attrition. But now since the volume growth has picked up, do you see costs now also coming back on this front?
Page Industries Limited CC-Dec24.pdf · 2025-02-05
Thank you for taking my question sir. So, my question is again with regards to the margins. Now if you look at the cost breakup here, the employee cost s have hardly moved. On a nine month basis also, it's up only 1% YoY. And the gross margin, if you look at it, it's not very high versus the historical level. So, your guidance for the 19% to 21%, is it also for the coming years or only this is for this year? And if it's also for the following years, what expense line item you really feel that you would keep pressure on the margins?
So, just one clarification here. At least on the gross margin funds, you are quite comfortable, right? Even though there is no inflation in the cotton prices and you are in such a comfortable position that you also need not think that the pricing. So, one can comfortably assume that at least the margin level, gross levels can be the same at the current level?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-Mar25.pdf · 2025-04-30
Thank you for the opportunity, sir. And congratulations on a great set of numbers. Sir, my first question is with regards to the tiering again. If you can help us out, given that you are going to add 90, 95 stores every year going ahead, in which Tier-towns you would be adding these stores, if you can help us with?
Just a follow-up to this. I mean, given that the expansion will be more in the Tier-2, Tier-3 towns, and you also mentioned that these Tier -2/3 towns would have smaller store size as well. So , would it be natural to expect the sales per square feet also would be lower here? Is that a right or fair assumption?

Bata India Limited

Bata India Limited CC-Dec24.pdf · 2025-02-12
Thank you for taking my question, sir. And also, congratulations on finally, the cost leverage is starting to work out and good work on that. So, my question is again with regards to the gross margins here. While we have seen that there are higher sales on the USS bid and also volume growing faster, so, what really has helped the margin expansion on a Y-o-Y basis?
Yes. Sir, just one follow-up here. As the proportion of the franchise stores are increasing and mathematically, the gross margins for the franchise stores should be lower. So, going ahead, what kind of margin expansion thought process should be there in the gross level? Because ideally, as the network of the franchise stores would increase, the gross margin should be lower. Am I right in my thinking?