Stockrabit · Analysts
Questions across 12 calls

Archit Joshi

B&K Securities

Clean Science and Technology Limited

Clean Science and Technology Limited CC-Sep24.pdf · 2024-11-07
Thank you, sir. Good evening, gentlemen. Sir, I have a que stion on the HALS industry assets with respect to the competitive dynamics as we see today, especially in comparison to maybe a few years ago when we decided to have this entire product portfolio with us for realization for a few dollars higher, if I recall correctly. And we've seen some bit of pressure on realizations in the entire pack, especially the newer ones that we are about to launch. What has changed, sir? And if you can also give a few signs of yours on what would be the drivers to these realizati ons improving? And mostly, sir, could you help us understand the competitive landscape within HALS as it stands today?
Sure sir. Sir, just sort of curiosity since some of our HALS are used in petrochemicals, mostly hydrolysis like polyethylene or maybe polypropylene, you mentioned acrylic acid earlier. You're seeing a situation wherein there is a decent bit of our petchem overcapacity. Is there any parallels between realizations being depressed and products where we are starting them -- with respect to the application area?

Aarti Industries Limited

Aarti Industries Limited CC-Jun24.pdf · 2024-08-12
Sir, my first question is on our model of the pass-through mechanism that we used to enjoy. I think we used to maintain our EBITDA per Kg or EBITDA per ton and currently given the comments that you have made earlier that we see a good volume growth visibility; the suppression in margin is something which is kind of holding us back to give a premature full year guidance on EBITDA. So, has that construct changed at all so that we are unable to maintain that absolute EBITDA on the products we are selling? That would be my first one.
Sir, secondly, the contract that we had signed earlier, I think the one that we had with SABIC and then the other third one, the Rs. 90-100 crore annual sales exposure towards, has there been any change on those accounts, are we realizing the full potential of that if you can comment something on that please?
Aarti Industries Limited CC-Mar24.pdf · 2024-05-13
I have a couple of questions. So first one, just the way we have kind of given a guidance for FY'25, the lower end, and the higher end of the EBITDA guidance span – would you be able to venture a number with respect to the peak EBITDA that we can achieve from the existing assets that you have, excluding the upcoming capex in Chloro Toluene and the multipurpose plant? Could there be a range that you can guide?
Sure, Sir, my second one was with respect to the NT and ethylation plant. I think both of them are going to be key contributors to both the contracts that we have recently gotten into. Would you be able to share the highlights of what we did with t hose 2 contracts in FY'24 if you can substantiate that also with the commissioning of these two facilities in FY'25 for which the capex is ongoing, would the entire volume be assumed to be diverted towards these 2 new projects that we have signed? So I was just trying to understand how the volumes will shape up with the new facility commissioning.
Aarti Industries Limited CC-Dec23.pdf · 2024-02-09
Sir, I was just going through the volume numbers that you have shared for this quarter and for the last, maybe, 8 to 12 quarters. Especially in NCB, I can see that, if I have got the numbers right, our volumes have ranged between close to 18,000 tonnes to 19,000 tonnes in a ballpark range for a meaningfully higher amount of time, even after adding the chlorination complex of late. Does that mean that our base business, which is predominantly the Chlorobenzene and the NCB chain, has been grossly underutilized till now and does that also mean that the base business has a far better potential to grow even beyond FY25 or FY26?
Sir, just delving into the same Nitrochlorobenzene capacity, I think a large part of our chlorination complex was also dedicated towards 2,5-DCP which was a dicamba intermediate, and now that it is not being used to the best of its capacity, would that mean that there will be divergence of this capacity towards the existing product portfolio that we have, which can potentially trigger growth, maybe in FY25 and FY26?
Aarti Industries Limited CC-Sep23.pdf · 2023-11-06
So, just trying a bit on the margin front. Earlier sir, we used to sort of give a split of our five blocks wherein we used to operate wherein we used to classify chlorination and nitration, more of commoditized products and the hydrogenation, ammonolysis and halex chemistries, i.e., more of specialized kind. And the split used to be somewhere close to 80:20, 80 favor of specialty of course. Would it be safe to assume that maybe in the first half, we have experienced more of specialty products in the mix and the inferior margin products are not a part of the current sales, which is why we have been able to see decent margins for this quarter?
So, we have seen that impact, got it. Sir, just another confusion that I had on the CAPEX front, we have mentioned that Rs. 1,200-1,300 crore of CAPEX for this financial year and Rs. 2,50 0-3,000 crore of CAPEX, would that be on the top of this, would this be FY25 and FY26 or the current Rs. 1,200-1,300 crore part of this Rs. 2,500-3,000 crore CAPEX?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Jun24.pdf · 2024-07-30
One question on the Rs. 540 crore CAPEX, we had a Rs. 600 crore sales guidance that we ventured a few quarters ago given the deterioration in prices that we have seen over the last few quarters would that number still stay and also if you can give a margin guidance as to what we can expect that to be. Thank you.
So, the price deterioration has not impacted that peak number that we were targeting. That was the only limited clarification I was thinking?
Navin Fluorine International Limited CC-Mar24.pdf · 2024-05-07
My first question is within the spec chem piece, especially with the multipurpose plant comment about capacity utilization that you made earlier that our exit rate was approximately 80%. I was just trying to do some numbers here given that you have mentioned the total potential from the MPP with respect to sales that we can deliver close to INR270 crores to INR280 crores. And going by the same cues, there were approximately four to five products, which would have contributed to that kind of a top line. So with this 80% utilization that we mentioned, are all those four or five products being produced? Or there is some more product launches eventually that will help us to get to that number, let's say, a couple of years down the line?
Got it. Perfect. Sir, one last question on CDMO. While it's quite appreciable that you've started giving out some details on how we are progressing with some pharma companies and the U.K. pharma major addition after the previous quarter announcement with some strategic dealing with a US-based company. I just wanted to understand if one has to substantiate this. Is this in the same direction that you mentioned earlier that will help us reach a 50-50 split between early stage to commercial molecules? And would this also mean that in the next leg of our capex, which we announced last quarter of INR288 crores, these initiatives will land some place in that new plant over a period of time?
Navin Fluorine International Limited CC-Dec23.pdf · 2024-02-06
I just had a few facts checks, especially in CDMO. So you've had a few announcements in the past. So there was -- there's been a contract that we signed with Fermion. And then there was a discussion abo ut the $16 million PO with an American company. And now speaking of expansion of the MSA with 1 European customer and the commercial opportunity that we have received from an American customer. Is there any overlap with this?
Got it, sir. And with the same American partner that we are speaking of, we have intended to commission around INR160 crores in Phase 1, which I think Vishadji mentioned earlier is towards this particular contract. But the total capex number being INR288 crores, I was just wondering if there are 2 dedicated blocks separate to service different customers? Or how should we read this?

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Dec23.pdf · 2024-02-07
So first one on the HFC-32 project that sort of shelved off earlier, I think our competitor is leasing up their capex to almost double the capacity in R32. Do we have any plans to sort of resume that or put it under consideration?
Sure, sir. No problem. Sir, second one, not sure if I heard you -- if you already answered this question, but if we could provide an update on the solar -grade PVDF, the battery winder-grade PVDF and the semiconductor grade PFA, where are we in the schem e of things towards development and commercial launches of these products? And what the expected timeline of introducing these products in the market?
Gujarat Fluorochemicals Limited CC-Sep23.pdf · 2023-11-03
Wishing you a very Happy Diwali in advance. And Kapil sir, thanks a lot for giving your brief remarks on the fluoropolymers business. So, my question is to you , if you can share a few moments on the PFAS issue. While there is a lot of literature available to read, it's still quite an undiscovered topic. So, if you can share what's exactly happening across the globe, and if there is any impact, we see in the business going forward?
Would this also be the case for the other, I know that we have discovered a route to make PFAS- free PTFE and PFA, but what about the other molecules? I just wanted some more elaborate understanding of this, the way we see it going forward. Because I think the EPAs and five countries in Europe are still kind of hell-bent with respect to taking this issue a bit ahead, which just comes out quite negative. So, just wanted to check your understanding on this.

SRF Limited

SRF Limited CC-Sep23.pdf · 2023-10-30
Sir, I just have one question on some global issues in your conversations, if you can help us explain the way the business has been carried out on the inventory front, what you are made to understand that the MNCs were holding, let's say, four months to six months of inventory in the last two years, three years. Looking at strong demand on the farm side, wherein our growth were also quite strong and certain macro conditions have sort of created this inventory snowball due to which our growth also has been impacted. So, I was just trying to understand, if there is any correlation with the level of inventory that our customers or MNCs were holding. And let us say that in the ensuing quarters, maybe the next year when the base is normal if they shift back to inventories, which are lower than what they were last two years, three years ago maybe when the growth was quite strong. Would that have an impact on our growth also in FY25?