Questions across 36 calls

Amit Chandra

HDFC Securities

Tata Elxsi Limited

Tata Elxsi Limited CC-Mar25.pdf · 2025-04-17

So my question is related to the large deals in the Media and Communication verticals that you have announced. So if you can throw some more light in terms of what is the tenure of the deal? And in terms of margin, is the margin similar to the company aver age or generally the larger deals have a bit lower margins at the beginning. So is it similar to that? And is there any like rebadging also involved in this?

Okay. And also on the Auto OEM 50 million deal, So these 2 deals, we have won in an environment when there is a lot of uncertainty in the macros. So these we think that these 2 deals have been committed by the clients despite of the tariff scenario and despite of the ongoing challenge or these factors like did not impact or maybe these are committed much earlier than the uncertainty started?

Multi Commodity Exchange of India Limited

Multi Commodity Exchange of India Limited CC-Dec24.pdf · 2025-01-21

Yes, thanks for the opportunity. Yes, so my first question is to Praveena ma'am. So, ma'am, it's been three months you have joined as the MD and CEO of MCX. So, what has been the top three priorities in terms of the changes required in the Exchange and what are the areas you want to focus to scale the Exchange volumes and also to improve participation? And secondly, as you all know that the technology transition is behind us and the focus has shifted to innovation of products and launching new products. So, you have explained where we have been in the journey, but we are very curious to know about where we are in terms of timelines, in terms of launching of the weekly options and the index weekly options contract? And what are the technological challenges and the regulatory challenges we might encounter in this journey, because from here on to take MCX to the next level, we need some innovative products and as we see in other exchanges, index and weekly are the ones which are the most traded contracts. So, we are curious to know about your plans on this. Thank you.

Okay. And in terms of launches, any timelines that you want to, like you have in mind, because in the earlier calls, like we were of the view that within a year of the transition of the platform, maybe we are ready in terms of technology for the new products. And as we see that there is a huge concentration of Crude products on the option side, which is Crude and Natural Gas, which are mostly cash-settled contracts. So, we need more cash-settled contracts to diversify and also index and weekly are the ones which will be mostly cash-settled and that can scale the volumes to the next level. And also, in terms of what we're doing to improve the participation institutional and to increase the depth in the options side.

Multi Commodity Exchange of India Limited CC-Jun24.pdf · 2024-07-29

My first question was you mentioned that we are going with the, slab-wise structure is going away in October. So how are we planning to charge, I remember because the range is from -- in the future s from like INR160 to INR280 per crore. So, the larger members if we switch to the blended pricing, then the larger numbers still have higher pricing, and it will benefit the smaller ones. So how we are looking at it in terms of the pricing if you're going for a single pricing. And also, in terms of the clearing corporation also, there was a regulation to pass on the benefits of the interest to the members. So, what portion of the Clearing Corporation is from the funds that we have to pass on the benefit to the members, if you can clarify that? And also based on the SEBI regulations, you're saying that they're talking about increasing the lo t size. So, if you can provide some more color in terms of what proportion of the futures volumes come from, order sizes, which are less than INR10 lakhs, I'm saying that in the options…what proportion of the volume comes from like order size, if it is less than INR8 lakhs to INR10 lakhs.

And sir, in terms of the product pipeline … it has been pending, in terms the markets series contract and the index options contract launches. So, if you can provide some light in terms of what pipelines we are seeing, because in the last call it was mentioned that we are ready with the Crude like monthly series contract to be launched. So, any clarity on that.

Multi Commodity Exchange of India Limited CC-Dec23.pdf · 2024-02-12

Sir, to continue on the launches in terms of the products that you have mentioned, so specifically, so last time, you said that weekly -- not exactly weekly, but mostly a series contract is possible, and we are going to apply with the regulator for that. And also on the index side, we can launch the index options. So, where we are exactly in terms of the application with the regulator and in terms of timelines for the launch of weekly and the index options?

No, sir. But in terms of the time line, sir, so maybe if you can throw some light that once you apply with SEBI, then SEBI will approve, then again you will go back to SEBI with the specification of the product, and then it will then get approved in terms of specification of the specific contract and the whole process will at least take 6 months at least to get along or is it a shorter timeline?

Indiamart Intermesh Limited

Indiamart Intermesh Limited CC-Dec24.pdf · 2025-01-21

Hi, and thanks for the opportunity. So , in terms of the divergent trend we are seeing, in terms of the pressure that we're seeing on the paid suppliers and increasing the ARPU. In very simple terms I am trying to understand. That suggest that the lower end of the pyramid is not able to derive value from the platform, whereas the higher end or the top paying suppliers are able to derive much better value from the platform and the ARPUs increasing is suggesting that and also, people are moving from lower plan to higher plan. So, what explains this divergence? And is it going to continue in this manner for a while? Obviously, you have explained it in like different form but just from the relevance of the platform for the lower end, is it you need some kind of more innovation there? Or the platform, in terms of offerings has to be reconsidered in terms of what we’re offering for the lower end?

Okay. Lastly, on the collections. Obviously, we had the collections better than what we had last quarter, but considering 4Q is the more important quarter for us in terms of collections . sS o how is the progress for 4Q, because if I take at least 10% Y -o-Y growth also for 4Q, then also we are hitting say 9% to 10% growth for the full year. So, the full-year collections growth is still muted because of what happened in the first half. So, the ask rate for that is still high for the fourth quarter. So , what you would like to suggest what is happening till now? And what kind of collections we can see for the fourth quarter?

Indiamart Intermesh Limited CC-Jun24.pdf · 2024-07-30

Thanks for the opportunity. So, my first question is, obviously, we have seen the growth coming from the ARPU. But if I see the ARPUs in the Top 1 % and Top 10 % customers, there the growth has been much higher than the average levels. And, if I see the increase in the customers that has been almost flat or 4% to 5% Y - o-Y. So, most of the growth in ARPU is coming from the existing customers. So, is it fair to assume that, the existing customers are buying more and so if you can explain what ki nd of value added services they are getting versus others? And also , in terms of the churn that you mentioned, that is very difficult to judge what is causing the churn. So, if you can throw some light in terms of the selling process, is there some misselling happening from the channel partners? And, in terms of how the acquisition engine and the renewal engine functions. Is it the same, person who is acquiring , he is doing the renewals or there is some separate team for both?

So, obviously, what we're trying to understand is what value the top 1% and top 10 % are deriving. Obviously, it's the power of the platform wherein they are getting the bulk of the traffic. But in terms of the silver monthly, is it very different in terms of how the platform functions for a silver monthly versus in terms of RFQ generated or in terms of quality of lead being generated?

BSE Limited

BSE Limited CC-Nov24.pdf · 2024-11-12

Sir, my first question is like post the regulatory changes as a shift from more weekly to more monthly expiry, do we see increase in the volumes in the non expiry days on BSE. And that will have an impact on the premium conversion ratio wherein where we ha ve one-third of the other exchange. Can we see that converging and that can also have implications in the contract level and profitability wherein the contract level profitability for BSE might improve as the charges can come down. May I re quest you to reserve your second question so that I am fully doing justice to the first question after which you can please ask the second question. I don't want to forget what you are asking. So is it okay if I answer your first question first?

Yes sir, yes sir, please go ahead.

Sonata Software Limited

Sonata Software Limited CC-Sep24.pdf · 2024-11-06

Sir, my question is on the demand environment. You mentioned that we have won three large deals in the quarter and the large deal pipeline continues to remain strong. But especially, we have also maintained our long-term FY'27 target of 1.5 billion for the IT services business. But that assumes a significant acceleration in our revenue growth from what we have been doing in the last two or three quarters. So, i f you can explain how the large deals will help us in achieving that and also your comments on post the like US elections is now behind, how the demand environment is shaping up especially after the elections, and in terms of the ask rate for achieving the 1.5 billion, like is it totally organic or is there some inorganic compound also into it?

On the margins part, obviously, we had the impact of wage hike, but there was also the impact of rebadging from the large deal that we won last quarter. So, like if you can quantify the impact of what was the rebadging and has the rebadging has been completed or is it still like work-in progress?

Central Depository Services (India) Limited

Central Depository Services (India) Limited CC-Sep24.pdf · 2024-10-28

Sir, my first question is on the transaction charges. Obviously, we had like two rounds of cut in transaction charges and the new rate is applicable from the third quarter onwards from October. But for this quarter, obviously, we had a strong growth in the transaction revenues. So, if you can quantify what was the impact of the pricing cut for this quarter? And also, in terms of the pricing, obviously, we have seen two rounds, are we expecting any further like moderation in prices? Because if you see versus competition, we are still lower.

Okay. So, in this quarter, there was no impact of the pricing cut because last call you said that there can be incremental 1-month or 2-month impact because we went down from 4.5 to 4 and then again 3.5. So is it all volume-driven in this quarter?

Central Depository Services (India) Limited CC-Jun24.pdf · 2024-08-05

My first question is on the transaction charges. So obviously we had the impact of the rate cut that we had. So, I just wanted to clarify whether we had the full quarter impact in the first quarter? Or there is a spillover in quarter 2 as well? And also, in terms of the revenue from others, which excludes the online data, IPO corporate action, transaction and issuer, there is a significant jump. So, if you can clarify, is there any revenue from insurance also that we have booked in that? And how do you see the insurance opportunity coming up?

No, no, sir, I was asking the revenue excluding all these...

Central Depository Services (India) Limited CC-Mar24.pdf · 2024-05-06

First question is on the insurance opportunity. So obviously, you mentioned that still not there. But as in the regulation it mentioned that from 1st of April, all policies will have to be issued in the digital format. So, is it fair to assume that still there is ambiguity in terms of what digital format means? Or are we seeing traction in terms of the ei-accounts being created. And also, the market share that we have in terms of the ei-account is still very low. So what's the strategy out there in terms of are we planning to be aggressive on the insurance side? Or it's too early as of now? And second would be on the cost side. Obviously, we have seen now a fairly strong jump in the revenues. But correspondingly, the cost also has been on the higher side and especially technology cost has been inching up especially in the last 1, 1.5 years. So from here on, is it all the investments in technology over or still we have to expand our technology capability in terms of handling the higher volumes?

And sir, one last question. So how do you see the regulatory environment because we have seen some regulatory tightening on the exchanges side. So, in terms of the regulatory risk, do you see any kind of risk in terms of pricing because we have been doing so well on volumes. So, is there any kind of risk that you see on the pricing side?

Central Depository Services (India) Limited CC-Dec23.pdf · 2024-02-07

Yes, so thanks for the opportunity. So my question is on the unlisted opportunity that you have spoken last time. So what's the progress on that? And have we done any analysis based on the new rule? What is the kind of potential, or the company is eligible for the unlisted? And from when we can see that coming in the revenues?

Okay. And sir, the second part of the question would be on the overall costing part. So obviously, we are investing in the business, and there's also some SEBI or regulator-related things that we have to do. So that is scaling up our expenses. but if you see in terms of the expense per employee or our overall expenses, that is around 30% to 40% higher than what the competition is doing. So is it that we are under-invested and still we have to increase our expenses overall at a higher rate? Or we can say that most of the investments are now behind and we can grow the expenses will grow along with the revenue or indexed to inflation?

Central Depository Services (India) Limited CC-Sep23.pdf · 2023-11-01

Sir, my question is on the account addition, demat account addition. So obviously we have seen a lot of traction coming back in terms of the additions. And it has gone to the, I think, peak levels, but if I see the revenue per demat, it has been coming down. And if I see the revenue per incremental demat, it is also coming down, so how do you see the, like, newer account additions that are happening? So these are not contributing much to revenues, so how do you see this? And secondly, on the private companies demat opportunity that has come up recently there are around 14 lakh MCA-registered private companies. And taking the lowest slab, that comes to a bigger opportunity, so is there any timelines in terms of these companies getting, like, demat- ed? So if you can provide some overview on that.

Okay. And sir, on the e-voting and eCAS revenue, if you can provide the breakup. What was the e-voting and eCAS revenue in this quarter? And also, in terms of the private company opportunities, obviously the timelines is of September, but is there any incremental cost that will incur or any incentive schemes that we earlier used to have incentive scheme for getting companies because we have a lowermarket share there. So are there any plans of investing in that piece?

Zensar Technologies Limited

Zensar Technologies Limited CC-Sep24.pdf · 2024-10-22

Sir, thanks for the opportunity. So m y question is on the order bookings. So obviously, it's the highest order booking that we have booked, but some more color on that in terms of how much of -- in the order booking is like – continue and also the nature of the deals that we're winning, is it very different from what we were like winning a year back? And also in terms of the composition whether it is led by more larger deals or it's a combination of more shorter deals like within the order bookings?

Okay. And sir, obviously, BFSI has been doing pretty well for us. So within BFSI insurance is also a larger vertical for us. So as you mentioned that we are not seeing any push from the rise in the discretionary spend there, b ut within BFSI if you can throw some more light what is driving the growth. Obviously, what is the industry push? Secondly, within BFSI is it more BFS or is it more driven by Insurance?

Zensar Technologies Limited CC-Jun24.pdf · 2024-07-23

So, my question is on the BFSI vertical, obviously, we have seen a strong recovery there. So, if you can throw some more colour what is happening there. Are you seeing some increase in the discretionary spend there? Or is it more structural? Or is it more due to some shorter -term projects there?

Okay. And sir, we have been investing in the Healthcare and Life Sciences vertical, so we have also seen a strong recovery there in terms of growth. So, if you can throw some more colour on the acquisitions that we have done in terms of the BrdigeView health care, which is in the Healthcare consulting space. So, what kind of synergies will we see there? And what are the earnout targets there?

C.E. Info Systems Limited

C.E. Info Systems Limited CC-Jun24.pdf · 2024-08-12

So my question is on the continuation of the competitive intensity that you have mentioned. So in light of the higher competition, how do we see the margins of the Map-led segment? Obviously, we have seen that it is costing ar ound 50%. But with the higher investments that you're planning in terms of technology, can we see some contraction there over the longer term? Also, we have a very high market share in the auto segment. Have you ever seen the OEMs asking for any pricing discount? Or we believe that the pricing that we have is still very low and there is a scope of improvement there?

So is there any clause of any volume-based discounts? Now that we have the dominant market share, as the volume increases is there any chance of any un-operating-based discount that the OEM can ask, because we have seen that happening with other players and who was very close with the OEM.