United Spirits Limited CC-Dec23.pdf · 2024-01-24
Hina, this question is for you. India is a price-constrained market where you have to take state- level approvals for pricing. I mean as you said, it's a every year phenomenon. What I want to understand is, given now the construct of the business, it is largely dominated by P&A. In an unconstrained market, what's kind of profitability at which you think this business can operate after making sufficient investments for future growth of the business?
But I have a counter question now as an analyst. Pradeep, see, India is a country where companies in the consumer business which are in staples, someone like a Unilever, they make like 23%, 24% margins. I thought discretionary categories with pricing power should logically make higher profitability. At least that's what I've learned as an analyst over the years. So...