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 this performance. I had 2 questions. First was after the sharp custom duty increase, there has been a lot of talk about the
consumption scenario as well as the competitive landscape changing. Do you see that as a risk in your ability to reach that 2.3, 2.4x over FY '18 to
'23 that you had earlier -- that you were kind of guiding for?
Question: Avi Mehta - Macquarie Research - Analyst
: So the custom duty is not the big deal. Okay. So the custom duty is not -- and you said I didn't understand how the entry customers. So is there
any signs of concern that you're witnessing? Is that what you're highlighting?
Question: Avi Mehta - Macquarie Research - Analyst
: And what share would this be? Sorry, I'm just trying to understand this. Is this something that you think can build the growth in any reasonable
manner?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay, perfect. And the second question was across the segments. This quarter has been very healthy in terms of margins. Has there been any
one-off in the margins that we should be aware of? And -- or is this more a structurally better more margin profile that we should be witnessing
because of the initiatives that you've taken post COVID?
Question: Avi Mehta - Macquarie Research - Analyst
: If I may just try to understand this forward contango, we hedge so logically, there should be from other income, including there should be no
margin benefit, right?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. So it's more leverage based and diamond price based, which is what you are still seeing.
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: First question is on diamond prices. Now how high are they compared to last year? And should we expect any more benefit from this?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sure. Second is the status of hallmarking in India now. And have you seen any market share gain, any structural changes because of this?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: Sure. And just one last question. On jewelry, how are you looking at the remaining 3 quarters of the year? I mean, like last year, you might have
had some benefit of pent-up demand in second quarter. So would you still say that 15%, 20% kind of a growth on a year-on-year basis, that's
something which you would bend for or even higher than that is possible?
Question: Kunal Vora - BNP Paribas, Research Division - Analyst
: So you don't see the high base from last year as an issue. I mean do you think that even on that base, a 20% kind of plus kind of a number which
you're looking at is still doable?
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