Questions across 32 calls

Latika Chopra

JP Morgan

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Jun24.pdf · 2024-07-30

I wanted to understand what is your procurement process? What is the salien ce of North India versus South India Tea composition in your mix? And what is the sense on inventory for tea that you have? And I believe the typical tea procurement season starts for you over June, July. If you could give some color on the process and then the typical inventory that you hold. Thank you. Sunil D’Souza: So, Latika, A) is overall industry is about 80-20, 80% North India and 20% South India and we are more or less in line with the industry. That's number one. Number two, you're right, actually procurement season for us starts sometime, I would say middle to end of May and goes on till about October, November. And we buy through t he season because starting mostly depends sometimes early December, sometimes end December, the Tea Board would stop plucking in North India. And therefore, there is very minimal Tea available and whatever is there is not of the quality that we would requi re in entire Q4. So, buying is primarily end of middle to end of Q1 going up to Q3.

My question was on the India business revenue growth on an organic basis was 7%. And the EBITDA growth was 6% in the quarter. Any color you can give on what caused the margin moderation or anything specifically? Sunil D’Souza: So, it was primarily I would say impacted by two items. Number on e is there is basically extra A&P spending that we have done during the quarter to fuel the brands and we called that out. A&P percentage to sales in India is 7.8%, n umber one. Number two is we have added feet on street, which again has impacted the P&L line and there's been that cost which has come into the P&L, both of which we think is the right direction for the business to go to.

Honasa Consumer Limited

Honasa Consumer Limited CC-Mar24.pdf · 2024-05-23

Hi, Varun, Ghazal and Raman. Thank you for the opportunity. My first question was on the margin expansion of 150 basis points that you talked about for FY’25 . Could you walk us through, the key levers for this? Are we, how are you looking at gross margins? Would remain stable at 70%? In FY24, we saw employee costs were up, just 3%, 4%, and A&P was up about 25%. So do you think employee costs will continue to grow very modestly, even in FY’25? And any incremental thoughts on, what growth you anticipate in A&P given, the new brand investments that you plan to do? That's the first question. Thank you.

Okay. The second bit was just clarifying on, underlying volume growth definition. They were referring to tonnage growth or you're referring to number of units, growth.

Titan Company Limited

Titan Company Limited CC-Mar24.pdf · 2024-05-03

My first question was on CaratLane. For FY24, I think broadly across quarters, we've seen that the like-to-like growth has been lagging that of Tanishq, could you share some color on what's driving this? Is it entirely linked to some discretionary consumption pullback at those ticket sizes? Or there is something more here? And you opened 50 stores in FY24 for CaratLane. Will you continue with this pace of store addition? Or would there be any kind of a rethink here? That's the first one.

Understood. Yes. That's useful. The second bit I wanted to check on was your international foray on jewellery. You have now 16 stores. So is this something that you are very excited about to grow incrementally much more at a much more faster pace? Any color on your different geographies in terms of feedback. And more importantly, we discussed a lot about margins when you're in the call today. But if you look at medium term, do you think that investments in the overseas operations could be a drag on the segment results or these could be accretive? And that was the last question I had.

Havells India Limited

Havells India Limited CC-Mar24.pdf · 2024-04-30

My question was on fans, which posted strong growth. You also alluded to the fact t hat there could be potential price increases on early part of Q1. I just wanted to check, what are the channel inventory levels for fans. Are these at normalized levels that you would expect at the beginning of summer season? Or this time in anticipation of a price increase, our channel inventory levels were higher at the end of March month?

All right. No, I was just thinking is it contemplating it now?

Havells India Limited CC-Dec23.pdf · 2024-01-24

Thank you for the opportunity . I have two question s. The first one is specific to the key ECD segments of fans , geyser, kitchen appliances and let me also loo p in Lloyd and you can answer separately for them , what is the salience of e -commerce channel now in the revenue mix versus pre-COVID and are your market shares and margins for this channel lower versus the offline channels?

But what is the market share on this channel versus the offline channel?

Havells India Limited CC-Sep23.pdf · 2023-10-20

The first question is, you have commented quite a few times that you're hopeful that B2C demand is going to revise in the second half. Are there any reasons or any signs which are alluding you to have this kind of confidence? When you exited the September quarter, did you see any pockets which promised you some sort of recovery or some change in consumer behavior? And more importantly, as a company, what would, in your view, actually drive the consumer to come out and spend on electrical goods? That's the first question.

Sure, sir. The second bit was around the fact that you mentioned somewhere during the call that you chose to be more B2C focused, and I completely understand that. But is there now a change in thought that probably you need to have a more balanced exposure towards B2B and B2C and given the kind of capacity addition plans that you have, that is one? And the second bit, I was actually thinking when you're commenting on competition and pricing in category like air conditioners, we did see the market leader's margins actually coming down meaningfully. Do you see that risk at any point as you find more challenges in your B2C categories in small appliances or ECD? Just any broad thoughts there. Thank you so much.

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Dec23.pdf · 2024-01-31

So just stepping away from Household Insecticides for a minute. Just trying to understand the underlying growth rates better in some of the other categories in India. On Hair Colours, you've clocked double-digit volume growth. If I recollect correctly, previous quarter was a little soft and we were betting on rest of the quarters to drive this growth. I just wanted to understand what's the confidence in sustaining this kind of volume growth in coming quarters. And if you could also share some colour on salience of Shampoo Hair Colour in the overall Hair Colour mix. And similarly, if you could also give some flavour on the Raymond portfolio, Y-o-Y growth rates that you saw in Q3?

No, that's good to know. And Sudhir, if I could also check on Indonesia. Clearly, Household Insecticides has grown faster. We've talked about market share gains. I was curious to understand where we stand on Hair Colours. It's been a good quarter. Again, strong double- digit volume growth is what you mentioned. What is the salience of this particular segment in the Indonesia revenue mix currently? And do you see this becoming a substantial piece of the business there? How are market shares? Any other benchmarks that you track for this particular category in Indonesia?

Marico Limited

Marico Limited CC-Dec23.pdf · 2024-01-29

What I could sense was relatively more confidence in low -teens earnings growth for FY25 coming from you. If you look at different permutation combinations on top line growth, of course you've talked about a gradual volume growth recovery over the next four or five quarters. We talked about this GT reset that you're kind of playing out. Do you have any kind of margin levers which probably could take up margins even beyond FY24 levels of 21%, which is giving you confidence in low teens earnings for FY25?

The second question was the comment that you made on the Foods business, 20%+ growth, assuming Plix obviously is going to get into the pace, are we talking about next year , y ou mentioned a number for FY27, if I heard correctly, of Rs. 1400 crore. That's the aspiration I understand, but when you were setting that aspiration, is it organic le d or you would assume there is going to be some inorganic addition to this particular food business when you're talking about that aspiration of 20%+ growth.

Pidilite Industries Limited

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

Mr. Puri, it was interesting to hear a comment that the core to pioneer and growth share is now 55-45. If I remember correctly, in the prior call, you were hoping to close FY '24 at 60 -40. So would love to get some more flavor on what are the categories in growth and pioneer, say, Araldite, your tile adhesive, floor coatings, wood finishes. If you can give some flavor on what is the growth trajectory that they are clocking? Are they growing 15% to 20%? Are they growing 20% plus? And what is t he confidence you have for sustaining these kind of growth rates? And my second question was between distribution reach expansion and new product contribution, which of these has been a bigger volume growth contributor for you in the recent quarters? And how do you think this is going to play out in coming years?

I was just checking on your between distribution reach expansion and new product contribution.

Pidilite Industries Limited CC-Sep23.pdf · 2023-11-09

My first question is just again clarifying on this volume value gap, do we expect this to mo derate as we progress through the second -half of the fiscal? Is that the fa ir understanding?

Sure, and you mention I think the VAM consumption price of $1 ,000 if I am not mistaken and does that imply that there is a very good gross margin progres sion that we are witnessing now, so this should continue to improve through remaining part of the year. So, probably, you are already at 22% margins in this quarter, I u nderstand the range is 20 -24, but hopefully we should be on the higher side of this, unless you see firming up of raw material prices in a significant manner?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Feb26.pdf ·

My first question was on pricing itself, but at an aggregate portfolio. You just mentioned Home Care could see some bit of pricing coming back. But when you look at the rest of your portfolio, if you could share colou r on how we expect pricing to play out in the coming quarters given some of the other commodities are relatively benign?

Understood. The second question I had was on specific segments. The first one was Personal Care, where you saw mid-single digit growth of Skin Cleansing. Just wanted to understand the way the quarter progressed, do you expect that the volume growth has potential to accelerate here sequentially as some of the GST rate cut benefits start to flow fully from Q4 onwards? And if you could also comment on comp etitive dynamics and market share trends for key brands in this portfolio?

Hindustan Unilever Limited CC-May26.pdf ·

Yeah, hi. Thank you for the opportunity. My first question was on broader top line and market share. Just wanted to quickly clarify if you came across any pre - buying from channel partners ahead of anticipated price increases in some of your categories which you took in March and April. And second bit was, we have come across reports regarding how smaller players may be finding it difficult to operate amidst supply disruption and raw material availability and of course in an associated commodity inflation environment. Are you witnessing any such trends in your core categories which in turn are aidin g market share gain momentum for you, in the recent months? So that's the first question.

Yeah, the second question I had was on Personal Care. You know, this vertical has continued to see volume decline. Just wanted to understand, how should we think about your confidence in growth returning here, if you could share some more colour on the trends and the initiatives? Thank you.