Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

I have 24 years of experience in my professional career, working with FMCG, beverages, edible oil, olive oil, staple foods, confectionery, and mouth freshener.

Q2. In your view, which specific confectionery category will see the highest 'CAGR-to-Margin' ratio in Gujarat by 2030?

In my view, confectionery is segmented into 3 categories: chocolate, sugar, and gums. The major Gujarat market will be dominated by sugar confectionery (primarily HBC in mass), followed by chocolate, till 2030.

Q3. From a margin perspective, at what scale does a product’s 'listing fee' in Modern Trade (MT) become a value-trap rather than a growth engine?

In Modern Trade, the product listing fee value trap cannot be measured as a growth motive, but it plays a vital role in creating visibility and availability. In the present scenario, MT holds a 12-15% market share, and quick commerce also takes 7-8%, but the major growth comes from the GT market. 

So, in MT, you can say it's an investment which will be encashed in General Trade (GT). When you go to any MT, you will buy a particular product on your visit, but regular purchases will be from the nearby area where you reside, so it's brand recall that makes you buy that product from GT, since you saw it in MT.

Q4. In the confectionery segment, when a brand moves from a ₹5 to a ₹10 price point or reduces grammage, what is the ‘Time to Recovery' for volumes in rural Gujarat versus Ahmedabad city?

As a price point, moving from Rs 5 to Rs 10 in Ahmedabad city or rural areas will depend on how we are targeting the audience and the communication approach. But at the same price point, reducing grammage will be more positive, and the volumes you think will not go down. Your volumes will hardly be affected at all.

Q5. How has the  rise of Zepto/Blinkit in Ahmedabad impacted the VPB (Value Per Bill) of your General Trade distributors? Are you seeing 'Silent Churn' in the GT channel?

Yes, Zepto or Blinkit is a silent churn in the General Trade market.

Q6. If you were an  investor looking at companies within the space, what critical suggestion would you give to their senior management?

As an investor, I suggest that, in addition to GT, you develop new channels like Zepto or Blinkit, but not at the expense of GT.