Latest CNBC interview (link)
- FMCG business:
o Staples doing well and growing over pre-covid level (discretionary is still below pre-covid)
o 41 new launches
o Education and stationary has suffered because schools are closed
o Margins have expanded by 130 bps this quarter
o 25 mother brands with consumer spends of 20’000 cr. (capital expenditure has been 1.6-1.7x of revenues; would have to pay ~4x revenues if went through inorganic route); the market size of these 25 brands is ~200’000 cr. (so blended market share of ~10%) - Capital allocation:
o Will focus on asset light (i.e. management) model for hotels
o Will return 80-85% profits as dividend
o Demerger and buyback: Board will discuss these
Disclosure: Invested (position size here)