A similar question on the contrast media business. If I look at our commentary, say, a year ago or 2 years ago, we were speaking about having a step jump in contrast media business. So I'd like to understand, do you see FY27 as a step jump year in terms of growth? Or it will be a steady growth? If you can elaborate a little bit, please.
Questions across 13 calls
Ahmed Madha
Unifi Capital
Blue Jet Healthcare Limited
HEG Limited
Yes, thank you for the opportunity. Just picking up from the questions you answered before my turn. For Q4, if you can quantify what was the sales volume, we have quoted 94% capacity utilization. But in terms of sales volume, compared to last quarter, we can quantify how many thousand tons have been impacted because of logistics or any other reason.
Correct. Sure, got it. And in terms of pricing, as you said, you are already booked till September, but I am assuming post-September c ontracts you will be probably do ing now or maybe a few months down the line. So, in that renewed committed volumes, do you see any significant price increase or are you already into those conversations of increasing the price? We can probably give some qualitative and quantitative comments on the same.
Yes, thanks for the opportunity. My question is on the volume growth. So, is it fair to expect our nine-month volumes would have grown by about 20%?
Okay, sure. So, I am assuming 20%-plus/minus. Why I am asking this is because I just want to understand if we have improved our volumes by say 18,000-20,000 tons, where have we gained market share from -- either is it from the Japanese competitors or the Chinese players, because GrafTech has improved volumes by about 6%, graphite has improved by a few percentages. So, I am just trying to understand from which players, which sort of geography have we gained market share and which end market, Europe or Middle East or India, which geography have we gained market share if you can just give some sense?
Okay. Got it. And in terms of U.S. market, assuming the tariffs don't go down quickly, then in that case, next year, we have to diversify our volumes from U.S. to non-U.S. markets. In that case, what would be the realization gap for us in U.S. market and non-U.S. markets, where you think we can sell the volumes?
And regarding the non-Indian competitors, obviously, everyone has closed down 1 or 2 of the inefficient plants. But how do you see -- because today, they are at breakeven, right? So breakeven in terms of their profitability. So is there a scope or a discussion of those players thinking of price hikes so that they can come to a certain level of profitability and eventually, we can also later come up with price hikes. Is there any sort of such discussion for new contracts? Or is it far away?
Caplin Point Laboratories Limited
Yes, thanks for the opportunity. I have three questions. Firstly on the buyouts we made for few ANDAs on the oncology side, if you can give some sense what amounts we have paid for the ANDAs I think we got? Secondly, what will be the timelines do the site transfer and the commercialization take, and from the $473 million addressable market size, what sort of potential market share Caplin Steriles can gain?
Sure. That's very helpful. On the Mexico and Chile business, we have made lot of progress in terms of approvals, building the pipeline, getting the inspection and the plant everything ready. If you can give some sense how far are we from meaningful top line generation from those markets and what sort of progress we have made in terms of commercialization and getting the top line ready?
DCM Shriram Limited
Thanks for the opportunity. F irstly, on taking the previous participant on the restructuring/demerger spin-off, can you give broad sense of timelines? I think we announced this Board meeting about I think 9 or 10 months ago. So there has been a bit of time. So any broad timelines you can give to finalize the structure?
Can you elaborate a bit on what all things are sort of leading to a sort of a delay. It helps us to appreciate what all, what are the moving factors?
Thanks for the opportunity, sir, and congratulations on a good set of numbers. I will carry the question of the Epoxy side. Can you give a little more explanation and detail regarding the business on few aspects? One is, you mentioned about the increas e in capacity, but what we understand is there is enough supply in India to sort of cater the domestic market. So, how do you see the export side of the Epoxy and what countries, if you can give some sense, how you are pursuing the business in terms of increasing the capacity and utilizing it? And secondly, how much of the ECH, which we have planned capacity, will be used internally? Yes, so that's my question on Epoxy.
Got it. And can you answer on the epichlorohydrin part, what percentage we will be using internally , and roughly what kind of margin range you think is sustainable in Epoxy business?
My question was on the caustic volume growth. Can you give some sense where we have grown our volumes - is it on domestic part or export side thi s quarter, for the new capacity?
And can you mention the key countries where you are exporting as of now?
I have few questions. First on the ca ustic part, can you explain what is the reason for increase in cost on quarter-on-quarter basis compared to Q3?
So my question is, if I look at the numbers for caustic business compared to Q3 last quarter, why has the cost structure increased? I thought that cost was supposed to improve compared to Q3 and Q4. So is there any specific reason?
Thank you for the opportunity. My question was first on the caustic business. Can you give some comments on how do you see the current global prices and how is the demand supply behaving in the global market as well as the domestic market? And also we are witnessing that there is some uptick in the prices in the last couple of months. So is it fair to expect that from quarter 2 to quarter 3 there will be some improvement in our realizations?
Okay. And one more question o n the caustic side. We see that the cost has come down from the last quarter. So can you quantify how much are the savings from the renewable power plant and how much are the savings from the decline in coal prices?
Cohance Lifesciences Limited
Thanks for the opportunity. I just wanted to understand the value chain of ADC business a little better and how is Cohance as a whole participating in it. I have basic understanding. I will try to explain and then you can correct me and explain how you are thinking about the business. In ADC, be it any product, you will have certain key starting material and then few intermediates and then that will go into payload linker and then there will be bio-conjugation. That is the simplified value chain as far as I understand. Can you explain as of now what part of the value chain we are catering? Is it just the building block or something ahead? And how do we build our capabilities and expand our part of the value chain which we cover?
Yes, just one follow-up. When you say you are catering the Airstream building block, for example, say a product like NR2 with Daiichi, and I am fine if you do not explain the productwise but just for a reference, I am taking a product name. For that produ ct, you will be doing a building block and then pass it on to the field linker manufacturer. Is it the right understanding?
Indegene Limited
Trying to understand the P&L better, both for the Q2 and the comment you mentioned about 1.5% margin reduction, right? So in Q2, even adjusted for M&A expenses, the opex, other expenses rate is quite higher compared to historical rate and there has been an increase. So you can give some granular sense what explains the increase in the expenses. That's first. And second, in terms of employee cost front, you can give some sense of the hikes, which we have taken post June, which is reflecting in Q2. And coming to the comment you mentioned about 1.5% margin reduction, can you give some sense next 2 or 3 years, how do you see the margins range changing and what all initiatives we'll be taking, which is reflecting in your margin guidance?
Yes. I get the sense. Second question was to understand the business mix in terms of top clients, right? I mean, the commentary in last quarter or so was that the pain in the largest client is behind us, but it seems there has been some degrowth again in Q2. So you can give some sense how is the conversation with your top 1 or 2 clients? And how do you see those clients coming back with either new orders or the contract renewals?
K.P.R. Mill Limited
Yes, thank you for the opportunity. Just I wanted to understand the garment number a little better for the Q4. If I look at the Q4 volume data, it is roughly 41 million pieces. So how w e have been able to do this much volume considering our capacity? I think it is annual near 150 million. So I'm not able to understand how the volume number is so high? Is it -- did we have any inventory or what is...?
Okay. And we should be able to sustain 40 million in the next year first half?