Stockrabit · Analysts
Questions across 15 calls

Sameer Gupta

India Infoline

Bata India Limited

Bata India Limited CC-Jun26.pdf · 2026-06-03
First question is, sir, on inventory. So it has reduced steadily and it is -- so firstly, is it now at a level which is desirable or it's a continuous process and you will keep cutting down? And second question on this is that as you are reducing inventory, it also means fresher merchandise, lower discounting. But somehow this is not reflecting in our gross margin. So are we using a strategy wherein after a point, if it doesn't sell, we will just discount it and liquidate it. And this is something that is likely to continue? Or how is it playing out?
Yes, it does, sir. But then historically, this is not playing out. But logically, it should because so if you could just allude to the reasons why that is not happening?
Bata India Limited CC-Jun25.pdf · 2025-08-14
Hi, Gunjan, and thanks for taking my question. First question is on the margin front. Now, in the peak Bata, if I just look at a pre Ind AS basis, including the rental as part of other expenses, Bata made a 16% EBITDA margin a few years back. And last year it is finished at around 11%. There is some benefit of that royalty accounting here. Now, the company is hinting it is focusing more on the value part and that might be margin dilutive for some of the years. Internally, as an organization, is there a guardrail in terms of margin that this is the bottom and we will not allow the margin to go down from here? Is there a thought process around that?
Yes.
Bata India Limited CC-Mar25.pdf · 2025-06-02
Sir, firstly, on the gross margin contraction this quarter, now I understand that increased franchising operations will also lead to some gross margin dilution. So, if you can maybe quantify the impact of that and the rest, if there is any gross margin contraction, the reasons for that?
Got it, sir. Second is, sir, more bookkeeping question. If you can help me with the channel mix in terms of revenues for this year, COCO, franchisee, multi-brand distribution and e- commerce.
Bata India Limited CC-Dec24.pdf · 2025-02-12
Hi. Good evening, everyone, and thanks for taking my question. Sir, wanted to understand Bata as a brand. What is the contribution currently and how it has trended over time, let's say, pre- COVID versus current? Now, why this question is because there is a belief that the contribution has decreased significantly, and if that is so, what are the reasons? Is it specific to certain categories like formals or women's? Some color on this aspect will be helpful, sir.
Yes, right.
Bata India Limited CC-Sep24.pdf · 2024-11-08
Hi, sir. And thanks for taking my question. So sir, you have all mentioned in the past that the ambition is to first get to double digit growth. Now I understand that the times are challenging and value end in this seeing some pressure. But the company has also been taking very positive steps over the last few years. And at some point, we do expect the value portfolio also to stabilize, if not grow spectacularly. So your ground on the ground assessment and based on the new thing that have come up with zero based merchandizing, is there a timeline with that you have for yourself that this is the time when you know, I think we can touch a double digit growth. When we started the year, we all were seeing the second half as to grow much faster. Do you see that playing out now, as in we are much closer to that now? So, your thoughts?
No worries, sir. Second question specific on Power. Now there is a feeling that this brand has been neglected, and it is only now that the company is doing something to re-energize it. So just wanted some numbers. Can you give the salience how it was in let's say in FY20 and what it is now, or maybe how -- what kind of growth the brand has achieved vis a vis the company growth?

Page Industries Limited

Page Industries Limited CC-May26.pdf · 2026-05-21
Firstly, this is a second consecutive year where we started the year in a tepid manner, but end has been strong. Now if I go back, let's say, 3 years and look at the share of the subsequent quarters, 1Q used to be very high at around 28%, and 4Q used to be the lowest at 20%. And this has changed materially this year? So 1Q is at 25%, and 4Q is at 24%. By any chance, is it more a realignment given that we have gone into an auto replenishment system and now primaries are much more aligned with secondaries than what it used to be in the past, and therefore, if one has to gauge a more representative growth number, it is closer to the full year growth rather than 4Q growth? And in conjunction to this, if you could give the EBO channel growth in 4Q and how it was in 1Q or any data to validate or invalidate this analysis would be great?
And Karthik, if you could just give out the EBO, any representative numbers?
Page Industries Limited CC-Jun25.pdf · 2025-08-07
Thanks for taking my questions, sir. And I know it is been asked by many participants, but just on this volume growth number. So 2% versus 8.5% last quarter, I understand that you mentioned the reasons as subdued consumer sentiments and festive timing mismatch. But frankly, we have not seen such a slowdown for any other retail company so far which have reported. Plus, you mentioned innerwear has seen a slightly more subdued and this is a more staple category. So, just wanted to understand a li ttle more in granular detail. Any study or handle you have as to track brand relevance, whether those aspects are healthy, channel wise, if there is a problem, is EBO growing much faster than the GT channel? Any color that you could give additionally to what you have already given.
Got it. Any difference in the MBO versus EBO growth rate?
Page Industries Limited CC-Jun24.pdf · 2024-08-08
Firstly, some bookkeeping questions, growth in the EBO channel this quarter, is it materially higher than the reported number a nd just to add to that, regarding the channel. And the LFS channel if I look at, there has been a sharp reduction over the quarters in the past few quarters, in terms of our reach, used to be around 3000 stores, and today it's around 1300, or something, 1100 or something. So, just wanted to understand this aspect in a little more detail as to what is going on in this channel?
And has that been a material contributor in the kind of growth or the kind of sales performance that you have reported in the last few quarters?
Page Industries Limited CC-Sep23.pdf · 2023-11-09
I have two , I'll be quick here. So first of all, historically, you've seen kind of a seasonality in volumes that tend to be higher in the first quarter and then they decline sequentially. Typically, in 3Q, it is 5% down versus 2Q. Now my question is that post ARS im plementation, which is now broadly complete, would you say that, that seasonality element in volumes have now reduced considerably? Or it is just a reflection of the end consumer demand, which is still likely to be there in our primary volume that we sell.
Got sir. Second question, and this is on men's innerwear particularly for a category, and you said that trends are similar across the board. So basically, for a category such as men's innerwear for a whole year now, I mean volumes have been quite under pressure for a whole year. And even this is adjusted for the ARS impact that we had reported in the last two quarters of FY'23. Now unless consumers have downgraded or we are, as a company losing market share what exactly - - what else can this decline in volumes be attributed to? And if you could just help me the sales growth or volume growth for the EBO channel this quarter.

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-May26.pdf · 2026-05-08
Hi, sir, and thanks for taking my question. I joined a little late, so pardon me if this question has already been taken. Firstly, in the Lifestyle Brands, if I look at the channel performance, there is this others portion where there is a very high growth. Now, earlier it used to be e-commerce, and now you have segregated that. So, what does this channel pertain to, and why is there such a high growth here?
INR 127 crore or something is the number.
Aditya Birla Lifestyle Brands Limited CC-Jun25.pdf · 2025-08-14
Hi. Hi. Good evening. Good afternoon, sir. Thanks for taking my question. Specifically, sir, firstly, on Innerwear and athleisure. This quarter, I heard you mentioned to, Kunal, this has been a marginal growth. Jockey has also struggled with low growth, whereas the mass -end brands, that if I look at Dollar and Lux, they have reported pretty good numbers around 10% -- 12% and 19% growth. So I just wanted to understand, is this a highly competitive space where the competition has increased further, people are down trading? What exactly is going on? Because Innerwear as a space has been, there was an expectation that now athleisure has bottomed out and now it is poised for growth, but we are not seeing that happen.
And any specific comments on the ground, what is going on? As in -- are you losing shelf space? Is it just a footfall issue, because…

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Dec24.pdf · 2025-02-17
Firstly, sir, on Lifestyle Brands. Now I understand this is a more penetrated category versus others. And if I remember, a few years back the growth lever here which was identified was expansion into smaller cities with concepts like Peter England RED. Now the focus is back on larger cities. So how should we look at the growth outlook? Is it like calibrated down now to a more mid- to high-single digit, which is more realistic? Your thoughts on this?
So short term, a mid- to high-single-digit growth rate considering demand comes back in a more consumer-friendly environment, that's a realistic assumption?
Aditya Birla Fashion and Retail Limited CC-Mar24.pdf · 2024-05-29
Firstly, just a clarification on Pantaloons. So we have seen a shrinkage in store footprint and LTL growth is around 1% for this quarter, but revenue growth is 10%. So this is not reconciling. Just wanted to get your comments is it including StyleUp? And if so, then StyleUp actually driving a large part of the growth this quarter?
And I didn't catch the StyleUp revenue number for FY '24. I think some participant had asked that. Is it available?