Questions across 34 calls

Kunal Vora

BNP Paribas

Britannia Industries Limited

Britannia Industries Limited CC-Jun24.pdf · 2024-08-05

Yes. Thanks for the opportunity. First question is, if I look at the pace of distribution expansion, it seems to have slowed down. Earlier, you were expanding your direct reach rural distributors by double-digit every year. Now, that number has come down t o like mid to high single -digit. So is the low-hanging fruit behind? And like how should we think about the volume growth in that context over the next three years to five years, that is what we've seen in the recent past?

Understood. Second and last question is last quarter, you had mentioned that you'll target double- digit volume growth in second half and there could be 3%, 4% pricing contribution. Going by the discussion on this call today, it looks like pricing could eve n be slightly negative and you are aspiring for high single -digit volume growth. Have I understood this right? And if you can please clarify how you're thinking about second half?

Britannia Industries Limited CC-Mar24.pdf · 2024-05-06

I just needed some data points. So if you can give us a broad split of the adjacent categories in FY '24, you mentioned that contributes about 25%, which is about INR40 billion. Can you talk about how large is the individual products, cake, Rusk, dairy, bread, croissant, if you can give us a broad breakup?

So it will all be INR9 billion, INR10 billion, like it will be around INR8 billion?

Britannia Industries Limited CC-Sep23.pdf · 2023-11-02

Firstly, I wanted to understand the INR1 lakh crore Britannia flavor market size which you are talking about. How much is biscuits? What part of dairy you considered is -- and bakery, whether it's mostly organized or includes unorganized? And also if you can give us indicative market share in each of the categories?

That will be very useful. And second and last question if you can talk about your acquisition strategy both in traditional space as well as D2C br ands in the food space, if there's anything which you would like to consider. I'm also thinking about, like, categories like cheese and mayo spreads. Are there any interesting opportunities there?

Emami Limited

Emami Limited CC-Jun24.pdf · 2024-08-01

What percentage of revenue came from summer-linked portfolio in this quarter? And what was the growt h in the summer portfolio overall? And what was the growth for the rest of the portfolio?

So the rest of the portfolio would have like say, not grown at all? Or what would be the performance, have not done the maths, sir?

Vodafone Idea Limited

Vodafone Idea Limited CC-Mar24.pdf · 2024-05-17

First question is on the CAPEX. If you can share some details about the 50,000-55,000 crores which you're looking to invest , how much of that will be in FY25 and what will be the main areas of investment in FY25?

if you can just answer this one then I'll move on to the next one.

Vodafone Idea Limited CC-Dec23.pdf · 2024-01-30

I just wanted to understand the CAPEX. What we are seeing now, I think, is the lowest we've seen in many years and maybe the lowest ever. Does this hamper the businesses in any way? And can you continue ope rating at 3% CAPEX to sales? What's the minimum amount of maintenance CAPEX which you think should be done?

I just wanted to understand if you don't see any data volume growth, can you manage with this 3%-4% CAPEX of sales?

Vodafone Idea Limited CC-Sep23.pdf · 2023-10-30

First one, how is the launch of 5G by competition impacted you so far? Are any of the corporate customers demanding that you offer 5G and would you say that like so far the impact is not much or it's something which is becoming worrisome?

Okay, thanks. And is there any change in competitive intensity in the market?

DOMS Industries Limited

DOMS Industries Limited CC-Dec23.pdf · 2024-02-12

Yes, thanks. Congratulations Santosh bhai and Rahul bhai for the listing and strong results. A few questions from my side. First is on the margins. EBITDA margins are fairly strong at 17.4%, more than 300 bps improvement. And if I go and look at the 4 Q last year, again, margins were strong. It implies that you might end the year with more than 17.5% margins. So, I wanted to understand how sustainable is this and are there any adjustments which we need to be aware of?

But this year, like when you already had 17.4.

Titan Company Limited

Titan Company Limited CC-Dec23.pdf · 2024-02-01

Sir, earlier question, you indicated confidence about growth in FY '25 and '26. So is it fair to say that you're confident of delivering the 20% CAGR in Jewellery, which you aspire to deliver?

Yes, but you don't see any headwinds. I mean, we are seeing headwinds in some other categories. Maybe the category has slowed down. But like for Jewellery and for yourself, you think the growth rate should continue?

Titan Company Limited CC-Sep23.pdf · 2023-11-03

Congrats for good numbers. Can you help us understand developments in the lab-made diamond industry? There are reports saying that this is causing the slowdown in diamond industry in China, and also the lab-made diamonds are now available at, like, as high as 90% discount to real. So what are the trends which you are seeing? And if these diamonds become more popular in India, what would be your strategy to counter this trend?

Sure. That's helpful. And also I wanted to understand, if I look at like -to-like growth for CaratLane that's lower at 10% compared to Tanishq at 22%, can you help me understand this? I would have expected the growth for CaratLane to be higher because it's a new format.

Zee Entertainment Enterprises Limited

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

Yes. First, I wanted to understand the pay TV subscription mix. So how many subscribers will you now have for cable, DTH and FTTH. And if you also can provide some insights on how are the ARPUs in other three channels.

Cable, DTH and FTTH will be similar or cable, DTH will be similar?

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Sep23.pdf · 2023-10-25

My first question is on Cheesy Rewards. So, it's been about 6 quarters since the launch and you have hit almost 20 million customers. What percentage of customers has actually claimed rewards by ordering more than 6 times and what is your assessment of the cost and benefits now? And do you see a need to make any adjustments to the program?

If you can share like some insights on how many actually are able to claim because of the 20 million and that number was 7 million a year back, is it like 10%-20%, any insights which you can provide on how many are actually claiming and what kind of expense you're incurring?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Sep23.pdf · 2023-10-19

My first question is on pricing, portfolio level how much price cut have you taken from the peak and how many quarters the pricing would remain negative and the price cuts mostly are they in value segment or are they broad based?

Okay. And can you talk about your priority like say as the GM expands, would you raise ad spends but it looks like price cuts don’t seem to be very large. You also have increased competitive intensity. Like why prioritize ad spends and not pass on some benefits to the customers especially with intense competition?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Mar24.pdf · 2023-04-28

My question is on the historical revenue growth, while the two-year number looks good, if we look at three year CAGR it will be about 2%, with flat sales in FY24 even four year CAGR will be 1% to 2%. Just wanted to understand this FY20 is the right number to look at or how do we look at the historical growth rate of the business?

Second and last question, on the margin improvement from high single digit to mid -20s with potential increase in advertisement spend, what are the risks and what are the key assumptions which are you building in, what are the low hanging fruits in terms of margin uplift?