Questions across 32 calls

Tejash Shah

Avendus Spark

Devyani International Limited

Devyani International Limited CC-Jun24.pdf · 2024-08-05

Just one question from my side. I was just looking for a reconciliation in two statements that you made on Pizza Hut margins. We said that despite higher ADS, the margins were under pressure because there was heightened marketing activity. And I think at some point you also said that brand was slightly under -invested or perhaps we wanted to add on the branding franchise. So, should we see this heightened activity as a normal spend so that brand doesn't suffer again in future and then we don't have to go through this volatility on brand franchise from the consumer perspective?

Can you elaborate on the nature of this spend? Is it like we actually increase ad spend or we support innovation with slightly lesser margin discounts? What exactly it entails?

Devyani International Limited CC-Mar24.pdf · 2024-05-14

I wanted to pick your brain on how are you seeing demand scenario evolving now for both the brands in India or rather all the three brands in India and how should we think about this year both on store expansion and SSSG? How are you kind of budgeting for this year?

So just elaborating on that. Elections should not be a trigger , right? In the sense, post elections is it just a hope or you have some granular data which you can't share obviously which gives you hope that demand will bounce after election?

Devyani International Limited CC-Dec23.pdf · 2024-02-02

Manish, you spoke about consumer sentiment being one of the reasons for the challenging ADS for KFC and Pizza Hut. But surprisingly and positively we are not seeing the same trend playing out in Costa. So, would you say that the competitive landscape has a higher weightage for the drag down there versus in something like Costa where perhaps it is, I'm just assuming it is relatively better.

But how would ADS and penetration, is it that after 200-300-500 store benchmark as we go along the ADS potential for the incremental store actually drags down the average?

Zydus Wellness Limited

Zydus Wellness Limited CC-Mar24.pdf · 2024-05-14

Hi team. Thanks for the opportunity and congrats on good recovery and robust profitability after long. More importantly, the quality of earning looks good prima facie. Sir just wanted to know you called out in your presentation opening remarks that there is a gradual progression in selected consumer space. So just wanted to know more insights on the constituent of this progression and also sustainability of the same?

Sure. And so we are in the middle of a very good summer season. So how is the retail offtake. Can understand that perhaps fourth quarter had some element of stocking up before the summer, but what's your initial sense on retail offtake? Is it in line and can we expect a good start of the fiscal year?

United Breweries Limited

United Breweries Limited CC-Mar24.pdf · 2024-05-08

Vivek, if I compare our numbers versus FY '19, which was in between, we had 2, 3 years of COVID impact and the poor summer. For 5% additional growth on volume for FY '24, we have lost roughly 40% of EBITDA that we had posted in FY '19. So -- and then you c alled out that many growth factors we are underinvested perhaps that's how at least it sounded today. And we are kind of investing all those factors, and we are correcting to deliver growth. So should we assume that from here on, this is the n ew baseline margin because if we kind of focus on profitability, we'll have to sacrifice on growth?

Perfect. Second, Vivek, you also called out some pressure on receivables. So is it only pertaining to one state? Or is it like -- because election season, we have seen state finances also get stretched? So any other pressure points also building up?

Pidilite Industries Limited

Pidilite Industries Limited CC-Mar24.pdf · 2024-05-08

Congrats on good volume growth. Sir, you partly answered this question on previous question. But the part of the tailwind that we are excited about in coming 3, 4 years is already playing out as we speak because mathematically somewhere, the real estate cycle kind of picked up from October 2020 or 2021, around the fourth quarter of 2021. So do you believe that it will accelerate further from here? Or do you believe that we are in the midst of that cycle, and we are already kind of eating fruit of that cycle?

Got it. Sir, second question, I heard you earlier today on TV, where you mentioned that we are creating kind of a leadership bandwidth, but I was just wondering that company of our pedigree, be it in paints or jewellery or FMCG, we have not seen such structure of leadership. So just wanted your thoughts or insights around why are we creating the structure? And what are we trying to kind of achieve in 3, 5 years or incoming period with this?

Pidilite Industries Limited CC-Dec23.pdf · 2024-01-24

Congrats on good set of numbers. So looking at the 3 key factors for margins, demand environment, which is not very buoyant as you called out, our RM scenario, which has some tailwinds to offer, and competitive intensity, which I am presuming it is as intense as always. How would you like to guide on EBITDA margins trajectory from here on? Investor Relations - investor.relations@pidilite.co.in CIN: L24100MH1969PLC014336

Got it. You spoke about low penetration being the key driver in waterproofing. So from a distribution standpoint, what percentage of addressable dealer network universe must be stocking Dr. Fixit or our products?

Marico Limited

Marico Limited CC-Mar24.pdf · 2024-05-06

Saugata, just wanted to understand the genesis of the project of distribution expansion because in recent past whoever has f gone down this path , has not resulted in numeric expansion at least in terms of sales expansion sales growth. So just wanted to know how should we think about that, this as a growth driver or this is a quality of distribution driver, or this is a margin driver going forward?

So today when we analyze our own data , numerically 16% of our distribution is total reach is actually direct. So, should we assume that a large part of our revenue is actually coming from direct or how should we think about over indexation of that number versus our current revenue base?

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Dec23.pdf · 2024-02-15

A couple of questions. First on Lif estyle Brands. Vishak, you spoke about market condition being tough. But at the same time, it seems you choose profitability o ver discounts. So just wanted to understand, is this a sign of confidence on the quality or quantity of inventory we are carrying? Or is it more of a competitive response to something?

Perfect. Second, on Tasva. So 60 plus stores is a very good base that we have now. So Ashish, just wanted to know, would you be positioned to share any qualitative or quantitative comments on the operating metrics in terms of sales per square feet or inventory kind of that we have to carry any ROC of payback period in any of those initial metrics that you can share?

Grasim Industries Limited

Grasim Industries Limited CC-Dec23.pdf · 2024-02-09

A couple of questions on paints. You spoke about dealer onboarding which has started. Just wanted to know, and if you are in a position to share, is there any target that we are running with in terms of dealer onboarding for this year? Are these dealers existing paint dealers? Or are we getting new dealers in the ecosystem?

Sure. And second and last question. You have been very transparent on the expansion plan and also on the status of the expansion that we are doing in paints and on the plant side. Just wanted to know, any similar update or details you can share on depot network that needs to be created around the plant infra?

Page Industries Limited

Page Industries Limited CC-Dec23.pdf · 2024-02-08

Sir, we have observed many retail companies now that expanded their network very aggressively during COVID or immediately post-COVID. Those are the one experiencing under performance and excess inventory. Can we highlight any specific cohort in our network experiencing this excess inventory and slowdown that you have called out?

Sure. So historically, I know we have not done any such clearance sale in a big way. But do you think that this kind of inventory buildup that happened because of this once in a lifetime event of pandemic? Do you think that we can instead of dragging the slowdown and excess inventory so for long, we can take some kind of clearance measure? And then let's get back the inventory to healthier level and then we can start from there? Or do you think we'll let it go the way it is happening on the demand side?

United Spirits Limited

United Spirits Limited CC-Dec23.pdf · 2024-01-24

Hi, Pradeep. Hi Hina, thanks for the opportunity. A couple of questions. First, your read on the consumer sentiment? Because if I rewind to the last quarter, this quarter was loaded up with many demand triggers, bunched up festive season, weddings, a high number of occasions to consume, and obviously, world cup was also there. So should we say that despite all these triggers, the demand has not bounced back, so the condition is actually much more depressing than what the number suggests?

Sure. But how do you reconcile this read of ours with, let's say, hotel occupancy or airline traffic, which is essentially our customer for P&A. And that segment is showing very divergent trend. On, in fact, one hand they are spending splurging rather, and on other end, they are actually kind of -- as you said, they are consuming less.