Stockrabit · Analysts
Questions across 32 calls

Shirish Pardeshi

Centrum Broking

Kalyan Jewellers India Limited

Kalyan Jewellers India Limited CC-Sep24.pdf · 2024-11-13
Starting with the good strong result, just a few observations. In India, we have 231 stores, out of that 105 are franchise, and our non -South ratio is about 49%. You did mention that it's about 30% franchise contribution. But I was expecting this contribution is higher, and you said that the studded portion is steady at 30%, the gross margin expansion and the mix is not showing. So that means you are trying to say that this quarter, there is a strong promotion activity would have cut the gross margin?
Okay. Okay. But the hypothetical question is that if the franchise revenue is driven by -- in the North by studded and high-value studded, do you think this margin can go another 50, 60 basis points improved in the second half?

Britannia Industries Limited

Britannia Industries Limited CC-Sep24.pdf · 2024-11-12
I have a broader question. If you strip out, I mean, in the beginning, you said that the metros is struggling. So do you have any quick number, the top 10 metros contribution? And what is the growth in top 10 metros versus the overall volume growth what you have reported in 8% for the company?
Okay. Just one follow-up here. In RTM 2, you mentioned that we are doing this exercise in top 25 cities and 44 distributors. So if that pilot is successful, say, 1 year time, you will cover at least 1/3 of the market in India?
Britannia Industries Limited CC-Jun24.pdf · 2024-08-05
Yes. Hi, Varun, good morning and thanks for the opportunity. I have a bigger question. On Slide 9, you have given the DMS application and you did some -- mention that some pilot which you are doing. So, quantitatively, after implementation of this Bain project, what is the materialistic change we have seen? Is the SKUs per order has gone up? Is the p acket growth -- some indication, if you can help us to understand?
There was some announcement that we have made some further acquisition in the Ranjangaon. So...

Devyani International Limited

Devyani International Limited CC-Sep24.pdf · 2024-11-11
I have three questions, starting from the international business. I think we have three businesses, Nigeria, Nepal and Thailand. All the three businesses over the last two to three quarters have seen a volatility. I agree that Nigeria currency is a challenge. But then I was more curious that Thailand would have started showing because we had a lot of hopes to improve that. So, tell us something, how these businesses we should look at for next three to five quarters, is the demand situation similar to India of these businesses, are we trying to turn around something? If there is a turnaround strategy maybe you can spell it out.
Just one follow up here , Manish. Can you st rip out the business or break Rs. 394 crore because last quarter also we did about Rs. 390 and this quarter also we did Rs. 394 crore. So, maybe Country wise if you can split out , what is the revenue momentum because I am sure if you adjust the Nigeria currency , every business would have declined.
Devyani International Limited CC-Jun24.pdf · 2024-08-05
I have one question on KFC India. I think that in the last two quarters we have been seeing that the ADS and the same store sales growth is also under pressure. Obviously, it's a function. If the SSSGs are higher, you will see the ADS will improve. And obviously, the overall business will improve. So , I just wanted to understand the product interventions and whatever we are doing, is it enough giving us the confidence that the recovery will happen if the festive season come back with a strong momentum?
Manish, I got that. The reason why I am asking, when you look at the Pizza Hut, which is most affected and Pizza Hut has seen a higher decline of SSSG, but we have been able to maintain the revenue. So, what is it that the change consumer is seeing between KFC and Pizza Hut? That's what my bigger question is.

Emami Limited

Emami Limited CC-Sep24.pdf · 2024-11-08
Yes. So just a few observations. So far, most of the companies have highlighted, to protect the channel, hygiene, companies have taken some inventory cut and taken a pause on the primary end, focus on secondary. Second, we also understand a few companies have highlighted there is urban slowdown in consumption. So in your lens, in your product profile, what is your observation, if you can give some depth?
Yes. Manish, I understand what you're saying. But just to give you a point of need, pain management has grown only 5%, even BoroPlus has also grown only 2%, despite you have taken some new product launches. So -- I mean, the season has not panned out the way it was expected for pain management, especially for balm. And even BoroPlus side is expecting the loading would have started happening. So inventory is an issue or there is something else?

Page Industries Limited

Page Industries Limited CC-Sep24.pdf · 2024-11-07
Just a quick question on the women part of the business. Is the women segment declining for us, and because of that, the margin story is improving? Actually, I have two questions here. One is what is the contribution from women? Because I see that last two quarters, we have been increasing a lot of women outerwear also. So is that the function that we were trying to ramp up the business in women side? Some more color, some more depth?
Will it be higher than the company average, what you have reported in this quarter?
Page Industries Limited CC-Jun24.pdf · 2024-08-08
Couple of questions, starting with on slide #4 you have mentioned the green shoot. So, let me hap on a little better to understand. And just relating to what Karthik just mentioned that tier three, tier four markets are doing better. So , if you can help me to understand what are the top 20 markets contribution, and I would assume that that will contain the metros, and then equally what is the tier three, tier four contribution or how it has moved over one year?
And the balance is tier three, tier four what you are saying?

Titan Company Limited

Titan Company Limited CC-Sep24.pdf · 2024-11-05
Hi, Good evening. Thanks for the opportunity. Ajoy, just two observations. Our studded ratio has come down to 30 % and in Tanishq it has grown about 12 % while in the CaratLane what I am reading is about the growth is about 41%. So, is the nature of the business, what I am trying to understand is there any overlap of the customers between CaratLane and Tanishq and what you mentioned is the shift which is happening from say a particular customer who is buying say less than ₹1 lakh studded at Tanishq is now moving to CaratLane?
The reason why I am saying I had a first-hand experience around Diwali. So, we went a nearby store which was next to Car atLane and we saw a lot of people around Car atLane and people were completely buying only gold from Tanish q. Is there is a segmentation happening within the consumer minds? That is my fear.

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Jun24.pdf · 2024-07-30
Yes. I'm just reading out 2, 3 data points. So if I look back, quarter 4, we had a monthly active users of about 1.25 million for KFC and Pizza Hut was 0.89 million. This quarter, we have moved to 1.5 million. And when I look at the store addition on a Y-o-Y basis is about 23%. For right now, we have 442 stores. Last year, we had 358 stores. But then question is that the ADS has declined almost 12%. Understandably, partially you have mentioned about Navratra. So the question here is that if the monthly active users has gone up, could be the fraction because of the number of stores which has got added. But do you think over next 2 to 3 years, KFC will become in a positive SSSG territory?
Okay. The reason I'm asking because you said that we are bringing a lot of occasion to improve the consumption and therefore, rightfully, you brought the burger range and even INR 99. So I was more curious, is this enough to drive the traffic and that would, at some point of time over next 2, 3 quarters will lead to a positive SSSG, because I'm giving the benefit in this quarter that Navratra has eaten up some SSSG.

Patanjali Foods Limited

Patanjali Foods Limited CC-Sep24.pdf · 2024-10-25
Sir, three questions in the beginning. We have been seeing off late starting for the bellwether Company like Unilever been talking slowdown in urban. Also, the rural is seeing a gradual recovery. So, can you give some little more color for our type of business? Because edible oil businesses always will have uptrading, downtrading, looking at the price parity between the branded and premium. But then it can be some on ground activities. And what is the contribution we derive from rural if you have some numbers handy?
The reason I am asking is because, see, edible oil business price fluctuation, and we are now just on top of the season, so that will get digested. But then, non-edible oil business, what are the top two, three, three things we are trying to do? Because in the beginning you also said that the alternate channel likes of e -commerce and modern trade is the focus area , b ut is it really meaningfully scaling up for our type of business?

Bikaji Foods International Limited

Varun Beverages Limited

Varun Beverages Limited CC-Sep24.pdf · 2024-10-22
Just two questions in the beginning. In this past comment, there is no mention of sting. So, I was more curious if you can break this 5.7% volume growth carbonated soft drink v/s non-carbonated specifically for India. And maybe if you can give little more color of each segment, how the growth has happened in Quarter 3.
Largely, you are saying that our growth is similar because we are now expanding our distribution in south and that's why the growth is normalized?

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Jun24.pdf · 2024-07-30
Hi, Neville and Niladri. Good afternoon. Thanks for the opportunity. I was just referring to slide number 13 where you have given the gross margin is around 14.5%. And if I look at the DMart Ready gross margin, there is a difference of about 200 basis points. I do understand there is a mix change and everything which would be there. But would you be able to share, if I look at, the brick and mortar business would have about close to 57% contribution from food, this portion or proportion of this would be much higher in the DMart Ready?
But I would assume, Neville, we have the terms of trade with the top five brands in non-FMCG also. So why there should be, in the first place, margin difference?

United Breweries Limited

United Breweries Limited CC-Jun24.pdf · 2024-07-26
Just 2 questions. On Slide 4, you have given the state growth. I was more curious that if you were saying that your premium segment is single digit. But then equally, I'm also seeing that the volume growth is different. So I'm more curious and the third lens, which I'm looking is the can versus bottle. So if you think the bottom inflation and there are issues around, will the can is the going next forward strategy where you're seeing availability and feet on street in terms of distribution? That's my first part of question. So in terms of priority, what is the management thinking around whether the can volume should grow up faster than bottles? And the second question is that, say, top 10 metros if there is a demand for cans, which is going up and I would believe that the trade is saying that the cans are moving faster, obviously, the quantity matters to the one on the go. So in that sense, if the premium growing faster at 44%, would you talk about top 4 metros how the growth is happening? And maybe to follow up on that, what is the distribution against the
Yes.

Radico Khaitan Limited