I want to ask you, is the early value initiatives in KFC now rolled out across your network, especially the North and West, where you have the INR99 initiative?
Understood. And what's the same-store transaction growth that you are seeing? And if you could remind us what the trend has been last, let's say, 4 quarters?
Thank you, Sanjay and Vijay. I just want to check on gross margins again, while you are investing in gross margins and doing innovations in both the formats. In this quarter after the GST cut, did you see any decrease in your input prices and has that helped margins a little bit in any way now or going forward or was that completely passed on to the consumers?
Understood. Makes sense. Just one last question on Pizza Hut side. Assuming that this sort of logjam or whatever the situation remains, the status quo remains, the format is not in a position to fund any expansion as of now for you. Is it fair to say that you will bear that in mind?
Thank you for the opportunity to ask question again. I just wanted to double check that we have generated positive free cash this year, right, if I am not mistaken?
And this should continue I believe because margins, let's say even at a low single SSSG margins you said will be more or less stable and your CAPE X requirements are only coming down because you are adding fewer stores than last year. So free cash generation should continue into the next year at least also, right?
My question is around on Sanjay's comment on popularizing core offerings menu in KFC. I believe you have been piloting such experiments in some geographies. If you could share your learnings from there on how it impacts frequency or footfall. If you could share any color on that, that would be useful.
That was very helpful. The interpretation here is that eventually this pilot actually turns into a full pan-India.
I have 2 questions. The first one is around KFC. The SSSG trend has been worsening in the last 3, 4 quarters. Minus 6% is quite a large decline. I understand the impact of Navratra calendar shift. But are you getting a sense that adjusted for Navratra, is the trend improving? Or is it stable or deteriorating?
So Q4 and Q1 average is roughly minus 4%. So is that something that would be representative of what's happening?
Sorry, all the questions are answered.
Karthik, my question refers to an earlier discussion on the recruitment of new customers at the lower end...
Yes, sure. So can you hear me now?
Just one question on the Thailand business, it seems to be growing at a decent pace. Any guidance you could give us on store additions there for the rest of the year and generally next year, etc.? And overall, for the international business, the margins that we see in the first half, should those sustain going forward?
Okay. Just one very quick question on the Sky Gate brand. You will break even by the end of this financial year. I wanted to ask on the product side or the process because I recall Biryani By Kilo used to take a lot of time to prepare, etc. Have you made changes to that or you haven't touched that part of the business?
My question is also regarding these promotions. Just wanted to understand them a little better, Manish. What is the nature of these spends that you are doing, especially on online? Is it something paid to aggregators for better visibility? Or are these some menu level strategic pricing or combos that you have done , based on insights th at are leading to better revenue growth?
Right. So, some of those spends are for visibility.
Most questions were already answered . Just one that you might have already had your development agreement discussions with Yum! on an annual basis. If you could just let us know, format -wise, what would be your targets this year and a few years ahead as well?
My first question is on Chairman's opening comments. He has mentioned that the Company is optimistic of a rebound in the industry during the festive season. I just wanted to understand those comments better. Are there any signs or any data points that you are seeing based on which you are turning optimistic?
Second one on KFC. If I recall correctly, you were more impacted because of I think Adhik Maas in the September quarter last year. Should we expect a sharp improvement from the current -7 and your base is -4 next quarter. Can we hope for a flattish SSSG on that base?
My question was whether if you can quantify the geopolitical impact you were talking about on KFC and on Pizza Hut?
The second question is on Pizza Hut, just wanted to know is there a minimum target committed to Yum? Is that why the expansion can't be completely paused? I'm not suggesting completely pause it but just theoretically can it be completely paused?
I have two questions. The first one is if you could please share the same store sales growth of your company owned stores for festive vs festive last year. So, I am talking about Navratri vs Navratri comparison. If I could get the same store sales growth number for your COCO stores for the last 9-10 days of the quarter vs the last Navratri.
But if you could give us just an idea of how the festive demand was quantified, I am talking about only those last 9 days. I know in the commentary you said that there was a pickup, and I understand it also involves some sort of backlog but some sort of an idea that will be quite helpful to see what is happening to the underlying demand.
Thank you very much for the opportunity. Sir, my first question is, can you please let us know the channelized growth between COCO, franchise, distribution and online in this quarter?
I know that you mentioned that this quarter, you said that April, May and towards the later part of June probably was weaker. But what is the same-store sales growth that you see, let us say, in your COCO network, roughly? Even if you want to share April, May while you were still seeing slightly better, even if you can share that number, the same-store sales?
My question is how much cover do we generally carry on our raw material? Just trying to see what the lag with which you start seeing benefits of crude correction. And related to that is, when RM cost does go down for you, let's say at some point can you take a gross margin expansion from here or gross margin you think is at a good level now.
Right. Thank you very much. That's all.