BRITANNIA / Q2-FY25 / claim-ledger

Audit the questions that mattered.

Britannia · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ2-FY25 · 2024-10-31Back to quarter ↗

Questions audited

Answered directly

64%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Abneesh Roy · Nuvama Wealth

partial

Volume growth outlook given high base and inflation; impact of downtrading.

So we will be careful. The next six months, nine months, we are going to be very careful about how we treat price increases, how we root for volumes, etc. So we will balance it well, and we will make sure that we do the best from a volume standpoint as well.

Abneesh Roy · Nuvama Wealth

evasive

RM basket inflation and profitability outlook given three of four quarters OP decline.

No, so inflation is high. ... I don't think it's going to make a very large impact on our profitability. I think we will maintain the quartile that we operate in, and I don't think it's going to make a huge difference at all.

Abneesh Roy · Nuvama Wealth

direct

Missed opportunity in protein bars/healthy snacks vs peers.

We do have some bars. We've launched on a test market basis in e-commerce. ... But yeah, we haven't done much activity on those. But we will scale them up as time goes by.

Avi Mehta · Macquarie Group

direct

Benefits and timeline for RTM 2.0 project.

And this will take, from a training perspective, it will probably take 12-15 months to fully be embedded into our system.

Avi Mehta · Macquarie Group

direct

Quantum of pricing actions and when volume/value growth will match.

So there will be about 4%-5% price increase in the next two quarters. So that we'll have to take. And we will do it strategically in SKUs where we haven't taken a price for some time.

Aditya Soman · CLSA India

partial

Cost of RTM 2.0 project and channel sales split.

The cost is there is a cost to this. ... But that's not a materially large cost which is going to impact our overall cost structure. ... So we've been seeing very good growth as far as quick commerce and e-commerce is concerned. ... It's the traditional trade, the GT part of the business, which is growing slower currently.

Percy Panthaki · IIFL Securities

direct

Whether biscuits benefit as a cheap calorie source during inflation.

No, no, no. There's no deflation. ... I don't know where you're getting your data from, but no, I don't think that is true.

Percy Panthaki · IIFL Securities

declined

Rule of thumb for price increase pass-through to sales growth.

There's no rule of thumb, Percy. It's very difficult. You're asking very difficult questions today.

Percy Panthaki · IIFL Securities

direct

Margin band outlook and reason for 45% YoY salary cost increase.

The band of margins, we try to operate in the same band, so it's not going to be dramatically different. And the salary cost is because of the stock appreciation. Phantom stocks being revalued.

Mihir Shah · Nomura

direct

Innovation contribution to revenue and momentum sustainability.

So innovation, as we read the innovation, any product which is launched in the last 24 months is considered as innovation, and we are running at about 2% of revenue on that.

Shirish Pardeshi · Centrum Broking

partial

Top 10 metros contribution and rural growth vs overall volume growth.

No, we won't have it available right away, Shirish. ... The rural growths are reasonable. I would say slightly high single-digit kind of growth. ... So rural growths are 2x of urban.

Amnish Aggarwal · Prabhudas Lilladher

partial

Phantom stock cost quantum in Q2 and raw material index comparison for Q3.

That's about INR 50 crores. ... So yes, the inflation will be more than that, but if you look at the charts carefully, you will see some numbers there on the commodity side where we are indicating what the market will be.