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Pidilite Industries Earnings Call for Q1FY27 — Transcript

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0:00Good day and welcome to Bidlight
0:02Industries Limited Q1 FI27 earnings
0:05conference call hosted by Equidius
0:07Securities. As a reminder, all
0:10participant lines will be in the
0:12listenon mode and there will be an
0:14opportunity for you to ask questions
0:16after the presentation concludes. Should
0:19you need assistance during this
0:21conference call, please signal an
0:22operator by pressing star 10 on your
0:25Touchstone phone. Please note that this
0:28conference is being recorded. I now hand
0:31the conference over to Mr. Pranov Maha
0:34from Iquirious Security. Thank you and
0:36over to you sir.
0:38>> Yes thank you. Uh good afternoon
0:40everyone. Thank you for joining this
0:42call. Uh from the management side we
0:44have Mr. Sutang Su managing director Mr.
0:48Kavita Singh joint managing director Mr.
0:51Sepit Satra executive director finance
0:54and CFO and Mr. Jooshi, senior VP
0:56domestic accounts and taxation. I'll now
0:59hand over the call to colle
1:05and good afternoon and a warm welcome to
1:08everybody on the call. Uh I just keep uh
1:11my opening comments brief.
1:14uh and uh the board had its meeting
1:18yesterday approved the uh results for
1:20the first quarter of the current fiscal
1:23uh and of course the after that we had
1:26our uh AGM at which the proposed uh
1:31dividend of 11 rupees 50 say was
1:34approved by the shareholders. Uh coming
1:37to the performance for the quarter uh
1:39standalone revenues grew by uh 22.2% 2%
1:44with an underlying volume growth of
1:4611.3%.
1:48Uh in absolute terms the revenue was
1:514,237
1:52crores.
1:54Um
1:56as we had mentioned in the uh fullear uh
2:00earnings call uh we had taken price
2:03increases and which were taken across
2:06all categories uh to offset the increase
2:09in input costs.
2:11uh if you look at the underlying volume
2:13growth for the quarter consumer on bazar
2:16businesses underlying volume growth was
2:1912.2
2:20and for B2B was 7.3%.
2:24Uh the reason why the B2B underlying
2:26volume growth was lower was largely
2:29because of lower exports. Uh B2B exports
2:33UVG for the quarter was minus 8.4%.
2:37uh and overall exports for the company
2:39also degrrew in the first quarter
2:41largely because of geopolitical issues
2:44in some of our key markets.
2:47Um gross margins at 52.5% were lower
2:51than
2:53uh last year same period by 90 basis
2:56points.
2:58uh VA consumption in the quarter was at
3:01$1,370
3:03uh as compared to last year $924
3:06and the fourth quarter was in the 800 RA
3:09range.
3:11Uh however total costs below gross
3:14margin increased slower than the revenue
3:17growth. Uh the total cost increase was
3:2014 and a half%.
3:23uh large chunk of that was advertising
3:25and sales promotion and this operating
3:28leverage flowed into the AIDA EIDA
3:31margins at 26.4%
3:34improved by 80 basis points Q quarteron
3:38quarter
3:40and profit after tax grew by 27.7%.
3:44Uh this was the standalone performance.
3:47If I look at the performance of the
3:50subsidiaries,
3:51uh both the domestic as well as the
3:54overseas subsidiaries reported
3:56doubledigit revenue growth. Domestic
3:59subsidiaries grew by 11 and a half% and
4:02international subsidiaries grew by 12%.
4:06uh again the growth there was led by
4:08consumer and bar businesses in the
4:10domestic subsidiaries which grew by 17%
4:14and the B2B part of uh the domestic
4:17subsidiaries had a modest uh uh growth
4:21of 3 and a half%.
4:24uh international subsidiaries again
4:25growth was reasonably broad-based with
4:28Bangladesh, Egypt and Kenya subsidiaries
4:31recording uh much better than their past
4:35growth records.
4:38Consolidated revenues at 4541
4:42crores were up by 21.3%.
4:46uh IBIDA margin improved by 120 basis
4:48points over same period last year and
4:51profit after tax grew by
4:5430.3%.
4:56Uh so that's all from an opening remarks
4:59point of view. Uh happy to open the
5:02floor for questions.
5:05>> Thank you very much. We will now begin
5:07the question and answer session. Anyone
5:10who wishes to ask a question may please
5:12press star and one on the touchstone
5:14telephone. If you wish to remove
5:16yourself from the question queue, you
5:18may press star and two. Participants are
5:21requested to use handsets while asking a
5:24question. Ladies and gentlemen, we'll
5:27wait for a moment while the question cue
5:29assembles.
5:35The first question is from the line of
5:37Anish Roy from Noama. Please proceed
5:40with your question.
5:42>> Yes. Uh congrats on great numbers. Uh
5:45first question is on the exports. Uh
5:47when the geopolitical issues get
5:49resolved, would you expect uh bunch of
5:52demand or pentup demand or some part of
5:56this demand was met by other suppliers?
5:58If you could clarify on that.
6:01>> Yeah. So I think Amish uh thank you
6:03first of all and always good to you know
6:06um hear from you and I think you know
6:09and it's so good that you you've been
6:10you're always our opening the opening
6:12pollinence I think uh and and thank you
6:14thank you once again for the results
6:16we've delivered strong set of results so
6:18thank you very much uh I think on uh
6:21exports so as the situation normalizes
6:25lot of our export business will come
6:27back it will come back now because most
6:31of
6:32you know contracts are there. Now it is
6:34also possible that in this interim
6:36period some of the people may have made
6:39uh some alternate arrangements and I
6:41don't want to get into specifics of it
6:43but suffice to say to answer your
6:44question that as the geopolitical
6:47situation stabilizes our exports will
6:49come back.
6:51Sir uh the largest paint company has uh
6:55put up the VA facility and you do
6:58compete uh with that company in many
7:00segments uh from a relative uh
7:04commissioning perspective in terms of
7:06cost and say pricing and product pricing
7:10does this change anything meaningfully
7:12for you
7:14so our understanding is that I think
7:16it's best of course answered by the
7:18company that has put up the capacity But
7:21our first of all fundamentally there are
7:23two business models and both business
7:25models are are are are good business
7:29models. So you know you could have
7:30something captive and perhaps operate in
7:33the entire value chain or you could have
7:36uh basically you have your brand and
7:38your product and you focus on your brand
7:40and product quality and and servicing
7:42the customer and from the procurement
7:44point of view you operate through
7:47basically what is in the market and you
7:49basically ride the crest and trust of
7:52the raw material. So I think the point
7:55is we are in the latter camp. I think as
7:57you are aware I don't think it should
7:58change anything materially um and in our
8:02assessment multiple times over on our
8:05when we've done it ourselves and also
8:07when we have looked at and talked to a
8:09few of the experts in this space who
8:12know this very well and some of the
8:14large companies across the globe. I
8:16think the competitive advantage case for
8:20India from availability of base raw
8:24material from the point of view of the
8:26scale needed to get that kind of
8:28advantage that kind of cost leverage and
8:31advantage
8:32uh doesn't seem to come through in all
8:35our conversations. I just wanted to
8:36share that. Uh having said that I think
8:39they've chosen to do this. My
8:40understanding is also it may or may not
8:42be directly for adhesive. it may be for
8:45you know other things as well. So I
8:46think that's the piece which is so
8:47therefore they have multiple businesses.
8:49So I think the point I'm making is that
8:50that's an that's an independent
8:52decision. It's a different business
8:53model. As far as our business model is
8:55concerned our way of doing things is
8:57concerned and we've sort of revisited
8:59this. We've had detailed conversation
9:02with some of our large uh uh partners
9:04and and vendor suppliers and we are
9:07confident of running this uh well as
9:09well as we've done in the past and
9:11should not have any impact. Sure. Uh my
9:15next question is on the two innovations
9:16you have put in the presentation. So
9:18what will be the expectation from uh
9:21this most technologically advanced ads?
9:24Uh is this too niche? It says
9:26anti-bending property for what use case
9:29it is and similarly for the professional
9:32MC washable. Are these very disruptive
9:35product or these are just some uh some
9:39good niche product or are these big
9:41potential long-term from a revenue
9:43perspective?
9:45>> Uh no that's a very good question and
9:48I'm glad you asked it up front. Uh I
9:50think both these innovations which we
9:52put up this time around are fundamental
9:55innovations. They are technologically uh
9:58advanced products in that space. uh and
10:01within our business they are they are
10:03not they're not fringe innovations they
10:05are core innovations uh let me just give
10:08you a quick uh thing and maybe take one
10:10example but it's true for both but let
10:12me take the example of fol expert so you
10:16see when you do uh you know uh
10:19woodworking in your house particularly
10:22when you do uh ala doors you know
10:26cupboard doors
10:28depending on the laminate you've used on
10:30one side and the laminate you've used on
10:32the inner side or sometime no laminate
10:35on the inner side because that's the
10:36practice in India the laminate used on
10:38the front side is of a different quality
10:40and different this thing and the
10:42laminate used at the which is on the
10:45reverse of the door as you open the door
10:46either there is no laminate or it's of a
10:48different quality based on this what
10:51what one common complaint we used to
10:53hear was what is called bending of the
10:56door so I'm saying you know so and
10:57therefore that I just what I want to
10:59take a to explain that how much core or
11:01central it is. I think this technology
11:04one of the biggest advantages of the
11:06technology is also anti-b anti-bending.
11:10So therefore once you're able to use
11:12this product you're assured of the doors
11:15not bending doors closing properly
11:18basically not sort of so that is a
11:21common problem face and therefore you
11:23are addressing a relatively uh prevalent
11:27uh or or relatively quite quite quite
11:30prevalent kind of a problem uh with the
11:33with the product and I think the other
11:35one is very similar it's basically
11:37multiple things it scores on as we call
11:39this the the Mfield advanced it's it's
11:42it's it's it's lower on VOCC, it's very
11:44low on smell, easy to wash off. It's
11:46also a multi- uh you can you can use it
11:49on different types of uh you know uh
11:52plastic pipes and all that. So both are
11:55uh very fundamental innovations. They
11:58would I would call them core innovations
12:00and with strong potential.
12:04>> Sure. Uh last question. Uh so
12:06essentially VAM went up sharply has come
12:09down also very sharply that if you could
12:11tell us current uh price and the code
12:14has also fallen. So is your double digit
12:17price hikes which you have taken at the
12:19company level is that now too much? So
12:21are you giving now more trade discounts
12:24and uh uh basically trade margins? Uh
12:28and how are the local players or the
12:30other players responding because it's a
12:32competitive market and definitely your
12:35double date price tank is unprecedented
12:37and then we have seen the RM fall fall
12:39also very sharply.
12:42So maybe I'll ask to also tell you exact
12:44numbers or I can tell you order of
12:46magnitude but I tell you basically this
12:48is fluctuating quite a lot. Yeah. So
12:50therefore to tell something at this
12:53point in time I'm saying so it did go up
12:54very sharply. You're absolutely right
12:56from about $800 $900 to maybe all the
12:59way close to $2,000 and then fell down
13:02quite a lot but then maybe going up a
13:03little. So the dynamic is a little bit
13:05more u it's it's far more dynamic than
13:08maybe we've seen in the past. Maybe
13:10we've seen it once or twice but even
13:12there the yo-yoing is I think quite
13:14unique and and as you know VA is a
13:16little bit decoupled from directly crude
13:19as well. So I think there are multiple
13:20other factors which are sort of driving
13:22some of these things and uh so what
13:25we've done and and to your point what we
13:27do is we take uh the feedback of the
13:29market fortunately as a company we are
13:32very close to our customer you know and
13:34therefore we understand what is
13:36happening what is the uh what are what
13:38are their uh pain points and so on so
13:40forth. So you and you are right in your
13:43conceptual thinking that depending on
13:45the movement of this we could end up
13:47giving some remains. So it's possible
13:49that in a period I'm saying you know we
13:51would be giving a rebate and that's
13:52absolutely correct and it's possible
13:54that in a period we would sort of
13:55withdraw that and so on so forth. So and
13:58if you remember correctly while the
14:00quantum you are right is right this time
14:02we were more proactive more than the
14:04quantum we were proactive and I think
14:06that's really helped and you you can see
14:07that in the numbers as well but my point
14:10is that we were and we spoke about it in
14:12the last call in our full year and
14:14quarter 4 FI26 call we we covered for
14:18the increase in raw material price we
14:20did not cover fully for the margin in a
14:23manner of speaking we had taken some of
14:25the hit and we had sort we we basically
14:28passed on a lot of that thing but we had
14:30absorbed a little bit of it as well. So
14:32the point is that between the two uh we
14:34are we are broadly okay. We will play
14:36with a little bit of rebate. As far as
14:38competition is concerned we keep a close
14:40eye on competition anywhere in the
14:42country and we will continue to do that.
14:44And in this particular example
14:46especially in this example of niche and
14:49in this category competition tends to
14:51follow us almost to the tea. So I I saw
14:54when we sort of taken up the prices
14:55almost everyone has taken up the prices.
14:57Uh when we are taking a rebate almost
14:59everyone is taking a rebate. Sometimes
15:01you could actually you know if you if
15:02you mark the letter the the letter head
15:05of the letter you will see they are
15:06almost identical. So to that extent I
15:08think just anecdotally to tell you I
15:11think but we keep it we we having said
15:13all of this we keep a very very close
15:14watch and more importantly at Pilite we
15:17have always believed in a win-win
15:19philosophy where we will make sure that
15:21the value to our customers is right and
15:24therefore and and we are doing what is
15:27right in their interest as much as it is
15:29in ours. So I think as long as we follow
15:31that philosophy I think we are we are in
15:33a a good space in my judgment.
15:36>> One followup here and I'll end there. Uh
15:39you want to change the lower end of the
15:41guidance because in most quarters either
15:44you are at the top end or you are even
15:45beating the top end uh structure is
15:47there any change to the margin profile
15:49and so the 20% uh lower end of the
15:52margin may not have any relevance now
15:55because four five quarters have
15:56happened.
15:58uh Amnesh um you know while if you look
16:01at our last few quarters performance
16:04what you say is valid but if you look at
16:06a slightly longer period particularly
16:08the time when we saw very steep increase
16:11in input costs our margins had indeed
16:14fallen into the high teens uh and of
16:17course they recovered uh and you know
16:19the world that we are living in with all
16:21these risks and uncertainties
16:24uh we would still prefer to keep a
16:27corridor
16:28uh which which gives us enough one
16:30operating flexibility. So no need to
16:33change it at this stage.
16:35>> Sure. Thank you. That's all my Thank
16:37you.
16:38>> Thank you sir. The next question is from
16:41the line of J doshi from Kotak
16:44Securities. Please proceed with your
16:46question.
16:49>> Hi team congratulations on good service
16:51results and thanks for the opportunity.
16:53I've got two questions. So first one is
16:55uh standalone consumer bazar u was
16:58around 15% last quarter. I think this
17:01calendar year started off on a very
17:02strong note note and uh last earnings
17:05call until then we were fairly confident
17:07that the momentum at that point of time
17:09it indicated that the momentum had
17:11continued into April 11 as well. So
17:14slight moderation to about 11 odd
17:16percent 12% from 15%. I'm just referring
17:19to CNB right now. uh has uh did it did
17:22you see any moderation in June that you
17:25know anything to call out here or uh you
17:28know uh and second is uh should this be
17:31considered as a more as a normal uh you
17:34know uh UVZ band for rest of the year or
17:38uh are you expecting some acceleration
17:40going ahead
17:42>> so Jay I think I don't know whe the
17:44question so thank you first of all Jay
17:46and thank you for the compliments as
17:48well to all of the delight and to the
17:50team I you know from your side um I
17:54think the way I I interpret this data
17:56and let me also share the data with you
17:58and I think we talk about that so I
18:00think if you look at our CNB business
18:01and I'm trying to give you now uh you
18:04know four three year CAGR 2ear CAGR last
18:08year and this quarter so if you look at
18:10from my point of view our threeear CAGR
18:12is let's say 9 9 something our 2ear CAGR
18:17is about 10 something our last year or
18:2110 point something higher than our last
18:22year full year actually in CNB again
18:25it's around 11 something and against
18:27that we are now in quarter 1 at 12 and a
18:30half so therefore just the quarter 4 I
18:33think is is one data point and if you
18:35remember even in our last call we had
18:37said that treat it treat our last year's
18:40UAG as 11.1
18:43or what that number if I remember right
18:4511.1 for the year and I think that's a
18:48step up on our previous year which was 9
18:50something. So therefore it is a step up.
18:52We recognize that we would like to
18:54continue that step up. So I think in
18:56that context we see this as as a normal
18:58trend. They're not saying no month or
19:00any such thing. Uh and you're and I
19:03think we should be looking at similar
19:05this thing especially in this year J
19:07because you should see that this UVG
19:10underline volume growth is coming on the
19:11price which is there. So I think to be
19:13able to deliver this UVG
19:15with this price broadly this price and
19:18we see as as the year progresses nobody
19:19can say anything at the moment here but
19:21the point I'm making is that in this
19:23context assuming this is the context and
19:25there's some price which is there
19:26through the year u I think this is this
19:29is a good number this is a quantitative
19:32aspect of it I think from the point of
19:34view of market and you know all of us
19:35keep traveling all the time uh myself we
19:39all in the market most of and even more
19:41so Now I can tell you very very
19:43categorically that the demand is holding
19:47uh quite well. So I think there is no we
19:49are not seeing any any kind of concern
19:52on demand at the moment at all. So
19:54demand is holding well and then the
19:56trend is in our judgment the trend is
19:58positive and in the right direction.
20:00>> Thank you. One more question. uh uh one
20:03of the uh South India based regional
20:06cement companies as you know is
20:10uh you know planning to foray into Thai
20:13luggages with very ambitious targets uh
20:17you know so what are your thoughts are
20:19you seeing any sort of change in the
20:21competitive intensity on the ground and
20:24uh uh any thoughts here
20:27>> yeah so let me quickly give you one
20:28headline thought but I'll pass it on to
20:30Karen to talk about this in quite some
20:32detail to you. I think first of all I
20:34think as this business as this segment
20:36is growing there will be competition and
20:38I think competition could come from
20:40cement manufacturers. They could
20:41sometimes come from tile manufacturers
20:44themselves thinking we do tile we should
20:46also do it and of course there has been
20:48an existing competition from the some of
20:50the larger players. So I think the
20:52competitive intensity could vary and
20:54could change but I think we are quite
20:56well equipped of that but I think that's
20:57a headline thought. Let me just share
20:59let me just ask to give you a little bit
21:01more context and context.
21:03>> Thank you Sananchu. Uh I'll just uh sort
21:06of uh build a little more from where
21:08Sanchu left off. See uh this category
21:13uh is facing intense competition
21:16and the uh South Indian manufacturer
21:19that you talked about we are aware of
21:20that. So on the ground if I were to say
21:24uh the we are maintaining our momentum
21:29in fact we are accelerating number one.
21:31Number two we are also very mindful of
21:34the emerging competition
21:37our biggest strength today which is uh
21:41you know sort of known also and I would
21:43reiterate is our wide plant network
21:47which we are expanding. Number two,
21:50consistent quality. We are investing in
21:53our plants uh in a manner that the
21:56quality consistency improves. These
21:58products are susceptible to product
22:00inconsistency
22:02and therefore if you have not got the
22:04right technology, the right level of
22:07let's say automation, you could get into
22:09the consistency problems. Third extreme
22:13focus on cost management both on the
22:16input side as well as let's say we use a
22:19concept called total delivered cost. So
22:21when I look at these metrics of cost
22:24quality and timely availability through
22:27the plant network that we have built we
22:29are building our own mode and of course
22:31ROS as a brand has seen significant
22:34investments on the ATL as well. Our team
22:37on the ground is constantly working both
22:41on the distribution side which is the
22:43sales part and the business development
22:46team is con cons continuously working
22:49with the contractors who are in this
22:50business. So our our mood is always to
22:54work very closely on the ground with the
22:59uh child dealers who comprise majority
23:02of uh the sales. Now for of this
23:04particular category of course there are
23:06other dealers also and also the
23:10contractors. So we will continue to
23:12focus on our playbook while being
23:15mindful of the new competition that is
23:17emerging and our team is quite motivated
23:21to deal with this challenge of seeing
23:24increased competition and our focus
23:26remains on our playbook and continuously
23:29adjusting depending on what we see in
23:31the market. By the way, as since we are
23:33on the call, I will also highlight that
23:36one of the products that we have
23:37launched in about two quarters ago and
23:40we have mentioned this already called
23:42new pro is seeing increased momentum and
23:46we are now going beyond one plant to
23:48four plants to ensure that this is
23:50available uh in wider geographies. This
23:53is a product that we have uh launched
23:56through our you know joint venture with
23:58our Spanish partners and this is
24:01something that we can also share the
24:02good news that the premium end of the
24:05market we effectively occupy extremely
24:08well and that's another area that we are
24:10focused on in terms of premiumizing our
24:13range as well. So I hope to some extent
24:15this answers your question.
24:18>> Uh thank you very much.
24:21Thank you J.
24:23>> Thank you sir. The next question is from
24:26the line of Ara Vitra from Tech. Please
24:30proceed with your question.
24:32>> Yeah. Hi and again congratulations and a
24:34great quarter. Uh my first question was
24:36on demand. So we've seen price increases
24:39from Pilite as well as all other
24:41building material companies. Have you
24:43seen at all the price hikes have fully
24:45happened by June? Any impact of price
24:47elastity demand on any of your
24:49categories? And a related question is in
24:52this quarter there was some news flow
24:53around you know shortage of construction
24:55material like tiles and things like
24:57that. Did it have any impact on the
24:59growth during this quarter?
25:02>> Yeah, thank you for the you know thank
25:05you for your compliments and I think and
25:08the team fully deserve it I think. So
25:09I'll pass on to everyone. Thank you so
25:11much. uh I think on the let me take the
25:14second question first. I think see tile
25:16uh tiles per se as a sector
25:21has reasonably high
25:25uh market inventory if I could call it
25:28particularly premium tiles where most
25:30tile adhesive gets used. So therefore
25:33the impact on the industry which we saw
25:36at the beginning of the last quarter
25:37from the point of view of availability
25:39of gas and others uh did not immediately
25:43impact the market definitely not the
25:46higherend market they could be a
25:48sporadic cases uh here and there but not
25:51meaningfully in any which way so that's
25:52the first part I think on the on the
25:55second part of your question um just
25:58remind me the question again not the
25:59first the first part of the question
26:01>> general price subity of demand just
26:04yeah agreed great so I tell you uh two
26:07three things you know and we discuss
26:09this internally quite a lot I think
26:10first is what to give you a little bit
26:12of context to all everyone here I think
26:15see unlike fastmoving consumer goods
26:19where there is a direct comparison of a
26:22product price uh from month to month
26:25because by definition they are used at
26:26that kind of frequency
26:29uh the impact by the consumer felt
26:32immediately in our kind of categories
26:36largely bazar particularly people plan
26:39their project and say that this is the
26:41they have an outlay for the project and
26:43then they they work within that outlay
26:46so they have a let's say you you you
26:48plan your project and then you have
26:49budget for your project so I think while
26:52the prices have gone up we've seen and
26:54if the project is already on then people
26:56normally don't stop it so that continues
26:58and if you to start a new then you can
27:00sort of you
27:01uh sometimes think through it or
27:03recalibrate it. So to answer your
27:05question, I don't see we not seeing any
27:08impact on demand at the moment
27:12and also most of the pricing I think has
27:15gotten into the market by June. I think
27:16that was a question you had. So most of
27:18the pricing has gone in in June. We've
27:20not seen any any substantial impact and
27:23therefore our hypothesis that people
27:25plan a project outlay in a very
27:27different way. They interact with our
27:29products from a pricing point of view at
27:32a frequency of once in two years, once
27:34in three years, sometimes once in five
27:35years depending on what you are doing,
27:37kind of project you are doing and all
27:38that. So it's a little uh so for us and
27:41and and if you were to look at weighted
27:43average increase on some of our
27:44categories and brands, I think that's
27:46not substantial because you know price
27:48had gone up then it came down a little
27:49bit. So I think so therefore from that
27:51point of view uh I don't think we've
27:53seen um anything on that count and and
27:56that is good news for us and maybe on
27:58similar industries in my judgment.
28:01>> Got it. That's very helpful. My second
28:03and last question is actually on
28:05margins. So given the very strong margin
28:07performance this quarter uh uh just
28:09wanted to understand if you had some
28:11benefit of low cost inventory in this
28:13quarter of consumption averages uh and
28:16therefore should we expect gross margins
28:18to move down from here as the full
28:20impact of the inflation hits or would
28:22you say that given that broadly spot
28:24prices are uh you've had a very similar
28:27costs in the last quarter as well. So
28:28just wanted to understand were there any
28:30like one-off benefits which kind of goes
28:32goes away. Uh and therefore margins
28:34trend that so that's the historical
28:36range.
28:38>> Yeah. No so therefore in this quarter I
28:40think your observation is correct. Um I
28:42see three things happened in the
28:43quarter. Uh basically this time around
28:47as Pinelite we were very proactive in
28:50taking our pricing pricing based on
28:52replacement margins which is depending
28:55on what the price of that uh commodity
28:57or raw material was at that point in
28:59time we were pricing it based on that.
29:02So that's replacement margin. Um so
29:05therefore pricing was proactive. So
29:06pricing went in into most of the quarter
29:10at least part of the quarter as the
29:11pricing was planned in phase manner.
29:14Then basically there was in certain
29:16categories now it varies from raw
29:18material to raw material product to
29:19product and all that but there was some
29:21amount of carryover inventory as well.
29:23So that's a correct observation and I
29:25think that got consumed in the last
29:27quarter that's absolutely correct and
29:29lastly because of uh prices going up
29:32last quarter almost you know and maybe
29:34in two or three changes not only as
29:36across the board as you you as you had
29:38only asked in your previous question
29:40there was also some moderation in
29:42schemes. So I think combination of all
29:44three give us the advantage here. Uh in
29:48uh I think some of it will correct in
29:50the second quarter. But my view is that
29:53you should first of all look at first
29:55half when you look at pilas first half.
29:58But what gives us confidence at the end
30:01of quarter 1 is that with the proactive
30:04pricing that we have taken and with the
30:06way we are managing our business and and
30:08with demand holding on I'm seeing all
30:10three conditions
30:12uh I think we will see uh a year where
30:16we manage our margins uh quite well is
30:19all I can tell you and I think of course
30:21our range is known to you which is 20 to
30:2324 and therefore from this high which
30:27you've seen in this quarter Could it
30:28moderate a little bit? Uh it could
30:31moderate a little bit and it will
30:32perhaps moderate a little bit but it
30:34will moderate a little bit. I think
30:36that's the point but we stay to the
30:37range which we talked about and and
30:39therefore you know that that's that
30:41that's that something I can tell you.
30:43>> Yeah. Also
30:45if I may add I think the right way to
30:47look at our margin is not on a
30:50quartertoquarter basis because a quarter
30:52will have many uh variables. uh some
30:56will play out favorably, some will not
30:58play out favorably.
31:00uh but the fact that I think Suzanu
31:03mentioned is that 100 is obviously the
31:07benefit that we got in the first quarter
31:09of consuming lower price inventory that
31:11benefit will unravel in the second
31:13quarter because we have bought inventory
31:15at or materials at higher prices than
31:18what prevailed today. So some of it will
31:20come as the inventory gets consumed in
31:23the second quarter. But if you look at a
31:24normalized H1, I would not say there is
31:28any major concern on that. Yeah,
31:30absolutely.
31:32>> Got it. Very very helpful. Thanks so
31:33much. All the best.
31:35>> Thank you sir.
31:38>> Ladies and gentlemen, in order to ensure
31:40that management is able to address
31:42questions from all the participants in
31:43the conference call, please limit your
31:46question to two per participant.
31:48The next question is from the line of
31:50Rahul Maheshwari from Ambbit Investment
31:53Advisor Private Limited. Please proceed
31:56with your question.
31:58>> Good evening uh to the entire team and
32:01first of all congratulations and
32:03excellent execution on a consistent
32:05basis. My two questions. First uh among
32:09the core group and pioneer categories
32:11can you give directionally that how
32:13these three categories have grown uh and
32:17uh also within the categories any few
32:20categories which are moving up the curve
32:22will be very helpful. This is on first
32:24and second or also on the distribution
32:26how the distribution expansion is taking
32:29place and what is the trajectory. Thank
32:31you.
32:33>> Yeah. No Ral thanks for the continent
32:36and and and and good questions. I think
32:39as far as our core businesses are
32:40concerned, we are basically seeing
32:43steady growth on core and you know we
32:45sort of talk about 1x to 2x GDP. So I
32:48think we are seeing that in in our core
32:50businesses. I think what we are
32:53beginning to notice and I'm saying we
32:54talked about it in last quarter as well
32:56and this quarter again and commissioner
32:58alluded to it in context of raw. I think
33:00for uh our growth businesses
33:03particularly Dr. Fix it Ross um even our
33:07uh projects business if you look at
33:09finite projects group and other some of
33:12our other co our growth businesses we
33:14are seeing accelerated momentum I'm
33:17saying so that's good news uh we are in
33:19the range of that 2x to 4x but we are
33:22seeing accelerated momentum in in the
33:25underlying volume growth in some of our
33:26categories and I think in the I we've
33:29spoken about it many times Rahul but in
33:31the in the interest of once again expl
33:33explaining to people that when we talk
33:35of underlying volume growth, we are not
33:36talking of volume growth. Total volume
33:38growth. I told volume growths tend to be
33:40much higher than the underlying volume
33:41growths. Most of the companies talk of
33:43volume growth, simple total volume
33:45growth. So I think therefore our
33:47momentum is strong and I think that
33:49continues. So therefore as far as core
33:52growth uh ratios are concerned and we've
33:54talked about it, we are in that
33:56relatively sweet spot of about nearly
33:5850/50. And I think that's the way it
33:59will sort of uh maintain as we go
34:02forward and I think that's the piece
34:03which is uh which is good for us. So I
34:06think that's the I I I hope I've
34:08answered your question. Was there a
34:09followup question as well? I think cover
34:11both.
34:11>> Yeah. Yeah. The followup question was
34:13that last time uh when we met you told
34:16Unin the Render is one of the most
34:18disruptive uh category and the product
34:21by your end. Can you just sum brief
34:23about Unfin how it's doing and are we up
34:26to the mark of 100 K is this?
34:29>> Yeah, so it's progressing well. Let me
34:31again ask Kavinda to talk to you a
34:33little bit about Unfin and add more
34:34color to it.
34:36>> So uh yeah, Unoin uh again is a product
34:40which comes out of our uh joint venture
34:43Spanish company. So the good news that I
34:46want to share with you is that we are
34:48beginning to see green shoots in the
34:50UNOPIN side of the business. We are
34:53beginning to get we've been working with
34:55almost for a year plus actually even
34:57more to get let's say specified as well
35:01as uh accepted amongst the architects
35:06who are looking for uh newer finishes
35:10for their projects.
35:12uh we are seeing acceptance in
35:14commercial projects
35:16uh high-end residential projects so we
35:20are beginning to have some big names of
35:23course I can't take the names of the
35:24architects who are now beginning to
35:26recommend UNOIN and because there is a
35:29possibility to have this product has
35:32this unique advantage of giving us
35:35approximately 15 years of waterproofing
35:37as well as no repainting cycle needed
35:41did plus uh you know sprayable
35:44technology. Uh there are there are these
35:47nuances which are now beginning to get
35:49accepted in the market. Still I would
35:51say early days but there is momentum
35:54that we are seeing and uh we have also
35:57reorganized our sales and go to market
36:00strategy
36:01uh going through the architects through
36:03our PDI professional solutions group and
36:06we have a projects group which is going
36:08out and selling it to the various
36:12segments. So there is a lot of work that
36:14we have done in the back end uh
36:15including training and also reformulated
36:19the product also for cost efficiency. So
36:23we believe that we are now on the right
36:25track and uh we will see some more
36:28momentum. Yes, coming back to your
36:30question on whether it's a 100 crores in
36:323 years or not. I would not comment on
36:35the number. We are right now focused on
36:37building the base and yes sometime
36:41around next year maybe we can see
36:43whether the the green shoots that we are
36:46seeing are actually prospering and
36:49moving forward and then we can look at
36:51numbers. Internally we believe that this
36:53product and the proposition has
36:55reasonably good potential and a good
36:58proposition. So we continue to be at it
37:01like in typical Pilite style. We do not
37:04give up easily. We keep working closely
37:07with the uh relevant stakeholders and
37:10that's exactly the playbook we are again
37:12uh deploying in the case of phone. Thank
37:15you.
37:17>> So this last one is next one.
37:19>> Sorry to interrupt Rahul sir. May we
37:21request that you return to the question
37:23followup.
37:26>> Thank you sir.
37:27The next question is from the line of
37:30Natika Chopra from JP Morgan. Please
37:33proceed with your question.
37:36>> Thank you. Hi team. Uh you know always
37:38good to see robust performance from you.
37:42Uh my first question was uh you know
37:44just trying to understand better the
37:46cumulative price increases that you have
37:48taken for consumer and bazar segment. It
37:51seems in the quarter you had a weighted
37:53price increase of close to 10%.
37:56Is this an is this number uh you know
37:59going to sustain in Q2 or you are going
38:01to see a lag impact of some pricing
38:04interventions that you took during
38:06through the quarter and hence the
38:07pricing component increases as we uh you
38:10know move into Q2 Q3.
38:14>> Yeah, I think uh first of all always
38:16great to hear from you. Thank you. I
38:18think um on pricing there are two three
38:21things I think one is that we've taken
38:24prices in consumer and bazar um you know
38:28and they vary by category and they vary
38:30by brand so I think there are and you
38:32know the range is pretty wide it could
38:34go from let's say a 2% to about a 12% to
38:38be fair and some of it had the uh as a
38:41component of the you know time dated
38:44component so therefore you know it all
38:45didn't go on April 1 to just put it
38:47perspective. So to that extent you're
38:49right that some of that additional
38:50impact should come in quarter two and
38:52therefore in quarter three as well. But
38:54as you would remember I think if you've
38:56been on the call there was another
38:58gentleman who asked this question on uh
39:01you know with the fluctuating raw
39:03material there could be some rebates
39:05passed on particularly in our business
39:07to be to play the more uh win-win and a
39:10more fair play. So it's it's quite
39:13dynamic. Uh Latika. So my sense is uh
39:16it's not so straightforward that you put
39:18those prices in and then everything else
39:21is constant and therefore this this
39:23quarter you should get the uh full time
39:25weighted advantage of it. So yes we will
39:28time advantage we'll get but with the
39:30movement in VA if you remember one of
39:32the question which was asked we are and
39:34we would be passing a little bit of
39:35rebates in that area. It is also
39:38possible with movement in some other raw
39:40materials because it's been rarely
39:42volatile as you know uh Latica I'm
39:44saying crude at 100 back to crude at 80
39:47I can from crude I can at least tell you
39:50and and you know it's fluctuating week
39:51on week so it's so volatile and
39:53therefore you know in what price you
39:55picked up what is happening overall also
39:57commodity is quite volatile it's it's
39:59this kind of volatility I think is very
40:01unprecedented in my opinion I'm saying
40:03you know and and partly caused by
40:05ourselves all of us I'm saying as during
40:07the in the geop geopolitical situation.
40:09So I think my view is that it's so to
40:12answer your question yes there could be
40:14theoretically a time limited advantage
40:15of this but it may get nullified with
40:18some of the rebates and other movements.
40:22>> Understood. And the and the second uh
40:24you know question was uh you know you've
40:26already touched upon uh you know some of
40:28the core businesses and how they're
40:30doing but just wanted to uh get on you
40:33any uh updated thoughts on progress on
40:36your foray into electronic assets and
40:39claims anything incremental that you'd
40:41want to share thank you
40:44>> yeah yeah so on on electronics business
40:47and overall I'm saying so therefore as
40:49we look at electronics and as we look at
40:51additional sectors of electronics we are
40:53beginning to make more progress I can
40:55share with you I think our emphasis
40:56initially was more consumer electronics
40:58we are also looking at auto auto EV and
41:00you know as uh that is becoming more and
41:03more piece there there and I think so
41:04therefore the full gamut of electronics
41:07as we understand I think we are
41:08beginning to do a lot of work in that
41:10space we are beginning to see some
41:12initial roundoff one or two places even
41:15some commercial pieces coming up but
41:16there are there is always a lag in
41:18specifications making good progress on
41:20that I can tell you very clearly I on
41:22paint. Uh I think as I've always
41:24maintained that in the places we are I
41:26think we are seeing something but uh we
41:28are still not confident of our full
41:29playbook particularly the urban playbook
41:31which we are refining as we go forward
41:33and then you will see uh in future as we
41:37go forward a little bit more
41:38acceleration. So it's a little bit more
41:40calibrated at this moment if I say
41:42without doubt.
41:44>> Sure. Thank you so much. Wish you the
41:46best.
41:48>> Thank you.
41:48>> Thank you. Thank you ma'am. The next
41:51question is from the line of Vanjit S
41:54from Aender Spark Institutional
41:56Equities. Please proceed with your
41:58question.
41:59>> Uh hi sir. Uh thanks for the
42:01opportunity. This uh pages from spark a
42:04spark. Uh sir uh first of all u uh
42:07congrats on super set of numbers. uh
42:10just wanted to know that in in a quarter
42:12which was so volatile on pricing uh
42:15should we see this as a validation of
42:18consumer behavior also kind of being so
42:20robust or it could be mix that there can
42:24be some uh pre- buying from channels and
42:27hence uh it it can't be seen or should
42:30not be seen as that uh at consumer
42:33uptake level also it will be this robust
42:35just uh wanted your view on
42:39I think uh tis um first of all good to
42:44hear from you. I think from a which we
42:46talked about this in the context of
42:48consuan bazar u I would say that the
42:52behavior is very robust. I think in the
42:55quarter that has gone by because it was
42:57a quarter of uh calibrated but multiple
43:00price increases.
43:02Could there have been a little bit more
43:04of shocking perhaps? Yes. But if I look
43:07at aggregate numbers, I wouldn't I would
43:09say the demand is is steady and we
43:13talked about it earlier as well. I would
43:15say we are seeing the right progression
43:17in particularly in our consumer and
43:19bazar business on underlying volume
43:20growth and I would say that all things
43:23being equal that should continue as we
43:24go forward.
43:26>> Perfect. And so we had seen such a cycle
43:31in past in 200911 when there was a sharp
43:34inflation followed by deflation and uh
43:37if my memory serves me right we use the
43:39cycle to seed many new growth engines.
43:42So uh at this point when we are at upper
43:45end of our margin guidance also uh let's
43:48say if if we had to face deflation again
43:50how would you prioritize to use the
43:52extra margin will it be to kind of
43:55protect the core and go more intense
43:56there or you will kind of expand the
43:59pioneer portfolio by adding more engines
44:01of growth for future.
44:05So I think uh tend that's a very good
44:07question. I I think we find a balance
44:09but as you know plight philosophy so we
44:12are we and we take that as well that we
44:14are pioneering so we continue to look at
44:15newer opportunities and you know Karina
44:17spoke about a couple of them in some
44:19detail in in this call al also but in
44:22general and I think you know that we are
44:24looking at some of the other uh
44:26electronics and industrial pieces. So
44:28there is work which we are doing on
44:29multiple fronts uh stages and none of
44:32this can be specifically spoken about in
44:34the call but I can tell you that as a
44:36company our philosophy is to continue to
44:38do pioneering work to find the right um
44:42usage of uh of the margins and capital
44:46or or money that we generate and I think
44:48uh uh we are at it I think SEP and all
44:51of us as a team is basically we are you
44:53will you will hear more of it when it is
44:56uh something we can talk about and we
44:58will definitely talk about that.
45:00>> Thanks and all the best for coming this.
45:03>> Thank you.
45:04>> Thank you sir. The next question is from
45:08the line of Bat Fest Investment Advisor
45:12Private Limited. Please proceed with
45:14your question.
45:16>> Hi Sudan Cong and Kavinda and Pepita
45:19congratulation on good set of lumber and
45:22challenging time. Sir my question is
45:25related to like say tile fixing we
45:28introduced chemical
45:31a few years back and then now it has
45:33become a kind of a core category kind of
45:36a thing. So the underlying I mean
45:38business dynamics are also changing
45:40people are adopting more new practices
45:43in India and climate as well as we are
45:46also like no or I mean electronic
45:50chemicals we are introducing. So if I
45:53have to understand I mean like and
45:55Kavinda also stated in vain type fixing
45:59I mean premiumizing so premiumization
46:01over a period then become a kind of I
46:03mean general acceptance. So how do we
46:05understand the way we are doing business
46:07and continuously in introducing new
46:10categories.
46:13>> So first of all thank you for the
46:15compliments and right now you are seeing
46:18the numbers in the zone which we have
46:19spoken about. I think the point is that
46:22these are all so these are things that
46:24you do continuously and unfortunately we
46:27we don't we first walk the walk and then
46:31talk that walk at an appropriate time
46:33and I think that's the way it should be
46:34in our judgment as well. So I think
46:35there are multiple things which we will
46:37keep doing. Some of them will grow
46:38faster. Some of them will grow into
46:40bigger. But but ONE THING I WANTED to do
46:43I do want to tell you is that even in
46:45what you are saying that Roth has been
46:46around for some time there is a lot of
46:49growth opportunity in drop and as you
46:51know we pointed out as well earlier in
46:53the call the momentum is continuing if
46:56at all picking up a little bit more. So
46:58even in our growth categories which are
47:00now around for some time in your and
47:03that's what you meant as your
47:06there is a lot of growth opportunity
47:08which is there. So we will continue to
47:10look at newer things but there is a lot
47:12in our the momentum on our growth
47:14categories is strong and we feel that
47:17there is a lot to be done in that space
47:19as well.
47:20>> So so I mean uh understand a little more
47:23on this is this changing and consumer
47:26pattern consumer or underlying customer
47:29pattern. So how this unsighted
47:32competition is also but how do we see
47:34the team is growing faster than the
47:36competition or how I understand it from
47:39a say two three years perspective.
47:42>> Yeah. No so we we measure this but I
47:45think so basically we know where the how
47:48much is the market growing by. We know
47:50that very well. We have a sense of what
47:52the other players are growing by.
47:54Sometimes they are listed their numbers
47:55are available but other other times we
47:57have a good sense but we have a very
48:00good very good listing on our own
48:02business. So we know market growth and
48:04our growth and in some of these
48:06categories our growth is factor of you
48:10know so it would be 1.5x could even be
48:14between 1.5 to 2x if I could use the
48:16word of the market growth of of the of
48:18the if I could give the factor of the
48:20market growth and that is clearly market
48:22share accredititive very clearly market
48:24share so we are gaining market share in
48:27a rapidly growing market and and and
48:29there is competition coming in that's
48:31some question which came in earlier as
48:32I'll be responded to it. But I think we
48:34are basically continuing to grow market
48:37share in growing categories and because
48:39the way we do business I think that's
48:40the key a little bit of further. Yeah.
48:45your question specifically on you know
48:49we started Tyler dises others have come
48:51in etc etc and even in onopen how do we
48:54think about the size because players
48:57will come in see uh just to give you a
49:01sense the penetration of tile adhesives
49:05in India is still not more than 25 at
49:09best 30%. So the room for growth exists
49:14for all players. We can only confirm
49:17that we are growing fastest amongst all
49:20the players which means we are gaining
49:21share in a fast growing category. So
49:24fundamentally even though there will be
49:27other players that will come in but the
49:29size of opportunity is big and
49:33competition is good because it keeps us
49:35obviously sharp and what we are trying
49:38to do is continuously as I mentioned
49:40earlier work very closely with the
49:42contractors the tile channel and also
49:46build our plan network I'm only
49:48responding to the tile piece and build
49:51the total delivered cost in a manner
49:53that we remain competitive. So it's a
49:57combination that will eventually win in
49:59the marketplace and we remain humble
50:02enough to admit that we are also
50:05learning every day and our approach will
50:08be not to give up the advantage that we
50:11have. In fact increase that and the good
50:14news is that the penetration is low. So
50:18there is room for people to grow and we
50:22should not be worried too much about the
50:24new competition coming in as long as we
50:27are able to penetrate and expand the
50:31category and almost as a leader in the
50:33category it's our job to expand the
50:35category same is true for people
50:37categories like kunofin and many other
50:39categories where we tend to be pioneers
50:41in some cases we are trying to grow
50:43faster than the others in some cases we
50:46are pioneering and we are also O moving
50:48towards a solution approach and that's
50:51something that I've said earlier you
50:53know with this pit light professional
50:54solutions in the projects area
50:56particularly we are not trying to offer
50:59products but actually offer systems and
51:02that to my mind is a very big mood we
51:04are building for the future where the
51:06architects and structural consultants
51:08will in a way recommend our systems
51:12because the systems together can perform
51:15better than an individual product. So
51:17there are multiple levers we are placing
51:20to remain ahead of the curve even in a
51:23highly competitive but underpenetrated
51:25category.
51:26>> Thank you. Thank you. And with your
51:29permission one question may I further
51:31ask?
51:33>> Go ahead. Go ahead.
51:35Simultaneously like in our original
51:38category white glue what we are seeing
51:40that competition is already picking up
51:43but simultaneously like several ply
51:46manufacturing has started supplying
51:48pre-laminated uh ply also. So do we see
51:52that those kind of uh degrowth can
51:54happen in the consumption side
51:59>> we actually see the contrary see
52:02it's so alter index in India even now
52:05I'm saying across the board so if you
52:06look at two of our uh more recent
52:10uh innovation so I'm saying whether it
52:12is multilock so multilock basically what
52:15is happening is whereby there are
52:16multiple types of materials which are
52:19coming into home construction Now so
52:21while we use the word ply it's not only
52:23ply there are multiple types of products
52:25that are there so our mandela product is
52:27doing exceedingly well we just in the
52:28beginning of the call talked about
52:30expert our our original products which
52:32have been around are also continuing to
52:34do well so I think the point is that I
52:37we have to continuously innovate do the
52:40right thing find the right solutions uh
52:43for the right products and and we will
52:45be we will continue to grow and mind you
52:48we have a joineries business in our
52:51teleol division as well which continues
52:53to grow faster than our core tele retail
52:56business and joineries business is where
52:58we capture some of these opportunities
53:00where you talk about uh pre-aminated or
53:03you talk about you know um
53:05pre-fabricated kind of stuff. So our
53:07joinery business is very robust and
53:08that's doing really well.
53:10>> Okay. Thank you and all the best sir.
53:13>> Thank you.
53:13>> Thank thank you sir. Ladies and
53:16gentlemen, in order to ensure that
53:18management is able to address questions
53:20from all the participants in the
53:22conference call, please limit your
53:24question to two per participant.
53:26The next question is from the line of
53:28Sids Gandhi from IFL Capital. Please
53:31proceed with your question.
53:35>> Uh hi sir, this is uh Percy Pansuki
53:37here. Uh my question is again on
53:40margins. uh see when the war broke out
53:42and at the beginning of Q1 uh possibly
53:45the uh uh sort of uh expectation was
53:48that this year might be towards the
53:50lower end of the 20 to 24% margin
53:54because of the cost inflation. Now this
53:56quarter you've done 26% margin. Would it
53:59be fair to say that if crude and related
54:03commodities maintain at let's say
54:05somewhere in the mid80s
54:07uh uh then uh you would actually be at
54:11the higher end of the uh margin uh this
54:14year?
54:16>> Yeah, I think maybe can also add a quick
54:18history but let me I think in the
54:20interest of time very quickly respond to
54:21you. I think the the thing here is I
54:24think first of all don't look at it
54:25quarter to quarter. I think that's a
54:26point he made as well. I think quarter
54:28one which is at quarter one tends to be
54:30the to the to the biggest the biggest
54:32quarter uh it does give you the leverage
54:34and all that stuff the way we have
54:37managed our pricing and the way we have
54:39executed
54:41if some of the things there's a there's
54:43a if and I'll say if if the if the crude
54:46remains as you said and if the
54:48volatility is not going to increase and
54:51and that you know some situation eases a
54:54little bit there you know even if it
54:56remains dynamic
54:57I think your assumption is correct that
55:00we would be we would manage the business
55:02well within the band and it is quite
55:04possible that we could be uh and middle
55:07to higher end of the band easily. It's
55:09possible I'm saying but there is and
55:11that's why I'm again repeating it saying
55:13big but we are going to do the best we
55:16can we have demonstrated again so I
55:18think that we will continue to you know
55:20deliver to the best of our capability
55:22both in the quality of execution speed
55:24of execution agility which we need I
55:27think so all that will be there in in in
55:28all aspects of our business.
55:34>> Got it. And uh on uh uh uh volume growth
55:38uh I mean uh I know you've answered this
55:40earlier but just to get a little more
55:42clarity are we saying that uh sort of a
55:459 to 10% volume growth is something that
55:49is most likely over let's say a
55:51threeyear kind of a period plus or minus
55:54uh on a yearly basis it might go up or
55:56down but let's say on a medium-term 3
55:58four year basis uh 9 10% volume growth
56:01UVG is what we are looking at. Yeah.
56:04Yeah. Underlying volume growth as we say
56:06which is uh you know like to like volume
56:08and and mix. So therefore it's not
56:10simple volume growth. I think we've
56:12always that we will deliver double
56:13digit. As a matter of fact our endeavor
56:15will be to slowly but surely inch it up
56:17a little bit.
56:21>> Look at it in the context of the overall
56:23GDP growth because we always index our
56:26growth of our categories to a multiple
56:28of the real GDP growth. So on the
56:31hypothesis that you know real GDP in
56:34India will grow at the six 6 and a half%
56:36range uh if you apply the range that we
56:38give for our core growth categories
56:42uh you'll end up at a at a double digit
56:44underlying volume growth.
56:47>> Got it. Got it. That's all from me.
56:49Thanks and all the best.
56:51>> Thank you sir. The next

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