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
: Hi Venkat Hi Ashok, welcome to the Board. I just had 2 questions just taking up the demand recovery, trying to get a sense. Would you -- Venkat,
would you say that gold jewelry kind of would come back as customers have not been able to purchase due to shops being closed? Is this -- is that
what you would expect as we go forward into the year? Is that the reason for your related bullishness? And if it is, would you be able to share any
guidance on the sales for the 9 months as you go forward?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. No guidance on recovery by when nothing like that, right? You would not be comfortable. That's the (inaudible)
Question: Avi Mehta - Macquarie Research - Analyst
: Not on this (inaudible) . Okay. And sir, secondly, on the margin front. I mean there were -- in the last call, you highlighted towards some discounting
pressures from other peers. Is that now behind us? Is that a fair understanding?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay, sir. And lastly, sir, just a bookkeeping on this change in hedging. Does this in a way require us to increase the number of hedges that we keep
on book? I mean would that be a right understand or that will self-correct?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. It's just still accounting. Got it. Clear. So the unhedged is ineffective as it is now behind us. (inaudible)
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: First question (inaudible) you've seen the excellence over the last (inaudible). How strictly are we seen following the large multiples and what are
the benefits you expect in the near to medium term?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sure. Okay. Second question regarding (inaudible) what is the foregone potential for this brand? And would it really focus on jewelry alone? Or
would you consider expanding it to (inaudible)?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sir, potential, potential. Like where do you think (inaudible) to be the potential (inaudible)?
Unidentified Company Representative
Yes. So if you consider that the stores are roughly about 1,000 square feet, and we are currently in only 44 towns with depth in about 16 towns
only. You could put any multiplier to that and we would find a lot of potential if you look at just India alone. Beyond that, if the second question
that you had was around -- sorry, could you repeat the second one?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sure. And one last question, if I can. Like through FY '22, how do we look at jewelry (inaudible) business revenue compared to FY '20. Would you
say that (inaudible) really (inaudible) figure over FY '20 is possible or with the (inaudible) shares? Also in watches, if you can share when do you
expect to get to FY '20 level of sales?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Are you saying that do a good CAGR, double-digit CAGR or you're saying that FY '20 (inaudible)?
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