The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Avi Mehta - Macquarie Research - Analyst
: Sir, while you've indicated that April has seen some impact. Just wanted to get a sense, are the initial trends, especially in terms of home -- in home
consumption in terms of oils, the way we saw, is it similar to what we witnessed the first lockdown or is there a divergence versus that? And secondly,
this weakness, is this any geographical tinge in terms of cities that we are witnessing? If you could kind of share that part, please?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. And sorry, the supply chain impact is essentially from a distributor and as well as from our sales end as well? Are we kind of curtailing...
Question: Avi Mehta - Macquarie Research - Analyst
: Okay, sir. Perfect. And sir, the second and the last question is essentially on the input costs. I mean you -- I missed that comment. You said input
costs have moderated. If that is the case, is it -- you were indicating that gross margins will improve and move more towards the levels that we saw
in the first 3 quarters of the year? Is that what you indicated? Or if you could -- if you haven't, if you could kind of share that? And a related question
is, you have pointed towards moderation expected by June, July. If that were to play out as expected, is it fair to in turn kind of build in or expect
you to reach the medium term target, please?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. And Q1 also it would move up though not to the same?
Question: Avi Mehta - Macquarie Research - Analyst
: No, no. Correct. I was essentially saying that we'll move more closer to the levels that we saw in the first 3 quarters of the year. That...
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APRIL 30, 2021 / 12:30PM, MRCO.NS - Full Year 2021 Marico Ltd Earnings Call Hosted by Axis Capital Ltd
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: My first question is on the hygiene opportunity. So last time, you were fairly opportunistic in grabbing certain revenues in the first wave through
certain hygiene products. So just wondering how are you thinking about it this time around? Is that something you are going to look at? Or your
focus is going to be on core and -- and core innovations?
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Got it, got it. The second question is on direct distribution. In your release, you mentioned that now it's ahead of pre-COVID levels. So could you
just give us a sense on -- a little bit of numbers on the direct distribution? And what you could look at from an expansion perspective over the next
couple of years?
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APRIL 30, 2021 / 12:30PM, MRCO.NS - Full Year 2021 Marico Ltd Earnings Call Hosted by Axis Capital Ltd
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Okay. Got it, got it. And last question was on -- just a bookkeeping on the tax rate. So what's the expectation for where you will kind of end up in
F '22 and F '23? This year has been a bit lower. So just wanted to get a sense.
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Yes, yes. Pawan, my question was on tax rate guidance for the next 2 years at a consolidated level?
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: So this is for F '22?
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: And would it move up again a little bit going forward 1 year as well?
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APRIL 30, 2021 / 12:30PM, MRCO.NS - Full Year 2021 Marico Ltd Earnings Call Hosted by Axis Capital Ltd
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: First is on the chemist channel. You mentioned that there is a sizable expansion of products. What would be the channel contribution to your sales?
Is it temporary replacement channel? Or do you -- like due to pandemic or can it drive incremental growth?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sure, sure, sir. Second is on -- in Bangladesh, your non-Parachute business is doing very well, almost 40% now. And you mentioned that you're
looking at entering new categories. What are the new categories you're looking at? And do you see non-Parachute becoming larger than Parachute
in couple of years?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sure, sure, sure. And lastly, can you share thoughts on PLI and food processing? You're ramping up your food business. Do you see PLI and food
processing as an opportunity for you?
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APRIL 30, 2021 / 12:30PM, MRCO.NS - Full Year 2021 Marico Ltd Earnings Call Hosted by Axis Capital Ltd
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