Full Year 2022 Diageo PLC Earnings Call (Q&A Session) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : Three from me, if that's okay. Firstly, on the tequila category. If we look at Casamigos, it grew 125% last year and another 88% this year. Some extraordinary growth numbers. And just your views on how long this sort of extremely high double-digit, triple-digit growth can continue. And on a similar point, do you -- what are your levels of agave supply? Do you have agave contracts that are able to deal with this sort of level of demand? And if you have a view on where the agave price may go to -- there's certainly been some expectations that agave prices might start to fall, but it doesn't sound like we've seen any of that yet. So I wonder if you have you on the agave price as well. Secondly, on the A&P spend, just following on from an earlier question, I wonder if Lavanya, could give us some -- a bit more detail on the returns you're getting on your A&P more certainly, whether it's continuing to increase. And if so, could we expect the A&P as a percent of sales to actually continue to increase from here if you're getting better returns from it to potentially drive faster top line growth. And then finally, we have... (technical difficulty)

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : That's great. I think before I got cut off, I was hoping to ask a final question about the potential situation in India. There's certainly been a lot more discussion around a potential U.K. India trade deal that sort of heated up over the summer. Obviously, the U.K. government has changed somewhat in the interim, but I was wondering if you'd got any views on what may or may not happen in India and how you might respond to any changes that could take place in that market.