Stockrabit · Analysts
Questions across 35 calls

Jay Doshi

Kotak

Varun Beverages Limited

Varun Beverages Limited CC-Apr26.pdf · 2026-04-27
Congratulations on good set of numbers and thanks for the opportunity. My question is with upsizing of packs from 250 m l to 400 ml, are you seeing more consumption and hence do you expect industry volumes to be growing faster by a few percent points v/s the earlier growth rate or are you seeing the consumers who are earlier buying larger pack Rs. 40 - Rs. 35 - Rs. 40 packs are now buying 2 units of Rs. 20 SKUs? Basically, is consumption going up in Liters because of this upsizing of packs for yourself and industry? That is question number one?
By any chance as a one -off would you be able to give us some colo ur in terms of what the growth at a unit level in terms of number of PET bottles or whatever v/s 15% volume growth which is in Liters?
Varun Beverages Limited CC-Feb26.pdf · 2026-02-03
Hi, thanks for the opportunity. Just a small follow-up on the response that you just gave. In terms of pack upgrades, 250 ml to 400 ml, is it largely done? I mean, should we assume that for December quarter for the entire portfolio wherever you have plans to increase the pack size, that full impact is visible in the realization of December quarter? And will there be more during the course of this year? So that is one. And second is, I gathered that you have also sort of selectively launched Rs. 10 price point pack. Any sense you can give us what are your plans for the next year? And will it by any chance be more than 5% of your portfolio in terms of overall volumes? Or will it be consciously restricted to below 5%, that is it from my side? Thank you.
Varun Beverages Limited CC-Mar25.pdf · 2025-04-30
Hi. Thanks for the opportunity and congratulations on good execution in India. My question is on South Africa. Now that you've handled the business taken over since about a year, could you give us some overview on what are the areas where you're tracking ahead of your expectations that you may have a year ago in terms of volumes, distribution, profitability, basically how is it shaping up versus your base case assumptions and if you could give us some color what we should expect over the next four quarters from that territory?
Sure. One small bookkeeping question this quarter you've called out South Africa margin the 14.4 %. But I think that is seasonality as one of the stronger quarters. So, the more annualized basis, where do you stand now versus maybe I think at the time you acquired it was about 11%-11.5%. So, if you could kind of adjusted for seasonality, what kind of improvement have we seen so far?

Pidilite Industries Limited

Pidilite Industries Limited CC-Feb26.pdf · 2026-02-04
Congratulations on good set of numbers. I have a quick follow-up on the previous response. Do you think that you have started to gain market share in waterproofing once again? Maybe there was a phase of 2 or 3 years where you lost out to new entrants, largely decorative paint companies. Do you think we are seeing some reversal of the market share trends?
That is very encouraging to know, especially the retail piece of water proofing. Now my second question is on Roff. Do you think that there is potential to double even from current levels or you think that the current scale the growth may start tapering off?
Pidilite Industries Limited CC-Dec24.pdf · 2025-01-23
You often mention that about 50% of your business is dependent on new construction and so are you in position to get a sense of what is the kind of growth you are seeing in that part of the business and what is the growth in the remaining repair, maintenance, innovation part of the business? Is it possible for you to over a six -month period or quarterly basis actually get a sense? The idea of asking this question is there is no divergence between your growth rate and some of the other building material categories especially I know paints is not the right comparison, but still divergence is widening, so want to understand whether this is entirely driven by the new construction exposure that you have or is there something else? Thank you.
Understood and again a follow up there. Earlier at the beginning of the year some time you had indicated that the urban real estate construction cycle benefit comes with a 2-3 year lag and you are hoping during the course of the year you will start seeing more and more benefit or maybe FY26 could be a better year? You still have that confidence, or you think that, the core underlying demand is moderated so much that it will essentially not be visible?

United Spirits Limited

United Spirits Limited CC-Jan26.pdf · 2026-01-21
Hi, thanks for the opportunity. I 've got three questions today. The first one, your comments on the top half of the portfolio, especially BII, BIO was very encouraging and I believe it's after several quarters that you sound so confident. Can you give us some more colour on which markets you're seeing that growth? Is there a function of competitor losing market share or overall the market is growing very well for Upper Prestige BII, BIO? And what in your assessment is driving this? Because we haven't heard positive commentary on consumption from any company as such so far in the last -- so that's question number one. I'll wait for your answer on this?
It's broad-based.
United Spirits Limited CC-Dec24.pdf · 2025-01-24
Sorry, I'm just repeating what Avi also. I have got two questions. So, it's been a pleasure tracking USL’s progress under your direction, Hina and congratulations and best wishes for the global role. I have got two questions. One is there are some news articles that Delhi Government is considering changing the ordering system which may help the larger players and Pernod is not operating in Delhi. So, how should we think about this, if at all. And could you tell us a little bit about what your market share is in Delhi today, and on an absolute basis, where it stands versus the peak volumes that you are doing in Delhi ? That is one. Second is, there's an exceptional charge of Rs. 65 crores pertaining to Supply Agility program, how should we think about your employee cost structure, you know quarterly employee cost run rate, starting next quarter? This quarter is fine. I'm assuming it could be related to incentives pertaining to the last year. But how do we sort of model the benefit of this Agility Program.
Understood. Thank you so much and good luck.
United Spirits Limited CC-Sep24.pdf · 2024-10-24
Hi team, thanks for the opportunity. My first question is, we understand your base effect for first half and second half and hence and hence optically, you have anyway always guided higher growth in the second half this year. But sequentially during the course of this year, especially in second quarter, have you seen any change in the demand environment for your category if you -- and excluding the new opportunities like Andhra Pradesh or tailwinds that you have, underlying bas is, have you seen any change at all in the demand environment or it's broadly in line with your expectations, last 3, 4 months?
Thank you so much. And the second question is somewhat related. So you did mention in the opening remarks that first half growth was a couple of percent points lower than what you would have liked to be. But you still maintain your guidance of double-digit growth for P&A at a full year level, which means that you're targeting or you're confident of delivering 15% growth in second half. So the difference is you miss in the first half, but you're still confident of full year level. Does it mean that you're probably -- the tailwinds that you have from Andhra Pradesh more than offset the shortfall of first half as well as perhaps some demand -- softness in demand. So is this the right way to do it? And what is the level of confidence you have at this point of time based on the visibility you have on delivering that 15% growth in the second half?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Nov25.pdf · 2025-11-13
Hi, thanks for the opportunity. Just continuing on Vivek’s question, just following up. One is, in the 45 days so far, is the growth trajectory ahead of your estimate of 5%, 7% or in -line? And how does it make you feel about the rest of the quarter? Second question is, see, last year, you had double -digit LFL in the last four quarters. And you saw certain margin expansion at the pre-IndAS level. This year, for the next four quarters, that LFL growth you are targeting would be lower. In that case, how should we think about the Y-o- Y margin expansion trend for the company? Over a four-quarter period, not quarter-to-quarter. And the last question would be, could you sort of, give us some sense of progress of Popeyes, especially on ADS trends in unit economics?
One last if I may, could you sort of also talk a little bit about your market share in pizza? There was a phase where you were losing your market share to maybe the likes of La Pino ’z. So, if you can sort of comment a little bit on that?
Jubilant Foodworks Limited CC-Dec24.pdf · 2025-02-12
Hi, thanks for the opportunity. And congratulations on your great acceleration in results. I have got two questions. The first is, in this quarter we saw about 18% top line growth and 15% pre -IndAS EBITDA. Now how should we think about gap between revenue growth and EBITDA growth on a pre-IndAS basis going forward over the next two, three quarters if you continue to stay at a similar 15% plus system sales growth levels?
Sure. Second question is, if I do some back of the envelope calculations, your dine-in order growth is about 30%, but dine-in revenues have declined by about 2%, which means that there is 25% decline in average order value for dine-in but there is no delivery fee waiver impact or anything of that sort. And if I actually were to look at absolute number, it means your dine -in average order value may have dropped.

Titan Company Limited

Titan Company Limited CC-Nov25.pdf · 2025-11-04
My question is on jewellery EBIT growth. Now you started the year with a certain expectation of jewellery sales growth. And given rising gold prices, you're likely to be much ahead of that expectation. How should we think about EBIT growth from the same context? At the beginning of the year, you were expecting EBIT growth to be at least in line with revenue g rowth in jewellery, if not better. So do you still think that, that thesis plays out? On a percentage margin basis, things could be a little different. But should you be delivering better EBIT growth than what you are expecting at the beginning of the year? And second is, will this year be a year where consolidated jewellery EBIT growth will be ahead of standalone jewellery EBIT growth? That's it from my side.
That is understandable, but it will still be better than what you were expecting before this maybe 3, 4 months back, right? So look, just to put some numbers, if you're expecting 15%, 17% jewellery growth or 15% to 20% of your guidance for the year, now with the rising gold prices, if you end up at 20% to 25% jewellery top line growth, will your EBIT growth also be at least slightly better than what you were expecting at the beginning of the year? Percentage margins could be lower, that is understandable, but that is -- that's the primary sort of...

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Jun25.pdf · 2025-07-23
I've got two questions. The first one is a slightly longer one on tea. So could you please explain us the commodity price trends over the past 6 months and the outlook for the year? I know you touched upon this in the presentation. How has the end product prices been in the last 3, 4 months and competitive activity? And when you factor all of these three moving parts, are you still sort of confident that tea margins should -- could normalize to what you had called out couple of quarters ba ck that tea impacted margins by about 300 basis points at a consolidated level? So do you still expect somewhere between 200 to 300 basis point improvement in consolidated margins as -- once commodity prices come into the P&L starting 3Q? So that's first question. And second is a small one. See, Non -branded business margins have in a quarter corrected from 22% to 12%. I mean, the short -term falling coffee prices can actually drop to the other extreme just the way it went from 13%, 14% to 20% plus. In falli ng coffee prices, do you actually get adversely impacted by inventory losses? And can it g o to low single digit or it will stabilize at these levels? Sunil D’Souza: So Jay, let me answer the second question first, and Ashish chip in. The issue with falling coffee prices is your trailing inventory, right? That is the whole catch. Because you're sitting with inventory and selling it at a lower price, it will stabilize at a point in time. And I would dare say it's -- we are probably close to the bottom on the margins front. Ashish?
Can you give some color on competitive activity? Has the market leader sort of -- what is the extent of price reductions that they've already taken? And have you responded to it? So at a portfolio level, have you taken any price reductions in the last 3, 6 months, 3 months? Sunil D’Souza: So I would say in the last 3 months in specific blends, in specific geographies. So let me put it this way. Jay, we've seen both sides moving. We've seen pric e increases and price declines. Like I said, I do not think we are going to win -- I don't think any player is going to win the battle of market share by pricing. And therefore, if someone moves up, the other person moves up or down and it's vice vers a. So from that perspective, I don't think there is a competitive advantage. As I said, overall, I do see margins first coming back and then competitive movement starting to happen.

United Breweries Limited

United Breweries Limited CC-Mar25.pdf · 2025-05-08
Vivek, around last summer, if I remember correctly, your bottle recovery rate was about 65% or maybe a little lower than that. If you could talk about the progress you've made over the last 3, 4 quarters? And what should be the expectation for this summer in terms of bottle recovery rate? And second is, if you can give us some idea of -- for the new bottles, whether you -- what is the nature of contracts you have? And do you have visibility at a full year level of the inflation? And any outlook or color you can give there?
Actually, I think there is some -- maybe you're away from the speaker or whatever. But we're not able to sort of get the message clearly. Anyway, I will go back and revisit the transcript. Second question is in this quarter, there's a significant -- if I look at March quarter gross revenues versus December quarter gross revenues, it's broadly flat. However, the excise component has declined 13%, and net sales on a Q-o-Q basis is up 16%. So normally, we don't look at quarter -on-quarter. But very surprised to see the trend of a sharp decline in excise. So if you could explain us what is the change in the state mix that has resulted into this? And my last question is, at a full year level the receivable days have increased by about 23% -- receivables have increased by 23% versus 10% increase in net sales, so -- or maybe even lower increase in net sales. So some updates on what is the situation of collections from the state where we had problems? And is it getting better or the problem still sort of remains?

International Gemological Institute Limited

International Gemological Institute Limited CC-Dec24.pdf · 2025-02-28
Hi, thanks for the opportunity. My first question is , in your business the visibility you have on revenue and volume at the beginning of the quarter or beginning of the year, and what percentage of revenues can you pretty much predict at the beginning of the year or quarter?
Understood. The reason for asking this question is , on one side you are fairly comfortable and confident of growth trajectory continuing, that you have indicated over the past six months. But on the other side, I sense a lot of reluctance in giving some broad sense on the out look. So, the idea was that, at the beginning of the quarter generally you are not able to accurately predict, and hence you have chosen not to give a quarterly broad range or outlook on top line growth? Or is there some other reason?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Dec24.pdf · 2025-02-06
Pizza QSR category was impacted more than the other QSR categories during the slowdown, at least in the earlier phase. And now , we have seen a strong recovery at least from the market leader, and even your performance has improved. So fundamentally, has anything changed for the category per se? Are you seeing either the competition from fragmentation of category has stopped? Is the traffic moving towards national players or anything at all?
Do you think that this is a more sustainable trend that the organized players will probably make a comeback in some form? We've seen this in cycles in the past, but based on your experience, do you think that, that cycle has also played out and now it's probably likely to play out in your favor?

Hindustan Unilever Limited

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Sep24.pdf · 2024-10-24
My question is on soaps. Now you have decided not to adopt the structuring technology, whereas the market leader has gone ahead with it. So if we leave aside the current inflationary environment in palm oil and assume that palm oil prices normalize during the course of next 6 to 12 months, even then the market leader would potentially have ability to offer more grammage per the soap versus what it used to be in the past which may result in widening of price gap between your product and their? Do you think that with that kind of equation, you would still be able to gain market share or hold market share like you have been in the past? Or you would like to maintain the price gap as it has always been, and which probably means that you may operate at a slightly lower margin on the medium-term basis?