Stockrabit · Analysts
Questions across 65 calls

Amit Dixit

ICICI Securities

JSW Steel Limited

JSW Steel Limited CC-Sep24.pdf · 2024-10-25
Good evening everyone, and thanks for the opportunity. Congratulations for a good set of numbers in a very challenging quarter. I have two questions. The first one is essentially on H2 outlook. While you ha ve outlined that things look better, but of f late, we h ave seen NMDC taking iron ore price hikes, which is not fully reflected in the steel price hike, at least in flat. So just wanted to under stand how the spreads could improve in H2, regar dless of coking coal advantage that you mentioned. And similarly, we h ave retained our volume guidance , but for achieving that, the rate has to be very steep. So just wanted to understand the overall confidence on that? That is the first question I have.
And volumes, sir?
JSW Steel Limited CC-Mar24.pdf · 2024-05-17
A couple of questions. The first one is essentially on your growth plan. Now earlier, we had indicated it will reach 50 million tonnes by FY '30. Now it seems it is delayed by 1 year. I just wanted to understand what prompted this particular delay? And mo st of our capacity if you look at it, I thought you would also like to venture into long, but even Dolvi 3 is primarily focused on flat, except BPSL expansion that we are looking at, we are nearly focusing on flat. So just wanted to get I mean, in th is 50 million tonnes that you're talking about approximate split perhaps and when do we see long's capacity being added, if any?
The second question is on r ealization. Now you had highlighted about coking coal cost going down by US$22 to US$27 in Q1. We have seen some price hikes being taken by various players in May. So I just wanted to get an idea on how much price hike we have taken in May and ho w much is expected in June and what co uld be on a blended basis, the overall price difference between Q4 and Q1?

Gravita India Limited

Gravita India Limited CC-Sep24.pdf · 2024-10-22
Hi, good afternoon everyone and thanks for the opportunity. I have a couple of questions. The first one is on the expected volume growth this year. So while volume growth, if I look at for H1 it was around 12%, 12.5%. So what kind of volume growth can we expect for the full year? And what are the key avenues for this growth between lead, alumin ium and paper -- sorry, and plastics?
Okay. The second question is essentially around aluminium. So in the last call, we indicated that we expect the listing of alumin ium on MCX -- ADC12, I think, so that we can also hedge aluminium. So I just wanted to get more sense on that and what could be the aluminium capacity utilization by end of the year?
Gravita India Limited CC-Jun24.pdf · 2024-07-22
Congratulations for a great performance. I have two questions, sir. The first one is on aluminum. If I look at EBITDA per ton, that has decreased materially , while production is, of course, a little bit subdued, maybe because so far, we have not got that hedging clearance. So just wanted to understand the key driver behind this EBITDA per ton improvement. Is it clearly LME driven? Or LME scrap spread were a l ittle bit more benign? And how do we see it going ahead? So that is the first question, sir.
Okay. Got it. The second question is on the -- we have closed some subs idiaries, I mean quite recently, Jamaica, Ghana, etcetera. Now we were expecting -- while these -- I mean 2 of them were non-operational at the moment. But can you just clarify the reasons behind closing these subsidiaries? Does it change our business case in any way? I just wanted to understand that.

Hindustan Zinc Limited

Hindustan Zinc Limited CC-Sep24.pdf · 2024-10-18
Congratulations for a good performance. A couple of questions from my side. The first one is that the pyro plant was run on lead mode during the quarter. Now lead prices were relatively subdued, so was it to exhaust the existing inventory that we might hav e since SK mine production was also a little bit lower, as mentioned in the press release. Or was it to take advantage of the higher silver prices? And what would be the mode of operation going ahead?
That's very helpful. So the second question is essentially on the cost of production. Now this quarter, we also saw a very good control on costs, costs went further down. And now it is basically a little bit above the mid-range of what we guided for the year. Now going ahead, since coal prices might just remain soft, other -- I mean you will get the cost advantage also because volumes are expected to pick up. So why have we kept our cost of production guidance same? I mean, shouldn't we be revisiting it now or will we do it at the end of third quarter or so?
Hindustan Zinc Limited CC-Jun24.pdf · 2024-08-02
I have two questions. The first one is essentially on the recent judgment by the Supreme Court in which they have mentioned that the states have got power to levy additional surcharge or cess whatever. Now in the past in 2008, I think, June 2008, to be precise, the Rajasthan Government had notified us environment and health cess actually. And we have certain contingent liability on the balance sheet, I think to the extent of Rs. 142 crores as on March 31st, 2024. Now, first of all, what are your thoughts on Rajasthan governmen t going ahead and applying this in a retrospective manner, although I understand that the Supreme Court has stayed this particular judgment for a while, reserved rather, this judgment for a while. But what are your thoughts around that? Do you feel that taking advantage of this, there could be some other cess, or this cess can be applied retrospectively from 2008 or whatever? Just wanted your thoughts on the same?
So, actually, this amount has remained constant for a while. Maybe we have recognized this contingent liability when it occurred. And it was, I think, Rs. 150 per ton of ore, if I'm not mistaken. So, potentially, what would be the liability now, let us say, if we were to recalib rate this contingent liability?

Garden Reach Shipbuilders & Engineers Limited

Garden Reach Shipbuilders & Engineers Limited CC-Jun24.pdf · 2024-08-14
Yeah. Good afternoon, everyone, and thanks for the opportunity. I have 3 questions. My first question is on the order book that we have at the moment and if you can split it across the platforms that we are currently doing. That was the first question. The second one is that considering the current crisis in Bangladesh, I understand that we had two orders from Bangladesh also. So, do we expect some delay in execution or delay in payment and Bangladesh was one of the countries where in past also, we have supplied vessels. So, are we looking at a little bit of pause in ordering from that country? The third question is on next generation corvettes while you have highlighted that the RFP is out now, when do we expect the order for this? These are my three questions.
Yes, Sir, it's very clear. Thank you so much.

APL Apollo Tubes Limited

APL Apollo Tubes Limited CC-Jun24.pdf · 2024-08-12
Congratulations for a good set of numbers and a very challenging quarter. My first question is essentially on the -- if I look at other expenses, while you have explained in your opening comments that there were certain nonrecurring items over there. So other expenses and employee costs, both have gone up significantly. Now if you could quantify these nonrecurring items that possibly we could take out in our forecast going ahead. That would be very helpful.
Yes, that does answer my question. I'm moving on to my second question now. Yes, so the second question is, you have mentioned that there are 2 plants that you are thinking of Gorakhpur and Ahmedabad. Gorakhpur particularly interesting location, and you mentioned about Siliguri as well, if I'm not mistaken. So just wanted to understand the configuration of these plants, whether they will be also on DFT and what kind of products do we intend to produce from these plants? And since you are shifting some of the capacity lines, so capacity -- so how will the capacity go up to 5 million tons. Just wanted to understand that.

Steel Authority of India Limited

Azad Engineering Limited

Azad Engineering Limited CC-Jun24.pdf · 2024-08-09
Yes. Hi. Thanks for taking my question. Just a couple of them. One is related to us foraying into now complete engine. Now, in India, we are all aware that the engine ecosystem particularly is developing pretty fast. And particularly in different space there are various tie -ups on the anvil , and they include some of the OEMs with which we already have contracts , we are already supplying to them. So, if you could just highlight some of the opportunities that we see in Indian Defense space in particular, that would be very helpful.
No, great to hear that. One more question that I have is, and that is on essentially Oil & Gas. Now, while Energy, as we understand it, power sector and Aerospace have been discultivated quite a bit. But your recent wins, if I look at it, they have been on Oil & Gas, at least the recent five, six orders. So, just if you could give a little bit of more color on this that where do we see this particular segment evolving? Because it has just started for us, and given the TAM, it can have significan t opportunities. So, just if you could highlight where we are focused here, which area we are looking at, because that can be a very interesting opportunity.

Solar Industries India Limited

Solar Industries India Limited CC-Jun24.pdf · 2024-08-07
I want to congratulate the management for an excellent set of numbers. I have 2 questions. The first one is essentially on the Defence side. So we have developed the new explosives which are sort of, I would say, cutting edge in technology. Now there were media reports that we have been approved or inspected by Navy. So just wanted to understand the further developments in this regard. Are we also going ahead with the development -- sorry, with the approval from Army, Air Force? What would be the total market opportunity for this? And when we are going to commercialize it? So this is the first question.
Understand, sir. The second question is, again, on Defence. So recently, there were media articles that there was -- written by the Deputy Chief of Air Staff to your recently commissioned chaff factory. Now chaff is something, which I understand is very interesting because in the 5th Positive Indigenisation List, there are mentions of chaff. So how do we see this? Because we have seen some sizable orders in the past also. So how do we see these shaping up? When will the factory be ready for commercial production?
Solar Industries India Limited CC-Mar24.pdf · 2024-05-17
Yes. Congratulations for a good performance, sir, in a very testing time for aluminum -- ammonium nitrate prices and all. So a few questions from my side. Just wanted to know because you have upped the capex significantly compared to last year. So -- and you are indicating that INR400 crores would be towards defense and INR400 crores towards explosives. Is it possible to highlight the particular -- I know actually defense is a system space but in explosives where we are expanding, are we expanding capacity at the current space? Or it is also to do with the -- with some of the greenfield projects that we might undertake?
Wonderful, sir. That's helpful. The second bit is on defense space. So if I look at your order book, what has been understated is the texture of this order book. So our export order book, particularly the orders which are of shorter duration have gone up significantly. Now while we expect to receive the -- or some certain big orders in the country, will this -- will getting these big domestic orders also open up further export opportunities for the similar products?

Vedanta Limited

Vedanta Limited CC-Jun24.pdf · 2024-08-06
Congratulations for a great set of numbers. I have two questions. The first one is on aluminium division. I understand that there are quite a few milestones in Q2 FY '25, including commencement of mining in Radhikapur and Kurloi blocks plus the second train of alumina refinery being launched. So just wanted to understand your update on each of these, plus BALCO expansion aspect? Vice-chairman: Yes. Go ahead, Amit. What else?
The second question is on oil and gas, essentially. So while in the PPT, it was mentioned that we have initiated the ASP injection at Mangala, and we saw that the preparation was going on when we visited the site as well. So, I just wanted to understand whether in Q2, we will finally see that the production from oil and gas would increase because we have drilled infill wells. So, because as a combination this infill strategy plus your ASP, could we see production creeping up finally in Q2 of FY '25? These are my two questions. Vice-chairman: Thanks, Amit. I will, of course, ask first John or maybe Steve first to address the oil and gas, and John in aluminium. But a broader comment, Amit, that while your question around in which month or which period will the refineries start this month, which period will the coal mining start. While relevant, but the way we look at this is that structurally, we have addressed this, and now it's a matter of execution. It may take a month here or quarter here. But from our point of view, the refinery has been in its last stages of commissioning, both Train 1 and Train 2. It may happen 1 -month earlier, 1 - month later, but we don't stress over that. So that is going to happen in any case. As far as coal mining is concerned, similarly, we have started to work on the coal mine. It may happen 1 month early, 1 month delayed. But we know that all this integration of coal, alumina bauxite is in the execution space and will start commencing. But let me get Steve on, Steve are you on?

Zen Technologies Limited

Zen Technologies Limited CC-Jun24.pdf · 2024-07-29
Good evening everyone and thanks for the opportu nity. First of all, congratulations for a very good set of numbers. I have two questions. The first one is on order inflow. So while I understand that order inflow cannot be linear in this business, it will be lumpy and last three quarters prior to that we had a very good order inflow. Just wanted to understand what kind of order inflow we are looking at in this financial year, some of the ma jor platforms that we can expect in the ensuing quarters, that is the first question.
Yes, the next question is essentially the four plat forms that you showed just now, and it was in the press release also. Pretty interesting platfo rms and things you are combining your capabilities into solutions, and they go beyond that actually . You cannot classify them as anti-drone, cannot classify them as simulators. I mean, they are goi ng into artificial intelligence based systems. And you hinted that you would be providing some more co lour in the ensuing quarters. Just wanted to understand the broad opportunity as we have been highlighting that, okay for simulator, for example, we know that 15,000 Crores is the opportunity in next five years. If you can let us know a similar number for these kind of platforms, that is the first part. Then the second is what kind of new things we can expect from this particular unit going ahead.

Bharat Electronics Limited

Blue Dart Express Limited

Hindustan Aeronautics Limited

Hindustan Aeronautics Limited CC-Mar24.pdf · 2024-05-17
I have two questions. The first one is, you indicated a short while back that the target for us to deliver 16 LCA Mark 1A in this financial year. Now given that w e have not delivered such a quantity in the past. So, is there any critical equipment/system-subsystem on which this delivery is contingent or we have everything lined up for these 16 aircrafts?
The second question is essentially on progressive indigenization. So, as we move from initial 83 numbers to 97 numbers possibly later on, what is the kind of indigenization that we are going to see? It is reported in media articles that from 42 nd aircraft maybe we will be fitting the Uttam AESA radar. And so, if you could just highlight what would be t he major milestones for indigenization and in the end what kind of indigenous percentage you would see?

Jindal Stainless Limited

Jindal Stainless Limited CC-Mar24.pdf · 2024-05-16
I have two questions. The first one is potentially on EBITDA per ton. So if we see in this quarter, there has been a meaningful de cline. Now if you could group the decline in three buckets, that is nickel price decline, the inferior product mix or the third one is the freight cost. If you can just break the EBITDA per ton decline in these three buckets, that would be easier for us to understand? And what kind of trajectory do you we see in Q1 FY'25 for EBITDA per ton especially since ferrochrome prices are up, nickel prices have started moving up and so are the stainless steel prices. That is the first question.
So basically on EBITDA per ton front and I'm not asking for a quarter or something, for year FY'25 we reiterate our guidance of 18,000 to 20,000?

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Mar24.pdf · 2024-05-13
Congratulations for a good set of numbers. I have 2 questions. The first one is on the inventory. If I see the inventory has gone up Y -o-Y, while we find that commodity prices in general have gone down. So is it a finished product inventory or raw material inventory? How much would be the finished steel inventory at this stage?
Okay. Sure. The second questi on is, in the absence of presentation at this stage, if you could just elaborate on the progress of various packages with respect to the ongoing group project?