Hi, Rishi, the FY20 numbers we have used are after the adjustments.

Seetharaman G

Hi, Srikanth, yes, they have adjusted the numbers for FY20 based on the new revenue-recognition practices.

Seetharaman G

No, Suresh, we mean other Adani Group companies where the promoters are the common link.

Seetharaman G

Thanks, Vidya, for the observations. I knew about Westside and Zudio outlets in the same cities, but I wasn't aware that some of them stores were together. Where is this? And by together, do you mean adjacent to each other? That's unlikely. As for cannibalisation, it's possible, at least on paper, that Zudio could eat into Westside sales since the Westside is not a premium brand. But I would expect Trent to do more to keep these brands distinct.

Seetharaman G

Thanks, Ajai. I agree with you that Zudio and DMart are not strictly comparable. As I mentioned in the story, the latter doesn't have the range, or the design element, or Zudio. But for a lot of basic items – like your standard-issue T-shirts, shorts, etc – one is as good as the other. And these are items that lend themselves to impulse purchases, which DMart counts on when customers walk in for their monthly grocery shopping. On Decathlon, yes, it's been on my list for a while.

Seetharaman G

Agree that quality is an issue for any value retailer. But very few of those walking into Zudio expect great quality in the first place. It's only about price.

Seetharaman G

Yes, but that's the conflict at the centre of fast fashion. People don't mind tossing their clothes away after a few weeks or months because they paid less for them than they would for a cup of coffee.

Seetharaman G

That's a good question, Rahul. While I'm not very familiar with this, I guess there's no one level of scrutiny that applies to all companies. Even though Pinaka is in defence, it might be treated differently from, say, a maker of weapons. And having foreign financial investors, as is the case with Zetwerk, is not the same as foreign strategic investors.

Seetharaman G

Hi, the comparison here is not between HDFC and HDFC Bank. Also, I'm referring to HDFC's cost of borrowing for deposits, terms loans, securities and debentures, and external commercial borrowings. This helps in comparing the figure with LIC's. And these are all reported numbers.

Seetharaman G

Hi, Sweatha, we are referring to its own agents and other internal channels. As you can see in the first chart, more than half of LIC Housing’s loans come from LIC agents.

Seetharaman G

Hi, Sidhant, I get your point. Even with the RBI bringing HFCs closer to banks in terms of regulation, HFCs will still be different. For instance, the capital they have access to, and how much they pay for it, will not be the same as banks. So HFCs will still be a distinct category, which is why it’s important to see how things play out for the players in the space.

Seetharaman G

Hi, the idea was only to talk about the companies that are believed to be in interested in Metro. Even so, it's not possible to talk about the potential benefits for every one of them.

Seetharaman G