Congrats on good set of numbers. A few things. Number one, that when you look at from a margin perspective, in Q4, typically, we have this debit note credit note for the entire year that get adjusted. If you ca n help us understand what kind of quantum was that? And commodity inflation, if at all, we saw an impact, how much of that it is and a little bit of a lag that typically we get. So is that, that Q1 would have bigger dent? First question is on margin, what ever information that you can share. The second question is on the green mobility. So if you can give a broad breakup that what could be the breakup of EV revenue? And does it also -- of course, it includes CNG, but does it also include hybrid and under which entities ballpark, it is getting booked? The third question is casting saw a good growth of about 18%. So what was the proportion of aluminum pass-through that we saw in this quarter? Yes, that's about it.
Questions across 24 calls
Aditya Jhawar
Investec
UNO Minda Limited
My first question is the growth in LMT was quite strong at about 26%. Clearly, I think you mentioned that the 2 new plants got commissioned. But it would be great if you can quantify the impact of aluminum price increase that we saw in this quarter. That is number one. Number second is that if you can quantify the PLI benefit. So as we talk to OEMs, a lot of the OEMs are taking the bulk of PLI benefit. So what kind of PLI benefit we have accrued in this quarter and for 9 months? That was my second question. Yes.
Okay. Okay. Fair enough. If I can just squeeze one question.
Hi, thanks for the opportunity. And congrats on a good set of numbers. So, the first question is, clearly, it was a very good all-round performance across businesses. And Harita has also started contributing well in growth in the last couple of quarters. So, the first question is, if you can give some color in terms of what kind of business wins we are having in terms of customers, what kind of customers two-wheeler, CVs and geographic split, and incrementally, how should we think about growth in Harita? That is question number one. The second question is, you answered partly the FRIWO part. But, Sunil, this is just about 4 years where we are taking over the company. From a joint venture, it is becoming a subsidiary, a 100% subsidiary. So, is there a change in thought process from FRIWO side? Or is there a conflict of interest with other JVs like Inovance? And incrementally, what about the technology sharing that we would have got from FRIWO? How should we think about it? You mentioned that you are procuring the current assets, but throw some light on that. And the final question is on our margins. While we have seen consistently our topline growth has been quite healthy in the last couple of years, but somehow we are not getting the full benefits of operating leverage. Now, as a lot of the growth is expected to come from new ventures, like the other segment which has new products, how should we think about margin trajectory? Keeping into mind the change in product mix and the benefits of operating leverage. That's it from my side.
Yes, that's quite helpful. Thank you. All the best.
Hi, thank you for the opportunity. Congratulation reporting solid growth despite weaker PV and CV production. My first question is on the four-wheeler charger business. So, what I understand is that earlier we had one Japanese OEM as a customer, and we added one more. Customer, if you can help us understand how is the ramp up planned here, how are the margins in this product line as compared to Company average? If you can talk a little bit about the new growth that we are looking for and charges? That is the first question that if you can take this.
Yes. So, the second is on Europe. So, you mentioned that the outlook is not that great. So, if you think about from the next 3-6 months perspective, you see any line of sight of improvement. Are there any OEM specific issues that you are facing or overall you are sensing that across OEM, so demand outlook for the next 3-6 months seems to be on the weak side? That is the second question?
Congrats on good set of numbers. My first question is, if you can throw some light on the new order win, so it's very encouraging to see order win of hub drive motor and mid drive motor. If you can talk a little bit more about it that is it for an existing model or a new model, what could be the time of commercialization? And how is the ramp-up expected?
Okay, that's understandable. Second question is on order win for wall -mounted chargers. So two-part question on this. Number one, what could be the dollar value that we can ascribe to this at peak scale? And what kind of profitability we should expect as compa red to company average profitability?
Exide Industries Limited
Sir, on our base business profitability, historically, we have had a margin of about 13.5%, 14% consistently. But now the margin trajectory has come off quite a bit. Now looking at the projects that we are executing, like the segregating the company into B2B, B2C, the tech upgrade, cost savings, by when should we expect that the margin trajectory should go back to the earlier levels? If you can talk specifically on the margin drivers that you are seeing in the near future?
Yes. Sure, sir. The next question is on the lithium -ion business. So with the recent restriction imposed by China on the export of rare earth magnets, equipment for lithium -ion as well as lithium-ion, are we seeing some challenges in commercialization of our lithium-ion cell facility, sir?
My first question is to Mandar. I understand, Mandar, that you have signed NDAs for your lithium-ion projects, but if you can qualitatively throw some light on what kind of business wins, we have seen so far? Number one, for example, out of the first 6 gigawatts, how much of the capacity are you seeing commitments from? And what kind of customers are we seeing in terms of percentage of customers going for only cells, percentage of customers going for the battery pack? And are we also seeing engagement from OEM on hybrid cars?
Yes. So does it also include hybrid cars?
Endurance Technologies Limited
Congrats on a resilient quarter. My first question is on the standalone business, the India business, where we saw a Y-o-Y basis margin compression. If you can explain that, if you can quantify what could be the impact of aluminum pass-through, a nd what would be the other variables to drive this Y-o-Y margin compression?
Yes, that's good to know. So, do we expect that next financial year we will be back to historical margin trajectory for the standalone business? Is it fair to assume that some of these headwinds might no longer be there?
Thanks for the opportunity, and congrats on a good set of numbers. My first question is on the PV Brakes business- It's a very encouraging start. If you can just let us know what could be the SOP, and broadly the order size. Based on this breakthrough, do you think that we could get access to other OEMs or do we still need a tech tie-up on this? That's the first question.
Yes. Thank you for that. The second question is on our ABS opportunity. So, c learly, t his regulation change has come in our favor. If you can help us understand what could be the opportunity size in ABS plus the disc brake, and how is your discussion progressing with OEMs on this? Do you think that there could be some postponement of the timeline? Do you think that India would have enough capacity to support the ABS requirement for the 2W industry?
Yes, good morning. Thank you for the opportunity and congrats on a good set of numbers. My first question is on our Lithium-Ion battery pack assembly. Can you throw some more light on it in terms of any commitment from any OEM? Sir, did you mention about the 3 billion order win for e-scooter pack? Can you just throw some light on the margin profile of this business as compared to the main business? And do you expect that the ramp-up in Maxwell could accelerate because we are providing more value-added service?
You mentioned, about a nother Rs. 300 crore order win on e -4-wheeler application from international customers. So, Valeo and Yazaki, you called out specifically. Can you talk a little bit about what are the products that we are doing for all four of them and which market we plan to supply and little bit more color on the new U.S. and EU OEM?
Congratulations on the big breakthrough on Suspension. Can you elaborate in terms of the likely outcome of this tie-up - OEMs, order size and Capex required for this project?
So, as of now we are in discussion stage with OEM for orders. And the greenfield facility, any CapEx that you would like to talk about? And where would it come up, would it be Chennai?
What is the expected contribution on aluminum alloy wheels – where your capacity is to increase to 9.8 million wheels per annum? and What would be the share of imported alloy wheels in India?
And import share in India?
Belrise Industries Limited
Yes. Hi. Thanks for the opportunity and congrats on a good set of numbers. A couple of questions, so, number one, where are we on merger of Badve Autocomp and Eximius Autocomp? And if you can show throw some timelines in terms of when the group entities will be transferred to the listed entity?
Sure. And is there a sequential increase in debt roughly from about INR770 crores to about INR960 odd crores on a Q-on-Q basis?
Amara Raja Energy & Mobility Limited
A few questions on the lithium-ion business. So the recent announcement from China restriction on equipment used for lithium-ion cell, are we seeing any impact or deferment because of that?
Sure, sir. My sir, second question is, in our presentation, we speak about that NMC capacity of 2 gigawatt will come in first half of '27. And then it talks about directly the second capacity expansion directly in 2030. In between, when can we expect LFP? And if you can just explain the time line from now till 2030 in different phases of expansion?
A couple of questions, sir. On the lead acid business, how much that pass-through is still there in the pipeline? And when do you expect to have the complete pass-through? That is number one. Number second, from a margin perspective, how should we think about margin in the next couple of years, considering various variable there in the business with regard to RM prices, change in product mix and increase in recycling. Could you please throw some light on these 2 questions?
Okay. Okay, sir. That's helpful. Second question is on the capex on the lead acid business front. What we recall is that in the previous call, you had mentioned about a number of INR350 crores for FY '25. And it seems that we have incurred the entire capex in first half of this year. So is there any change in plan of the entire capex for FY '25 and incremental capex, where are we deploying this number?
PI Industries Limited
It would be great if you can give us some sense on the applicability of tariff on our key product in the US, as well as other products. How do we think about it and what is our interaction with customer suggesting is it completely exempted all our product or the customer is willing to absorb some sense on that? That is the first question.
Yes, but our supplies are to Brazilian market?
Just one question. What has been the pricing trend for some of our key older products -- are we seeing any change in that?
You explained well about the inventory buildup, but sorry to harp on the same topic. So, clearly, I mean since we cater to the innovators, the supply is fairly curtailed in that sense. Now, are we seeing a situation on the ground where some of the products are seeing an increase in competition, are we seeing shift towards the generic maybe downgrading because some of the generic companies have reported a strong volume growth? Any specific thing that you would like to call out on product-specific issues?
Bajaj Auto Limited
Yes. Hi, thank you for the opportunity. So clearly a very good performance in exports. It would be great if you can throw some light on the Brazilian market. It clearly seems that from Horizon three market, it has moved to Horizon one . What is our strategy to tap that market? Are the products suitable with the flex fuel option? And what is our distribution strategy? What's the kind of volume we should expect in Brazil in '27, '28? That's the first question?
Balkrishna Industries Limited
Sir, you mentioned that 50% of the tariff impact was absorbed by customers. So if you can give some sense that out of the total demand in the U.S. market, what percentage would be domestically procured? And how competitors have behaved in terms of tariff impact, if they are also importing from outside U.S?
On the competitive dynamics.
Samvardhana Motherson International Limited
Hi. Thanks for the opportunity and congratulations on good numbers, resilient numbers in a tough environment. My first question is on our emerging business. It would be great if you can give a breakup of revenue of the emerging business as we had given in Q1 presentation.
Okay. And you know, Kunal, on the consumer business, how should we expect a ramp up over the next one to two years? Any broad numbers you can share with us?