Call Details
• Date: August 9, 2024
• Submission Date: August 12, 2024
• Key Executives Present:
• Varun Alagh (Co-Founder)
• Ghazal Alagh (Co-Founder)
• Ramanpreet Sohi (CFO)
• Moderator: Jaykumar Doshi (Kotak Securities)
• Transcript Availability: Company website, compliant with SEBI regulations
Financial Performance
• Q1 FY25 Growth:
• 19.3% year-over-year growth
• 62% increase in profit after tax
• New Segment: Focus on I-beauty market, particularly suncare, projected to reach INR 5,000 crores by 2028
• Product Expansion:
• New prestige-priced range with Dr. Vanita Rattan
• Strong performance from Mamaearth brand
• Ayuga brand to be sunset due to underperformance
Strategic Initiatives
• Project Neev:
• Aims to improve distribution infrastructure and efficiency
• DMS Implementation:
• 90% of secondary sales from DMS
• Positive feedback from distributors (72% improved processes)
• Supply Chain Enhancements:
• Direct distribution to top cities
• Partnership with Delivery for warehouse transition
Q&A Highlights
• Mamaearth Brand Performance:
• Fastest-growing in face wash and shampoo categories
• On track for double-digit growth
• Inventory Management:
• Future target of 30-45 days inventory
• Gross Margin Expansion:
• Expected to maintain margins around 70%-71% for FY25
• Sales Mix:
• Stable online-offline mix, with younger brands driving online growth
• Pipeline Correction Impact:
• Anticipated 150 basis points impact on annualized revenue
Future Outlook
• Growth Guidance:
• Over 20% growth and 150 basis points margin expansion for the year
• Suncare Contribution:
• Approximately 20% of overall revenue
• Quick Commerce Growth:
• Fastest-growing segment, over 10% of online revenues
• Expense Management:
• Focus on maintaining expense levels while prioritizing brand investment
Closing Remarks
• Emphasis on enhancing R&D and foundational capabilities for long-term success in the beauty and personal care market in India.

Call Details
• Date: May 23, 2024
• Participants:
• Varun Alagh (Co-Founder & CEO)
• Ghazal Alagh (Co-Founder & Chief Innovation Officer)
• Ramanpreet Sohi (CFO)
• Moderator: Jay Doshi (Kotak Securities)
• Transcript Availability: On the company's website
Financial Performance Highlights
• Quarterly Growth:
• 23% like-for-like growth
• 27% underlying volume growth
• EBITDA of 7%
• Record quarterly profit of INR 30 crores
• FY'24 Performance:
• 31.5% like-for-like growth
• Free cash generation of INR 224 crores
• Brand Performance:
• Mamaearth: 21% growth in beauty and personal care market
• The Derma Co: Annual revenue run rate of INR 500 crores
Strategic Initiatives
• Direct Distribution Model:
• Transition aimed at enhancing efficiency and reducing costs
• Resulted in a 200 basis point increase in primary sales
• Innovation Focus:
• New VP of R&D appointed
• Acquisition of Cosmogenesis Labs to enhance R&D capabilities
• Social Impact Initiatives:
• Mamaearth: 600,000 fruit trees planted
• The Derma Co: Engaged 20,000 students in science programs
• Aqualogica: Provided fresh water access to 500 households
• BBlunt Shine Academy: Certified 10,000 women in salon courses
Q&A Session Insights
• Distribution Strategy:
• Short-term and long-term impacts discussed
• Expectations of continued sales growth
• Growth and Margin Outlook for FY25:
• Targeting 20% CAGR and 150 basis point margin improvement
• Brand loyalty remains strong despite increased competition
• Direct Distribution Impact:
• Minimal impact on EBITDA expected
• Transition to help balance margins over time
Brand and Market Insights
• Mamaearth Growth:
• Aiming for double-digit value growth in FY’25 and FY’26
• Shift from B2B to B2C affecting revenue recognition
• Market Share:
• Derma Co estimated to hold 33%-35% share in active-based skincare
• Focus Areas:
• Core BPC category; no immediate plans for home or oral care expansion
Future Strategies
• Gross Margin Improvement:
• Targeting 150 basis points improvement through brand growth and cost management
• Offline Presence Expansion:
• Emphasis on data-driven decision-making and modern trade partnerships
• E-commerce Profitability:
• E-commerce channel more profitable than mainstream channels
• Plans to increase offline contributions from brands
Conclusion
• Growth from Innovations:
• Innovations contributed 18% to FY24 growth; expected to drive 40%-50% of future growth
• Closing Remarks:
• Expressions of gratitude and best wishes for FY '25

Financial Performance
• Date of Call: February 9, 2024
• Revenue Growth: 28% year-on-year
• Product Business Growth: 31%
• EBITDA: 7.1%, with nine-month EBITDA exceeding INR 100 crores
• Brand Performance: Strong growth for Mamaearth, particularly in color cosmetics (ARR of INR 150 crores)
Innovation and Product Launches
• New Products: 122 launched in the past year
• Omnichannel Distribution: Expansion emphasized
Seasonality and Margins
• Seasonality Impact: Noted in categories like sunscreens and face wash
• Gross Margin Decline: Due to Momspresso impact and inventory write-offs
• Future Margin Stabilization: Expected around 69%
Advertising and Sales Strategy
• A&P Spending: Annual strategy with 250 basis points optimization
• Sales Mix: Approximately one-third offline, two-thirds online
• Market Trends: Increased discounting; optimism for stabilization post-elections
Distribution Expansion
• Demand-Driven Approach: Focus on offline channels, particularly pharma and modern trade
• Feedback Utilization: From Brand Ambassador channels for product distribution
Growth Projections
• CAGR Projection: Around 20% over the next three years
• New Market Opportunities: Identified through a dedicated brand factory team
Mamaearth's Color Cosmetics Success
• Revenue Generation: INR 150 crores from color cosmetics
• Future Plans: Potential standalone brand for color cosmetics
New Product Development and Market Share
• NPD Stability: Healthy year-on-year market share growth
• Gross Margin Impact: Minimal from discontinued businesses
SKU Strategy in Modern Trade
• SKU Count: Varies by retailer; typically 20 SKUs at DMart, up to 70-80 at larger hypermarkets
• Market Potential: Growth driven by trends in female workforce participation and focus on Gen Z and millennials
Conclusion
• Market Enthusiasm: Positive outlook on the beauty and personal care market
• Engagement: Appreciation for participant involvement in the call

Call Details
• Date: November 22, 2023
• Hosted by: JM Financial Institutional Securities
• Key Executives: Varun Alagh (Co-Founder & CEO), Ghazal Alagh, Ramanpreet Sohi (CFO)
• Transcript Availability: Company website, in compliance with SEBI regulations
Financial Performance
• Q2 Net Sales Revenue: INR 496 crores (21% YoY growth, 24% like-for-like growth)
• Gross Profit Margin: 70%
• EBITDA: 8%
• First Half Growth: 33% with PAT of INR 54 crores
• Operational Focus: Brand-building, innovation, distribution
Growth Drivers
• Core Strengths:
• Purpose-driven brands with strong ESG framework
• Data-based innovation
• Robust omnichannel distribution
• Effective playbooks
• Brand Performance:
• Mamaearth: 13th largest BPC brand in India
• Aqualogica: INR 180 crores annual run rate in 19 months
ESG and Governance
• ESG Initiatives: Tree planting, plastic recycling
• Diversity: 50% independent board, 58% female workforce
• Audits: External audits by S R Batliboi (EY) and internal audits by BDO
Key Insights from Q&A
• Mamaearth Growth: Faster than larger brands, driven by offline channels
• Sales Growth: Online sales up 40%, offline up 33%
• Margin Sustainability: Improved profitability due to structural changes
• Innovation Contribution: 13% of revenues in H1 FY '24
• ERP Impact: Primarily affects offline revenues
Future Outlook
• Growth Aspirations: Focus on long-term brand building, potential 40% growth over two years
• Advertising Spend: Currently 35% of sales, potential for efficiency improvements
• New Product Launches: Continuous innovation in skincare and year-round products
Conclusion
• Overall Sentiment: Optimistic about growth trajectory and brand performance, with a commitment to innovation and operational efficiency.