Sir, just some confusion on this topic. So, if you can just tell us on a consolidated basis, what is the organic sales growth this quarter?
So there is no inorganic element at all? Is it because that is the growth that you have reported anyway?
Questions across 43 calls
Percy Panthaki
IIFL Securities
Bikaji Foods International Limited
Sir, can you give some idea on what is the inflation in palm, especially after the import duty was levied? And does it make sense for you now to also launch some other variants which are not made with palm oil if the cost differential isn't too huge? Maybe price them at a slight premium with a health focus, etc. Does that make sense? And thirdly, what are the pricing actions that you have put in place or which would require to be put in place in order to meet the input cost inflation?
Sorry, how much I missed that?
Jubilant Foodworks Limited
Hi Sameer, congrats on a good set of numbers. A couple of questions from my side. So firstly, on the LFL, now it's been a couple of quarters since you've done a 12% kind of LFL. Of course, this comes on the back of a negative to flattish kind of LFL in the base. Now this base effect is there for the next 2 quarters as well. But when we come into 3Q of FY'26, we will be lapping a base of 12% LFL. So I just wanted to understand that do you see a material deceleration in your LFL growth in the second half of this year given the base effects? Or how should we be looking at it basically?
Got it. Got it. Second question is on the profits. The consol and the standalone net profit this quarter are almost exactly the same. So just wondering what we can do to really widen that gap? I mean, is it possible for us to, let's say, take a loan in India at the sort of Indian interest rates, which would be, let's say, 8% to 10%, repatriate this money to Turkey and then pay off the debt in Turkey because there, we are paying like 30%, 40% interest rate. So is that something you are considering? I mean, ultimately, the acquisition is good, but it is not yielding us any incremental PAT. That is my concern.
Hi, sir. I just wanted to understand in the India business, what is the Y -o-Y decline in the average bill value? And how much of this is due to the delivery charge waiver and how much of it is due to down trading or any other impact?
Okay. So, the Average Order Value (AOV) decline is only because of the delivery charge waivers, there is no down trading. And there could be a third reason, there could be additional discounting in addition to delivery charge, so is that also one of the reason s, because 19% versus 34%, that differential is quite huge?
Britannia Industries Limited
My first question is, it's been about 10 years or so approximately since we first laid out this vision of being a total foods company. However, I haven't seen any new category being introduced since then, maybe with the exception of Croissant and some launch of milk shakes, but I take that as a sort of product within the dairy portfolio. So just wanted to understand -- yes just want to understand if basically you're just happy growing the adjacencies, and of course, there would be innovation, renovation as part of any company business as usual. But are you happy growing the current adjacencies for now and maybe some new category either organically or inorganically isn't an immediate focus for you in the next 1 or 2 years?
Got it, Varun. Just your thoughts, I mean, this is not a guidance or any particular target, but just your thoughts on, if I were to say, over the next 5 years, what would be the growth differential between the biscuits and the non-biscuits portfolio?
Firstly, can you just call out the quantum in rupees crore of the one -off in staff costs and give some idea as to what is going to be the staff costs in the coming quarters if there is any one -off going to be there or not? And if not, what is like the quar terly run rate for the staff cost on a normal basis?
So every quarter depending on the share price, this will go up or down, is it?
I just wanted to understand whether biscuits really has an advantage as a category in an inflationary scenario. Reason being that -- I mean, permit me for saying this and don't take it in the wrong way, but biscuits is a little bit of a Giffen good in the sense that when there is a lot of food inflation, it's a very cheap source of calories. And therefore, people shift a little bit of their calorific requirement towards biscuits during times of inflation. This is especially because compared to the CPI inflation that we've seen, biscuits has actually seen a Y-o-Y kind of a deflation. So would you say that rather than be worried about inflation, this is sort of a good time or this is an opportunity for you actually?
Okay. Let me just rephrase that. So what I mean to say is that while there is an overall CPI inflation, there's a price deflation in biscuits, and it becomes a cheaper source of calories versus several other food products. And therefore, do you actually see a positive kind of impact on your business because of this?
Hi, Varun. Recently, I saw your back snacks extruded Time Pass in shop in Bombay. So is this something recent because till now, I think it was a South India kind of launch? And any kind of views you have on how you want to take this forward?
Varun, hasn't it been really too long for it to be in test phase, because it's been like five years plus since we first launched this product? So what is really holding us back here? The market opportunity is huge, and it works on distribution, and we are the kings of distribution. Whatever little contribution is required of a brand, that also we have. And I understand margins are lower, but it's incremental, absolute profit opportunity. So what is really holding us back here?
Grasim Industries Limited
I understand you're doing well across the board. But if you can give some flavor in terms of, on a relative basis, where are you doing better in terms of the town tier class? Is it the large towns where you have a higher market share? Or is it the smaller towns? And also similarly, in the tiering of the paints by value, so is it the top tier where your market share is relatively higher than the mid or bottom tier? Or is it the other way around?
Devyani International Limited
How do you look at margins going ahead, especially for KFC? I mean, we are in negative territory right now, but supposing we go into a minor positive territory, a low single-digit kind of SSSG strategy for the next few quarters. In that kind of scenario, do we see KFC margins at around 17.5% to 18% or can it be better than that?
Understood. And these measures are more in terms of improving the ADS or are there any measures in terms of cost efficiencies also? And if you could just a little bit elaborate on them.
A couple of questions from my side. So, firstly, is on the KFC -SSSG, on the call Sapphire had said that for Q3 SSSG of (-4) to (-5) would be a fair way to sort of think about the numbers for Q3. Of course, they caveated it saying it depends on how demand pans out etc. But at that point of time, the best estimate that they could give is about a (-5) kind of a number. Would you largely agree with this direction of thought for KFC as a brand?
And how has been the experience in the quarter so far?
First question is on Pizza Hut. Now that it's been many quarters into the slowdown, have we and when I say we, I mean both the franchises as well as Yum Brands put together, the 3 parties of you, done some kind of soul-searching as to what is really going wrong with the Pizza Hut format? I understand that there is an overall slowdown, I understand that these are the categories affected more. However, if you look at the difference in performance of SSSG versus Pizza Hut versus the other competitors that you have, the difference in SSSG is very stark, like 15% points, 10% points and so on. So why is it that on a competitive basis, we are losing out? I can understand the overall macro trends and the consumer being under pressure, et c. But at least on a market share basis, we should not be performing so badly. So what is the reason for that? And what are the steps we are doing to address it?
So, 2 sub-questions to this. In light of the fact that Fun Flavour is basically what you've identified as a culprit, is that something that you would want to discontinue? And second sub-question is that we have seen this happening across many brands over the last 2-3 years, that all the brands have launched more affordable variants. Even in KFC, which has been a premium brand, you have launched meals at INR 99, and you've launched that roll at INR 119 or something like that. And we have not seen an adverse effect on that for the overall brand and the other offerings. So why is it that this kind of an adverse impact is happening only in Pizza Hut?
Varun Beverages Limited
Hi sir. Many consumer companies across different sub segments of consumption have been talking about urban slowdown. Are you seeing any kind of slowdown in soft drinks market in urban India?
Yes, understood. Sir, my question was more on the industry overall rather than Varun beverages or Pepsi.
Sapphire Foods India Limited
Congrats on a good set of numbers. On KFC, the SSSG is still in negative territory. Do you have any visibility or any initial signs of it turning positive? And if so, over what time period do you think this can happen?
Got it, Sanjay. Vijay, because of base effects also, there are many companies in the QSR business who are reporting SSSG because of base effects. So, I think that's an accepted outcome now. So, even if it is because of base effects, but do you see that visibility that at least in Q1, it will turn positive?
Marico Limited
Hi Saugata. Congrats on a good set of numbers. I just wanted to understand your food business a little better, now that it has gained some kind of scale. So, could you just very roughly break up the total business in terms of percentage contribution of different segments, be it oats, honey or whatever else? And secondly, if you could give some idea on what kind of EBITDA margins this entire food business as a whole is generating and what kind of margins you would target over a 3 to 5 year kind of a period? Email: investor@marico.com Marico Information classification: Official
Understood. And Saugata, when you said that the Foods portfolio is having a better margin than the Saffola portfolio, two sub questions within that, did you mean that at current level or do you mean once it scales up over a few years? Email: investor@marico.com Marico Information classification: Official
Pidilite Industries Limited
My question is on the macro front. We have been hearing about urban consumption slowdown from a few companies in the last couple of quarters. What is your sense on the entire macro piece? Secondly, what is your mix between urban and rural and do you see an equivalent offset in terms of rural recovery, which is sort of countervailing whatever urban slowdown you are seeing and again within urban if you could give some color on whether we are seeing any different outcomes among the various segments like adhesive, construction chemicals, and so on?
Got it and for you, for whatever reason, given your distribution expansion or whateve r maybe the reason, would I be right in assuming that for you, your rural growth is ahead of the urban growth?
Sir, so we have always held that we will keep a margin band of about 20% to 24%. Now this quarter, we are at the top end of that band almost. How do you see it for the rest of the year? If basically, you are saying the input costs are quite stable. And in that case, your pricing will also remain stable. Should we interpret that the Q1 margin will more or less continue for the remainder of the year?
Okay. But is there any particular seasonality this quarter, which causes the margin to sort of be on the higher side? The reason why I ask is that sequentially, that is versus March quarter, your EBITDA margin has shot up quite a lot. Investor Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336
Hindustan Unilever Limited
Just wanted to understand, apart from the winter care portfolio impact, is there any other sort of a little bit of slowdown that you have seen in BPC? A few quarters ago, you had said that the premium part, which is approximately INR2,000 crores, that is g rowing at 20%. So, is that 20% growth rate maintained? 34/40 And secondly, the slowdown that we saw in the mass skin care over the last 2 quarters or so, has that remained at that same level? Or has it accelerated? So that's my first question.
Got it. My second question is on the macro. So rural is doing decently well, urban is under pressure. What would require in the macro to change for the growth at an industry level to improve?
Emami Limited
Just one question on the subsegments of hair oil. So this hair fall defense category, from whatever data you have from syndicated sources or consultants or whatever, do you find that this hair fall defense category is growing slower than the overall hair oil category? Or that is not the case?
So sir, do you think that there is a case to have different variants within Kesh King with different ingredients like instead of til oil, you can launch a variant with Bringha oil or something like that, which would help sort of address different kinds of customers with different needs?
Godrej Consumer Products Limited
My first question is on pricing. It's in 2 parts. So one is on Household Insecticides. The volume growth is mid-single digit. Is the value growth also the same? Or is it higher by some amount? That's part A. Part B is in soaps, while sequentially, there is some price increases. On a Y -o-Y basis, is the pricing positive or negative in soaps ? And how do we see this going ahead like in Q3 or Q4 on a Y -o-Y basis, will the pricing turn materially positive and that can sort of boost the overall top line of the company?
Got it. Understood. Secondly, on H ousehold Insecticides, I wanted to understand, see, despite seasonally favourable sort of factors, the volume growth is around 5%. So I mean, how should we look at this category now because, let's say, the seasonal impact here is huge. In the past where the season has been bad, the negative impact has been as high as 5% to 10%. So a positive impact even if I assume it so, let's say, 3% to 5% seasonally positive impact that's a 0% to 2% kind of growth in absence of the seasonality. So what is really wrong with this category because we have always maintained that this is a category in which penetration is low, premiumization we can do, et cetera. And now we have put in so many initiatives, we have democratized the hit liquid at much smaller size. The HI also, we had launched at a much smaller size. Now we have done incense stick. We are rolling out the new molecule, et cetera. And still if the growth is only 2% ex-seasonality, I mean, is this an attractive category? Or how should we look at it? It's just general consumer slowdown, which is pulling it down?