Stockrabit · Analysts
Questions across 21 calls

Swapnil Potdukhe

JM Financial

ETERNAL LIMITED

ETERNAL LIMITED CC-May26.pdf · 2026-04-28
Hi, thanks for the opportunity. My first question is with respect to your warehousing capacity. You talked about 17 million of warehousing capacity spread across dark stores and supply chain, other hubs, etc. Can you give a sense as to what the number was a quarter back or a year back? The reason I'm asking is like it will help us understand like what kind of an up-play you can get from by just utilizing the capacity or even if these additions are closed down going ahead. Thanks.
Got it. The other number I was tracking was your orders per day per store. That number has been broadly flat for a long period of time. Any sense as to when can we see some uplift in that number because presumably that is where you will get a decent bit of operating leverage?
ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21
Hi, thanks for the opportunity and congrats on breaking even in the quick commerce business. My first question is with respect to your contribution margin expansion that happened in Blinkit, 90 basis points improvement. This was despite 20 basis points of take rate coming off. Where exactly, if you can pinpoint, did you see a meaningful improvement or the play out within the contribution expenses between the take rate to contribution margin expenses?
Got it. And going ahead, given that you also mentioned that you have cut down your delivery fees in certain markets, in my opinion, it will put some pressure on your take rates. So, how much contribution margin expansion will realistically be possible for us to sustain, let's say, in the next quarter or so?
ETERNAL LIMITED CC-Sep25.pdf · 2025-10-16
Hi, thanks for the opportunity. I have two or three questions. First, on your store expansion strategy and related to that. So obviously, you have mentioned that you plan to operate around 2,100 stores by the December quarter and 3,000 by March 2027. Now, if I were to just extrapolate that and ask you, what would happen to your NOV growth because you had earlier guided for 100% NOV / GOV growth this year, but, the kind of accelerated investments that you're doing on store side, will it be fair to assume that, we could be at a very, if not 100%, but close to 100% kind of a growth rate on NOV in FY27 as well?
Got it. And the second question is with respect to your contribution margin not improving meaningfully, despite the fact that your gross margins expanded 300 basis points and then you alluded to the fact that there is some first mile-related investments that you have done. Now, my question over here is if you're getting into those first mile, at some point of time, you will also probably see some benefits of doing first mile on your own, right? And in that context, will it be fair to say that the 100 basis points of benefit that you're suggesting because of the inventory model, that could actually be much higher than that over a period of time, not necessarily now, but one year, two years later?
ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21
Hi. Thanks for the opportunity. I have three to four questions. First on Blinkit per se. You're already close to around 17 million MTCs versus 23 million in food delivery. I would like to know what percentage of your quick commerce users are unique in nature, which probably will not be transacting, let's say, on your food delivery side?
Ok. Got it. The second question is with respect to your top cities share in the overall GOV or NOV, whichever we want to look at for the Blinkit business. And any sense as to how has that moved from the previous quarter?
ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01
Hi everyone. Thanks for the opportunity. My first question is on quick commerce. So, one of your competitors seems to have mentioned that their GOV numbers include subscription fees and ad income. But your definition does not seem to include that. While I can understand why subscription fee may not be included in your numbers, but wanted to understand how do you report ad income? And what percentage of your take rate on GOV or maybe NOV, whichever way you want, will be coming from ad income and customer fees?
Okay, that's great. On customer fees, the delivery fees and handling fees and other fees like that?
ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20
Hi, thanks for the opportunity. My first question is on Blinkit. Earlier, we used to provide a data point stating that it took approximately two months for a store to reach 1,000 orders per day. I would just like to know the time it now takes for the newer stores, which have been opened in recent months, to reach this number, as this is the point where we typically become contribution positive. Additionally, does the densification of our store network in some cities directly impact the throughput of existing stores due to cannibalization?
Okay. By any chance, do you have any SSG (same-store sales growth) numbers that you can share for some of the more mature stores and how they are tracking?
ETERNAL LIMITED CC-Sep24.pdf · 2024-10-22
Hi, thanks for the opportunity. My first question is on fixed costs. I’ve noticed that your fixed costs in both the food delivery and quick commerce businesses have been rising quarter on quarter quite meaningfully. I understand that wage hikes this quarter could be one reason, and there also seems to be some A&P increase, but this trend has been noticeable for the last two or three quarters. Any view on this?
And on the food delivery side, I would have assumed that would be more stable, but there is still a noticeable increase.
ETERNAL LIMITED CC-Jun24.pdf · 2024-08-01
Hi, guys. Congratulations on a good set of numbers. My first question is more of a clarification with respect to the comment that you mentioned that the industry growth expectation in food delivery is around 30%. Is that an indirect way of suggesting that you expect to grow at 30% GOV for the next five years? And if that is the case, we have been growing at around 25 to 30% in the last three to four quarters. What gives you that confidence of growing at a faster rate?
Yeah, but do you aspire to grow at that rate? And if that is the case, what would be the levers that will drive higher growth?
ETERNAL LIMITED CC-Mar24.pdf · 2024-05-13
So, a couple of questions from my end. First, on the ATC number that you used to share for food delivery. I presume that it used to be around 60 million odd number of users. Has that changed meaningfully since then? And question two, is there any sense on what will this number be for Blinkit, a similar like-to-like number?
Okay. Got it. And the second question was with respect to the improvement in profitability of Hyperpure. Is there any guidance that you have for us here? When can we expect the profitability trends to improve? That's point number one. And point number two is, for how long can we expect the growth to be so strong in the Hyperpure business on a QoQ basis. The trends have been very strong for the last so many years. But will there be a base effect at some point of time, and if yes, can you give some sense around that?
ETERNAL LIMITED CC-Dec23.pdf · 2024-02-08
Good set of numbers, so congratulations. So, first question is on food delivery. And I just wanted to get some more sense on the supply side comment that you have made in the shareholders’ letter. So, what kind of restaurants are actually coming in on the platform? You mentioned that there was a 20% YoY growth. Are these more of cloud kitchens? And if that is the case, what would be the share of cloud kitchens to your revenue or GOV? And that's part A. And part B is, how much more room is there for your transacting restaurant base to improve from where you are today? So, if you could answer that first.
Got it. Good. And the second question is with respect to your contribution margins. Now a little bit of working over here. So, if you see your take rates have improved 70 basis points on reported basis, whereas your delivery cost or delivery fees collected from the consumers have come down meaningfully. And now that would suggest that your contribution margin expansion has to come either from delivery cost or discounts or other variable costs. And you just mentioned that discounts have not moved significantly. So, is it possible that your delivery costs and other variable costs have come down meaningfully and that is what is helping your contribution margin?

Saregama India Limited

Saregama India Limited CC-Nov25.pdf · 2025-11-05
So my question is regarding your guidance of 19% to 20% growth this year in the music business. Now, just wanted to understand, is this music licensing only or it includes artist management also?
Got it. And given that this number has been tracking around 12% in the first half, how do we see this guidance getting achieved in the second half? I mean, are we expecting a significant jump in your revenues in 3Q or 4Q? I mean, is that how we should look at it?
Saregama India Limited CC-Mar25.pdf · 2025-05-16
My first question is on the one -off impact that you mentioned in your opening remarks with respect to closure of Wynk, Ghana, Resso, et cetera. Just wanted to get a sense as to when exactly should we expect these closures to come into our base? Because if I'm not wrong, Wynk closed in July, sometime Gana was a bit earlier, if I'm not wrong. So just getting a sense as to the timing as to where these one-offs will not be an impact on our revenues going ahead?
Okay. Vikram, just on that paid subscription thing, what would be the revenue share in your music from the subscriptions today? And secondly, yes, sorry.

Affle 3i Limited

Affle 3i Limited CC-Jun25.pdf · 2025-07-28
I had a couple of questions. The first question is on the market environment in India. It seems that Trade Desk has become quite active of late. What I hear is like they've hired few senior management people. They also seem to have onboarded one of the leading quick commerce player as their client. The same quick commerce player was earlier working with us. So from that perspective, I just wanted to understand how things are for you in India currently?
Got it. The second question is on your medium -term revenue growth forecasting. You did mention 20% revenue growth is possible in FY 2026. But if I were to just take a medium -term perspective of next 3 to 4 years and especially given that Emerging markets & India have been growing less than 20% for a decent period of time now. So, how do we see the revenue growth trending post FY2026? Because at some point of time, your Developed market growth could see some moderation. The base effect that you called out will catch up at some point of time and possibly your growth will narrow down to the broader market growth there. If taking a medium-term view, is that 20% growth sustainable, especially given E merging markets and India are consistently growing less than 20% right now?
Affle 3i Limited CC-Sep23.pdf · 2023-11-06
Thanks for the opportunity. I have couple of questions. First a clarification. You mentioned that there was a hit of around Rs.11 crore because of the GST changes that happened in the gaming industry . I just wanted to understand the Rs. 11 crore impact that you mentioned was that for the entire quarter or that was on the time this GST notification came in?
My second question is with respect to your developed markets trends , I was doing calculations and realized that your revenue in developed markets in 2Q was around Rs.70 crore. If I adjust the current quarter’s revenue that you mentioned for the YouAppi acquisition and then add up the Rs.14 odd crores impact of Fintech, then your quarterly revenue is around Rs.55 crore. There is a difference of around Rs.15 crore on a y-o-y basis and around Rs.20 odd crore on a q-o-q basis. Here, I am not able to understand from where this difference is coming.

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-05-09
Hi, thanks for the opportunity. And congratulations for good performance in your food delivery business. But I have a few questions on your balance sheet side. I think there has been a significant decline in your cash balances this quarter by around Rs. 1, 500 crores, which is meaningful. I can understand part of that is because of the losses in the quick commerce business, but then there is also Rs. 500 crores increase in the working capital investments and capex of Rs. 425 crores. And this is despite the fact that the store addition is just about 300. I mean, both numbers look to be significantly higher.
But Rahul, if I were to extend that question. See, our competitor has been reporting capex of around Rs. 1 crore, including the dark store plus the warehousing, and they also added around Rs. 300 crores of stores this quarter and their capex was in line wi th that kind of increase. But your store additions I under 316 is a fairly high number, but still the capex is Rs. 425 crores that intuitively tells me that you could be spending significantly more on a per dark store capex.
Swiggy Limited CC-Mar25.pdf · 2025-05-09
Hi, thanks for the opportunity. And congratulations for good performance in your food delivery business. But I have a few questions on your balance sheet side. I think there has been a significant decline in your cash balances this quarter by around Rs. 1, 500 crores, which is meaningful. I can understand part of that is because of the losses in the quick commerce business, but then there is also Rs. 500 crores increase in the working capital investments and capex of Rs. 425 crores. And this is despite the fact that the store addition is just about 300. I mean, both numbers look to be significantly higher.
But Rahul, if I were to extend that question. See, our competitor has been reporting capex of around Rs. 1 crore, including the dark store plus the warehousing, and they also added around Rs. 300 crores of stores this quarter and their capex was in line wi th that kind of increase. But your store additions I under 316 is a fairly high number, but still the capex is Rs. 425 crores that intuitively tells me that you could be spending significantly more on a per dark store capex.
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript of the Earnings Conference Call for Analysts and Investors conducted on December03, 2024 · 2024-12-03
Hi everyone, thanks for the opportunity and congrats on your listing. I have two or three questions starting with delivery first. In this quarter, what I noticed is that take rates have come off on a quarter-on-quarter basis and that is about 30-40 basis points of decline. In particular, the reason you want to call out given that we have also mentioned that our ad income continues to improve and how do you see the take rate going ahead? So, if you can start with that.
Got it, Rahul. The other question is with respect to the investment that we have been discussing till now, Cafe, Bolt, Daily, those kinds of things, just wanted to understand how they get, where are these investments exactly coming from? Are they coming into segmental segments for them, or they are getting captured in Platform Innovations
Swiggy Limited CC-Sep24.pdf · 2024-12-03
Hi everyone, thanks for the opportunity and congrats on your listing. I have two or three questions starting with delivery first. In this quarter, what I noticed is that take rates have come off on a quarter-on-quarter basis and that is about 30-40 basis points of decline. In particular, the reason you want to call out given that we have also mentioned that our ad income continues to improve and how do you see the take rate going ahead? So, if you can start with that.
Got it, Rahul. The other question is with respect to the investment that we have been discussing till now, Cafe, Bolt, Daily, those kinds of things, just wanted to understand how they get, where are these investments exactly coming from? Are they coming into segmental segments for them, or they are getting captured in Platform Innovations

TBO Tek Limited