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: Amit Sinha - Macquarie Research - Analyst
: So firstly, on margin again, if I look at the yearly Jewellery margin for the entire year, it has gone up by around 170 basis points. So the question is,
the current level of yearly margin, is it sustainable or even that can see some dip going forward?
Question: Amit Sinha - Macquarie Research - Analyst
: Just a follow-up. I mean, the way in which I see this 170 basis points expansion is: One, coming clearly on account of operating leverage; and two,
there is a gross margin expansion as well. Now again, going particularly to the wedding jewellery margin, do you see significant improvement in
the wedding jewellery margin, mainly on account of better designs and better offerings from your side? And that is what is kind of lifting the overall
margin for the segment?
Question: Amit Sinha - Macquarie Research - Analyst
: Very clear. On the jewellery sales, again, this quarter, particularly the retail growth, was much higher than the primary growth. Any particular reason
for that?
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MAY 10, 2018 / 12:30PM, TITN.NS - Q4 2018 Titan Company Ltd Earnings Call
Question: Amit Sinha - Macquarie Research - Analyst
: Okay. Lastly, would you like to give any guidance for FY '19 jewellery sales growth?
Question: Abhishek Ranganathan - AMBIT Capital Private Limited, Research Division - Analyst
: On the GHS, could you help us understand where do we stand on GHS on contribution for the full year and collections?
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MAY 10, 2018 / 12:30PM, TITN.NS - Q4 2018 Titan Company Ltd Earnings Call
Question: Abhishek Ranganathan - AMBIT Capital Private Limited, Research Division - Analyst
: And any (inaudible) of change in ticket sizes you are seeing because overall, we have seen this -- there are 2 parts here which I want to pull this
question as. One is, in terms of wedding for the quarter, particularly also is, how is wedding done and how is studded done, high-value studded
done? And these 2 businesses overall, account for what percent of the business -- the full annual business?
Question: Abhishek Ranganathan - AMBIT Capital Private Limited, Research Division - Analyst
: Yes.
Question: Abhishek Ranganathan - AMBIT Capital Private Limited, Research Division - Analyst
: So you think these 2 segments account for about 1/3 of the Jewellery business?
Question: Abhishek Ranganathan - AMBIT Capital Private Limited, Research Division - Analyst
: Okay. And just associated with this, on the gross margins, is it fair to say that the higher ticket size in our case comes at a higher gross margin? And
when you said that we don't have much leeway on this, is that there is limited scope to improve the ticket size from here on?
Question: Abhishek Ranganathan - AMBIT Capital Private Limited, Research Division - Analyst
: Yes and no. When you say that there is limited room to improve gross margin next year, alluding to the fact that you want to reinvest or possibly
improve the bundling offer next year, is that something you'd look at rather than reinvest in improving the value proposition and hold on to the
margins?
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