Questions across 9 calls

Karan Taurani

Elara Capital

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-May26.pdf · 2026-05-20

Hi, thanks for taking my question pertaining to the cost inflation, right? So, from a commodity standpoint, it will be largely equivalent for other QSR chains versus yours. But from an LPG perspective, you've got a significantly higher exposure towards LPG basis Pizza category. And second, of course, is the employee cost as well, right, you have got your own delivery fleet. You run your own fleet, which means that the inflation , wage inflation costs, again, the petrol cost will also be hitting So, from that context, what is the kind of negative impact one can see on margins? Again, I know it's not possible to quantify. But can we say that you will have a significantly higher negative impact on margins versus your peers?

And what is the potential for moving these LPG -based outlets towards electric. I mean what percentage of the outage currently would have gone to electric or what is the kind of opex of running the outlets on a electric basis. And how can this number change ? Let's say, if this war were to continue for the next 3, 4 months and the inflation pressure is very high on LPG as a commodity. Would you move to electric? And is the opex cost higher? And is it possible firstly to shift a large share of your outlets towards electric?

Affle 3i Limited

Affle 3i Limited CC-Jun25.pdf · 2025-07-28

Firstly, congratulations to the management for a great set of results. My question was particularly in terms of EBITDA margins. In the last 8 quarters, we have seen a consistent improvement in EBITDA margins and that's not been on the back of gross margins . They've held on, but it's been more in terms of the efficiencies around the cost side. I am trying to get some color here in terms of outlook, where are we in terms of operating efficiencies? What is the headroom here for margin improvement from a medium-term perspective? What is the management aspiring as a band for EBITDA margins? What will actually drive this? Is it AI initiatives , cost containment or growth?

Affle 3i Limited CC-Sep23.pdf · 2023-11-06

Hi Anuj . My question is pertaining to the India business . You mentioned that the gaming vertical has led to a lower growth . What are the other verticals that are performing well and could possibly offset this negative impact? Secondly, what is the normal case scenario for the India business in terms of growth over the next 2-3 quarters? Historically, the growth it has been around 20%. Should we assume that for the next three quarters, India business growth could be at mid to low teens?

The second question is around the international business . Even excluding YouAppi , we have seen a better performance in the international business. Could you please give us some sense in terms of the US business. Where is that standing? Because we are expecting some kind of a turnaround there , what is the expected growth rate, traction and whether things are aligning with our plan? Additionally, could you share information on our performance in the other emerging nations apart from India?

United Spirits Limited

United Spirits Limited CC-Mar24.pdf · 2024-05-27

Hi, thanks for taking my question. So the first question would be on the ENA side. How big a spoil Sport could this be for your profitable margins? Obviously, you mentioned that you cannot point out the exact impact. But what is the kind of traction you are seeing right now in terms of ENA prices today and where this could be trending over the next 6 months?

Right. And secondly, if you look at the portfolio mix, I think the Low Prestige segment contribution is seeing a sharp dip over the last 3 to 4 years. Of course, as Hina mentioned, that growth rates in this segment are also kind of subdued. But where do you see this going ahead? Are we heading towards situation wherein the next 2 to 3 years, you could see luxury portfolio moving towards 40% and th is portfolio moving more towards low 30s? And what is the potential margin impact of this is? Because Low Prestige could be higher in terms of EBITDA margins as compared to luxury. Is that correcting understanding?

Radico Khaitan Limited

Radico Khaitan Limited CC-Mar24.pdf · 2024-05-15

My first question was on the regular volume decline. So of course there are two parts to it. One is the price hike that you've taken and second is the deliberate attempt to supply to drive better profitability. So how should one foresee regu lar volumes in FY25 given the scenario right now?

And about profitability margins. So of course, you are mentioning that commodity prices are pulling off. You also start seeing positive impact of backward integration. So, any kind of aspirational EBITDA margin brand towards FY26 that you would like to maintain, whether it's 14%- 16% or 15% to 17% any band on EBITDA margin?

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Mar24.pdf · 2024-05-10

My first question was on KFC EBITDA margin. I think despite the improvement in gross margins, frankly, the margins have been stable as compared to peers maybe in the burger and the pizza category where we're seeing margin disruption. So what's your take on margin going ahead? Do you believe that margins will remain stable? Or do you believe that there's a potential for expansion as well?

No, I'm complimenting it has been stable. I'm complimenting being stable. But are we expecting too much that -- what is the potential for an expansion, if at all? Yes.

United Breweries Limited

United Breweries Limited CC-Mar24.pdf · 2024-05-08

The question was basically in terms of the brand in terms of Heineken and the overall portfolio that you have. So currently, as we are talking of transformation, you're talking about volume growth and there has been a margin and a lot of investments would have also gone in terms of marketing and branding, kind of spend. So how do you see the situation turning around over the next 4 to 6 quarters? Can we move from a push brand to a pull brand situation? And if that does come in, I mean, do we have a situation wherein if the investments kind of taper down or come down, the volume growth still will remain to be strong? What's your take on that?

Right. Obviously, that was the category part. Now specifically right? I mean the kind of growth you see in the premium portfolio, it's unheard of. I don't think, we see this kind of growth over the last 3, 4 years or maybe it's historical in nature in term s of volume growth. So on that question, so currently, you are spending aggressively, you're kind of going there and you're trying to grow above market average, gain market share. So tomorrow, if at all, say, 2 years down the line, you pull back your spends and try to be more in terms of a focus on efficiency and profitability, would you be able to sustain that market share? I mean it's a question in the case of Bira. I mean, obviously, Bira is not compatible, but we saw that in the case of Bira, there was aggressive push, they gained market share. But the moment they pulled back, they've seen concerns on volume. So not a compiling case, but just some things you can draw in terms of volumes.

United Breweries Limited CC-Dec23.pdf · 2024-02-09

My first question is on the investment plan, right? So I think beer that way as a category, Kingfisher has been the m arket leader since so many years. So what exactly has happened in terms of strategically or in terms of your thought process that has led to more investments in terms of growing this category? Because UBL is the market leader, right? So is this investment more panning out to growing the premium beer category? Or is it going to be equally split between Kingfisher and Heineken assets?

Right. But in that case, our volume growth should also see acceleration given the kind of investments that you are planning because your volume growth of mid - to high single digit doesn't kind of match up with the kind of investments you are doing. So are you trying -- where is the visibility that you will see that you'll probably beat market outlook in terms of broader beer volume growth or any kind of visibility over there because of these initiatives?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-Sep23.pdf · 2023-11-09

I have two, three questions. The first one was on the advertising front. So, you mentioned that second half , you will see some demand because of festive but you also mentioned the sports part, right? Which is correct, as in, lot of these sports properties will attract a lot of ad spend. so, what is the kind of growth that we can see maybe in the next quarter or maybe in the second half, not for the guidance, but could we expect high single digit, double digit, or low single digits? Any indication or colour there?

Right. That's helpful. Secondly, in terms of subscription revenue, of course, this year is going to be good because of the ARPU and the price hike after NTO 3.0, but what we are seeing is that the number of pay TV households specifically on the cable and the MSO side is declining. And let's assume that if we take a 3% to 4% price hike going ahead structurally and then the number of households is going by 13% is fine, then the growth rate is flattish. Any indication there in terms of where subscription revenue is heading for Indian TV in terms of growth?