Abneesh Roy · Nuvama Institutional Equities
directStatus of one-offs: Andhra govt receivables, fire loss provision, and another provision.
for the fire loss, that you mentioned, you know, we have already applied for insurance. At normal process, you know, we should be able to get it, in the next 3-4 months. Once it comes back, then, you know, we'll obviously reverse the provisions that we have made earlier. As far as the Andhra Pradesh government, payment is concerned, we have provided for it. Some part of it, you know, is still pending. A small portion from the, for the school project which we have done is pending and, that has to come through.
Abneesh Roy · Nuvama Institutional Equities
evasiveVolume growth in July and festival season outlook.
I won't get into the detailing of it. If you, if you study, you will find that, you know, sometimes the bases are weak, and therefore, you suddenly have a bigger growth rate in certain months or quarters. But overall, consistently, if you look at it, you should look at from the market share perspective, is there a gain or a loss of that particular company or companies concerned in particular quarter?
Avi Mehta · Macquarie
directUpdate on regional competition and whether benign input costs have increased competition.
So regional competition, you know, had reduced a little bit, you know, if you recall, you know, in the COVID period. ... So some amount of, you know, the, the stronger players have remained and, and they have, come back. The weaker players, of course, you know, they gave up, and, and, and they are as good as gone. Therefore, some amount of regional bounce back is there, both in the industrial side and also in the decorative side, but not very significant I would say.
Avi Mehta · Macquarie
partialSandila plant cost and benefit timeline.
It's still in a, a work in progress, not fully operational that way. It's not at, you know, operating efficiency, it still needs some amount of improvement. We have moved up some. On a scale of 1 to 10, I would say we are somewhere around 5, 6, you know, at those levels. It can go up further in terms of improvement.
Avi Mehta · Macquarie
partialAd spend to sales ratio for Q1 and FY24 outlook.
We have more or less maintained the ad spend to sales ratio at wherever we were last year. Approximately at similar levels we are. We see this trend continuing going forward. We may accelerate a little bit from end of third quarter, depending on, you know, how the prices of raw material are.
Shirish Pardeshi · Centrum Broking
partialMarket share in core markets (North) vs all-India 20.2%.
Yeah, you know, we, we gained across the board, actually. You know, obviously, the market share to begin with is higher in the north and the east, the gains have been higher in, you know, east, possibly we would have gained definitely slightly more. Also in the north, the gains has been more or less similar to the national average. The west gain would have been slightly on the higher side.
Shirish Pardeshi · Centrum Broking
directTimeframe for new product revenue and gross margin impact.
Normally, if it is a product which is in good demand in the market or we have read the demand situation correctly, then it should start reflecting in four to five months timeframe. ... As far as, you know, the gross margin is concerned, it depends on the product category in which the product is being introduced.
Shirish Pardeshi · Centrum Broking
directDouble-digit revenue growth target for FY24 and volume growth.
As I said, we, you know, our value growth in the first quarter has been double digit. Volume growth also has been double digit. ... overall, we see that, you know, we should be able to comfortably, you know, deliver the double-digit growth rate by the end of the year.
Keshav Bagri · VT Capital
evasiveHave margins topped out? Outlook on margins given crude and competition.
You know, we have always maintained that, you know, the margins will be around these levels, right? You know, whether it has topped out, whether it can further improve, you know, somewhat, or whether it will remain at these levels, is difficult to say at this stage.
Keshav Bagri · VT Capital
directPlans to expand into home improvement categories beyond paint.
No, we, we are very clear in our head that, you know, we have no intention, and I have repeated this, you know, that we are not getting into other categories. We are going to remain in paint and waterproofing segment.
Aniruddha Joshi · ICICI Securities
directClarification on 20.2% market share: includes all categories?
Anirudh, you know, this is based on published results. I, I do not have results of other companies of, you know, paint, primer, putty, et cetera. It is not possible for me to be able to project, you know, market share based on that.
Mihir Shah · Nomura
directSeasonality impact on gross margins quarter-wise.
You know, typically in the paint industry, the first quarter is good, you know, in, in terms of margin. The second quarter has a mix which is more towards enable primer distemper in the first July and half of August, sort of a situation, and then it starts improving and moves towards more of emulsion, especially in the month of September, when interior emulsions picks up quite a lot, and along with some exteriors as well.
