Stockrabit · Analysts
Questions across 8 calls

Vishal Punmiya

YES Securities

United Breweries Limited

United Breweries Limited CC-Jun25.pdf · 2025-07-23
Yes, thank you. Firstly, just a clarification on the volume growth. So there seems to be a change in calculation for the volume growth that we are reporting. So I just wanted to understand if the calculation was done as per the earlier way, what would have been the volume growth for this quarter? Would it be 9%?
Understood. Thank you. And secondly, in terms of market share gains, congrats on a very strong gain in this quarter. But if you could give us some idea in terms of which player would have lost market share during the quarter, any views on that?

Hindustan Unilever Limited

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Jun24.pdf · 2024-07-30
Yes, so my question is on Capital F oods revenue for the quarter. So, we have clocked around Rs. 164 crores for the quarter, which, if I ex trapolate it to portfolio, it looks lower, way lower compared to the growth rates we are targeting for the business, as mentioned in the previous quarterly call. Any seasonal effect in the quarter or anything that needs to be highlighted? Sunil D’Souza: So, a couple of things, absolutely right. If I do a straight line method, then 640 is roughly what we acquired the business at right for last year. And that's absolutely not the intent. I would just urge you to remember saying that by the time we finished si gning up and starting to integrate, we were already in middle to end of Q4 last year. And therefore, this was still, I would say, a quarter of integration for a couple of reasons. Number one was, as I said, when we took over the businesses, we figured out the inventory in the channels was a decent proportion higher than what we had expected it. So, that took some time to normalize , number one. Number two was while we moved the stocks from distributor A to distributor B etc., we insisted on a full and final before we started operations so that we don't land up into issues with any of the distributors anywhere and that's why we have had a very, very clean transition, even though in some places business paused for about a week, 10 days or so, that's number two. Number three, with modern trade in many cases, we did see some discussions starting again on terms of trade and can we do this, that, so there were pauses there. While also there were some delays on innovation from moving from Capital Foods to TCPL including in the case of canteen services etc. where again the supplies did get hindered to some extent. Apart from that, of course, there was also the quarter of learning for a team whi ch was handling these categories for the first time and therefore the logic of forecasting, by pack, by channel etc. took a little bit of learning. For example, in ginger garlic paste, the team under forecast the Rs. 5 p ack and over forecast the 200 gms pa ck or completely under forecast business in soups and then scampered around trying to figure out how to make ends meet. So, I would term this quarter as a quarter of learning. But like I said, we saw June almost normalized and come back to what we would ex pect the business to deliver going forward and therefore remain confident that we should be able to deliver the business case.
Understood. And also, in terms of gross margins, you mentioned combined gross margins at 48.4% and this looks low er than the 50% gross margin that Capital Foods has and 55% that Organic India has. So, when all these things normalize, do we expect those gross margins to go back to previous level? Sunil D’Souza: Yes. Ultimately, we do expect gross margins to come back to the numbers that we stated which is significantly accretive to our current portfolio. In fact, if anything, the gross margin should climb higher and not stay where they are.

Colgate Palmolive (India) Limited

Colgate Palmolive (India) Limited CC-Mar24.pdf · 2024-05-15
My only question is on rural markets. The first time that we had highlighted green shoots, so was in August last year. Now, this quarter, almost every Company is kind of calling out the improvement in rural markets. The question is, is it just because of base effect or is there any major improvement that you are seeing in consumption for your category? And with this improvement, with rural picking up, do we expect the premiumization -led growth to be slightly slower in FY'25 versus FY'24 while volume growth improves for you?

United Spirits Limited

United Spirits Limited CC-Sep23.pdf · 2023-11-09
Yeah, thank you for the opportunity. Just a question on the overall market growth rates, one of the agencies recently had called out about a 4.5% CAGR over the next 5 years for the overall industry, which also includes country liquor. Just wanted your thoughts in terms of excluding country liquor and specifically for whiskey, what kind of growth rates do we envisage over the next 4 to 5 years? That would be really helpful in terms of understanding the potential.
Sure. And just secondly, the other category, which has been growing rapidly is the gin category apart from whiskey and other 2 categories. What's your view on in terms of being aggressive in this category, especially with smaller SKUs? You're seeing other listed peers are doing very well at the 60 ml or 180 ml price point or -- sorry, the SKU. What's your view on this category growth? And could it be actually bigger than the tequila category for you over the next few years?