Stockrabit · Analysts
Questions across 63 calls

Harit Kapoor

Investec

Emami Limited

Emami Limited CC-Sep24.pdf · 2024-11-08
So just on the 2 brands that have struggled a little bit, Male Grooming and Kesh King, both have seen kind of 5 quarters of decline in terms of brand growth. Could you just highlight, Mohan Ji, about how you are looking -- what are the kind of key steps in this new phase of re-launch in Fair and Handsome? Any light you can give on that? And secondly, on initiatives in Kesh King that you are taking to make changes in this brand?
Just a follow-up on each of them. Apart from changing communication and brand ambassador. Is there anything else? Is there a packaging, formulation, any other change that has been made on Fair and Handsome pricing, etcetera?
Emami Limited CC-Jun24.pdf · 2024-08-01
Okay. Got it. Got it. And on -- you mentioned in your release as well as in your opening comments the expectation for growth to accelerate. This quarter is anyway has been quite a good quarter 9% volume growth is -- close to 9% volume growth is very healthy numbers, but there definitely has been the help of season. I'm just wondering this season being say neutral on a year-over-year basis for the next 2, 3, 4 quarters, do you still expect that the overall demand environment as well as your actions could lead to similar to accelerating growth? Is that the way to think about it?
Sure, sir. Fair point.

Marico Limited

Marico Limited CC-Sep24.pdf · 2024-10-29
So, just on the ad side, you have seen the standalone entity seen two quarters of decline in spend. I understand that some of the Digital-First brands don't get reflected in the standalone numbers given that they are part of the subsidiary piece. But just wanted to get your sense on, has there been any ATL v ersus BTL shift on the core? Or you have not needed to , you will spend competitively but it's still showing a decline. So, any thoughts on that and also going forward?
Second thing is on the food side. So, first half, growth has been very strong. Even if you kind of leave out Plix, if you could just give a sense of apart from oats, where have you seen the high pockets of growth in the subcategories that you are there now in, any kind of qualitative view also on that would be very helpful.
Marico Limited CC-Jun24.pdf · 2024-08-05
I had 3 questions; I will say it out. One was on the exercise on SETU as well as some destocking at the wholesaler’s level or some channel management. Just wanted to know, how long does this take where your offtakes and your primary start to kind of match each other? That's the first question.
Very clear. Second thing was on the 3-year phase plan for SETU, 1 million going to 1.5 million direct reach. I just wanted to get a sense about how does this reduce the wholesale mix from your channel sales from what currently to how much does it go down to?
Marico Limited CC-Dec23.pdf · 2024-01-29
Two questions. One was on the ad spend side. On the standalone there was an 11%-12% decline. Just wanted to understand, how do we read this? Is it a higher BTL in the core? Obviously, I understand that the advertising on the digital side is in the subsidiaries because it's a stake entity. But I just wanted to get your sense on this decline in ad spend when we had so much of gross margin.
Pawan is it more of a one quarter kind of a phenomenon. Is that the way to think about it?

United Breweries Limited

United Breweries Limited CC-Sep24.pdf · 2024-10-25
Hi, good afternoon. So, I just had two questions. Firstly, on West Bengal. This price increase is led by the tax increase has happened recently, a few months back, and we are seeing this impact. I just wanted to know how do you think of it? Do you believe this is a one, two-quarter transitory impact? Or if it is going to have its full four-quarter cycle before the state comes back to some kind of growth for beer? That is my first question.
Okay. Great to hear. The second question is, Amstel Grande you've just launched, there have been several initiatives in the premium space over the last few quarters, two years as well. And but it seems like you seem extremely excited on brand. If you could just give a sense of why you think this will be even bigger than some of the things you have done in the past? You know, what gets you more excited on this one? And what could be like a rollout plan from a 12-month perspective?
United Breweries Limited CC-Mar24.pdf · 2024-05-08
So one question is on the capacity expansion part or investment in capex. I mean Vivek, you mentioned that there is -- from the payment kind of work also that you're going to take up going forward, I assume there will be pockets in which you will also add line. So I just wanted to, in the context of higher volume growth versus the last few years, just wanted to get your sense on what are the plans in terms of capex for F '25 that we are following.
Fantastic, fantastic. And just one last one on the state-wide kind of pull and push. Just wanted to get your sense on markets like Delhi, where the pressure has been there and now it's kind of to lap up. So would it be fair to assume that last 12 to 18 months is not great in that state? And now, I mean, it's probably there in the base. So incrementally, that particular pain point will not be there. Similarly for Haryana, it's been a while. So these 2 Northern states, whether -- at least below base should kind aid things come forward? That was my second question.

Radico Khaitan Limited

Radico Khaitan Limited CC-Sep24.pdf · 2024-10-25
I just had a few questions. First one is on the Royalty Brands. We have seen a little bit of dip on the volumes in the Royalty Brand. Just wanted to know whether it’s because the Andhra policy is just coming in place and there would have been some lower primaries on account of that or anything else to kind of read into that?
And given, as you mentioned, it’s an extremely progressive policy. I just wanted to get your thought process on how you kind of plan to take advantage of it. It’s also fairly material in the popular market as well. So, is the mode of being in the state going to be similar to what it has been over the last few years or is there a thought process of rethinking that?

AWL Agri Business Limited

AWL Agri Business Limited CC-Sep24.pdf · 2024-10-25
Congrats on a good set of results. So, my first question was really on the increase in duties. Just wanted to understand how this is going to play out in the market and how it is going to play out from an inventory perspective for you also going into Q3. I understand that there is a certain amount of inventory, probably 30, 40 days of inventory that you always have in-house. So, with this duty increase, just 2 or 3 factors, one is, is there a positive kind of mark -to-market benefit on inventory gains coming in, in Q3? Secondly, how has it landed in the market? Have all the prices now been adjusted upwards? And thirdly, do you expect any kind of demand impact on account of the price increase? Those are my questions on the duty.
And sir, just to follow up on that, has that process now been completed in the market because it's been about, say, 40 days since the import duty increase happened? So, has that now largely been passed through? And I know you have risk management processes in place, but given that you would have had some older stock at lower prices, would this result in some kind of a gain coming in into Q3, at least on the inventory side, while not structural, but could it be a onetime gain?
AWL Agri Business Limited CC-Jun24.pdf · 2024-07-30
I just had two, three questions. One is on the food and FMCG side. So, while I understand that the government orders would be coming at a lower margin, but I just wanted to get a sense of, why we have seen year-on-year reduction in the profits on this side especially because the scale has been good even in the non -government order business has grown at 19%, 20%. So, if you could just give us a sense of, particularly in this quarter because what’s really happened that will be helpful.
So, what I was trying to ask was is, the profit margins in the food and FMCG business had been tagged lower this time, I understand one reason is that there is a government order business, but even on an absolute basis the profit numbers have been a bit lower. So, what would be the attributing that to is it a commodity impact, is it higher investments in promotion and distribution if you could just help me understand?

United Spirits Limited

United Spirits Limited CC-Sep24.pdf · 2024-10-24
Hi, good evening. So just 2 questions. You spoke about Middle India and how the demand is stable. Is that view also coming from the fact that last year or November, you said that some of the inflationary pressures were impacting demand. And as you lap that base up, you expect that growth kind of revised a little bit largely on a counter base effect. Is that the way you're thinking about it?
Got it. Got it. And the second question is on the cost side, especially on the RM cost. So as I understand, quarter 4 onwards, the inflation in ENA has not been very dramatic. And you're probably just a couple of quarters away from lapping up kind of a high base. Is the way to think about it that as you lap that base up, if prices stay stable, you could be entering into a phase where this kind of significant double-digit inflation in ENA is kind of behind you? Or is that too much of a hypothesis and you have to wai t for some of the external policies, et cetera, to play out?
United Spirits Limited CC-Mar24.pdf · 2024-05-27
Yes. Hi, good evening. I just had 2 questions. One was on -- if I just kind of do some math on your -- the P&A mix that you shared, it seems like the lower Prestige growth rates are actually not very different from F '23 if you're probably in a similar ballpark. At a time where the consumer at the bottom end has seen pressure, you did call out also on mass-Prestige. I was just wondering whether this signals some market share gain in that part of the po rtfolio? Or how you've been able to kind of deliver in line, maybe slightly better growth than what you did last year? That's my first question.
Got it. And the se cond question is on this McDowell's and Co. brand extension. I just wanted to understand some of the products in the X series.
United Spirits Limited CC-Dec23.pdf · 2024-01-24
Yes, hi, good evening. Just 2 questions from my end. Firstly, if you could just help deconstruct this Popular performance, 20-odd percent decline in volume, however, 13% kind of increase in realization, especially that now we are on a like-to-like quarter. And maybe just give some more color on how do we look at this.
And just a follow-up on that. This higher realization kind of growth is that more mix led that -- but the reason I was asking is because in P&A, we have a very, very divergent price point starting from INR500 going all the way up into the high thousands. Here, we don't. So, I just wanted to understand this kind of a broad 13% kind of realization increase?
United Spirits Limited CC-Sep23.pdf · 2023-11-09
Hi, good evening. I just had one more question on the cost side. So you mentioned glass stabilizing, but I had a...
I just had a slightly more medium to long-term question on glass. You said consolidation of glass kind of stabilizing. But I just wanted to get your sense on as we stand today, do you think that the stabilization could be slightly a more medium to long-term phenomenon, given the fact that the last few years have been consistently inflationary? Is that what you're starting to see now?

Godrej Consumer Products Limited

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Jun24.pdf · 2024-08-14
I just had two questions. One was you know how do you think about realization improvements going forward? This quarter P&A has been kind of flattish, Mass Premium has grown a little bit. But in an industry where pricing is 1% to 2% average at best , do we expect mix improvement even within P&A to give us higher than 100% realization? My question is not from a near term perspective more from a 1 to 2 year perspective.
My question was on realization growth , both in P &A and Mass Premium. I just wanted your view on how do we kind of think about this from a 1 to 2 year perspective. Pricing is typically 1% to 2% only on an annualized basis mostly in the industry. So, do we expect kind of mix and improvement in both Mass Premium and P&A going forward to drive some of this realization improvement or how do we kind of think of this?

PVR INOX Limited

PVR INOX Limited CC-Jun24.pdf · 2024-07-22
I just have 2 questions. One is on the occupancy level now. I think one of the industry research agency also had mentioned that this calendar year's box office should be similar to last year, in spite of a slightly weaker start to the year. I just wanted to g et your sense that in spite of Q1 being a bit weaker because of the external factors as well as Q2 having a large base, do you still believe that this year should at least kind of make up to what last year was in terms of your footfall occupancy levels rather? That's my first question.
Got it. And the second element was on the synergy part. So would it be fair now to assume that bulk of the work which we have done for the 2 entities to come together and the numbers we have called out are largely now being build in the current P&L that we're looking at.
PVR INOX Limited CC-Mar24.pdf · 2024-05-14
Could you please shed some more light on the asset-light model, how the sharing of capex will work? When do you expect this to kind of start -up? And how much can the capex from our book reduce? This is in the context of the fact that you've gross additions in FY'24 resulted in a INR600 crores type of capex. So just wanted to get a sense of that. That's my first question.
Got it. Just a follow-up on that is what's the give and take here? I mean the landlord obviously invests with you and in terms of his incremental take from this relationship, how does that kind of pan out? Is it in the form of kind of a higher entry revenue share? I just wanted to get your sense on that at least from the initial transactions that you've done.

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Mar24.pdf · 2024-05-10
I just had 2 questions. One was on Pizza Hut. So in light of the changes that you're making and you also said you kind of relook at stores, et cetera, could this be a fairly muted year in terms of expansion? Is that the fair way to look at it? And if there is any number, if you could share on that.
Got it. Got it. And the second question was on inflation. So are -- some of our trackers suggest that you've seen some reduction in the overall inflationary environment in Q3 and Q4. Just wanted to get your sense of what's the kind of scenario you're seeing going into FY '25. And is there a potential price increase likelihood? Or in the current environment, that's a bit too far - fetched?

Britannia Industries Limited

Britannia Industries Limited CC-Mar24.pdf · 2024-05-06
My first question is on the distribution side. So while you did mention about the RTM 2.0 that you're looking at, how do you kind of think of it for the next, say, 12 to 18 months? Would that project take precedence over expanding the directory and strengthening rural distribution? Or do you believe that this -- both will go hand and hand? Just wanted to get your sense on that.
Got it. And just one last question on the organized channel part. What is the share of this organized channel piece for you now? You have shown that all 3 businesses have done very well in FY '24, new, adjacent and biscuit. So what's the share of the overall mix now for you?