Congratulations on the strong performance. I had three questions. The first is that there is a big divergence in the South and non-South SSSG, not seen at least as you started reporting this data. So just if you can give clarity on what led to such a big divergence?
The other way to look at it is that for South, it went from, say, 25% to 29%. But in case of non- South, the acceleration has sort of been much higher. So, any more color about maybe what led to that versus the Q3?
Yes. Hi, team. Good evening. I had my first question on the land parcel that we were discussing that how are we progressing on the sale of that? That have we managed to liquidate some of it as we were mentioning about?
Got it. And the second question was that, you mentioned that despite the increase in gold prices, you try looking at moderating the absolute inventory. So, do we still, say, target the asset on the 2.5x? And if that is the case, then how do we optimize the quantity of gold? Do we end up, letting go of the slow-moving inventory in that phase, when the prices of gold have increased in the store?
Yes. Hi Varun. Hi, am I audible?
Sorry for that. Hi , Varun. My first question was just again asking on the margin bit. I do understand you mentioned about three levers of optimization and on the advertising bit, it is absolutely clear in terms of the focus playbook that you have been mentioning. If you could just dive down on the other expenses, but just for an understanding perspective that what are the initiatives you are taking? And also on the gross margin side, I am not sure if I've adjusted for the reporting change of last year, but I do see that this quarter there has been a bit of a contraction. If Raman could just highlight that, what may be the reason why the gross margins have adjusted and what are the initiatives you are taking on the ex of advertising side to keep margins improving?
Yes, I had three questions. First was on Mamaearth. Would it be fair to say that the primary sales are similar to what we would have reported in Q2 FY '24 that now the brand is back to what it was, say, delivering 2 years back, leaving apart the impact of last year?
Sure. I'll check that separately. The second is, Varun, when you commented that you're looking at high single-digit growth for Mamaearth in the coming quarters, that adjusts for the Flipkart impact that will ensue in Q3 and Q4 also, that's the organic growth ex of the Flipkart impact?
Congratulations on the performance. I have three questions. Just starting off again on the margin bit. On the gross margin side, you mentioned about obviously that marginal pri ce hikes along with new product launches, that were obviously one of the key drivers of gross margin improvement. Just moving below, what has been the incremental lever which has led to an operating leverage? Do you see that employee expenses have also gone down? And does the Labour Code in any way rehash our employee expense growth going forward? That was the first question.
Got that. Sameer, the second question is you mentioned for the first time this AC Nielsen data and also tracking the growth for Domino's versus other categories like, say, burger. Now just one question that how do you, in a way, fight the lethargy that may come with the category of pizza itself? And how do you sort of compete with other categories, whereas you are a single ca tegory brand and you're sort of competing with aggregators? So what is the insights or incremental steps that you are taking to sort of gain market share from the other categories, knowing the fact that you only work in one subcategory?
Yes, hi Sameer. Good evening and congratulations on the strong performance. I had three questions. The first one was again on margins that, last quarter you mentio ned there were three reasons, primarily because of which your margins had got impacted. There was obviously the aggression on Big Big Pizza, offers on chicken and also the extended IPL. And the expectation somewhere was that at least on a GM perspective, t he improvement from Q1 to Q2 would be much better off given a lot of these one-offs sort of normalize and even you took a price hike for most of the quarter for the Big Big Pizza. So, just wanted to understand that, did you have to keep the activation going, or where is it that it was invested back?
Got that. Second bit again, on the OpEx side, you could just highlight the initiatives which led to this kind of a reduction in the cost base, and how do we see that sustaining?
Saugata, congratulations on the good performance. Just, continuing on the foods bit of it, as you highlighted, is it mainly a case of moderation in the portfolio on the SKU basis? Or are we also, say, optimizing some of the advertising spends in , say, a lot of these online first brands? And whereas the confidence coming, if I leave apart the inorganic element, that you mentioned about 4700BC sort of being consolidated, that the growth is going to recover in two quarters. So, what is driving that confidence?
Saugata, again, on the copra bit, that historically, as you said, whenever there has been a sharp correction in copra on a quarter-on-quarter basis, now we are seeing a 30% correction from peak. There are only two things at play. We are obviously sitting on our raw material inventory, so that somewhere limits immediate pricing action. And then there is channel pipeline also, which ends up, say, impacting how the pass -through happens to the channel, and tha t sort of affects volume growth. On the channel pipeline, you mentioned you are running much thinner, but is there a case where we may have to maybe aggressively reduce our prices, and that can maybe have an impact in terms of seeing the benefits of gross margin play out? Just wanted to understand that, would there be a lot of dynamic elements this quarter which could end up impacting the performance of the PCNO category?
The question from my side, when you mentioned about the food part about Munchies and Peanut Butter, is it that these products have been discontinued just that the growth of this part of the portfolio was muted, which led to the overall slowdown?
Understood. My second question was, I just want to clarify, when you mentioned about double digit margin, this is for the entire Foods and digital business by FY '27, right? It is not specifically for the digital part of the business?
Sudhir, the first question was on HI. So, if you look at last quarter also, there was an impact of weather-related vagaries, and I think that has continued this quarter also with an excessive winter. Just wanted to understand at the time of the analyst meet, you said that with the launch of RNF, we are expecting at least the volatility of the index sort of reducing be tween, say, a 95 to 105 kind of range. So, are we seeing that kind of a reduction in volatility with, say, the launch of the new molecule? And if you could just give a sense if the growth were actually positive this quarter for the HI business?
Sure. The second question was on the incense sticks. One of the worries that at least last year was the fact that the margin profile of this subsegment is much lower and it could sort of end up cannibalizing at least the overall HI margins as such. So now at least with the way you are targeting, is it that, that kind of a lid in terms of cautiously growing the incense sticks is sort of out and just looking at expanding either incense sticks or LV?
Hi, Sudhir. Good evening. Two questions. One is just generally checking possible to call out the impact of GST on the overall stand -alone top line. It's something that some of the other companies have also tried calling out?
Sure. That is helpful. S o then second question is, I think when the Raymond acquisition also happened, we had discussed about the fact that Cinthol, obviously, is not something that could enter into deodorants. And Park Avenue obviously, had its own standing in the category. Similarly, when I look at Muuchstac also, I'm guessing maybe there was a possibility of trying to extend Cinthol, but we've obviously chosen to obviously acquire a brand. So wanted to understand which are the other white space categories that we are looking at potentially evaluating? And is, say, an acquisition of preferred route rather than a brand extension for some of our existing names?
Yes, good afternoon, Gunender and Amit. I have two questions. The first is, while you mentioned the adjusted SSG looking at some store closures and cannibalizations, just if you could quantify the impact of the shift in festive of Chhath as well as Durga Puja into this quarter. Had that not changed into the Q2 quarter, what would have been the ideal normal SSG?
That is helpful, GK. The second question was on specifically the INR 99 price point in apparel. Would it be fair to say that, at least anecdotally, looking at a lot of the other retailers that operate in your area, that you sort of have an exclusivity or very large market share in that price point, if that is a correct inference. And given recently, if you look at the fact that there has been an increase in aggression from the likes of Meesho, where you do find a lot of listings less than INR 99 also. So, how do we plan to differentiate ourselves versus a cheaper pricing of INR 50 - INR 60? Is it that the quality improvement that you are speaking of is more at the starting price point in the apparel or will it be across the board? These two parts and I'll be done.
Yes. Good evening, Vikas and Varun. I had three questions. The first one was that for the LFL growth that you reported both on system-wide sales and for the consol, what will be the element of price hike?
Understood. And I think you were referring to obviously a recent pickup in terms of trends of passenger traffic. For the current last few weeks, how has the trend been in terms of the pickup in passenger traffic?
Two questions. First is, Ajoy, when you mentioned high-value studded, if you could just define is it above, say, INR 5 lakh? What is the definition of that? And if you could just give the contribution of that and the solitaire portion in your studded? The second one is that we are looking at a large share of store rehashing, around 70. I'm guessing all of it is Tanishq. So can you quantify if that leads to quite a substantial increase in the store productivity? What are the reasons for it? Maybe it's an increase in the area? And if that could also be an incremental trigger over the next 6 months for growth to be better than what it's already at?
Yes. On the store rehashes, 70, all of them for Tanishq. What leads to the increase in productivity and can that be an incremental driver of better growth than what it's already at?
Yes, thank you so much. Good afternoon, Neville and Anshul and everyone. Two questions from my side. Neville, you highlighted that obviously North India expansion right now is the pet project that you are currently focusing on. Speaking specifically of the UP market, this market is different in a way that there are certain large retailers which have a very high share of private labels in which they operate. And where this may end up impacting is that at least from a basket value perspective, despite the value that we offer, there would be certain players who would be offering a much better deal for a certain basket that gets created. So how would we then try addressing that kind of a hindrance in a market like UP, which is unique to say to the other states in India?
We'll definitely follow up. If you're commenting something, I'll wait for my second question.