Stockrabit · Analysts
Questions across 7 calls

Jaykumar Doshi

Kotak

Devyani International Limited

Devyani International Limited CC-Feb26.pdf · 2026-02-04
I have got two questions. First one is on this EBITDA growth or absolute EBITDA pre -IndAS of INR 124 crore. Do you think that even in a weak environment, similar EBITDA margin or absolute EBITDA adjusted for seasonality, you should be comfortable maintaining and should we expect improvement over the course of coming quarters from this level?
Sure. Second question is on KFC. For a brand with such strong brand equity, 10-odd quarters of SSSG decline, can you give us some indication of what could be the impact of cannibalization on SSSG of KFC? And is there any thought internally to perhaps slow down store addition for KFC for a year or so and try and improve SSSG and profitability of that business?
Devyani International Limited CC-Sep24.pdf · 2024-11-11
Just a small follow up on these three new brands. As a part of your master franchise development agreement, is there any commitment in terms of how many stores you have to open in a certain period , let's say 1 year, 3 years, 5 years? And in general, how are their contracts versus the contract that you may sign with Yum! brands and essentially the larger US brands?
One more, if I may on this topic. These brands are relatively niche versus the other brands that you have in the portfolio. So, is there a conscious strategy to acquire rights for some very niche cuisines or brands, partially because you are now foraying into food courts as well or we are reading too much into this?
Devyani International Limited CC-Dec23.pdf · 2024-02-02
My question is on Thailand acquisition and broader framework. So , with this acquisition the international contribution to EBITDA will be over 25% or so. I know India business EBITDA is depressed at this point of time . But do you have a sort of framework in mind or would you keep consider or evaluate more opportunities in the Yum! ecosystem outside of India? Is there a threshold that international may not cross 30%-35% in the medium term in terms of future investments?
Secondly, there is a lot of noise in numbers , geopolitical sort of headwinds as well as weakness. But when you look at your January numbers SSSG or December , where the base was weak. By any chance can you give us some color if you were to adjust it for geopolitical headwinds that you probably may have? Is there a sort of further deterioration in SSS G trends even on a we ak base or is it similar to what it was in August-September or is there any optically improvement in SSSG?

Varun Beverages Limited

Varun Beverages Limited CC-Nov25.pdf · 2025-10-29
Just a follow -up question on your aspiration to or potential for an India AlcoBev business. Sir, you were present in this industry until 2015. I think you had a JV with AB InBev. And then you probably decided to exit that space. I think in the last 10 years, sector has become a little more challenging from a regulatory standpoint and competitive standpoint also. So, now what's the thought process here in terms of how should we think about , will it be some JV or partnership with a large existing player that you are considering? Or would you be acquiring smaller brands or local players and building a portfolio over time? And if you could give us some sort of idea of what kind of capital allocation you intend to sort of make for this sector?
Sure. Second is, I just looked up and I think the PepsiCo bottler in Kenya is SBC with whom you were engaged for Tanzania and Ghana. So, is there a possibility of acquiring rights for PepsiCo in Kenya? Or would you be doing something very on your own?
Varun Beverages Limited CC-Mar24.pdf · 2024-05-13
If I were to look at other than June quarter last year, for the remaining 3 quarters, the volume growth in India business of about 20%, whereas last year, June quarter, it was badly about 2%. So, when we look at this June, should we think about a 17% - 18% potential volume growth that you lost last June and about 10 % - 20% over and above that. Is the demand environment conducive? And is your supply side, capacity expansion, was it commissioned on time for you to be able to capture what the math indicates, which is like close to 30% volume growth in June quarter?
That's very helpful. Second is now that you've made some progress on the foods business. Would it be possible to give us some color in terms of at the right scale, what would be the profitability and return ratios? How would it compare v/s the beverages business on the food side?

Britannia Industries Limited

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Sep23.pdf · 2023-11-02
I have two questions. The first one is Dragontail tech was acquired by Yum! about a couple of years ago. So are there any case studies of it helping Pizza Hut in some other markets where there is a significant improvement in delivery experience and customer ratings?
Understood. I have one more question of Pizza Hut but let me ask another question that often comes from investors. So Sanjay, we want to know your thoughts on would you, at any point of time, consider Biryani as a category of your interest from an M&A perspective? And especially, there is a Biryani brand in the group entity. So a lot of times, investors bring up this question whether at some point of time would Sapphire acquire that business. So just your thoughts about merits of that business? And how does it sort of -- how do you think about it?