Marico Ltd. recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Unidentified Analyst – SBI Infoline: Hi Sir, congrats on a good set of numbers. Sir my question is on Saffola, basically two sub question is there. One is – it’s a 10% volume growth, how much of it would be attribute to some promotions in the terms in the sense of extra volume or something like that? And second question is you have lost some market share there, so what is the reason for that market share loss and do you think that you can recover it and, and if so what are the steps taken for that pick up?
Saugata Gupta – CEO – Consumer Products Business: In terms of Saffola promoted volumes, there was no significant difference between the promoted volumes of the last quarter, I mean in the previous year quarter one quarter. So, the promoted quantities remain the same. Yes, we have lost a little bit of market share, but as I said that this is in Saffola premium ROCP, however we believe that we would be able to maintain Saffola market share in that kind of a range of a 57% to 58%. Having said that, I think what is more important is to ensure that the super-premium ROCP category as a category growth, as you know that given the little bit of an economic slowdown and the fact that this is a little bit of top-end, there would be certain challenges in the growth. Having said that, we are pretty confident about maintaining double digit growth of Saffola this year.
Unidentified Analyst – SBI Infoline: And also another thing I wanted to know is on copra prices it is up some 8% to 10% y-o-y and correct me if I am wrong your pricing versus y-o-y on Parachute I mean there is no significant change the price would be more or less same on a y-o-y basis so how has the margin expansion come out there?
Milind Sarwate – Group CFO: You have to look at your – obviously it’s based on consumption and not based on actual market prices for input cost. So that would have been the reason and as far as parachute pricing is concerned if you look at quarter versus quarter there would be some reduction of around 3.5% in average pricing of Parachute…