Questions across 4 calls

Bharat Shah

Firm not listed in source transcripts

Mankind Pharma Limited

Mankind Pharma Limited CC-May26.pdf · 2026-05-20

Yes. Bharat Shah from BCS Capital Idea s Limited. First of all, congratulations, Rajeev ji. Finally, we are seeing the performance that we have come to ascribe with Mankind always. So, congratulations to you and Sheetal ji, and the team. There were basically 2 broad questions I wanted to understand. One got partially answered earlier, but I'll repeat it. We acqui red BSV at a point of time where prima facie from a variety of points of view, it appeared whether we overpaid and whether it is going to deliver and whether it has really delivered or it has underdelivered. In other words, sum total of the benefits, whether it is exceeding the kind of challenges and difficulties such a large acquisition poses and whether it has played out as we thought from a strategic point of view. Secondly, the entire manpower churning to bring the energy and to bring the same level of aggression that Mankind has been known in the past to pursue long-term strategy, but in a very focused, aggressive manner, whether all the changes despite all the attenuations in between, has it really played out exactly as you desired or there is still a work in progress?

No, that goes without saying. Before Mankind got listed and after it has been listed, I have observed Mankind for a number of years. And I've always admired the tenacity and the reason to play for long run rather than play for 30 -20 kind of a match. At the same time, not losing focus on achieving results and aggression to get what is due. So, it has always been long -term reason and terrific attention to the ground to execute well repeatedly time after time. So, this is -- what you have said is in sync with that. Just one question for Mr. Dhawan. The expected tax rate for the current year will be -- last year, it has been 17%. And year prior to that has been about 20%. So, what is the likely, Ashutosh ji, tax rate for the current year?

APL Apollo Tubes Limited

APL Apollo Tubes Limited CC-May26.pdf · 2026-05-04

Sanjay ji, first of all, most delighted at this quarter results. More than the quantum of the growth, it is the outstanding quality of the growth which is really, really impressive, I must say. I think the focus on the profit pool, focus on maintaining the hygiene and strength of the sales, which has been there for last several quarters, is finally showing up in a remarkable way in our operating results. But what really impressed me was end of Dec ember quarter our net cash on the balance sheet was INR550 crores and end of March '26, it is INR1,510 crores or whatever, which means INR1,000 crores almost cash has been added in a single quarter while profit say net profit of INR350 crores in the quarter, but net cash added on the balance sheet has been almost INR1,000 crores. I think this is truly remarkable. -- Anubhav, would you like to throw light on that?

No, truly remarkable. I must say this and the whole team deserves congratulations because single quarter cash addition of INR1,000 crores is really, really remarkable number, given also a lot has happened in a quarter. I mean, these days lot happens every day. So, in a quarter so many things have happened and the business has delivered this is truly remarkable. The target after the residual INR500 crores liability once they are retired, maybe in the first quar ter also in the current quarter, I think the target to reach negative working capital remains intact, right?

Acutaas Chemicals Limited

Acutaas Chemicals Limited CC-Feb26.pdf · 2026-01-28

Naresh bhai, I didn't have any question, but I just wanted to congratulate you and the team from a small firm with patchy businesses to specialty and multiple products, plus much more on the unveil from kind of commodity businesses in API and intermediate to specialty and developing CDMO, semiconductor and battery chemical specialties, I think the firm has come a fantastic way and all of that in a relatively short period of time. So heartily congratulations to you and the team. This is a dramatic performance.

No. And I've also seen that interaction with your team members is never about numbers, but about the business. And how well, for example, Abhishek, invariably deals with all business - related issues and how things are progressing. It is very heartening. Otherwi se, many of these discussions end up being very mundane, but this has been a refreshing exchange of views while talking to your team.

Elecon Engineering Company Limited

Elecon Engineering Company Limited CC-Mar25.pdf · 2025-04-25

Congratulations to the Elecon team. Finally, the fourth quarter kind of made it worth the wait. Just one question. Given the fact that our overall asset turnover is shy of 1x, actually has fallen compared to last year, which was 1x and is now at 0.9x. That means our return on capital employed remains somewhat less ambitious a number than what otherwise one would look forward to in a quality engineering solution-driven firm. So I would like to hear your comments on that. How do we raise the bar on capital efficiency?

So what kind of asset turnover, total asset turnover we can expect?