Let us take it from where Mr. Mehta left. Do you think elephants will continue to dance? India is a big consumer market, pet miles?
Jignanshu Core: So, I am doing better T-mart And TrendTwo retail is large Shares I hide. I think Aditya Birla There is a lot of covering to do, so I am less in Aditya Birla. I haven’t hidden FMCG yet. But in restaurants, I do better in two big players Jubilend and Devayani, while the West Life and the Market will be effective in the saree.
But I think you have a vision about FMCG, and I am not asking for a recommendation here.
Jignanshu Core: So, for many years I have seen this conflict between the horizontal channels and the vertical channels that I have seen from a very structural point of view. Therefore, even though we are talking about the self-made distribution of the FMCG, one of its strong benefits as the channel they built or we are talking about e-commerce or talking about modern business.
When any industrial segment matures, different parts of the value chain begin to become enough to come to special players, which in most cases lead to a scene that requires continuous invention by large players, and that agility and elephant dance are needed by big players.
Otherwise, it will be very difficult to grow, where the little players will be easy to grow, which is a structure story we have seen.
Since the value chain has been disrupted or it is possible to go directly to the younger D2C brands, there is a plateau that e-commerce players in India have a plateau, which does not mean that well-running companies cannot succeed, I think I applies to T-Mart, and Trend I think the FMCG applies to a large part of the universe. Do you think Q-Comm is going to win the race? So far, it is.
Jignanshu Core: I think this is the most common way to see things. The same thing happens at the business level, as we see customers having many categories and switching from their behavior to type. Rapid trade, like Mr. Mehta, is the primary market, which may be a total of e-cam and quick trade in 10%, but is it the highest in the top 10 cities of India? When you cut the products with premiumization, it is very high for premium products, which are the best margin -earning products in India. Whether that happens, it seems more from where we are sitting now, and it will continue, because our understanding of consumer behavior is also believing that some of these are the habit.
It’s not going to go. Cooks come in the morning, and then you can order this because it is against what is planned two days ago, and I think behavior creates habit. But there are plenty of people who want to serve by public trade in India’s geographically spreading or Income pyramid -wise, and there are a part of a modern business retailers and groceries that have a part of the value.
Using that savings can increase their BBC costs or increase their entertainment costs, because consumers are thinking about their wallets, a black and white amenities against groceries or grocery and grocery.
Wear your analyst cap? Do you think India consumption is the best type from the big pool now?
Jignanshu Core: Look, what is your value measurement of this question and what are you trying to solve? As a researcher, if you are trying to solve companies to invest, you need to make a great choice. The choice is a brand against the Portfolio of the brands, and what are they creating? A case Amul, where they built a brand of numerous products.
Amul is not listed.
Jignanshu Core: Is fair. India has always been a marketplace of the Indian people, which has been translated into the diversity of consumption. For example, I believe that Sanjeev sir will agree that a shampoo brand or mixture in one market will not work on another market because hair, water, etc. are different and so on.
So, if you want from a researcher cap, what is required is the biggest question, which is the target address or TAM or TAM or total addressable market.
It is always exaggerated by a very wide brush when people talk about 1.4 billion consumers. You have to actually cut it and cut it to understand what the real energy is.
From brands, I have another lens that has a view, which is brands and channels. So, do you invest in brands, or invest in channels or make both?
I think you need to do both traditional organizations or companies that make up their own tradition. You cannot depend on other brands on your channel or other channels for your brands, which is why I think this is a strong point to T-Mart, as I said, as I said, TrendFor 20 plus years, FMCG has been a source of success for players.
So, I will go to a person who is doing both channels and brands, within the brands today, both dresses, groceries and BBC, which are three fastest growing markets in India.
