Questions across 12 calls

Kunal Shah

Jefferies

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Nov25.pdf · 2025-11-06

My first question is on ICONiQ White and specifically on profitability of tha t brand. So if I remember correctly, you had highlighted a few initiatives, use of marke t bottles, removal of mono cartons in this brand to improve profitability. I wanted to g et an update on where are we in that journey? How much is left? And in the markets where you have done, let's say, removal of mono cartons, have you seen any impact on, let's say, brand perc eption or growth or anything like that?

Just to clarify, there's no plans of any change in pricing or liquid profile as a part of your margin improvement in this trend, right?

Allied Blenders and Distillers Limited CC-Jun25.pdf · 2025-07-30

My first question is on your volumes and the benefit that they have received from Andhra Pradesh and Delhi, which you mentioned in the opening remarks, if you can quantify it in some way, probably both on P&A and overall?

Sir, the next question is, what is the total, let’s say, cost base or OPEX that ABD Maestro will incur, let’s say, on a full -year basis? And let’s say, 2, 3 years down, what are your revenue aspirations for this business, if you can give some directional insight on both?

Allied Blenders and Distillers Limited CC-Dec24.pdf · 2025-01-30

Hello, thank you for the opportunity. So, my question is on Telangana. Can you give an update on what's the receivable amount now and if there's been any progress, so what are the discussions ongoing? And what are the options that you are considering given these receivables?

Understood. And have you seen any change in competitive dynamics because of these receivables? Maybe some companies are not able to bear th e working capital load and that benefits some other players or benefits you probably. Has anything played out on those lines?

AWL Agri Business Limited

AWL Agri Business Limited CC-Nov25.pdf · 2025-11-04

So my first question was on this data point which you have provided, which is your stand-alone sales -- branded sales in foods grew 7%. So, I just wanted to understand, does this include regional rice as well? Because I presume there will be some branded component in that. And if yes, what would be the growth if you take out that factor as well? So just like-for-like growth.

But would this number also have some impact due to regional rice consolidation, or this wouldn't be.

AWL Agri Business Limited CC-Jun25.pdf · 2025-07-15

Thank you for the opportunity. S o my question is on this regional rice consolidation. Can you give us some sense of how big the business was, let's say, last year, full year? And by what percentage have you scaled it down to, if you can give some sense on that, in absolute crores terms would be helpful?

Understood. So my -- what I was trying to arrive at is this growth excluding G2G of, I think 4% in Foods, which you have shared. If I were to also take out this regional rice, what would that number look like if you can give any sense on that?

AWL Agri Business Limited CC-Mar25.pdf · 2025-04-29

Sir, my first question is regarding your guidance of this INR3,500, INR3,600 EBITDA per ton. Just to confir m, this is on an overall basis a nd does this include other income also or is it excluding other income?.

Yes. So, my question is regarding this EBITDA guidance of INR 3,500, INR3,600 per ton. Is this on an overall basis for the full business and does this include other income or is it excluding that piece?

Patanjali Foods Limited

Patanjali Foods Limited CC-Nov25.pdf · 2025-10-31

Hi, good evening. Thank you. Sir, my first question is on edible oils. Can you give us a sense of how branded volumes have done this quarter on a Y-o-Y basis in absolute terms?

Okay. So, this 5% is on a Y-o-Y basis, right?

Radico Khaitan Limited

Radico Khaitan Limited CC-Nov25.pdf · 2025-10-30

My first question is just wanted to get an industry context on Bihar, right? While there are expectations of things opening up possibly, can you give us a sense of how big the market used to be, let's say, 7, 8 years back from an IMFL standpoint? And what would have been your market share at that point in time? So just for us to size up the opportunity if that happens?

Understood. And any sense which you can give of how big your business would have been back in the day, if possible?

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-Jun25.pdf · 2025-08-14

Hi. Thank you for the opportunity. My question is on your channels other than retail. So over the last year and a half, you've done quite a bit of consolidation, closing some non -profitable accounts. There have been some external factors as well, which has shrunk this revenue pool. Can we say that most of it across all these channels is now behind and this revenue run rate, which you see today, should sustain and improve from here on? Or there are still more accounts or areas where you would look to consolidate going forward as well?

Understood. Understood. Yes. My second question is on the other brands’ piece. So what would be the growth like, let's say, this quarter, if you were to take out the fast fashion business from the base, if you can give some sense? And if you can give some color on, let's say, individual pieces and how have they done from a top line standpoint?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Jun25.pdf · 2025-08-14

My question is also on TMRW. So with this capital raise, your cash burn in this business is not that high. What are the areas where this will be invested? Are there more acquisitions planned? Or off-line expansion? Or how would this capital be allocated under TMRW?

Understood. And the second question is on TCNS. If I heard it correctly, you said after April, this business is moved to a double-digit like-for-like growth. Is that understanding correct?

Aditya Birla Fashion and Retail Limited CC-Mar25.pdf · 2025-05-26

My first question is on Pantaloons. So you mentioned opportunity for 200, 300 bps margin expansion over the coming few years. Does this also include any potential, let's say, lower - margin operations that you will have in Style Up over the coming years or this is just Pantaloons format? And do you expect any meaningful losses or lower -- in Style Up in the coming years?

Understood. Understood. The second question is on ABLBL. Beyond Lifestyle brands, if you see growth has been a bit muted for the last few quarters now. I did hear a comment that it was marginally impacted this quarter by fast fashion business being there i n the base, but any sense you can give on which parts of the portfolio beyond Lifestyle brands are growing well, which are struggling? And what's the outlook for the next year?

Welspun Living Limited

Welspun Living Limited CC-Jul25.pdf · 2025-07-30

So my question is in the last 15, 20 days, you've seen countries sign trade deals, right? And at least for some countries, I know we don't compete with many of them, start to emerge. So just from a customer standpoint, have there been any change in conversations on how things will pan out in the coming? I know actual orders and volumes and others may take time, but any change in conversation or direction in the last month or so as these trade deals are starting to flow in?

No, no, I mean US signing trade deals with something like Indonesia or Vietnam. I know we don't compete with them, but just from a customer conversation standpoint, any change or any anticipation that they have at their end or what's the next step from their side?