Stockrabit · Analysts
Questions across 40 calls

Abhijit Akella

Kotak Securities

PI Industries Limited

PI Industries Limited CC-Jun24.pdf · 2024-08-08
Sir, a couple of questions from my side. First one on the margins , which have been very strong this quarter again at about 28 odd percent and that's despite ~ Rs. 70 crore PBT loss in the pharma segment. So, given this, and the fact that we have been maintaining an EBITDA margin guidance of 26% for this year, should we expect that this current quarter's margin sustains for the rest of the year ? And would you like to upgrade your guidance for the full year?
The second one was just with regard to the pharma segment. I understand there is some deferment of revenues there, but if you could please help us understand whether this is coming primarily from the Archimica business in Italy, the API business or is it the CDMO shipments from Therachem in India? And given this kind of start to the year, a week start, what kind of revenue number could we work with for the full year for pharma?
PI Industries Limited CC-Sep23.pdf · 2023-09-30
So just a couple of clarification s, I wanted to s eek, one was on the pharma entity performances, s o first of all, if you could just help us understand from an accounting perspective, why do these Ind AS reductions or adjustments show up when we are booking the net revenues in our financial s? Also, the earnings have been on the negative side and how should we see that trending forward over the rest of this year and into next year? And finally just on Therachem within the pharma business, the revenues for the quarter seem to be in the range of Rs. 6 to Rs. 7 crore, I believe the run rate was much higher at the time of acquisition, about Rs. 200 crore for the full year or thereabouts, so what exactly is happening there and how we should see it moving forward?
Just to clarify, should we continue to assume roughly Rs. 500 odd crore revenue base for the pharma business for this year and this Ind AS adjustments are more of a onetime alignment and they will go away at some point in the subsequent quarters?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Jun24.pdf · 2024-07-30
Welcome to Mr. Kulkarni and all the best. So, just two from my side. Anish Bhai, just one on the Rs. 540 crore Agchem plant which is about to get commissioned. So, just sort of wondering what sort of capacity utilization we could expect maybe for fiscal 25 this current year and then how much for next year from that plant. And number two, what would be incremental depreciation and finance cost attributable to that plant B, I guess it will start hitting the financials from 2Q onwards or will it be 3Q onwards, please?
Sorry, Anish Bhai, I missed, you said 10 years, is it?
Navin Fluorine International Limited CC-Dec23.pdf · 2024-02-06
A couple of questions, one on specialty chemicals and one set of questions on CDMO. In picking first, if you could please help us with an update on some of the key growth projects we've been implementing. So what exactly is the capacity utilization of the multipurpose plant? And how do we see it ramping up next year? Do we still expect it to hit full utilization in CY '24? Also, any discussions with the customers for the dedicated plant, which is already running at optimal capacity to double the capacity there or expand. And finally, the 5 new molecules that you've talked about, 1 introduced this quarter, maybe there's 4 more next quarter. What might be the revenue potential from these?
No, that's helpful, Anish. So just to clarify, the multipurpose plant for which we had a revenue potential of about INR270 crores. That one is running at about 80% in fiscal '24 itself. You said it? And the other one, which was INR160 crores revenue potential, that one is at full utilization for fiscal '24.

Aarti Industries Limited

Aarti Industries Limited CC-Mar24.pdf · 2024-05-13
In this quarter, we have seen a significant increase in gross margins on a quarter-on-quarter basis sequentially, I'm saying. But at the same time, there is a significant increase in the other expenses also December quarter versus March quarter. So could you please just help us understand what might be driving that? Is it basically the freight cost increases that are being passed on?
Okay. So this is a good run rate for operating expense or other expenses to trend off of for the year ahead?
Aarti Industries Limited CC-Sep23.pdf · 2023-11-06
Just on the margin point, a little bit longer, so the sequential increase in margins, what exactly would that be attributable to -- is it that there's been some favorable shift in product mix or is it expansion spreads in some of our base products itself or is it inventory gains on benzene for example, what exactly might it be, and can we expect this to sustain into 3Q and 4Q as well the same level of margins going forward?
So, sounds like this is sustainable in 2H FY24 as well?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Dec23.pdf · 2024-02-15
Sir, just on the Rs. 9,000 crore MoU signed with the Gujarat Government. There are two sets of new products mentioned within that which is the MMA and PMMA and Aniline. So, is it possible to share some further color around the breakdown of capex between these, the capacities that we plan to set up and your revenue and margin expectations that will be helpful. Thank you.
Understand, thank you. And regarding the financing of these projects, will it primarily be debt financed. And if so, is there a sort of peak debt to EBITDA number that you have in mind going forward?
Deepak Nitrite Limited CC-Sep23.pdf · 2023-11-09
Yes. Just a couple of clarifications I wanted to seek. So, 1 is with regard to the capex in the first half, it is about INR 310 crore or so, what number should we work with for the full year, please, this year? And maybe if you can give a number for next year also, if it is possible to share?
Okay. But in terms of the fresh capex on the newer projects, when should we expect a major pickup in spending on that? Will it be this year or next year onwards?

Clean Science and Technology Limited

Clean Science and Technology Limited CC-Dec23.pdf · 2024-02-03
Just on HALS, Siddharth, last quarter you said sort of intimated us at 40, 50 tons a month is what we are doing. So sort of just wanted to get an update if that's still the run rate we are at? Or has there been some further improvement? And by the end of f iscal '25, are we still sort of looking at 200 tons a month? Is that the target?
Yes. So I believe last quarter what you said was 200 tons by March 2025 -- 200 tons a month by March '25. So can you sort of work with that target now as well?
Clean Science and Technology Limited CC-Sep23.pdf · 2023-11-02
Just with regard to the outlook for the second-half of FY24, given that it is likely to take another couple of quarters almost for demand to come back, should we sort of expect that volumes gradually pick up from the levels of 2Q over the next 2 quarters or should we continue to work with these volumes and pricing also remains around these levels, how would you sort of expect things to shape up in the next 2 quarters?
Then just on the 2Q results, I am sorry I wasn't exactly able to understand the reason for the increase in power cost on an absolute basis, I guess you were mentioning maybe that percentage terms it has gone up for some reason, but why the absolute increase quarter-on-quarter and also if you could please just share the breakdown of volume versus price on a year-on-year basis for 2Q if that is possible?

UPL Limited

UPL Limited CC-Dec23.pdf · 2024-02-02
Mike, I was just hoping to get your perspe ctive on this inventory situation in the global marketplace. The destocking has been dragging on now for the past 3 or 4 quarters, and it still seems to be taking another couple of quarters. So, any sense of just exactly how much is still left there, maybe in terms of the size of the industry? Any metrics or data that you might be able to share would be really helpful.
Understood. And just on the China issue. Have you sort of started to see production being shut down by some of the producers in China given the situation? And are we seeing improvement in terms of the supply outflow coming out of China in recent months?
UPL Limited CC-Sep23.pdf · 2023-10-30
Just with regard to the outlook for the second half of Fiscal '24, region wise, if you could please just share your perspective on which regions you would expect to show year -over-year growth out of your portfolio?
Just one other thing I was hoping to understand, you expect destocking to continue for another six to eight months as you mentioned at the beginning of the call and yet in the second half of this financial year, we're expecting strong volume growth for ourselves. So, I'm just sort of trying to reconcile those two statements and see how they might tie in together?

SRF Limited

SRF Limited CC-Sep23.pdf · 2023-10-30
Just a couple on the Chemical segment. First, on the segment margins, they have come down a little bit this quarter to about 24.4% at the EBIT level. I understand this is probably to do with operating leverage and maybe a little bit of pricing pressure. Bu t how should we sort of think about these margins? Can they sort of trend back towards the older levels of last year or so in the next few quarters?
Right. Sure. Understood, thank you. And the other question was just on the revenue side. Would it be possible to share the Specialty Chemicals growth for the first half? I know in 1Q, you had mentioned plus 10%?

Havells India Limited

Polycab India Limited

Polycab India Limited CC-Sep23.pdf · 2023-10-19
Yes, good afternoon and thanks so much for taking my question. I have just one on the capex position right now. So, 65% to 70% utilization we are at right now in wires and cables. Usually, what is the optimal or peak level we can go up to? And at what point would we need to start thinking about adding capacity beyond this EHV project that we are doing? Is th ere currently something besides EHV that's also going on in terms of capacity debottlenecking? Or is that something we need to consider as we get closer to optimal levels? Thank you.
Got it. Sir, just to clarify this ₹300 crores to ₹400 crores that we keep spending on a usual basis, approximately how much capacity addition would it lead to on an annual basis? Is it like 10%, 15% or higher than that?

Voltas Limited

Voltas Limited CC-Sep23.pdf · 2023-10-20
Just on the EMP segment, if you could please just help us with the total maybe quantum or the value of the projects that are currently under stress, if that's possible to share that? And also, how much provision have we taken so far on this?
And on the UCP side, just within this 15% growth that we have reported revenue growth, how much would just RAC growth have been? And given that the market share that we have reported about 19 odd percent, I believe last year it was about 22 odd percent for the corresponding period. So, should we assume that the MBO sales are basically what have declined for RAC and that has been offset by growth from say e-commerce and EBOs and other channel outlets? Is that how we should understand it?