Stockrabit · Analysts
Questions across 2 calls

Sameer Gupta

India Info Line

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-Feb26.pdf · 2026-02-03
Hi. Good evening, everyone, and thanks for taking my question. Congratulations on a good set of numbers. Firstly, there has been a GST cut for apparel below INR2,500. And above INR2,500, there has been an increase. So, I just wanted to get a sense on what would be the blended price decrease for a consumer of Lifestyle Brands, plus and minus both these aspects. Increase or decrease? I mean, whatever has happened at the consumer, and if you can help me with that number. Okay.
Oh, okay. But in Lifestyle Brands, it would still be a benefit, right? Because overall discounted sales, I mean, the full price sell through, etc. I guess you had indicated sometime that 50%-60% of the portfolio would be above and rest will be below. So, 40% of the portfolio has actually benefited. Something like that?

Bata India Limited

Bata India Limited CC-Nov25.pdf · 2025-10-30
Firstly, if you could quantify the impact of GST-related disruption that you have called out, both in terms of your channel partners as well as consumers, whatever the best judgment that you have. The idea is to understand the normalized growth or decline this quarter had these issues not been there.
This is very clear. So, 400 basis points is broadly the impact that you can research. Secondly, on margins. I have asked this before also. Now, if I look at the EBITDA margin on a pre-IndAS basis, this is after accounting for rent and also if you adjust for the royalty accounting change that has happened in 4th Quarter of last year, I believe the margin is somewhere at 7.5% for this first half. Now, I understand that largely a function of weak same-store sales, but historically also we have had periods where the volume growth or the same-store sales growth hasn't been really impressive, but margin still used to be in a particular range. At the peak of it, they were at 16% and largely around 12% margin range is what we used to deliver. So, what is then pulling this down? Is there a factor apart from same-store sales or subdued sales which is pulling this down? I understand marketing spends have gone up, but even if I adjust for that, it is much below what it used to be. Is franchisee network a margin dilutive channel? And more importantly, apart from same store, what are the other levers that you can use to pull up the margins to at least (+) 10% levels from here? I know it's a lengthy question, but I am sorry, need clarity.