Stockrabit · Analysts
Questions across 7 calls

Tejash Shah

Spark Capital

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-Sep23.pdf · 2023-11-10
Sir, you kind of alluded that the initial feeler from the festive season is somewhere mixed except wedding pocket, I believe the rest is actually flattish too marginally positive that is what perhaps you indicated, so just wanted to know let us assume that the demand does not recover for the second-half, how should we kind of think about or rollout expansion plan that you have just mentioned that you will stick to it , d o you think that we will have to revi sit or we will go calibrated on that guidance?
And second, considering the widespread brand and the entire distribution network that we have, you would have one of the most , I would say studied and much more insightful kind of access to what consumer is thinking and why certain slowdown post Diwali and then you collect a lot of data digitally also , so just wanted to know both anecdotally and digitally the feedback that you are getting, what is your sense on why consumer has kind of taken such a long time to come back and when do you expect this to kind of change from at least in the near term?

Page Industries Limited

Page Industries Limited CC-Sep23.pdf · 2023-11-09
The first question, you've highlighted in your presentation that the online business has done very well. So just wanted to know the nature of the business that we have in terms of B2B, B2C and D2C breakup, if you can broadly give.
Got it. Sir, second question was -- and this is like just want to understand, that we noticed in some of the value retailers in the last three, four years that whenever they discussed market share, it was largely among themselves. And then suddenly an online player came from nowhere and this was below the radar in the market share discussion. And then obviously, mostly they have - - all have pivoted to kind of fight with that challenge. So in our case also, when we look at offline numbers, then definitely, we have not lost market share to anybody that's visible. But if we have to compare ourselves with, let's say, some below the radar online players or e merging players, are you sensing some part of our premium customers we would have lost in these strata.

Sapphire Foods India Limited

Sapphire Foods India Limited CC-Sep23.pdf · 2023-11-02
So last time when we spoke on the slowdown, you highlighted on personal final consumption slowdown and then there is some correlation with category slowdown. And when we entered the quarter, we all thought that Adhik Maas will have much more impact on KFC than Pizza Hut. But clearly, consumers are still eating chicken more than pizza in the quarter. So just wanted to understand, if we have to go bottom up now on the reasoning, it seems more like a category issue than the consumer issue. And you highlighted there's a competitor intensity. So you have much more granular data. So just wanted to understand the competitor intensity can't be uniform across the country. So is there any further insight like which area or which region? And what is the character of this competitor intensity? Is it like established players are going aggressive on pricing? Or there are new competition which is coming in and they are at mass and taking them away the consumer.
Got it. And you spoke about store shutdown also. So just wanted to know, is this because certain NPAs we are not achieving in the stores? Or it is that they are loss -making? And so financial reason or consumer reason, a? And b, this quarter, expansion in P izza Hut is one of the lowest since COVID actually kind of mellowed down. So just wanted to know how we think about the store expansion also going forward?

Britannia Industries Limited

Britannia Industries Limited CC-Sep23.pdf · 2023-11-02
So there are two dimensions of inflationary, deflationary environment. So one which all FMCG company would have highlighted this quarter is that the competitive environment is heating up because of unorganized players, getting more aggressive, but the other dimension is how consumers behave. And usually we have been taugh t by FMCG companies only that, during inflation, they down-trade, but in the deflationary environment, there is more incentive for them to up -trade or premiumize, so why is that not showing up? Or will it take time for premiumization to come back again?
Got it. And then second and last question. So you spoke about snacking. We have been trying for 2 years, so just wanted to understand: When we get into a new category, which is the best synergy or the top synergy that we look for, which is distribution synergy or brand synergy, that you prioritize?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Sep23.pdf · 2023-11-01
My first question is extension of one of the previous participant ’s questions, only that we have shown very good execution on our numeric distribution expansion , both on direct and indirect. But when we see as an outsider, how should we see this lever? Is it a growth lever or is it just a necessary condition but not a sufficient condition to kind of connect with the growth itself? Sunil D’Souza: Tejas, I would say it's a necessary but not sufficient condition for 2-3 reasons. (A) total universe 8-9 million outlets, you take your pick from whose numbers you choose. If you look at Tea, as defined, it's about available in about 6 million outlets plus per se. And I'm talking about my total reach being about 4 (million). So, there is still a significant amount of and we would be about 2.8-2.9 million only for tea. So, there is still half the way still to go. That's number two. Number three is even if you reach there the question is how well are you executed in terms of your lines, in terms of your displays in the outlets, in terms of the right packs being available. That's a long way to go , so it is work in process. I like the word that you use necessary but not sufficient. We've got to 4 million now that in the 4 million we've got to improve but we've also got to go beyond the 4 million. So that is why you'll see us doing this various different i tems of whether it is split route, whether it is direct distributors up to 50,000, below 50,000 now starting to expand rural and sub-distributors or we're in the middle of rejigging our entire SFA and DMS. We will probably be what I would say best in class by exit for this year on the front-end DMS-SFA which would then enable pinpointed execution by outlet.
Second question is on the accessibility curve of NPD when it moves across channels. For example, you said that a lot of our launches are now focused on online. When we do something on online and it works there and when you trans cend the channel you move it to M T and then MT to GT does the accessibility curve remains the same or it drops materially and how it happens vice versa. Let's say you started something with GT acceptability is very high on MT and online, how does that work? Sunil D’Souza: Tejas, let me say I see more of launches online than going to MT and GT rather than vice versa. I don't think we would see that other way around. Why? Because it's very easy to launch online addressing a target consumer of one . I mean I can talk to every single target consumer one on one. That's (A). And (B) I like to use this term to beat up my sales guy saying when it is only the consumer and me which is online that is when the power of the brand comes in. After that it is your execution ability. So, for example in tea we are the market leaders on e-com. So therefore, the strong hypothesis that if we get our distribution in place there's no reason, we should not be closing the gap on market share . But to your point after we launch online we do have to make tweaks. Let me give you the example of dry fruits. Dry fruits w as off to a very strong launch online. We started hitting about 50 to 70 crores annual run rate if I may. That's the terminology which the online guys use , ARR, and then we said okay it's got legs to go offline. As we went off-line, we figured out we've got to make two tweaks to our packaging. It's very nice to sell a product simply with pictures and then deliver it at home. But when consumers actually shop off- line, they want to look at the product and therefore there has to be a see-through window on the packaging and the second thing is the package cannot lie flat which is the way we designed the package. It has to be a stand-up pouch. So right now, we're in the middle of modifying the package because we did a trial in very limited markets in GT/MT and we could get in dry fruits because by now everyone knows Sampann dry fruits available online. But unless we make this modification to our packaging we can't get going. So, you're right we will launch products online, we will see the acceptability and if we find enough legs we will go offline. But as we go offline, I think we will have to make tweaks to our product, packaging, pricing strategies.

Marico Limited

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Sep23.pdf · 2023-10-25
A couple of questions from my side. Sameer, store opening has definitely improved on QoQ basis, but looking at the target of 200 -225, the ask rate from second half looks high. So, just wanted to know any insights you can share why we made it the second half heavy this year? And what are the chances of us meeting the upper end of the target of 225 stores?
Second, in Bengaluru, it has been almost 2 quarters or more than 2 quarters since we rolled out (tees se bees )30 to 20 min . Last quarter, you highlighted how the SSG in Bengaluru city is trending far higher than our company average. If you can share some similar numerical or qualitative insights on consumer experience or Total Promoter Score, how everything is panning out in that city?