Questions across 6 calls

Jay Doshi

Kotak Securities

Pidilite Industries Limited

Pidilite Industries Limited CC-May26.pdf · 2026-05-08

See, for the past 11 quarters, you were consistently delivering 8%, 10% UVG, which accelerated to 15% in 4Q. So if one assumes that West Asia situation probably stabilizes and raw material prices normalize in the next 2, 3 months, should we expect FY '27 UVG to be higher than FY '26, say, somewhere between 11% to 15%.

Understood. One bookkeeping question. So UVG is basically volume and mix, right? Now if Roff is growing much faster than the company and because it's a low-value product, basically, is your tonnage growth even growing faster than UVG?

Pidilite Industries Limited CC-Jun25.pdf · 2025-08-07

I have got three questions. The first one is just continuing on what Rahul asked earlier. Can you give us some colour of what is probably driving the growth outperformance of Pidilite versus some of the other categories or companies that we track? And this is probably the ninth consecutive quarter where you have had 9%-odd UVG, right? So is your core also growing faster than maybe some of the other categories? Or it's largely innovation and growth in pioneer? And second is in FMCG, a lot of times, some companies do indicate contribution of innovation to growth or sales. So could you give us some color on what that number would be for you? So that is my first question, and I'll come back with the other two.

Understood. That is very helpful. So basically, core, which is roughly 50%, 52% of your business is growing 1x GDP and rest of the portfolio, which is growth and pioneer is probably growing at somewhere between 2x to 3x GDP for overall growth to be 10%, 12% rate.

Pidilite Industries Limited CC-Dec23.pdf · 2024-01-24

Congratulations on good set of numbers. My first question is a bookkeeping question. Domestic subsidiary profitability is significantly lower in this quarter versus what we saw in the first half. So could you sort of elaborate on it? And was there a one -off? And how should we expect it to trend going forward?

Understood. So I see absolute number, I believe there is a deviation or a drop of about INR 20 crores on a quarterly EBITDA. So is that entirely due to losses that you are incurring in this new venture that you are scaling up?

United Spirits Limited

United Spirits Limited CC-Jun25.pdf · 2025-08-14

Hi. Thanks for the opportunity. Some more numbers, if you can share on Maharashtra. First of all, are you seeing by any chance upgradation from popular to lower prestige or lower prestige to mid-prestige in Maharashtra given that you've absorbed a larger part of tax increase in mid - prestige and then some lower prestige and you've not taken -- you've not not passed on any. So, are you seeing that trend? And how big is the popular market? I know DSP Black is a very large brand, but would really want to know in terms of volumes, which are -- how big is the market? And could this be opportunity in some form in terms of relative market share for United Spirits?

Understood. Second is on your -- you still maintain an aspiration for double -digit growth in P&A. But when I look at the recent quarter numbers ex of AP, and AP will start anniversarizing from December quarter. So, I feel that ex of AP and ex of Maharashtra, the growth trajectory was not yet strong. And with some headwinds in Maharashtra and AP anniversarizing, I don't know, am I missing something? Are you sort of -- are there any tailwinds in other states that makes you confident? Or are you - - is there a good chance that Maharashtra government may roll back or at least partially roll back the tax increase, so you are hopeful that maybe in second half, things could actually be better than what today, mathematically it appears to be?

Britannia Industries Limited

Britannia Industries Limited CC-Jun25.pdf · 2025-08-06

I just have a small sort of a follow -up on the previous question itself. So if we assume that the stock remains at these levels for the next 2, 3 quarters, then is this INR 52 crores charge is the all we'll see for the full year? So should we think of it that your underlying employee costs without SAR's charge, was about INR 190 crores this quarter. So that will continue ballpark at that run rate for the next 3 quarters and this INR 52 crores is basically something you see at a ful l year level. Is that right understanding?

And if it moves up 10%, it will be INR 5 crores more, right?

Colgate Palmolive (India) Limited

Colgate Palmolive (India) Limited CC-Mar24.pdf · 2024-05-15

I have a request and a one question. The request is I heard your response earlier, but if you could introduce either volume growth or UVG in your quarterly disclosures, and the reason for this request is first of all, all other FMCG share that metric, even Colgate Global does share that metric. So, I feel that is an important metric for investors and analysts to evaluate the progress in terms of volume growth and the results of the efforts that you are making this year. So, that's a request. And secondly, even if you don't disclose, the problem is that there is a lot of noise in the media and wrong numbers get circulated within the community. So, it creates more confusion. So, that's my request. Now my question is on Colgate Total. I think you mentioned that the brand was much larger earlier and you're hoping that it restores back to the earlier level. So, could you elaborate a little bit on it in terms of what was the size of the brand or what was its salience in overall Colgate sales earlier, what is it right now and some additional color if you can provide?

Where is Total today in terms of salience at the end of FY'24?