Stockrabit · Analysts
Questions across 29 calls

Vivek Maheshwari

Jefferies

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Jun24.pdf · 2024-07-30
My first question is, this time you have not explicitly mentioned an ything on the market shares in Tea and Salt. Can you just elaborate on how has been the trend for you? Sunil D’Souza: So, let me say, Vivek, trends have not changed dramatically from the past. Historically, we have seen gains in salt. Tea prices more or less have been balanced between the two layers. Yes, that's all I would say for now.
And on the NourishCo bit, Sunil, once again, do you think, I mean, you did mention about some of the interventions, but from a product perspective, you are still happy with the product, whatever is there in the market and I know you can't talk about post the quarter, but anything to relook from a product perspective, offering perspective? Sunil D’Souza: So, from a product perspective, I don't think there is anything significantly wrong Vivek, because these products have been proven over the past few years. And as you've driven availability, driven distribution, we have seen instant reaction. Like you saw Tata Copper Plus, there is absolutely even last quarter despite the heat wave, we d idn't see too much of an impact, A. B) For Tata Gluco Plus, as I said we missed some tactical tricks as ther e were mo vements in competitive activity and I think we did not react quick enough. We put in those corrections at the end of last quarter. On top of that, we have also launched Fruski now in cups which got a good response last quarter and now we are expan ding it, A. B) Never, the energy drink, if you remember which we had piloted about 3 quarters back, think we are off to a good start and we are going to expand. So, that's number one. Number two, I would also urge saying that if you look at last year Q1 for NourishCo, if I'm not mistaken, we had grown close to 60%. So, we are cycling a very, very high base. So, multiple pieces there. But let me say there is nothing that I find worrying in the business that we cannot correct going forward.

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Jun24.pdf · 2024-07-30
Hi, Neville and team. A few questions. So first, on the store addition, you did mention about lumpy additions at some point. But when you look at additions internally, do you also think about it as percentage or you typically look at it more like 40 to 60 stores? How do you think about the additions on an annual basis?
Okay. And a follow up to that, Neville, and pardon me if it's a naive question. But let's say, in an economy where real estate is doing so well and there is a formalization - what is the bottleneck when you are thinking about adding the stores? I know you buy out the land, and this is substantial investment. But in a cycle where real estate is doing so well, can you just highlight why it is lumpy? Why it is not as predictable? Is it the team issue? Is it the site issue? Can you just elaborate?

Honasa Consumer Limited

Honasa Consumer Limited CC-Mar24.pdf · 2024-05-23
Hi, Varun and team. A few questions. First is, Varun, what is the outlook on FY25, let's say both on growth and margins?
Got it. And in that context we are hearing a lot about, so I think D2C competition, digital first competition was always there, but we are hearing even the traditional companies are focusing quite a bit on the online side of things. Have you seen competitive activity picking up quite a bit in the last 3 -4 months and how does that impact both from a growth and margin standpoint at least in the near term?

ETERNAL LIMITED

ETERNAL LIMITED CC-Mar24.pdf · 2024-05-13
A couple of questions. First, on the store additions. How easy or difficult is it for you to get this kind of real estate? Because as I understand these are not on high streets. But still, you need a larger plate. So where are you on that curve in terms of getting those 1,000 stores out there?
Got it. And the other bit, you have been somewhat calibrated in store additions so far and now you are accelerating it. In a typical retail business, we have seen that, there is a fair amount of retailers who choose wrong locations, which necessitates calibration as you go forward. In your case, you know a lot of business nuances already. When you think about moving or accelerating it, do you think there is a risk of getting the wrong sites, or are you very fairly confident about it? That's one part. And second, how do you view the cannibalization, since a lot of these stores are going to be in existing cities. It’s not a risk-risk, but from a short-term perspective, throughputs in the existing store go down because the next neighborhood store is coming up. Is that something that we have to bear in mind?
ETERNAL LIMITED CC-Dec23.pdf · 2024-02-08
A few questions. First, Akshant, in one of the comments in the letter you have mentioned that growth in food delivery is due to the fact that platform is still underserved from a supply-side perspective. So, between the demand side factor and supply side, you have pointed out to supply side. Do you think supply is a bigger thing, which will drive demand in your view?
Understood. Okay. That makes sense. The other thing is on the sequential growth of quick commerce and the letter mentions about multiple festivals as well as occasions. I would imagine World Cup would also be probably sitting over there. Do you think from a sequential perspective, the base is higher and therefore, the fourth quarter should be somewhat a bit more moderate or sober than what we have seen in the third quarter because of these factors?

Devyani International Limited

Devyani International Limited CC-Dec23.pdf · 2024-02-02
First question is on Pizza Hut ; given where the brand is in its journey YOY or a quarter-on-quarter decline in ADS to a level that it has come to and the fact that you have added stores at an overall level unlike KFC where you have added stores and revenues are increasing despite decline in ADS. In the case of Pizza Hut that has not happened. What are your medium-term aspirations or ambitions over here with this brand?
Manish, there is also concern for your competition that the aggregators have actually in a way democratized and the pizza offerings have gone up quite a bit. In such a setup I would have thought that you would have better chance because of whatever product fatigue or brand fatigue , or you are a challenger brand. So , you could have also participated in that. Where are you on this issue versus the competition and the fact that the market is probably getting a bit fragmented?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Dec23.pdf · 2024-01-31
A few questions. First is again on Goodknight Incense Stick. So again, I know it's too early and you have just literally rolled out now but if the product is 2x more in terms of efficacy and assuming that the distribution might is there with you, you will also support it with the advertising bit, how do you define success over here in terms of what would be the, let's say, aspirational market share for you in the next three to four years?
And in terms of what would be your distribution strategy over here, I mean, again, we definitely like the growth mindset. But in the past, you have had mentioned or have had some concerns around incense stick. The fact that you have launched it shows the growth mindset. But would there be a total overlap in terms of your LV and Incense Stick or Incense Stick will be more in markets where you think that the existing illegal sticks are floating around much more, basically, the idea is to displace illegal or to grow this category?

Marico Limited

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Dec23.pdf · 2024-01-19
Two questions. So first, in the context of tough macro and we are seeing several categories impacted, the ATL number has gone up quite a bit, 33%, which is good to see. And if I look at it right from FY '18 third quarter, this number is meaningfully higher than what you have invested in the past. But Ritesh, how do you think about between the -- if there is a weak macro and consumer sentiments are an issue, how do you think about interplay of ATL versus BTL? Is there a case to actually go for more BTL at this time? Because customer is not opening t he wallet. So that's one way of easily passing value rather than doing activation. I'm not sure if I'm thinking right on, but I would love to know what your thoughts are.
Got it. And Rohit, as a follow-up to this. Given, so your call focuses quite a bit about premiumization, and that's a secular trend. But do you think by virtue of focusing too much on premiumization, is there a chance that you are missing the target at the bottom end or at the mid-end of the market? Because I'm sure demand side issues are there, but supply side can also take care of demand bit or at least part in some ways. How do you think about -- is it that premiumization is compromising the growth at the mid and the bottom end from this?