Stockrabit · Analysts
Questions across 6 calls

Lokesh Gusain

BOB Capital Markets

Zydus Wellness Limited

Zydus Wellness Limited CC-Mar25.pdf · 2025-05-19
Hi, thanks for taking my question. So, it's on your margin guidance. So, 17% to 18% over the next 2 to 3 years, I am assuming FY '27 to FY '28. I wanted to understand the drivers for that, because in the current inflationary environment, commodities have obviously gone up quite a bit, and that's probably a base as well. Your gross margin expansion slowed down to about 25, 30 basis points in the fourth quarter. So, while I understand percentage margin is a target, but maybe at this time, it's more about offsetting inflation, like just the rupee inflation rather than restoring percentage margins. So, is there any revision required in the percentage margin guidance that is 17% to 18% right now which was called out before this phase of inflation, I guess?
Got it. And then just a follow-up on that. First, for operating leverage, so wanted to clarify if you are going to maintain the A&P to sales ratio going forward since these are good categories. And secondly, are you assuming any certain level of commodity inflation when you are looking at a couple of percentage points improvement in your gross margins? I know there could be quarter-to-quarter fluctuations, but palm oil was up quite a bit in December quarter and in March as well, but then cooling down. So, there would be that volatility, but then you must be building in some level of commodity inflation to come up with the 200 basis points improvement that you are looking for in gross margins.

Britannia Industries Limited

Britannia Industries Limited CC-Mar25.pdf · 2025-05-12
So I just got 2 questions. First is on the sales. So just to clarify the focus states performance relative to the rest of India for the fourth quarter? And then secondly, on costs regarding your cost saving initiatives, you've got 6 verticals -- Is there any vertical out of these which stood out in the fourth quarter? Since your cost savin gs as a percentage of sales went up quite a bit, just trying to understand what's a sustainable rate, and what are your targets for FY '26 on cost savings as a percentage of sales?
Understood. And then just on the fourth quarter, would it be fair to say that buying efficiencies were a major part of the incremental savings that you got?
Britannia Industries Limited CC-Dec24.pdf · 2025-02-07
My question is also related to pricing. So I just wanted to understand, I know you mentioned that the removal of fat import duty was a factor. But were there any other factors that -- or hurdles that stopped you from taking pricing? Because I think in the call, you did mention that you were trying to take pricing by the end of January, 4% to 5%. So what changed?
Understood. And just on efficiencies, you mentioned you're going to double it this year. So are you already at the double run rate as of December end? Or are you still on the way?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Sep24.pdf · 2024-10-18
So just a couple. First of all, what was the sales growth in both businesses, ex NourishCo and M&A? And then secondly, how much pricing do you need in tea to fully offset the inflation? And what percentage of the portfolio have put through the pricing yet?
I'm sorry. My question is more around like you've taken, I think , 4% pricing. I'm talking at a bucket level, like if the tea category as a whole, how much pricing do you need to put through at an aggregate level to offset the inflation?

Godrej Consumer Products Limited