The report states that 20% more TV adex may be generated with the upcoming CWC while digital adex will see the biggest increase by as much as 70%. It is likely to positively impact online food ordering for aggregators such as Zomato/Swiggy.
Media and Internet Preview Q4FY24 Elara CSocial Samosa
Zomato is expected to continue its growth trajectory in Q4FY24, with a projected 54% YoY revenue increase. PVR Inox is expected to witness a 13.3% YoY growth in box office revenue and a 20.8% YoY surge in food and beverages revenue.
KPMG Report 2020- 'A year off script: Time for resilience'Social Samosa
KPMG Report 2020- 'A year off script: Time for resilience', highlights the performance of the M & E industry in India during the ongoing pandemic & its future.
Media and Internet Preview Q4FY24 Elara CSocial Samosa
Zomato is expected to continue its growth trajectory in Q4FY24, with a projected 54% YoY revenue increase. PVR Inox is expected to witness a 13.3% YoY growth in box office revenue and a 20.8% YoY surge in food and beverages revenue.
KPMG Report 2020- 'A year off script: Time for resilience'Social Samosa
KPMG Report 2020- 'A year off script: Time for resilience', highlights the performance of the M & E industry in India during the ongoing pandemic & its future.
Digital Media: A Blockbuster in the MakingSocial Samosa
The report highlights the growth prospects of the industry, with special attention to the well-established digital ecosystem, which has played a significant role in its advancement.
DENTSU - 2023 Global Ad Spend Forecasts.pdfdigitalinasia
The world is entering a period of
economic downturn.
3 Advertising is a
bellwether industry, which means that it
is at the forefront of the economy, and
we are already seeing a slowdown in the
market.
During the pandemic, governments
provided fiscal stimulus to keep their
economies going, for example, through
furlough payments to keep workers at
home, and loans and grants to keep
viable businesses ticking over while
they could not trade. This expansion of
the money supply has led to inflation -
also helped by supply chain disruption
caused by further lockdowns in China
and the situation in Ukraine - which
governments are trying to address by
raising interest rates and taxes.
This in turn has led to a slowdown in
demand for products and services from
consumers who are less able to spend
or feel less confident about future
prospects, so are less willing to invest
in big ticket items like new cars and
homes. Consumers will be looking for
ways to save money, and for this reason
many subscription-only businesses
like streaming platforms are looking
for alternative ways to monetise, for
example, through advertising.
Global Entertainment & Media Outlook 2023–2027 - India perspective Social Samosa
The PwC Report titled Global Entertainment & Media Outlook 2023-2027 provides an in-depth analysis of global entertainment & media consumer and advertising spending.
Digital Media: A Blockbuster in the MakingSocial Samosa
The report highlights the growth prospects of the industry, with special attention to the well-established digital ecosystem, which has played a significant role in its advancement.
DENTSU - 2023 Global Ad Spend Forecasts.pdfdigitalinasia
The world is entering a period of
economic downturn.
3 Advertising is a
bellwether industry, which means that it
is at the forefront of the economy, and
we are already seeing a slowdown in the
market.
During the pandemic, governments
provided fiscal stimulus to keep their
economies going, for example, through
furlough payments to keep workers at
home, and loans and grants to keep
viable businesses ticking over while
they could not trade. This expansion of
the money supply has led to inflation -
also helped by supply chain disruption
caused by further lockdowns in China
and the situation in Ukraine - which
governments are trying to address by
raising interest rates and taxes.
This in turn has led to a slowdown in
demand for products and services from
consumers who are less able to spend
or feel less confident about future
prospects, so are less willing to invest
in big ticket items like new cars and
homes. Consumers will be looking for
ways to save money, and for this reason
many subscription-only businesses
like streaming platforms are looking
for alternative ways to monetise, for
example, through advertising.
Global Entertainment & Media Outlook 2023–2027 - India perspective Social Samosa
The PwC Report titled Global Entertainment & Media Outlook 2023-2027 provides an in-depth analysis of global entertainment & media consumer and advertising spending.
Deloitte Gen Z Millennial Survey 2024_India_Full length report_.pdfSocial Samosa
The campaign, featuring messages like 'A vow of celibacy is not the answer' and 'Thou shalt not give up on dating and become a nun,' drew widespread condemnation, with netizens expressing their disappointment and frustration on social media.
The report showcases that in 2023, Maharashtra ranked first in BFSI sector ad volumes with a 20% share, while on digital platforms, AMFI was the top advertiser, accounting for 8% of total ad impressions in the BFSI sector.
Honasa Consumer Ltd's report titled, 'Driven by Purpose' outlines the significant impact of various purpose-driven initiatives in terms of economic development, environmental stewardship, and community empowerment.
WebEngage's report found D2C and E-Commerce sectors accounting for 35.8% of respondents, reflecting the growing focus on customer retention for long-term profitability and the increasing demand for retention marketing talent.
TAM Sports_IPL 17 Till Match 37_Celebrity Endorsement _Report.pdfSocial Samosa
During IPL 17, the top five categories and advertisers accounted for 75% and 65% of ad volume shares of celebrity-endorsed ads with Sporta Technologies being the top advertiser & Ecom-gaming being the leading category.
Social Samosa Guidebook for SAMMIES 2024.pdfSocial Samosa
Social Samosa is back with the sixth edition of the Best Social Media Brands Awards #SAMMIE2024 where we highlight the brands excelling in social media with innovative campaigns with strong engagement.
Kantar AI Summit- Under Embargo till Wednesday, 24th April 2024, 4 PM, IST.pdfSocial Samosa
According to the Kantar AI Report, India's AI user base is 724 million and is projected to grow 6% year over year, with users engaging in AI features like image filters, personalized recommendations, and smart devices.
TAM AdEx 2023 Cross Media Advertising Recap - Auto SectorSocial Samosa
TAM AdEx's recent report -- '2023 Cross Media Advertising Recap - Auto Sector' summarizes ad volumes in the Auto sector across TV, Print, Digital, and Radio for 2023.
TAM Sports IPL 17 Advertising Report- M01 - M23Social Samosa
During IPL 17 (2024), the count of categories and advertisers increased by 65% and 37% compared to IPL 16 (2023). Among the top five Categories in IPL 17, two were from the Food & Beverages Sector. Ecom-Gaming led the list of top categories.
During IPL 17 (2024), the count of categories and advertisers increased by 63% and 26% compared to IPL 16 (2023). Among the top five Categories in IPL 17, two were from the Food & Beverages Sector. Ecom-Gaming led the list of top categories.
TAM AdEx - 2023 Cross Media Advertising Recap - FMCG Sector.pdfSocial Samosa
TAM AdEx's recent report summarizes ad volumes in the FMCG sector across TV, Print, Digital, and Radio for 2023. Titled '2023 Cross Media Advertising Recap - FMCG Sector', the report provides an overview of advertising trends.
Ecom-Gaming maintained its top position throughout all the seven matches of IPL 17. The top five categories in IPL 17 together had 52% share of ad volumes. The count of advertisers increased by 28% during IPL 17 over IPL 16.
As per the report, B2B sellers in India increasingly rely on AI for tasks like prospect research and lead generation, with 90% seeing it as crucial for future success.
Brand Trust Report 2024 TRA Report ListingsSocial Samosa
The 2024 Brand Trust Report (BTR) by TRA, based on insights from 2,500+ consumer influencers across 16 cities, measures consumer buying Intention with over 90,000 interviews conducted in the past 13 years.
TAM AdEx-A Pixelated view into Digital Advertising Trends for Y 2023.pdfSocial Samosa
Services and Computers sectors retained their first and second positions. Amazon Online India maintained its first position in the top advertisers list. There was a surge of 71% in ad impressions during Oct-Dec’23 over Jan-Mar’23.
Cricket Playbook for Growth Marketers: Adjust x Glance reportSocial Samosa
Compared to the overall 2023 daily install average during the IPL season, mobile apps overall and streaming apps witnessed 13% and 45% greater installs respectively. The largest retention was in games, up three percentage points from 21% to 24%.
The Ormax Sports Audience Report: 2024, based on extensive research from across India, unveils a staggering sports audience of 678 million, with Cricket, Football, and Kabaddi emerging as the top sports.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
Is AI-Generated Content the Future of Content Creation?Cut-the-SaaS
Discover the transformative power of AI in content creation with our presentation, "Is AI-Generated Content the Future of Content Creation?" by Puran Parsani, CEO & Editor of Cut-The-SaaS. Learn how AI-generated content is revolutionizing marketing, publishing, education, healthcare, and finance by offering unprecedented efficiency, creativity, and scalability.
Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
Digital Commerce Lecture for Advanced Digital & Social Media Strategy at UCLA...Valters Lauzums
E-commerce in 2024 is characterized by a dynamic blend of opportunities and significant challenges. Supply chain disruptions and inventory shortages are critical issues, leading to increased shipping delays and rising costs, which impact timely delivery and squeeze profit margins. Efficient logistics management is essential, yet it is often hampered by these external factors. Payment processing, while needing to ensure security and user convenience, grapples with preventing fraud and integrating diverse payment methods, adding another layer of complexity. Furthermore, fulfillment operations require a streamlined approach to handle volume spikes and maintain accuracy in order picking, packing, and shipping, all while meeting customers' heightened expectations for faster delivery times.
Amid these operational challenges, customer data has emerged as an important strategy. By focusing on personalization and enhancing customer experience from historical behavior, businesses can deliver improved website and brand experienced, better product recommendations, optimal promotions, and content to meet individual preferences. Better data analytics can also help in effectively creating marketing campaigns, improving customer retention, and driving product development and inventory management.
Innovative formats such as social commerce and live shopping are beginning to impact the digital commerce landscape, offering new ways to engage with customers and drive sales, and may provide opportunity for brands that have been priced out or seen a downturn with post-pandemic shopping behavior. Social commerce integrates shopping experiences directly into social media platforms, tapping into the massive user bases of these networks to increase reach and engagement. Live shopping, on the other hand, combines entertainment and real-time interaction, providing a dynamic platform for showcasing products and encouraging immediate purchases. These innovations not only enhance customer engagement but also provide valuable data for businesses to refine their strategies and deliver superior shopping experiences.
The e-commerce sector is evolving rapidly, and businesses that effectively manage operational challenges and implement innovative strategies are best positioned for long-term success.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
The Secret to Engaging Modern Consumers: Journey Mapping and Personalization
In today's digital landscape, understanding the customer's journey and delivering personalized experiences are paramount. This masterclass delves into the art of consumer journey mapping, a powerful technique that visualizes the entire customer experience across touchpoints. Attendees will learn how to create detailed journey maps, identify pain points, and uncover opportunities for optimization. The presentation also explores personalization strategies that leverage data and technology to tailor content, products, and experiences to individual customers. From real-time personalization to predictive analytics, attendees will gain insights into cutting-edge approaches that drive engagement and loyalty.
Key Takeaways:
Current consumer landscape; Steps to mapping an effective consumer journey; Understanding the value of personalization; Integrating mapping and personalization for success; Brands that are getting It right!; Best Practices; Future Trends
Short video marketing has sweeped the nation and is the fastest way to build an online brand on social media in 2024. In this session you will learn:- What is short video marketing- Which platforms work best for your business- Content strategies that are on brand for your business- How to sell organically without paying for ads.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
Core Web Vitals to improve your website performance for better SEO results with CWV.
CWV Topics include:
- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
- Optimisation techniques from our experts on how to improve your CWV on platforms like WordPress and WP Engine
- The impact of user experience and SEO
How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
Digital Marketing Trends - Experts Insights on How
World Cup- Consumption Sector Update .pdf
1. Global
Markets
Research
Elara Securities (India) Private Limited
Karan Taurani•karan.taurani@elaracapital.com• +91 22 6164 8513
Rounak Ray • rounak.ray@elaracapital.com • +91 22 4204 8684
Consumption to wax with Cricket World Cup
Favourable timings to boost viewership
India is hosting the Cricket World Cup (CWC) after 12 years (through 5
October-19 November 2023). For the first time, India will host all the
matches solo – Earlier, other Asian nations have co-hosted with India.
Favorable timings (matches will begin at 10:30 IST/14:00 IST) may boost
consumption of the property on TV/digital platforms.
Expect the CWC to generate ~INR 20-22bn in ad revenue on TV/digital
platforms combined. And digital revenues for CWC may prop
significantly this year as: 1) timings are favorable (viewers may watch
the first half of the match on OTT) and 2) CWC will be available free for
all mobile users on Disney+ Hotstar app. In terms of TV advertising,
expect a 6% CAGR versus the prior edition of the CWC in CY19. For the
digital medium, CAGR may touch 21% versus 2019 levels.
Consumer discretionary – Win-win proposition
The CWC may positively impact online food ordering for aggregators
such as Zomato/Swiggy. Through 2019 and prior world cups, JUBI
alone saw a boost in SSSG (higher SSSG growth of ~3% in the CWC
quarter) due to best experience offered in food delivery. But this time,
expect other categories – burgers, fried chicken and biryani – to
perform well, led by higher penetration of online aggregators, and likely
replication of JUBI’s delivery experience. Also, pizza may see significant
demand (preferred by large groups). But the segment is highly
fragmented with many competitors in the fray, which may dampen
prospects of a big delta/advantage for JUBI in this CWC. QSR/food tech
companies may see a positive impact of 6-8% (2%-3% higher quarterly
growth in Q3FY24) from higher orders during the CWC (six weeks).
The alcobev industry may see a boost in consumption as beer volumes
have an on-premise share of ~30% – Premium beer such as Corona,
Heineken, Bira and Budweiser could see strong growth. Within spirits,
scotch whiskey and upper prestige could see a boost in volume growth
due to higher on premise share (~40%). We estimate positive impact of
4%/6% (1.5%-2% higher quarterly growth in Q3FY24) for overall
whiskey/beer volumes in October-November due to the CWC.
Bars/pubs may see better occupancy, which may positively impact
alcobev volume growth in Q3FY24.
TV advertising (non-cricket) may be strained
In the past year, many consumer tech companies (edtech, fintech,
foodtech and e-commerce) have shifted focus to profitability, thus
curtailing ad spends. This has hurt the market as regards ad spend
growth on TV/digital. These verticals have not yet made a come-back in
terms of larger ad budgets, and the market is depending on larger,
traditional verticals such as FMCG, Auto and Telecom. Expect TV ad
spends for GEC-based players – Zee Entertainment Enterprises (Z IN)
and Sun TV (SUNTV IN) – to see a mild strain in Q3FY24, due to spends
being diverted to cricket. But the positive impact from the festival season
may largely offset this hit. The mix of advertisers has also changed –
from new-age plays to traditional verticals – which has hit the overall
pricing (sports and GEC). ZOMATO, UBBL, DEVYANI, WLDL and UNSP
seem to be the key beneficiaries from the overlap between the WC and
the festive season which will boost overall consumption.
India | Consumer Discretionary 18 September 2023
Sector Update/Target price change
Consumer Discretionary
CWC digital adex – Expect 21% CAGR in
CY19-23E
Source: Company, Elara Securities Estimate
India: Total adex may grow 9% in CY23E
Source: Pitch Madison, Elara Securities Estimate
JUBI’s SSSG during CWC quarter in
2015/2019 higher than annual SSSGs
CWC
edition
Time zone
favorable to
Indians?
JUBI
SSSG YoY during
CWC quarter-
Annual
SSSG YoY
2015 No 6.6 (4.5)
2019 Yes 4.5 1.7
CWC
edition
Time zone
favorable to
Indians?
UBBL
Volume growth
YoY during
CWC quarter-
Annual
volume
growth YoY
2015 No 2 9
2019 Yes 5.6 (4.2)
CWC
edition
Time zone
favorable to
Indians?
UNSP
P&A Volume
growth YoY
during CWC
quarter
Annual P&A
volume
growth YoY
2015 No 7.4 7.8
2019 Yes 10.6 10.2
Source: Company, Elara Securities Research
9
4.5
11.5
9.5
0
2
4
6
8
10
12
14
TV Digital
(INR
bn)
ICC World Cup ad spends split between TV
and digital
CY19 CY23E
CAGR of 6%
CAGR of 21%
7.4
14.6
11.0
(19.9)
37.1
21.0
4.0
14.016.1
9.0
(30)
(20)
(10)
0
10
20
30
40
CY17
CY18
CY19
CY20
CY21
CY22
H1CY23
H2CY23
CY23
(Madison
Estimate)
CY23E
(Revised)
(%)
India: Total adex growth (YoY)
2. Consumer Discretionary
2 Elara Securities (India) Private Limited
Peer valuations
Company Ticker Rating Mcap CMP Target Upside P/E (x) EV/EBITDA (x) ROE (x)
(INR bn) (INR) (INR) (%) FY24E FY25E FY26E FY24E FY25E FY26E FY24E FY25E FY26E
Zomato Zomato IN Buy 886 103 130 26 (1,637.8) 148.1 66.7 (274.4) 126.1 48.6 (0.3) 3.0 6.3
United Spirits UNSP IN Reduce 763 1,049 1,060 1 64.5 55.1 47.4 40.9 35.7 31.3 16.5 16.2 15.8
United Breweries UBBL IN Reduce 426 1,611 1,510 (6) 82.0 54.7 45.9 49.3 34.6 29.2 11.9 15.8 16.3
Jubilant FoodWorks JUBI IN Accumulate 352 533 560 5 78.9 62.0 52.8 28.3 24.1 21.2 18.9 19.9 19.3
Westlife Foodworld WESTLIFE IN Reduce 153 983 940 (4) 106.0 82.2 65.5 35.4 29.4 25.3 23.6 24.8 24.4
Note: We roll over to Dec-24E TP of INR 560 and INR 940 for JUBI (on 57x one-year forward P/E) and WLDL (on 31x one-year forward EV/EBITDA, pre IndAS)
respectively; pricing as on 15 September 2023; rating as per last published report; Source: Company, Elara Securities Estimate
3. Consumer Discretionary
Consumer
Discretionary
3
Elara Securities (India) Private Limited
Cricket World Cup adex
CWC 2023E to yield ~20% more TV adex than 2019
The upcoming CWC may generate at least 20% more in
TV adex than it did in 2019. Sports advertising revenue
has witnessed a CAGR of ~20% in CY15-22. And for 2023
CWC, advertising yields are at a mild premium vs 2019
pricing levels, indicating that the same pricing structure is
being maintained. Most International Cricket Council (ICC)
event sponsors are Indian brands and have committed
substantial investments.
Digital adex: CWC 2023E to grow at least 70% versus
CWC 2019
In contrast, digital adex for 2023E CWC may likely grow at
least 70% more than the prior editions led by: 1) favorable
timings (viewers may watch the first half of the match on
OTT), 2) CWC will be available free for all mobile users on
Disney+ Hotstar app and 3) better growth in digital
advertising versus traditional media. CWC 2023 may see a
similar growth as in digital ad spends during the Indian
Premier League (IPL) in 2023. While the absolute value of
digital advertising may not be as high as TV advertising,
the growth rate may be higher. Cricket has gained
popularity on digital platforms, and lower advertising
prices on digital channels have allowed many brands to
participate. In 2019 CWC, digital advertising-led revenue
ranged within INR 4,000-INR 5,000mn. Asia Cup may
generate TV adex within INR 3,000-INR 4,000mn.
Exhibit 1: CWC digital adex to see 21% CAGR in CY19-23E
Source: Company, Elara Securities Estimate
Consumption boost during CWC
Sales/volume growth higher in CWC quarter
Consumer Discretionary, especially Food & Beverages and
Alcobev, has seen a correlation with the past two CWCs
(in 2015/2019). Per our findings, SSSG/volume growth in
the CWC quarter surpassed the annual SSSG/volume
growth in the past two CWCs. JUBI’s annual SSSG dipped
4.5% YoY in FY15 whereas in the CWC quarter, the SSSG
rose 6.6% YoY. In 2019 CWC quarter too, JUBI’s SSSG was
much higher at 4.5% YoY versus an annual average SSSG
of 1.7% YoY in FY20. For Alcobev, the delta was visible (on
high ‘on-premise’ growth) more for beer – UBBL’s annual
volume pared 4.2% YoY in FY20 but volume grew 5.6%
YoY in CWC quarter.
9
4.5
11.5
9.5
0
2
4
6
8
10
12
14
TV Digital
(INR
bn)
ICC World Cup ad spends split between TV and
digital
CY19 CY23E
CAGR of 6%
CAGR of 21%
Exhibit 2: JUBI – SSSG during CWC quarter in 2015/2019 higher than respective annual SSSGs
CWC edition Event date Location
Time
zone
favorable
to
Indians?
JUBI UBBL UNSP
SSSG
YoY
during
CWC
quarter-
Annual
SSSG
YoY
Volume
growth
YoY
during
CWC
quarter-
Annual
volume
growth
YoY
P&A
Volume
growth
YoY
during
CWC
quarter
Annual
P&A
volume
growth
YoY
2011 Feb 2011-April 2011 India, Sri Lanka and Bangladesh Yes 33.2 37.4 - - - -
2015 Feb 2015-March 2015 Australia & New Zealand No 6.6 (4.5) 2 9 7.4 7.8
2019 May 2019-July 2019 England Yes 4.5 1.7 5.6 (4.2) 10.6 10.2
Source: Company, Elara Securities Research
4. Consumer Discretionary
4 Elara Securities (India) Private Limited
Adex in India
Expect ~8-9% growth in CY23E including CWC
As regards the overall advertising space, H1CY23
witnessed a modest growth of 2.5-3.5% YoY. Ad revenue
for Zee/Sun TV declined in H1, while Viacom saw a sharp
growth even after excluding the impact of the IPL.
Overall, traditional TV broadcasters faced challenges and
TV advertising demand has been relatively soft. Within the
digital advertising landscape, investments have become
fragmented, given substantial allocations to performance
marketing, retail media and e-commerce, among others.
Google faced increased competition from other forms of
digital advertising. Going ahead over the medium term,
normalized growth rate in digital advertising may be ~15-
20%, while TV may see more modest growth of 2-4%. The
overall growth rate for the advertising industry in CY23E
may be ~8-9% including positive impact of the World Cup
(~2%). Fintech and service tech sectors may also see a
revival.
Exhibit 3: India – Total adex may grow 9% in CY23E
Source: Pitch Madison, Elara Securities Estimate
Exhibit 3: India – TV adex may grow 6% (including
CWC) in CY23E
Source: Pitch Madison, Elara Securities Estimate
Exhibit 3: India – Digital adex may grow 17.5% in CY23E
Source: Pitch Madison, Elara Securities Estimate
Exhibit 4: Digital adex contribution up to 38% in CY22
from 18% in CY17
Source: Pitch Madison, Elara Securities Research
7.4
14.6
11.0
(19.9)
37.1
21.0
4.0
14.0 16.1
9.0
(30)
(20)
(10)
0
10
20
30
40
CY17
CY18
CY19
CY20
CY21
CY22
H1CY23
H2CY23
CY23
(Madison
Estimate)
CY23E
(Revised)
(%)
India: Total adex growth (YoY)
4.3
19.2
7.9
(11.0)
25.1
8.9 9.3
6.0
(20)
(10)
0
10
20
30
CY17
CY18
CY19
CY20
CY21
CY22
CY23
(Madison
Estimate)
CY23E
(Revised)
(%)
India: TV adex growth (YoY)
27.2 25.8
32.1
9.7
49.9
35.3
25.0
17.5
0
10
20
30
40
50
60
CY17
CY18
CY19
CY20
CY21
CY22
CY23
(Madison
Estimate)
CY23E
(Revised)
(%)
India: Digtal adex growth (YoY)
37 38 37 42 38 34
35 32 30 22 22
21
18 19 23 31 34 38
4 4 3
2 2 2
6 6 5 2 3 4
1 1 2 0 0 1
0%
20%
40%
60%
80%
100%
CY17 CY18 CY19 CY20 CY21 CY22
Vertical-wise contribution to overall ad spend in India
TV Print Digital Radio OOH Cinema (Only onscreen Ad)
5. Consumer Discretionary
Consumer
Discretionary
5
Elara Securities (India) Private Limited
Rise in FMCG ad spend boosting overall industry adex
FMCG seems to be an exception to the trend of declining
advertising expenditures. Through H1FY23, advertising
and promotion (A&P) expenses of publicly-listed FMCG
companies have, on an average, increased 11% YoY.
Profitability in the FMCG sector has primarily been led by
price hikes and a stabilization of inflation.
Thus, FMCG companies have allocated a significant
portion of profits in adex to boost volumes. This rise in
advertising spending by FMCG companies has provided a
welcome boost to the advertising industry. This trend is
anticipated to persist in the next six months, with FMCG
advertisers being the primary consumers of the larger
advertising volumes available in the market.
Exhibit 4: FMCG companies have increased their A&P
spends in Q1FY24
Source: Company, Elara Securities Research
Decrease in viewership time hitting show ratings
In the general entertainment channel (GEC) space, the
ratings of impact shows have consistently declined,
primarily because the amount of time viewers spend on
TV has dropped. CY23 YTD CMGR (compounded monthly
growth rate) of GEC (Urban + Rural) impressions has been
flat. This has created a challenging cost-versus-return
equation, as the investment required to produce these
shows is significantly higher than the potential returns.
However, some shows such as Kaun Banega Crorepati
(KBC) have been able to secure advertising sales worth
>INR 4,000mn, this season. Shows such as the Indian Idol
and KBC may continue to perform well, but other
programs may face challenges due to low ratings.
Currently, the industry is focused on driving volume
growth. And the yield growth in non-fiction
programming may drop 8-9% compared with pre-COVID
level. Marquee properties in the non-fiction genre are also
experiencing lower yields versus pre-COVID period.
In certain genres such as GECs, the supply of advertising
gross rating points (GRP) has decreased as the time spent
by the viewers on TV has dropped consistently. Despite
the fact that there are currently 210mn households with
TV connections, the key factor is real viewership versus TV
availability at home. While the number of TV connections
has increased, the viewership time spent on TV has pared.
Exhibit 4: CY23 YTD CMGR of GEC (Urban + Rural)
impressions has been flat
Source: BARC, Elara Securities Research
FMCG bridging the void created by start-ups
The advertising GRP available in the market is not
distributed evenly. Some shows experience exceptionally
high demand, while others face very low demand.
Consequently, for specific shows, advertising yields may
be on the rise, but overall, the yields across the industry
are decreasing. The drop in the yields in fictional
programming is lower, and yields are actually increasing
for the top-performing fictional shows. Overall, the yields
are down by ~2-3% compared with pre-COVID levels.
Interestingly, the void left by large venture capital-funded
advertisers is being bridged by FMCG companies. The
advertising inventory is being filled, but it is not at the
same value as before, reflecting the evolving dynamics of
the advertising market. The FMCG sector is expected to
continue investing in GECs. Thus, a crucial monitorable is
how cricket events impact non-fiction programming (KBC
and Indian Idol).
Viacom may gain market share from existing plays in
regional markets
Television penetration varies significantly across different
regions of India. In states such as Tamil Nadu (TN) and
Andhra Pradesh, TV penetration is quite high, reaching
~97-98%. In contrast, TV penetration is notably lower in
regions such as Jharkhand. Pricing in the southern
markets has seen a modest single-digit inflation, and
demand is strong in such areas.
9.5
7.8
5.6
17.6
9.9
8.6
6.5
18.4
0
4
8
12
16
20
Hindustan
Unilever
Marico Dabur Emami
(%)
A&P spends as % of revenue
Q1FY23 Q1FY24
-23
-13
-10
-9
-6
-3
-3
-4
2
-2 10
6
2
5
3
(30)
(25)
(20)
(15)
(10)
(5)
0
5
10
15
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
June-22
July-22
August-22
September-22
October-22
November-22
December-22
January-23
February-23
March-23
April-23
May-23
June-23
July-23
August-23
(%)
(AMA
'000)
GEC (Urban + Rural) impressions
Average AMA' 000 Average AMA YoY growth
6. Consumer Discretionary
6 Elara Securities (India) Private Limited
Marathi and Bangla markets are also considered
interesting and have unique dynamics. The Bangla
market, in particular, has become a duopoly, with Star and
Zee dominating. Other channels in this region have
struggled, and the aggregate GRPs of all the other
channels have decreased.
West Bengal is a crucial market for many mass-market
advertisers, which often have no alternatives but to work
with these two dominant players. A similar situation exists
in the Marathi market. In the southern markets, unlike in
the Hindi-speaking markets (HSM), Star India has a
significant impact on non-fiction content. Disney+ has
shown consistent viewership and ratings. Zee has a
strong presence in South India and West Bengal. And Sun
TV is powerful in Tamil Nadu but not as much in Andhra
Pradesh and Karnataka.
Viacom operates channels in regional languages such as
Kannada, Tamil, and Bangla. The addition of Kevin Vaz
from Star India to Viacom is expected to bring new
strategies and focus to these regional markets, potentially
allowing Viacom to gain market share from existing
players.
Yields in FTA channels lower but demand robust
The demand for free-to-air (FTA) channels continues to be
robust in the television advertising landscape. But it is
important to note that yields in FTA channels tend to be
lower, and there seems to be a glass ceiling in terms of
improving these yields.
Most FTA brands are highly mass-market in nature, and
their ROI expectations are quite stringent. The FTA market
is primarily dominated by Hindi-language channels and
represents ~INR 10,000mn in terms of market size. Within
the overall TV advertising expenditure, ~65% is allocated
to Hindi-language channels, while regional channels
account for ~30% of the TV ad spend. Given the mass-
market nature and cost-consciousness of advertisers in the
FTA segment, there are limitations on the quantum of rise
in advertising yields, in this space.
Exhibit 5: FTA adex at INR 10bn in CY22
Source: Pitch Madison, Elara Securities Research
Gaming platforms – Approach cautious
Gaming platforms are investing in the Asia Cup, although
not to the same extent as before, primarily due to
concerns around the impact of the Goods and Services
Tax (GST). Gaming platforms are adopting a wait-and-
watch approach and are expected to have a clearer
picture by end-November. The e-commerce advertising
market is on track to form a substantial portion, ~12-13%,
of the digital adex.
Sony Liv focusing on impact shows; Zee5 led by catch-
up TV content
Sony Liv has adopted an impact sales strategy, focusing
on large-scale impact shows and effectively monetizing
them. The platform is actively attracting audiences to
Connected Television (CTV), and there has been
significant improvement in CTV viewership. Sony Liv
targets premium audiences on CTVs.
In OTT (over-the-top), there is a trend of platforms
opening their paywalls, and offering content on a hybrid
model. This means that there is a substantial amount of
inventory available on OTT platforms for monetization.
Additionally, premium OTT content that is not available
on traditional TV is also being offered for monetization.
Zee5’s strategy is led by catch-up TV content, while Sony
Liv emphasizes on original content.
FTA
Adex, 10
Non FTA
Adex,
296
FTA and non FTA adex as of CY22 (INR bn)
9. Elara Securities (India) Private Limited
Global
Markets
Research
9
9
Disclosures & Confidentiality for non U.S. Investors
The Note is based on our estimates and is being provided to you (herein referred to as the “Recipient”) only for information purposes. The sole purpose of this Note
is to provide preliminary information on the business activities of the company and the projected financial statements in order to assist the recipient in understanding
/ evaluating the Proposal. Nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred
to in this document. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment
in the securities of companies referred to in this document (including the merits and risks involved) and should consult its own advisors to determine the merits and
risks of such an investment. Nevertheless, Elara Securities (India) Private Limited or any of its affiliates is committed to provide independent and transparent
recommendation to its client and would be happy to provide any information in response to specific client queries. Elara Securities (India) Private Limited or any of
its affiliates have not independently verified all the information given in this Note and expressly disclaim all liability for any errors and/or omissions, representations
or warranties, expressed or implied as contained in this Note. The user assumes the entire risk of any use made of this information. Elara Securities (India) Private
Limited or any of its affiliates, their directors and the employees may from time to time, effect or have effected an own account transaction in or deal as principal or
agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for or solicit investment banking
or other business from any company referred to in this Note. Each of these entities functions as a separate, distinct and independent of each other. This Note is
strictly confidential and is being furnished to you solely for your information. This Note should not be reproduced or redistributed or passed on directly or indirectly
in any form to any other person or published, copied, in whole or in part, for any purpose. This Note is not directed or intended for distribution to, or use by, any
person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to law, regulation or which would subject Elara Securities (India) Private Limited or any of its affiliates to any registration or licensing requirements
within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes,
should inform themselves about and observe, any such restrictions. Upon request, the Recipient will promptly return all material received from the company and/or
the Advisors without retaining any copies thereof. The Information given in this document is as of the date of this report and there can be no assurance that future
results or events will be consistent with this information. This Information is subject to change without any prior notice. Elara Securities (India) Private Limited or any
of its affiliates reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Elara Securities (India) Private
Limited is under no obligation to update or keep the information current. Neither Elara Securities (India) Private Limited nor any of its affiliates, group companies,
directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits
that may arise from or in connection with the use of the information. This Note should not be deemed an indication of the state of affairs of the company nor shall
it constitute an indication that there has been no change in the business or state of affairs of the company since the date of publication of this Note. The disclosures
of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views
expressed in the report. Elara Securities (India) Private Limited generally prohibits its analysts, persons reporting to analysts and their family members from
maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The analyst for this report certifies that all of the views
expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her
compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
Any clarifications / queries on the proposal as well as any future communication regarding the proposal should be addressed to Elara Securities (India) Private
Limited. It is important to note that any dispute with respect to this research report, would not have access to stock exchange investor redressal forum or arbitration
mechanism.
Elara Securities (India) Private Limited was incorporated in July 2007 as a subsidiary of Elara Capital (India) Private Limited.
Elara Securities (India) Private Limited is a SEBI registered Stock Broker in the Capital Market and Futures & Options Segments of National Stock Exchange of India
Limited [NSE], in the Capital Market Segment of BSE Limited [BSE] and a Depository Participant registered with Central Depository Services (India) Limited [CDSL].
Elara Securities (India) Private Limited’s business, amongst other things, is to undertake all associated activities relating to its broking business.
The activities of Elara Securities (India) Private Limited were neither suspended nor has it defaulted with any stock exchange authority with whom it is registered in
last five years. However, during the routine course of inspection and based on observations, the exchanges have issued advise letters or levied minor penalties on
Elara Securities (India) Private Limited for minor operational deviations in certain cases. Elara Securities (India) Private Limited has not been debarred from doing
business by any Stock Exchange / SEBI or any other authorities; nor has the certificate of registration been cancelled by SEBI at any point of time.
Elara Securities (India) Private Limited offers research services primarily to institutional investors and their employees, directors, fund managers, advisors who are
registered or proposed to be registered.
Details of Associates of Elara Securities (India) Private Limited are available on group company website www.elaracapital.com
Elara Securities (India) Private Limited is maintaining arms-length relationship with its associate entities.
Research Analyst or his/her relative(s) may have financial interest in the subject company. Elara Securities (India) Private Limited does not have any financial interest
in the subject company, whereas its associate entities may have financial interest. Research Analyst or his/her relative does not have actual/beneficial ownership of
1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Elara Securities (India)
Private Limited does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date
of publication of Research Report. Associate entities of Elara Securities (India) Private Limited may have actual/beneficial ownership of 1% or more securities of the
subject company at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relative or Elara Securities
(India) Private Limited or its associate entities does not have any other material conflict of interest at the time of publication of the Research Report.
Research Analyst or his/her relative(s) has not served as an officer, director or employee of the subject company.
Research analyst or Elara Securities (India) Private Limited have not received any compensation from the subject company in the past twelve months. Associate
entities of Elara Securities (India) Private Limited may have received compensation from the subject company in the past twelve months. Research analyst or Elara
Securities (India) Private Limited or its associate entities have not managed or co-managed public offering of securities for the subject company in the past twelve
months. Research analyst or Elara Securities (India) Private Limited or its associates have not received any compensation for investment banking or merchant banking
or brokerage services from the subject company in the past twelve months. Research analyst or Elara Securities (India) Private Limited or its associate entities may
have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company or
third party in connection with the Research Report in the past twelve months.
Disclaimer & Standard warning
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or
provide any assurance of returns to investors.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
10. Elara Securities (India) Private Limited
10
Disclaimer for non U.S. Investors
The information contained in this note is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.
Disclaimer for U.S. Investors
This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its completeness, accuracy or adequacy and it
should not be relied upon as such.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or
strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice,
and are only correct as of the stated date of their issue. Prices, values or income from any securities or investments mentioned in this report may fall against the
interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please
note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a
different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that
investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment
decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of
particular securities, financial instruments or strategies to you. Before acting on any recommendation in this material, you should consider whether it is suitable
for your particular circumstances and, if necessary, seek professional advice.
Certain statements in this report, including any financial projections, may constitute “forward-looking statements.” These “forward-looking statements” are not
guarantees of future performance and are based on numerous current assumptions that are subject to significant uncertainties and contingencies. Actual future
performance could differ materially from these “forward-looking statements” and financial information.
11. Elara Securities (India) Private Limited
Global
Markets
Research
11
11
India
Elara Securities (India) Pvt. Ltd.
One International Center, Tower 3, 21st Floor,
Senapati Bapat Marg, Elphinstone Road (West)
Mumbai – 400 013, India
Tel : +91 22 6164 8500
Europe
Elara Capital Plc.
6th Floor, The Grove,
248A Marylebone Road,
London, NW1 6JZ, United Kingdom
Tel : +44 20 7486 9733
USA
Elara Securities Inc.
230 Park Avenue, Suite 2415, New
York, NY 10169, USA
Tel: +1 212 430 5870
Fax: +1 212 208 2501
Asia / Pacific
Elara Capital (Asia) Pte.Ltd.
One Marina Boulevard,
Level 20,
Singapore 018989
Tel : +65 6978 4047
Harendra Kumar Managing Director harendra.kumar@elaracapital.com +91 22 6164 8571
Sales
Ashok Agarwal India ashok.agarwal@elaracapital.com +91 22 6164 8558
Hitesh Danak India hitesh.danak@elaracapital.com +91 22 6164 8543
Karan Rathod India karan.rathod@elaracapital.com +91 22 6164 8570
Lekha Nahar India lekha.nahar@elaracapital.com +91 22 6164 8512
Prashin Lalvani India prashin.lalvani@elaracapital.com +91 22 6164 8544
Shraddha Shrikhande India shraddha.shrikhande@elaracapital.com +91 22 6164 8567
Sudhanshu Rajpal India sudhanshu.rajpal@elaracapital.com +91 22 6164 8508
Joshua Saldanha Asia joshua.saldanha@elaracapital.com +91 22 6164 8541
Anita Nazareth Corporate Access, Conference & Events anita.nazareth@elaracapital.com +91 22 6164 8520
Tina D’souza Corporate Access tina.dsouza@elaracapital.com +91 22 6164 8595
Quantitative, Alternatives, Sales Trading & Dealing
Sunil Jain Quantitative & Alternates sunil.jain@elaracapital.com +91 22 6164 8531
Nandish Patel Quantitative & Alternates nandish.patel@elaracapital.com +91 22 6164 8564
Biren Mehta Head - Sales Trading biren.mehta@elaracapital.com +91 22 6164 8500
Kalpesh Parekh India kalpesh.parekh@ElaraCapital.com +91 22 6164 8555
Manoj Murarka India manoj.murarka@elaracapital.com +91 22 6164 8551
Anil Pawar India anil.pawar@elaracapital.com +91 22 6164 8552
Nilesh Chheda India nilesh.chheda@elaracapital.com +91 22 6164 8554
Nupur Barve India nupur.barve@elaracapital.com +91 22 6164 8532
Research
Dr Bino Pathiparampil Head of Research Healthcare, Pharmaceuticals, Strategy bino.pathiparampil@elaracapital.com +91 22 6164 8689
Amit Purohit Analyst Dairy, FMCG, Paints amit.purohit@elaracapital.com +91 22 6164 8594
Ankita Shah Analyst Infrastructure, Ports & Logistics, Industrials ankita.shah@elaracapital.com +91 22 6164 8516
Biju Samuel Analyst Quantitative & Alternate Strategy biju.samuel@elaracapital.com +91 22 6164 8505
Gagan Dixit Analyst Aviation, Chemicals, Oil & Gas gagan.dixit@elaracapital.com +91 22 6164 8504
Garima Kapoor Economist garima.kapoor@elaracapital.com +91 22 6164 8527
Harshit Kapadia Analyst Capital Goods, Consumer Electronics harshit.kapadia@elaracapital.com +91 22 6164 8542
Jay Kale, CFA Analyst Auto & Auto Ancillaries jay.kale@elaracapital.com +91 22 6164 8507
Karan Taurani Analyst Media & Entertainment, Alcobev, QSR, Internet karan.taurani@elaracapital.com +91 22 6164 8513
Prakhar Agarwal Analyst Banking & Financials prakhar.agarwal@elaracapital.com +91 22 6164 8502
Prashant Biyani Analyst Agrochemicals, Fertilisers, Sugar prashant.biyani@elaracapital.com +91 22 6164 8581
Prerna Jhunjhunwala Analyst Textiles, Retail prerna.jhunjhunwala@elaracapital.com +91 22 6164 8519
Ravi Sodah Analyst Cement, Building Materials, Metals & Mining ravi.sodah@elaracapital.com +91 22 6164 8517
Ruchi Mukhija Analyst IT Services ruchi.mukhija@elaracapital.com +91 22 6164 8583
Rupesh Sankhe Analyst Utilities, Renewables, Capital Goods, Real Estate rupesh.sankhe@elaracapital.com +91 22 6164 8518
Shweta Daptardar Analyst Diversified Financials, Non Lending Financials shweta.daptardar@elaracapital.com +91 22 6164 8559
Reena Shah Jr. Analyst Aviation, Chemicals, Oil & Gas reena.shah@elaracapital.com +91 22 6164 8591
Saurabh Mitra Sr. Associate Cement, Building Materials, Metals & Mining saurabh.mitra@elaracapital.com +91 22 6164 8546
Aditya Jaiswal Associate Strategy aditya.jaiswal@elaracapital.com +91 22 4204 8683
Amogh Deshpande Associate Aviation, Chemicals, Oil & Gas amogh.deshpande@elaracapital.com +91 22 4204 8664
Ash Shah Associate Infrastructure, Ports & Logistics ash.shah@elaracapital.com +91 22 6164 8500
Bhavi Shah Associate Cement, Building Materials, Metals & Mining bhavi.shah@elaracapital.com +91 22 6164 8521
Gaurang Sakare Associate Healthcare, Pharmaceuticals gaurang.sakare@elaracapital.com +91 22 4204 8618
Heet Van Associate Healthcare, Pharmaceuticals heet.van@elaracapital.com +91 22 6164 8545
Himanshu Dhyawala Associate Diversified Financials, Non Lending Financials himanshu.dhyawala@elaracapital.com +91 22 4204 8661
Kartik Solanki Associate Banking & Financials kartik.solanki@elaracapital.com +91 22 4204 8604
Ketul Dalal Associate Auto & Auto Ancillaries ketul.dalal@elaracapital.com +91 22 4204 8693
Keval Shah Associate Strategy keval.shah@elaracapital.com +91 22 4204 8669
Mudit Kabra Associate Capital Goods, Consumer Electronics mudit.kabra@elaracapital.com +91 22 4204 8611
Nemish Sundar Associate Capital Goods, Consumer Electronics nemish.sundar@elaracapital.com +91 22 6164 8500
Nishant Chowhan, CFA Associate Auto & Auto Ancillaries nishant.chowhan@elaracapital.com +91 22 4204 8667
Palak Shah Associate Banking & Financials palak.shah@elaracapital.com +91 22 6164 8500
Ragini Pande Associate Utilities, Renewables ragini.pande@elaracapital.com +91 22 6164 8500
Rohit Harlikar Associate Dairy, FMCG, Paints rohit.harlikar@elaracapital.com +91 22 6164 8562
Rounak Ray Associate Media & Entertainment, Alcobev, QSR, Internet rounak.ray@elaracapital.com +91 22 4204 8684
Seema Nayak Associate IT Services seema.nayak@elaracapital.com +91 22 4204 8687
Shweta Roy Associate Economics shweta.roy@elaracapital.com +91 22 6164 8500
Subhankar Sanyal Associate Economics subhankar.sanyal@elaracapital.com +91 22 4204 8688
Tanvi Tambat Associate Real Estate tanvi.tambat@elaracapital.com +91 22 6164 8537
Vaibhav Chechani Associate IT Services vaibhav.chechani@elaracapital.com +91 22 4204 8682
Vidhi Puj Associate Dairy, FMCG, Paints vidhi.puj@elaracapital.com +91 22 4204 8692
Vinayak Patil Database vinayak.patil@elaracapital.com +91 22 6164 8510
Priyanka Sheth Editor priyanka.sheth@elaracapital.com +91 22 6164 8568
Prakriti Singh Editor prakriti.singh@elaracapital.com +91 22 6164 8500
Gurunath Parab Production gurunath.parab@elaracapital.com +91 22 6164 8515
Jinesh Bhansali Production jinesh.bhansali@elaracapital.com +91 22 6164 8537
Access our reports on Bloomberg: Type RESP ESEC <GO> Also available on Thomson & Reuters
Elara Securities (India) Private Limited
Registered Office Address: One International Center, Tower 3, 21st Floor, Senapati Bapat Marg,
Elphinstone Road (West) Mumbai – 400 013, India Tel : +91 22 6164 8500
CIN: U74992MH2007PTC172297 | SEBI Research Analyst Registration No.: INH000000933
Member of BSE Limited and National Stock Exchange of India Limited | SEBI REGN. NO.: INZ 000 238236
Member of Central Depository Services (India) Limited | SEBI REGN. NO.: IN-DP-370-2018
Investor Grievance Email ID: investor.grievances@elaracapital.com - Tel. +91 22 6164 8509
Compliance Officer: Mr. Anand Rao - Email ID: anand.rao@elaracapial.com - Tel. +91 22 6164 8509