Stockrabit · Analysts
Questions across 20 calls

Latika Chopra

JPMorgan

Pidilite Industries Limited

Pidilite Industries Limited CC-Feb26.pdf · 2026-02-04
My questions, a lot of them have been already answered, but I just wanted to get some color from you on any updates that you could share on some of the new ventures on Haisha Paints and electronic adhesives? And also on the core adhesives portfolio, could you give us some color on how the savings for this portfolio has trended over the last few years, given pioneer and growth categories have continued to accelerate? Electronic adhesives, the new pioneering segment that we are seeing?
Sure. Just last bit, Sudhanshu, was just trying to get some thoughts around the core adhesive portfolio, anything on how is the growth trajectory there? Is it more like high single digit? Is it very volume driven? Is it very niche driven?

United Spirits Limited

United Spirits Limited CC-Jan26.pdf · 2026-01-21
Thanks for the opportunity. The first question was on Maharashtra because you said this is top of the mind issue for you. If you could just elaborate a bit more on what you're noticing on the ground on the MML side? How is the consumer acceptance of these brands? Do you expect the intensity of impact of MML, which came in the last quarter to intensify in the near term? And what kind of initiatives you've undertaken or you plan to undertake to navigate this challenge better?
Sure. Thank you for the detailed answer, appreciate it. The second bit, Pradeep, on margin front, just wanted to check, we have seen good levels of gross margins 2 quarters in a row. How much of this Y-o-Y increase or to over 200 basis points that you saw in Q3 is on account of benefits on benign raw materials. Except for bulk scotch, I think the other input costs, as you mentioned, are benign. Just trying to see what part is more state mix led versus what is RM inflation led, and of course, your own cost efficiencies to just understand how that outlook looks in coming quarters once the state mix kind of normalizes? And the second part on the margins is A&P spend. Do you still stand by 9.5% to 10% of revenue guidance for the full year? Thank you.
United Spirits Limited CC-Jun25.pdf · 2025-08-14
Yeah, hi. Thanks for the opportunity. Let me just check a few things on Maharashtra. In your initial comments, you said the revenue salience for the state is about mid- to high teens. I would assume the BIO and parts of BII portfolio have not been affected by the tax changes. So, if you adjust for this piece, would you say the impacted portfolio is a low double-digit kind of salience on aggregate revenue basis for you?
All right. And the other bit that I wanted to understand from you was basis the prior episodes of price -- sharp price increases, I'm sure we have not seen probably something to the tune of 30% to 40%, at least not in my immediate knowledge, but definitely probably we have seen in the range of 15% to 20% in the past. What kind of a consumer behavior have you seen? There are also updates on how liquor from the neighboring states could come in. There is consumer down trading. But any specific episodes or examples on the quantum of volume or value impact that you would want to share? Just to give us some context on how the purchase behavior and growth rates have been affected in the past.
United Spirits Limited CC-Sep23.pdf · 2023-11-09
Hi Hina. Hi, Pradeep. Thank you for the opportunity. I'll just expand on the question on the margin front. So we clearly understand what happened with gross margins in this quarter and thanks for that. But going forward, what is the kind of sequential inflation that you anticipated ENA prices as the covers are no longer going to be there? And you definitely talked about glass prices being stable. So are we sensing a downside risk to overall gross margins as we lap second half?
Can I just then connect this question you know with the fact that in the prior quarter, you're kind of alluding to a 15% kind of EBITDA margin target for the full year. Here in first half, we've done 17%. And I understand as we get the peak season for you advertising spend, etcetera, will also step up. So you are still sticking to that?

Havells India Limited

Britannia Industries Limited

Britannia Industries Limited CC-Jun25.pdf · 2025-08-06
My first question was checking your confidence on demand recovery. You talked about a marginal uptick in urban and rural demand trends. You have delivered close to 10% revenue growth in this quarter. Much of the pricing is behind us, and you would assume that incremental growth is going to be transaction led, as you mentioned. Do you anticipate further acceleration in overall revenue growth through rest of the year?
Okay. The se cond thing I wanted to touch upon was a little better in detail was around your comments on market shares and regional competition. You just alluded that gross margins probably will improve sequentially. But do you see a need for higher competitive spends to deal with the regional competition, which is gaining? And in that light, do you expect EBITDA margins for full year to still hover around last year levels or improve from there? Or do you see any significant risk on EBITDA margins?
Britannia Industries Limited CC-Dec24.pdf · 2025-02-07
I wanted to get some more colour on non-biscuits portfolio, and how are you thinking about portfolio diversification over the next 2, 3 years? If you can give us some colour on how the salience of non-biscuits, it's growing at double digits, what kind of double digit? Is it profitable? What is the distribution opportunity, which is still available? And also, how are you thinking about alternative stacking options? You had experimented with salty snacks in some markets. If you can throw some colour on how has been the reception?
This is very detailed and clear. My second check was just on capex for FY '25, and are there any thoughts on capex for FY '26?
Britannia Industries Limited CC-Mar24.pdf · 2024-05-06
Varun, let me just begin from what you said, you're looking towards normalized way of running business. For FY '24, you had revenue growth of 4%. Could you split what was the volume growth and the size growth or deflation during FY '24? Extending that a bit, you talked about 3%-odd of inflation that you anticipate in FY '25. What is the normalized volume growth expectations, given all the interventions that you're doing in the business? That's the first question.
Understood. The second question was on margins. Your gross margins have continued to surprise despite price cuts. Wanted to understand what is the optimal margin expectations that we should build into next year? You ended FY '24 with almost a gross margin of 42%, EBITDA margin of 19% of the domestic business. So do you think there is further upside on these -- from these levels considering commodity prices are a bit benign? You talked about a bit of inflation coming back post-elections. And you also kind of alluded to need for more AMT and plus investments in all the initiatives we are doing. So I know -- so how should we think about margin outlook, given there's a big focus on top line momentum? Would you give away the margins or you think these are sustainable margins?

United Breweries Limited

United Breweries Limited CC-Jun25.pdf · 2025-07-23
Yes, hi. Thank you for the opportunity. Two questions from my side. The first one is on revenues. Could you share how much of the 11% volume growth would you attribute to low base impact from elections in the base quarter? And what in your view would be the normalized volume growth which you anticipate in the remaining quarters of this fiscal? And on the revenue front, if you could also add your comments regarding sustenance of 5% price mix growth, which looks steady so far as we look through the rest of the fiscal year. That's the first question.
Sure. So, Vivek, is it right to assume that adjusting for this base impact, you would be confident of delivering a high single-digit kind of a volume growth even in the rest of the year? Is that the pace growth you're seeing in the industry?
United Breweries Limited CC-Mar25.pdf · 2025-05-08
My first question was on demand trends. There are a lot of moving parts here. You just mentioned chatter on another round of tax increases in Karnataka. There have been price increases in certain parts of the country. And of course, weather has been also not exactly turning out to be hot in certain parts of the country. So, in this backdrop, what is your confidence of sustaining mid-to-high single-digit kind of volume growth for your portfolio? That's the first question.
My second question was on gross margins. This was a good performance in the quarter. But I also wanted to understand how are you sensing inflation in some of your key raw materials, barley, particularly because I think the current quarter probably is a key procurement quarter. Any thoughts on share of recycled glass bottles versus new glass bottles? How is that trending for you? And potential for these gross margins to improve going forward?

Vishal Mega Mart Limited

Vishal Mega Mart Limited CC-Mar25.pdf · 2025-04-30
Yes, hi. Thanks for the opportunity. So. my first question was around average bill value, would it be possible for you to give some flavor on F Y '25 SSSG or revenue growth in terms of transaction growth versus increase in average bill value? If there's any qualitative flavor if you cannot give quantitative color . The second question was on, you talked about the ecommerce bit, has there been a change in your strategy or trying to get more aggressive? And are there any material changes in your approach towards like local services in terms of delivery time, in terms of specific category focus, if you could elaborate a bit on that? Thank you.
Understood. Thank you so much.

AWL Agri Business Limited

AWL Agri Business Limited CC-Dec24.pdf · 2025-01-27
A couple of questions. Let me start with edible oil. You had a volume growth of 4%. You called out that the branded sales declined low single digits. And it seems the demand environment, as we explained, and the price differential, palm overtaking the other oils, sounded a bit cautious. Now with the palm oil price index kind of moderating, how should one think about overall volume growth for edible oils? And also, how do you think about the profitability of volume growth sustaining at mid-high single-digit levels over the next couple of years, given your distribution initiatives?
All right. And the second thing was on realizations. This quarter, there was a massive increase because of the increase in palm oil prices. Do you -- just trying to think in terms of the pace at which you change prices depending on your raw material sources. Do you anticipate these firm levels to stay, at least in the current quarter, before probably coming in line with the market price in the next quarter? Just trying to think through what is the lag with which the pricing will follow in your numbers?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Sep24.pdf · 2024-10-23
I think a lot has been discussed. I have some follow -ups. I'll start with Personal Care. In June quarter, you talked about a positive low single -digit volume growth. This quarter, it seems it's in the negative territory, you've said soaps have increased sequentially for you. And it seems Oral Care has also probably done better. So just trying to understand what has led to this moderation in volume growth in this category. Is there some base effect or something very specific to call out?
This is clear because it's good actually because I think June is a better season for Personal Wash. We've done better in September. The second bit was on Food and Refreshment, again, there's a shift, an adverse shift in volume narrative. And is it all linked to ice creams or tea also has kind of deteriorated a bit more due to the whole downtrading pressure? One is Horlicks.

Titan Company Limited

Titan Company Limited CC-Jun24.pdf · 2024-08-02
Two questions from my side. The first one was on your comment that the high -value studded jewellery has been subdued. And you've signed in with the part that I think Ajoy mentioned this time, the activation started a little earlier. I wanted to understand in these activations, are we making any specific interventions to incentivize the customers to buy more of high -value studded? And any early signs of any kind of feedback in customer s' behaviour change towards this segment? That's the first question.
Sure, sure. The second one was on the custom duty reduction. Just trying to understand, I know it's been two days only , but you did talk about a better demand coming back. But do you also sense some bit of later demand in the year because of wedding or festivity getting a little bit more preponed? And also, do you think there could be a scenario where the jewellers could probably raise making charges a bit to kind of mitigate the impact on inventory losses because customers got used to a of level of high absolute making charges. when those prices are higher. Just trying to check if there's any thoughts there?
Titan Company Limited CC-Dec23.pdf · 2024-02-01
My first question was if you could share your store opening plans for key Jewellery formats: Tanishq, CaratLane and Mia. And I noticed in this fiscal year, YTD, you've opened 43 Tanishq stores and 50 Mia stores but only 40 CaratLane stores. And the like -to-like retail sales growth for CaratLane has also been lagging Tanishq. So is this a price or a mix issue? Or is there some bit of a demand issue that you could elaborate on? Thank you.
Sure. That helps. The second bit I wanted to ask was your other two segments. On Watches, how -- you talked about higher marketing expense impacting margins. But on a full year basis or over medium term, how should we think about the margin profile, given the salience of Wearables will keep rising? And on eyewear separately, numbers on like-to-like growth rates have been muted. And it seems store addition has slowdown this fiscal year. So are there any aspects you intend to revisit here to drive better growth momentum in this segment? Thank you.

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jun24.pdf · 2024-07-30
My first question was, do you take the price increases on KFC during the quarter?
No, that was not. Considering we are trying to get the -- turning it around. The second question was on the dine -in weakness. Could you elaborate a bit more on the nuances of this? Sequentially, have you c ontinued to see this deteriorating stabilizing improving (45:17) [inaudible 0 45:17]? And how you kind of cut it or dissect it away from probably a structural move of consumer more towards delivery versus macro factor. Any nuances, any region-wise disparity, large versus small amount, anything that you could throw more color on?

Grasim Industries Limited

Grasim Industries Limited CC-Dec23.pdf · 2024-02-09
A few questions on your paints story, thanks for sharing a few slides on that in your presentation. The first one was on your comments on the dealer base rollout. I wanted to check the cities that you are targeting in north and south to begin with. Would you first focus on the lar ger cities or the plan is to go wider in the next few quarters even in the smaller towns? That was the first part. And the second bit was, if you could share some thoughts on your advertising plans? You've talked about that advertising concepts have been finalized. But when do we see you roll out whole of your product portfolio, SKU portfolio through the course of FY'25? Or you would probably likely target the peak summer or the peak festive season to go all out on the advertising front?
Sure. And any feedback or your experience of wood finishes that you launched . It is available now in almost 60 cities. Any initial thoughts on how the product is faring? What are you learning from contractors, workers on this product? How is it placed versus competition? Any initial thoughts there?