My question is generally on market share trends. Now last year, during the course of the year on a Q-o-Q basis, you were adding 100, 150 basis points of market share every quarter. It seems to have moderated to about 20 basis points starting this year. So is this entirely the difference between primary, secondary? That's my first question. Second is, is there a risk that it decelerates further? Or you think that you will be able to gain 20, 30 basis point market share Q-o-Q from here onwards over the next few quarters as well. And lastly, mathematically, for you to sort of INR10,000 crores in FY '28 means 13%, 14% market share. So whereas if I understand correctly, you may be at 6.5% today, gaining 20, 30 basis points quarter-on-quarter. So what do you think from here can sort of drive acceleration in sequential market share trends for you?
Questions across 5 calls
Jai Doshi
Kotak
Grasim Industries Limited
Our estimate is that your market share may have improved by about 200 basis points in paint segment from September to December quarter. So is this improvement driven entirely by the B2C business? Or have you seen a good scale up in the projects institutional B2B business?
And when you mentioned that secondary sales, retail sales is about 65% of primary sales. So if you exit the year with, let's say, exit the month of March with high single-digit growth, so we should understand that even from a retail sales high single-digit market share, from a retail sales perspective also, you may be clocking 5% kind of market share. Is that understanding correct?
I've got a couple of questions on your paints business. One is how has the progress been so far versus your internal expectations? And if you could respond with a few data points or give us some more colour?
Understood. A follow -up there, if we do some back of the envelope calculation, it looks like June quarter net sales was around ₹80 crores, is that understanding right? Or am I missing something?
United Breweries Limited
Yes. Hi. My question is also -- first of all, congratulations on good market share gain and consistent sort of healthy growth in premium segment. Now , on margins, Vivek, about 1 year ago, 1.5 years back, you had indicated that your aspiration is to get to double-digit EBIT margin. And broadly, I think you were around 6%, 7% -- 6%, 6.5% back then. So, there is hope of about 300 to 400 basis point improvement over a 2-year period, right? Now we see that you've made some progress in bottle recovery. And in today's morning's interview, you've given a target also for bottle recovery by the end of this year. You've managed to get price increases in Telangana. On the other side, you've had some regulatory challenges in Karnataka. So, when you put together all these tailwinds and headwinds, are you still sort of comfortable of reaching 10%, 11% EBIT margin in FY '27? Or the external environment has changed, and maybe you would like us to moderate our expectations on that front?
Thank you. That was detailed. I have two follow -up questions here. One is 1Q is a seasonally strong quarter in what we have observed in the past at these past couple of years. Full -year margins tend to be lower than 1Q margins. So will it be different this year? Or the same seasonality will apply this year as well?
Sapphire Foods India Limited
First of all, in the opening remarks you mentioned, you will double the store count by December 24, which probably means that some 40 store additions. Did I hear it correctly or were you trying to say by FY25?
For KFC, understood. Second is the last couple of quarters with 11 4,000 and 122,000 ADS for KFC. Profitability was still holding very well at around 18.5% brand contribution margin. This time around it dropped by 200 basis point and while I know ADS is slightly lower, but still the drop is, it appears that you're handling, managing operating leverage much better over the past six months than in September quarter. So, if you could explain in terms of what has changed and how should we think about this going forward? And final one again on KFC. So, all these are KFC related questions. The final one is that if you look at the last 2 years, the seasonality from September to December, ADS tends to be broadly similar levels that September and December while we have always maintained that September is a seasonal weak quarter and December is a better quarter, but because maybe you have more store additions in December and hence ADS tends to be similar. So, in this time around if you are adding 40 odd stores, will ADS potentially decline in December versus what we are seeing in September quarter? That's it from my side.