Stockrabit · Analysts
Questions across 31 calls

Manoj Menon

ICICI Securities

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Sep24.pdf · 2024-10-18
Sorry, I was on mute actually. So it's audible, right?
Sunil, actually when I look at the longer term of what the information we have on the salt value growth, volume growth and market share a nd I do recall many conversations earlier where it never actually moved in synchronization with the reality, particularly the market share aspect. And this time it has actually come. So what I'm trying to understand here is while I would assume that the value s hares are going much faster than volume, b ut when I look at a quarter in which largely most of the line items are flat, you have 150 bps. There’s two questions here. One, that is there some corrective measures in your understanding which Nielsen have taken where it is reflecting this. Point number two, what would be the broad, let’s say, difference between the value shares and volume shares for you? Sunil D’Souza: So let me answer the s econd question first, Manoj. So if I ’m not mistaken, my volume share is about 30%, 31%, and my value share is 37%, 38%, right? So it’s about a 20% premium. That’s number one. Number 2, while we have taken a price increase, what I would urge is this price increase of INR2 on a INR28 base, which is roughly around 7%, comes after a two-year hiatus, right? So, in the last two years, we ’ve not even taken general cost of inflation increase. So therefore, I don ’t think there will be this thing. If anything, I would say the team continues to focus with the primary objective being to continue to gain market share.
TATA CONSUMER PRODUCTS LIMITED CC-Sep23.pdf · 2023-11-01
Sunil, just wanted a bit of a macro marketing perspective from you. When I broadly look at the revenue performance , particularly volume performance of consumer staples. There is a very clear divergence between food companies and home and personal care. While there is certain hypothesis which I do have , just wanted to pick your brain on let's say what are those drivers which you are witnessing and how do you see this trajectory? Can it even accelerate food versus HPC? Sunil D’Souza: Manoj I would not comment on broader macroeconomics and other companies. All I can say is we see a huge runway whether it is in Tea whether it is in Salt whether it is in Sampann, Soulfull everything. We remain focused on our categories. We remain on focus on what we can control and what we can't, we make sure we've got adequate actions to make course corrections. In Tea we've always said that we see a long-term growth of 5%. We are slightly short of that. We're better than where we were a year ago where it was in a decline. We do see a little bit of stress on rural and this is I mean you see every FMCG company commenting upon it. We have seen an effect of inflation we've seen an effect of erratic monsoons. We've seen an uptick on MNREGA but that said again we've seen jump in two-wheeler sales as of late. So , we remain cautiously optimistic out there. On Salt again we've guided for a mid-single digit volume growth, and we are more or less inching towards that being faster coming towards that than the beverages space. Sampann, we have always said we'll grow 30%. Soulful is a wide space for us to play. We moved from breakfast to sna cking and now I think you'll see us expanding our TAM and growing far faster. So, I do hear various chatter from various different people, but I would not comment on it without knowing the details there.
Fair enough sir. Secondly on the distribution with good work by the team till now , would you be able to give us some quantification of the growth from the sales vector which you have got let's say in the last 3 to 5 years and how do you see some quantification on how do you see this into the medium term also in volume terms? Sunil D’Souza: In terms of where are we getting the growth from , Manoj actually speaking while everyone is talking about rural stress and we do think there is a little bit of that still left out there, for us rural is an opportunity where we are expanding with distribution. And therefore, for us internally rural growth, urban growth is working out to almost the same in percentage terms. That's number one. Number two, where we had done split routes in urban areas with the hypothesis being that we will expand the bandwidth at the front end and therefore be able to drive depth in the outlets rather than width. We are seeing that with decent increase in lines and therefore growth rates on split routes versus non split . 50,000+ towns which was our width expansion in semi urban and rural. Early days, encouraging signs. But the reason why we are confident is because now we are going to step out beyond the 50,000+. On tea volumes itself, Manoj I think for the last what about three quarters we've been seeing about (+3%) volume growth. We had seen a litt le bit of an upsurge on local regional brands. But now like I said once tea prices are more or less stable , it boils down to branding and execution, and we remain confident that we should be able to equal if not exceed these numbers towards our midterm aspiration as we go forward.

Titan Company Limited

Titan Company Limited CC-Mar24.pdf · 2024-05-03
Ajoy and team, I think it was fairly clear from your early commentary that if there is a choice to be made between sales or margins, you're going to gun for revenue, at least that was my interpretation. So it's a question about margins, it's not really about the short term. I don't honestly see that as a miss, it's actually as an investment. So how do we think about the next 12 to 24 months assuming that, let's say, gold stays volatile. Also assuming the relative competitive intensity remains the same. If you could just help us understand, in your mind, what are the up elevators and the down e levators as per as margins are concerned? That's the first question.
No, no, that's the same actually. You responded to this. I was just trying to understand the, let's say, when I think about 12, 24 months, what are the up elevators and the down elevators the way you look at your EBIT margin? I'm sure that obviously, there will be operating leverage benefits also in your up elevator. Just trying to understand, which are those, let's say, top 3 plus and top 3 minus and net you get to this number.
Titan Company Limited CC-Dec23.pdf · 2024-02-01
A few couple of ones. One, on the gold price premium, the commodity premium, where is it currently? And do you still think there is significant corrections you need to make over the next 12, 24 months in the context of accelerated formalization and existing brands also expanding, etcetera? The reason I'm asking because even in a very competitive market like in Chennai, as I understand, I think we've seen there is a 1% premium which you still managed to hold on to.
Okay, very clear. Is this hypothesis, will it hold good even in a scenario of, let's say, full-fledged actual implementation of hallmarking on the ground, including inspection efforts?

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-Jun24.pdf · 2024-08-01
Hi, Ramesh and team. Great performance, must say, in whichever context we look at it. Just one thing, I just wanted to understand from you and team is when I look at your same-store growth performance, which has been absolutely top of the street versus being listed -- other listed players. So if you could just elaborate a bit about -- and in fact, the inflationary gap has accelerated, right, which is actually a very good sign. Can you just tell us about, let's say, what has been driving this? What are the interventions you would have done, let's say, versus competition in terms of the faster share gain for you versus income -- other income? Thank you.
Understood. Is there anything to do with any changes in assortment or marketing strategy? Anything sure of that, wh ich is -- I mean, which is something which is already there in the market, if you could talk about?

Honasa Consumer Limited

Honasa Consumer Limited CC-Mar24.pdf · 2024-05-23
Hi, team. First of all, an observation and a clarification. Congratulations to the team for the UVG metric starting this quarter. I do vividly recall the conversation last time. It's an absolutely excellent metric to follow. Good luck to you. Secondly, on the offline journey, Varun and team, look, you're a young company, started extremely well in online, and in fact, has started off even better in offline. For example, when I think about, let's say, demand forecasting, you are starting on a fresh slate, and you have done and executed largely, I would say, impeccably. So just help us through your last 12, 24 months of your offline journey. What are the learnings? What are the hits and misses? And how do you see those templates, let's say, helping in the next, let's say, few years? Thank you.
Sure. Thank you for a very detailed response. Just two quick follow-ups here. One, just around 200,000, let's say, outlets reached in GT currently in offline. Realistically, what's the TAM which you have for the current portfolio? I do understand that every end outlet may not be the same throughput. But just from a market love, simple narrative template, what should be the TAM in terms of the offline outlets, le t's say, for Ceteris Paribus, which you should be having today, subject to execution?

Marico Limited

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Dec23.pdf · 2024-01-19
I'm audible, right?
When we talk about, let's say, the resurgence of regional players somewhat impacting us. What I observe is that it does kind of repeat this cycle -- kind of repeats every inflation, deflation cycle. So how do we think about this for the long term? Is it a case of, let's say, the profit pool expectations in certain segments which you have if let's say, higher than what the market stands at equilibrium, which is there currently? Or is it a case that you've exited certain, let's say, segments, maybe lower segments, lower profit segments, single-digit margin segments, etcetera, where the consumers in stress times move down and you are just not capturing the consumer?
Hindustan Unilever Limited CC-Feb26.pdf ·
Hi, Priya, Niranjan and Yogesh, Good performance and more importantly good commentary. I just want to double -click on the comments, honestly the positive comments from HUL after a fairly long period of time. You did allude to the macro factors and some internal actions you have taken in the presentation as well? Just a couple of points beyond that, if you could just help us understand. One, let's say, what's the tonnage growth between UVG? Are you finding early signs to, let's say, have a forecast of 2H better than 1H and FY’27 better than FY’26, based on your internal green shoots or inferences or analysis? Point number two, are there any early signs of elasticity gains which are finding in the, let's say, if you can call it discretionary part of your, let's say, stable portfolio? The reason I'm asking because there are certain parts of the portfolio where the replacement cycle is probably 3 months or higher. To that extent, it's just an assessment at this point. So, just if you could elaborate more on the optimism, that this would be helpful?
Just a couple of things I was just trying to get was are you finding actually, let's say, in categories which are, mass market oriented, are you finding tonnage growth also giving you that confidence? And secondly, as we see, early signs elasticity gains as well from the price panel?
Hindustan Unilever Limited CC-May26.pdf ·
Hi team, my first question is actually on the volume drivers. One, if you could just help us understand, because it's been a good six months after the GST price cuts etc. in certain categories. If you talk about, let's say, the positive effects of price elasticity gains, let's say for example in a shampoo bottle, one example which comes to my mind, or any other example you want to highlight, what's actually happening in terms of consumption? Secondly, over the last three months, six months, if you could just help us understand the drivers of UVG, is it more tonnage, more mix, etc.? That's question number one. Thank you.
Sure, just one quick clarification if I may. If I understood the response for the, let's say, the elasticity gains etc. post the GST cuts, what I understood is that yes, there are gains, but all of it is probably being reinvested for even faster growth. I s that the right takeaway?