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
: Congratulations on exceptionally strong cost control this time and productivity that it's clearly flowing through. My question was essentially on
what you told just now. We have almost, I mean I -- in my view, have kind of reached that mid- to high teens marked clearly this quarter. Do you
think there is more juice still and that target is still something that high teens is a much higher number in your view? Or could you kind of give us
some sense how should we look at margins on a sustainable basis?
Question: Avi Mehta - Macquarie Research - Analyst
: Yes. So sorry, if I hear you correctly, this number is something that you think is sustainable, right? Would it be fair at least in the near term? I mean
I understand that we are in an uncertain world, but at least given whatever visibility you have, except the ad spend when it kind of moves up,
logically, the recovery should also be playing out. So do you think that should balance? Is that what would be the aim of the management?
Question: Avi Mehta - Macquarie Research - Analyst
: No. Perfect. I hear you. Okay. So full year is what I'll look at. The second question essentially is there's a lot of pain I kind of pick up over here in the
smaller peers in the industry, especially given the working capital stretch that has happened, the tax increases. I wanted to understand, is this an
opportunity that is worth looking at? Or is the profit pool too unattractive, given the segments that they cater to? Your thoughts on that.
Question: Avi Mehta - Macquarie Research - Analyst
: Got it. That's very clear. And just a bookkeeping question for Pradeep. There has been an increase -- actually, an increase in the excise duty payable
in the balance sheet. Is this a timing thing? Or is this more structural in nature? That's the only question. I'll come back in the queue.
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Yes. I just have 3 questions. Firstly, on the -- it has been 1 year since you've relaunched McDowell's No.1 and Royal Challenge. I understand it was
a bit translated because of COVID. But if you could just give us a sense of -- as per your action standards, how both these brands have kind of
performed in their launch now over the last 12 months.
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Okay. So is there -- I mean just a follow-up to that regarding RC while [all] have done well regarding RC, is there a -- are you kind of relooking at it
or you're just waiting until the environment kind of settles down until you get actual -- a bit more -- a little more on -- in terms of demand-led data
on how things are panning out?
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Okay. Then second question was on the data point on franchise income. So in (inaudible) could you help us understand what has been the kind
of dip in franchise income for this year. You had mentioned in the beginning of the year that there'll be significant reduction. If you could just help
us understand what range has it been at for FY '21?
Question: Harit Kapoor - Investec Bank plc, Research Division - Analyst
: Okay. Okay. So ex Andhra or probably ex south, would you have seen more or less...
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