Stockrabit · Analysts
Questions across 26 calls

Bharat Shah

ASK Investment Managers

Emcure Pharmaceuticals Limited

Emcure Pharmaceuticals Limited CC-Mar25.pdf · 2025-05-22
So, you talked about growing the turnover in the current year, FY '26 by about 13% to 14%, hopefully, more at the higher end. And the improvement of margins by a bout 150 basis points, of which about 19.5% for the year gone by to about 21%. Both on the top line as well as on the margin improvement, is the year following also we have some such ambition or this is confined only for the current year FY '25, FY '26? In other words, INR 10,000 crore FY '26, FY '27?
So, which would mean that this 13% to 14% growth that you outlined for the current year FY '26 similar journey should be expected for FY '26, FY '27. And whether margins will improve by 150 basis points or not like in the FY '26 but some further improvement in margins is what you are envisaging for the year going ahead?

Dixon Technologies (India) Limited

Syrma SGS Technology Limited

Syrma SGS Technology Limited CC-Mar25.pdf · 2025-05-14
Hearty congratulations. Bharat Shah. I just had a comment to offer and would like to have a response from you on that. I think our business model is now acquiring a much more solid and concrete shape. Earlier perhaps the business was -- the turnover was an outcome of the order book and availability where growth of the top line seem to be #1 priority. Now I think balancing the business with healthy profitability, capital efficiency, working capital management and carefully balancing overall business so that business becomes an outcome of the business model rather than the other way around. Would you say that is a fair comment as to how we have evolved in, let us say, last 2 to 3 years?
And presumably greater focus on technology, which is our own ODM business, carefully chosen and selected and improved margin with a discipline on working capital, all that should lead to measurable improvement in capital efficiency?
Syrma SGS Technology Limited CC-Mar24.pdf · 2024-05-13
Hi, Gujral sir. Namaste. One thing I still could not understand is your EBITDA margin guidance, which you said is 7% for 2024 -25. If I look at your last 12 quarters also, not a single quarter is EBITDA margin of less than, all of the quarters are well above 7%. If we are seeing that the consumer business, which is a low margin business, per centage would decline in 2024-25 and would decline further going forward. Why is the EBITDA margin at 7%? I mean, it baffles me. When in last 12 quarters, not a single quarter, forget about a year, but not a single quarter, EBITDA margin is below 7%. It is actually well in excess of 7% in each quarter. Then with improving RFID contribution with reducing consumer business percentage in the total mix and on a larger business with some amount of operating leverage of the spend that we have made on people significantly, plus on the consultancy fees that we have spent, all of that, I can't understand why the EBITDA margin should be 7%.
But FY '24 also not a single quarter where our EBITDA margin is below 7%. Are you confusing between operating profit margin or EBITDA margin?

KEI Industries Limited

APL Apollo Tubes Limited

APL Apollo Tubes Limited CC-Mar25.pdf · 2025-05-07
Hi, Sanjayji. The capacity, you said the growth rate of 20% plus over next 3 years, but your own calculation suggests that it should be better than that because current demand for the structural steel tube is about 9 million ton, which is expected to double to 18 million in 5 to 6 years and essentially if we were to equal between HR virgin material and secondary root material for an half each but over 6 years we expect actually the secondary root to decline and therefore the entire increase to be taken up by the primary virgin material. Therefore that itself suggests close to 20% compounded growth for six years and if we gain the shares further as we expect to, then we should be doing better than that 20% isn't it?
Okay, so you indirectly confirm that, that basically that number is a basic number but potential to do higher than that is evident in the capacity expansion that you are planning yourself.
APL Apollo Tubes Limited CC-Sep24.pdf · 2024-10-29
I just wanted to ask one question. Out of the other expenses which are booked per ton, so which was about 4 ,400 odd in the first quarter, a little over 4 ,000 in the second quarter , how much conceptually is likely to be fixed cost and how much is kind of variable linked to the output? In other words, as we ramp up the sales, what kind of operating leverage I can expect to see on a roughly 1 lakh extra kind of ton per quarter ramp up that we are talking about. Just to get a bit more clarity on that?
I am saying the manpower cost is about Rs. 1,000-Rs. 1,100 per ton in each of these two quarters that I have seen, I am seeing that expense which goes up Rs. 4,400 a ton in the first quarter and roughly Rs. 4,000 in the second quarter. So, what kind of operating leverage one can hope, in other words, how much normatively is the fixed element of the cost broadly? I mean it need not be very precise and how much is likely to be the variable part?
APL Apollo Tubes Limited CC-Mar24.pdf · 2024-05-13
I don’t want to ask question, but I just wanted to make a point. I understand that movement of steel price in 2023-2024 and 2022-2023 was unexpected and was violently high. And I think it is to the credit of APL Apollo, that very difficult period of downward and very volatile prices of the steel on we have been able to deal with it without surrendering or succumb ing. But I also believe that now we have a capacity is coming and we are fully prepared with our assets with the opportunity externally significant, even new opportunity of exports is something that we have opened up. We have one of the highest innovation ratio in STO’s compared to any other player, domestic or the global even people like Zekelman, they have much lower level of innovation than we have. And with the kind of rigor and energy with which we pursue every cost line, whether it is logistics, whether it is freight, energy cost or whatever and with the premiumization value added portfolio keeping all these sectors in mind we don’t have any other option, but to perform remarkably higher the way APL Apollo always has been known for and has been doing. These last 2 years may have been somewhat slow, in someone else definition it maybe 0% , for APL Apollo that 15% is slow only, b ut now we have all the things ready , definitely ready everything is set and for not just ‘24-25, but for years ahead it is our responsibility that right now we have so many sectors in favor of us and after that I believe that our delivery should have been better than the APL Apollo which was there 2 years ago , so I wanted to hear from you, what do you think of that?
I was saying that only. I was not saying about 1 quarter - 2 quarter or 1 year - 2-year Sanjayji.

PI Industries Limited

Solar Industries India Limited

Solar Industries India Limited CC-Dec24.pdf · 2025-02-06
Hi Manish. Hearty congratulations. Manish, on what we have discussed many times before, given all the opportunities in the international markets plus the defense where we have now made significant forays after many, many years of effort to build that activity. Would we say that 20% plus kind of revenue growth for the next 3 to 5 years, that region remains intact, right?
And which will mean that compared to our Coal India, or institutional and the other domestic infrastructure business, both defense and international business, I suppose would be growing at defense clearly, but even international business should be growing much better than that 15% growth rate that you have talked about, right?
Solar Industries India Limited CC-Mar24.pdf · 2024-05-17
A hearty congratulations for the year gone by. I think a year of remarkable tumultuous changes. Ammonium nitrate price volatility, world like a war zone, which in some sense is beneficial to you. But a lot of volatility in many, many key metrics and to manage that and to emerge from it stronger, certainly team Solar and you both deserve great compliments. The -- just 1 or 2 questions on the future outlook. Earlier, we have many times discussed that long-term growth is going to be 20% plus in volume terms. And it would remain at that level or better for at least next 3 to 5 years, considering all the various product initiatives, opportunities within country, outside country, defense and nondefense, all applications. And that is something we have felt comfortable again and again. But for the current year FY'25, volume growth we have saying is likely to be more like 15% domestic and international, hard to club it all together, but maybe 10% to 15%. But in value terms, you gave a guidance of 30% jump in revenue. So, a, is the volume growth softened compared to 20%; and b, therefore, we expect some firming up of the price so that revenue growth is 30%?
Right. Sir, I understood, nondefense part of the business, volume growth will be 15%. Defense will triple in rupee terms. And given the fact that it is better pricing, therefore, overall revenue growth, you expect to be 30% in rupee terms.

Adani Power Limited

Adani Power Limited CC-Dec24.pdf · 2025-01-30
Good morning, Khyalia Sahab, and Dilip Ji. I am little confused about your initial comments about 3rd Quarter numbers being strong and robust, but barring the volumes having gone up 8% in the 3rd Quarter compared to the last year 3rd Quarter , our operating revenues have declined 3%, continuing EBITDA has declined 5%, and profit before tax from the continuing activity has declined 18%. So, I couldn't correlate what that robustness we were referring to. Or did I hear wrong? I don't know, but I am a bit confused on this.
So, Dilip Ji, broadly, volumes have grown up, but realizations have dropped. Finance and depreciation costs have gone up because of the acquired assets. But core performance broadly is similar to the quarter last year. It is not higher, but it's similar. It's higher in terms of the volumes, slightly lower in terms of the profits.

Bajaj Finance Limited

Bajaj Finance Limited CC-Dec24.pdf · 2025-01-29
Yeah hi, Rajeev.
As I observe over the last 15 years, our classic playbook has been use of technology to de -risk our decision-making and remove prejudices, use technology to deliver productivity. Also, we have constantly added new lines of lending so as to de -risk overall business plus give the buoyancy to the asset growth? Along with that, we have always been very, very sharp in both asset and liability management to arrive at the right margin and profitability, be whatever may happen. But generally, we have very adroitly managed that. That coupled with razor sharp focus on the quality of the credit has ensured that our credit costs have remained muted. Our use of technology has given us cross - sell opportunity, plus operational costs being contained. And all that has remained that ROAs have remained very healthy and prudent leverage is insured, the super b return on equity consistently. These playbook has worked out quite beautifully over the last 15 years. Only one note I wanted to get your view on , that Symphony, which has played out very well, where every element of the -- every note of the Symphony is combined together to give a rising crescendo? In other words, asset growth leading to a little higher net interest symptom growth, cost containment gave a little higher profitability. Credit cost containment gave a further higher boost to the profits. But of late, generally, there is more linear equa tion rather than rising crescendo kind of an equation? So I wanted to get your view on that. When are we , even just now Sandeep made a remark for the 26% - 25% plus asset growth in the balance sheet, profit growth at 22% - 23%. Instead of the 25% asset growth, when do we hear 28% and 30% growth in the bottom line?

Acutaas Chemicals Limited

Acutaas Chemicals Limited CC-Dec24.pdf · 2025-01-29
Yes. Hi, Naresh Bhai, good morning. After all the efforts, finally, things seem to be settling in a right direction. I just wanted to understand, we have good visibility as far as our Pharma Intermediate and CDMO business is concerned for the next 2 years. But what are the steps we are taking to build growth engine intake after 2027? Next 2 years, as I understand the business, I think business is reasonably secured and clear. But after 2027, what are the initiatives which we’re building today in order to drive the growth engine ahead thereafter?
So, apart from the generics where we have long-term visibility, are there further engines being built today for maintaining or accelerating growth beyond 2027?

Patanjali Foods Limited

Adani Energy Solutions Limited

Adani Energy Solutions Limited CC-Sep24.pdf · 2024-10-23
Yes, I lost out on the call in between plus I couldn't fully comprehend your answer to the previous question, but on Smart Meter, I wanted to understand what are the constraints on the rollout because 4,000 smart meters or 10,000 smart meters still sounds very modest and very inconsequential kind of a rollout of smart meters?
But if you roll out 15,000 also a day that will take you at max to about 5 million for the next year. That would sound a very small number to my mind unless I miss something. I thought you earlier mentioned that you expect to roll out about 1 crore meter next year. If I heard it correctly, that's what I understood.

Gravita India Limited

Varun Beverages Limited

Varun Beverages Limited CC-Mar24.pdf · 2024-05-13
CY25, barring any acquisition really speaking, that you should mark the beginning of a very favourable operating and financial leverage for us. Is that right? Assuming no significant acquisition occurs in 2025 and we will be digesting the current acquisition of BevCo that we made, assuming no further acquisition in 2025, then 2025 onward should offer a period of, once again, very favo urable operating and financial leverage to us is where acquisitions will get digested and we'll scale them.
In a way, kind of flow -through model, very favo urable virtuous cycle that we witnessed earlier, with top line to operating profit to after the financial leverage into the cash profit due to depreciation, kind of a favo urable virtuous cycle, what we witnessed for preceding period of 2 -3 years, something like that, hopefully should begin in next year onwards.

Jupiter Wagons Limited