Questions across 11 calls

Gaurav Malhotra

Axis

Vodafone Idea Limited

Vodafone Idea Limited CC-May26.pdf · 2026-05-18

Yes. Hi. Thanks for the opportunity. Just a couple of questions, so one, when I look at the VLR subscriber number percentage, it's still lower than peers. So just wanted to get a sense on why this should be still lower than competitors. And the second question is now that you have launched 5G, any sense on FWA plans? Thanks.

So, if I understand correctly, it's not that these are inactive subscribers, it is just that they may be multi-simmers, who are not using the Vi number as frequently to fall within the VLR ambit is that correct?

Vodafone Idea Limited CC-Mar25.pdf · 2025-06-02

Just a few questions. So Akshaya, you mentioned the 224,000 site number. So that was a number which was there, if I'm not incorrect in the QIP document, SPA document also, and you are at 184. So that 184 journey to 224 is premised on the bank debt funding as well. Is my understanding correct?

Understood. The next question is on your network opex. Obviously, your capex has moved up quite sharply. The sites have moved up, but your network opex has essentially remained flattish in the last 2, 3 quarters. So how should we sort of think about that?

Meesho Limited

Meesho Limited CC-May26.pdf · 2026-05-06

Hi, thanks for the opportunity, and congrats on a good set of numbers. Just a few questions. One is, in the shareholder letter you mentioned about the COD being almost , having reduced to a good extent. So just wanted to get some sense on the BNPL initiatives and how much is that helping the reduction in CoD?

Okay. And in terms of the ad spends, you mentioned that , in the letter that there's a decline in CAC. So is it because, as you mentioned in the previous comments that is it because there are more rural customers coming on board which is helping reduce CAC or there is something more to it?

Meesho Limited CC-Feb26.pdf · 2026-01-30

Yes, hi. Good evening, everyone. Thank you for the opportunity. I just had a couple of questions. Obviously, the number of sellers on the platform has moved up quite sharply in your opening remarks, as you mentioned about it, almost 80%. So, then how do we think of this sort of higher seller numbers, densification, if that is the way we should think about it, and then sort of tie it up with the logistics cost?

Got it. In terms of the Net Merchandise Value (NMV) to Gross Merchandise Value (NMV) ratio, that has moved up from around 57 % to 60%. So, what has helped here? It is like better RTOs, cancellations, returns. Where is any salience of one versus the other?

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors held on October 30, 2025 · 2025-10-30

Just a few questions from my side. On the ad revenues in the restaurants, I was under the impression that the ad revenues from restaurants typically would be, say lower than what it would be say for a quick commerce business is because not every restaurant typically would spend and generally say most if not all brands tend to spend. So the greater than 4% number looks a little bit high in that context. So if you could just give us some sense as to the long-term quick commerce is 6%-7% and the restaurants are like 4% plus, how should we sort of think of these two numbers in that context?

So basically, I was under the impression that the ad revenue contribution in the food delivery would be lower than quick commerce. And if the restaurant, the food delivery itself is 4% plus, then shouldn't the long-term quick commerce be then more than 6%-7% right? Because the understanding is that most of the brands typically tend to spend on quick commerce, but not all restaurants spend on food delivery from an advertisement perspective.

Swiggy Limited CC-Nov25.pdf · 2025-10-30

Just a few questions from my side. On the ad revenues in the restaurants, I was under the impression that the ad revenues from restaurants typically would be, say lower than what it would be say for a quick commerce business is because not every restaurant typically would spend and generally say most if not all brands tend to spend. So the greater than 4% number looks a little bit high in that context. So if you could just give us some sense as to the long-term quick commerce is 6%-7% and the restaurants are like 4% plus, how should we sort of think of these two numbers in that context?

So basically, I was under the impression that the ad revenue contribution in the food delivery would be lower than quick commerce. And if the restaurant, the food delivery itself is 4% plus, then shouldn't the long-term quick commerce be then more than 6%-7% right? Because the understanding is that most of the brands typically tend to spend on quick commerce, but not all restaurants spend on food delivery from an advertisement perspective.

Yes, hi. Thank you for the opportunity. Just one question on the dark store size and delivery times. Now, you mentioned in the prepared remarks that there are also large size dark stores of almost 10,000 square feet where maybe the assortment size number is m ore and possibly the delivery times could be longer. Now, obviously, number one daily needs anything in 10 -15 minutes, but that's where the business has shifted, whether it's food or it's quick commerce. So, then aren't we sort of moving away from that construct? So, yes, just thoughts on that please.

Swiggy Limited CC-Sep24.pdf · 2024-12-03

Yes, hi. Thank you for the opportunity. Just one question on the dark store size and delivery times. Now, you mentioned in the prepared remarks that there are also large size dark stores of almost 10,000 square feet where maybe the assortment size number is m ore and possibly the delivery times could be longer. Now, obviously, number one daily needs anything in 10 -15 minutes, but that's where the business has shifted, whether it's food or it's quick commerce. So, then aren't we sort of moving away from that construct? So, yes, just thoughts on that please.

ETERNAL LIMITED

ETERNAL LIMITED CC-Sep25.pdf · 2025-10-16

Hi, good evening, everyone. I just have two to three questions. So first, when I see the NOV to GOV for quick commerce, that has sort of moved up, I think moved down by a couple of percentage points. So, is it more of the ongoing festive season and the ongoing different sales which everyone is doing, or is there an increased competitive pressure which you are seeing right now?

Got it. Just following up on what Garima said and sort of linking it up with the 3,000 stores you've now given us and by when you want to sort of go to that number. So, is the higher marketing spend happening in the existing cities or because now you will be going to cities where there is no one else, right? So, is all the marketing spend more sort of skewed towards those newer markets and geographies?

ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01

Hi, thank you for this. Just a couple of questions. So, there are already three quick commerce players of reasonable size and scale and a couple of horizontals, like you mentioned also entering. So, from your perspective, given these are platform businesses with some sort of network effect, how many such players can potentially exist in the market like, say, in the medium term and not in the near term for sure, but at least in the medium term?

Got it. Got it. And in terms of given the kind of expansion which you are doing and obviously, which the other players are also doing in terms of store expansion within the cities, outside new cities; and this all expansion is coming at a time when there is generally these subsidies being offered. So, how much of a demand over-estimation you think is happening over here? There would be some bit, but any sense there? Is that a worry for you guys?

ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20

Thanks, everyone. I just have one question. So, you mentioned heightened marketing spending in the third quarter. Would you say that this was evenly spread throughout the quarter, or did the heightened activity occur from mid-November onwards, particularly in December? Or was it more uniform throughout the quarter?

Just a quick question on dark stores. You mentioned that you have advanced your guidance of reaching 2,000 stores by the end of December. However, in terms of the impact on losses, you have indicated it will affect the next one or two quarters. Should we then assume that the next 1,000 stores will mostly come in the next two quarters and will not be as back ended?