Stockrabit · Analysts
Questions across 19 calls

Bharat Shah

ASK Investment Managers Limited

Solar Industries India Limited

Solar Industries India Limited CC-Jun25.pdf · 2025-08-08
Yes. Manish, yet again very creditable performance. Just one thing. I noticed on the new -- I mean, the application of hyperinflationary accounting standard, there is a loss recognized in the first quarter of INR17.5 crores, and there is an income recognized for the last year transferred to the reserve of INR9-odd crores. So either Shalinee or Aanchal, just wanted to understand, is this going to be a ticketing feature? Reported this will be stated in taken into account, isn't it?
So if you can -- this will be done, right? Wherever it rate applies, whichever geography it applies?
Solar Industries India Limited CC-Mar25.pdf · 2025-05-21
Hearty congratulations, Manish and the team Solar. While of course, this moment is a moment of great pride, but I'm witnessed to the strenuous hard work and efforts and reason display in building this business to where it is today. I remember the struggle days of building the defense activity. And now today, it is a stellar piece in what we are doing. So hearty congratulations for that very visionary view of the opportunity and the picture and preparing organization for that delivery. Just one question, Manish. This INR10,000 crores turnover in the current year, would it be reasonable to assume that it will probably double in 3 years' time from now, so say, INR20,000 crores by about '29, given all the opportunity, given all the capacity raising and the capability preparation within the firm, will that target look reasonable in 3 years' time?
Fantastic, Manish. Once again, really a note of big thanks from the country and hearty congratulations for the resounding performance of the team Solar.

Kirloskar Oil Engines Limited

Analysts/Institutional Investor Meet/Con. Call Updates Kirloskar Oil Engines Limited has informed the Exchange about Transcript · 2025-08-07
Yes. Hi, Gauri. You mentioned about the strategic focus earlier and in view of that, the business of pipes and cables was divested. So that's good news. On ARKA, I wanted to understand your long term thoughts. How does it strategically fit with our core business? And kind of given the size of the balance sheet there, the level of performance leaves quite underwhelming in terms of actual numbers. And it actually clouds the picture on a consolidated business basis of the real business performance. I wanted to understand what are the long term thoughts on ARKA and how does it strategically add value and fit in well?
But if we go by the 1st Quarter numbers or even earlier numbers and given the amount of capital that we have already put in, a little less than Rs. 1,100 crores into the business, the returns are very, very underwhelming and it's not a particularly short period, you know, a net profit of mere Rs. 10 crores in the 1st Quarter on the injected capital by the group of less than somewhere around Rs. 1,100 crores. It sounds barely 3%-4% kind of an outcome at a return on equity. That doesn't sound to be good enough. Plus, standalone on a size of a sset book of some Rs. 7,200 crores to make a piffling Rs. 10 crore net profit leaves a lot of questions actually.
Kirloskar Oil Engines Limited CC-Jun25.pdf · 2025-08-07
Yes. Hi, Gauri. You mentioned about the strategic focus earlier and in view of that, the business of pipes and cables was divested. So that's good news. On ARKA, I wanted to understand your long term thoughts. How does it strategically fit with our core business? And kind of given the size of the balance sheet there, the level of performance leaves quite underwhelming in terms of actual numbers. And it actually clouds the picture on a consolidated business basis of the real business performance. I wanted to understand what are the long term thoughts on ARKA and how does it strategically add value and fit in well?
But if we go by the 1st Quarter numbers or even earlier numbers and given the amount of capital that we have already put in, a little less than Rs. 1,100 crores into the business, the returns are very, very underwhelming and it's not a particularly short period, you know, a net profit of mere Rs. 10 crores in the 1st Quarter on the injected capital by the group of less than somewhere around Rs. 1,100 crores. It sounds barely 3%-4% kind of an outcome at a return on equity. That doesn't sound to be good enough. Plus, standalone on a size of a sset book of some Rs. 7,200 crores to make a piffling Rs. 10 crore net profit leaves a lot of questions actually.

Emcure Pharmaceuticals Limited

Emcure Pharmaceuticals Limited CC-Jun25.pdf · 2025-08-07
Satish Bhai, it was good to hear the 5 -year journey that you outlined, which will be marked by not just new partnerships but new innovation, driving new products and geographies and is underpinned by investment in people processes and technology. So that's the session to hear that we feel that on a sustained basis, the growth will come in, so which this quarter is marked it we’ll have to wait. Just to put a little bit of scepticism on that, if you pardon me, but ultim ately, in the pharmaceutical business, sustained and predictable growth will come only from the fresh portfolio of products. The well-aligned therapeutic areas. And all of that is to be driven by new products developed through the sustained research effort. But a large part of our portfolio, my impression is more me too. And therefore, how do we aspire to remain on a continuous growth journey? Or what are the steps being taken so that we address these game on Internet behind half the business and...
Yes.

Deepak Fertilizers and Petrochemicals Corporation Limited

Deepak Fertilizers and Petrochemicals Corporation Limited CC-Mar25.pdf · 2025-05-23
Yes. I hope Sailesh bhai is on the call because in his initial remarks, he made a comment that there was a certain valuation assigned to the Mining Chemical business, which represented the bulk of the value of the firm. And he was expressing wonderment as to why that is the case. So, I hope Sailesh bhai is on the call. Subhash Anand: No. Bharat bhai, keep asking, I should be able to answer your questions.
Okay. Because he raised the question, I thought he ’ll be there to discuss that question that he had raised. But be it as it may, I will reach out to him separately. Subhash ji, if we continue to play coy, and not give proper details of each business in terms of underlying moving parts, its profitability, when the change of the traction over a period of time, how do you expect really speaking for people to be able to analyze the business, which has 3 main activities? And each activity has many moving parts. And therefore, whole aggregate performance is so much harder to analyze unless and until details are shared. Now, of course, the crop business is put into Mahadhan and the Mining business has gone into DMSL. So, picture would start getting more clear. But I wonder why that has not been the case so far? Subhash Anand: No, Bharat bhai, very rightly so. And definitely, we started far more insight into our segmental businesses, what we used to talk earlier. And it’s only a matter of time when you start seeing us coming out with far more detail. Input well taken. We will work on this.

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Mar25.pdf · 2025-05-15
Yes. Congratulations on good outcomes. But don't regard my question as a bit of a spoil sport. I see, of course, the performance is robust in financial terms. But I would say the size of the order book, the strength of the opportunity, all are more in the external segment. It is external opportunity, which is propelling us. But when I look at internals of the firm, the innards of the firm, some of those questions came from the earlier participants about the margins. In a business 21/23 where demand is robust, we believe that we are technologically in terms of quality of engineering, we have superior solutions. We also have a large business size. Therefore, in a business where gross margins are still at a very healthy 40% level, our operating profit margins at just over 6.5% in the year of '23-'24 and just a little over 9% in the fiscal year '25. I'm unable to understand why these are so poor. That means our internal costs are too high or maybe our methods, processes, reengineering something, but prima facie, it doesn't add up?
No. But I would say, Mr. Venu, this is not a finance question. I would say this is a business question. He answered about depreciation and finance costs, but they sit after the operating margins, not before?

Gravita India Limited

Gravita India Limited CC-Mar25.pdf · 2025-05-05
First question, the guidance that we repeated for 25% ROC E in excess of 25% ROC E, but I thought 2 factors would mean that ROC E should be much higher. One, that as the domestic sourcing improves, I suppose working capital relatively will come down. You can -- I mean, I don't know whether that is a correct assumption, but you can highlight on that. And secondly, you also mentioned about 9% net profit margin. Of course, it is for this quarter, not for the year. And it is the highest net profit margin in the history of Gravita in any quarter. So if this is somewhat like a benchmark, then given the fact that margins would improve as well as working capital investment will reduce given the strong growth, should it not mean that ROIC should be much higher? Because we've already reached 27% in the year gone by.
So it would be prudent to assume ROCE in the range of 25% to 30% over the period of time.
Gravita India Limited CC-Dec24.pdf · 2025-01-23
Over time, we made a lot of progress in a number of areas. We have expanded our manufacturing footprint and processing footprint, both in India, internationa lly, handling the complex supply chain management issues. We have expanded verticals and gone into new areas and adding more areas. Even the regulatory trust overall is in support of the industry, given the fact that anything which is going to eliminate or reduce pollution is cle arly beneficial activity. And unorganized to organized per se also affords a large opportunity. So everything overall looks to be kind of very conducive. But if we have to think of something which has to go wrong, if something were to go wrong, what could that possibly be?
So many of these issues, geographic disturbances, the freight cost escalation or disruption, these are relatively more shorter-term issues. Structurally, anything that you're thinking again...?

KPIT Technologies Limited

KPIT Technologies Limited CC-Mar25.pdf · 2025-04-28
Yes. This is less on KPIT, but broadly in the -- what is happening in the world in the automobile arena. So it is the impression I get is when I look at what is happening in China, especially on the passenger vehicle side, it is explosion of innovation at a scale, I mean, number of new products, different features, variety kind of stabilizing and customer choices. There is such a dramatic proliferation, which has occurred in a relatively short period of time. And Europe, like most things in life, Europe is behind by a big margin. America also barring Tesla to an extent that to an extent that innovation is not to be heard. And even Japan seems to be fairly behind. So given that kind of context of that industry, if I'm right in my judgment, what it means is despite the highly questionable trade practices and commercial behaviour of China. So it will raise the heckles of other countries and put up barriers like we are witnessing. But that kind of innovation can kind of damage the brand equity. I mean, if Mercedes is charging a hell of a lot of price but offering inferior features, suddenly the brand equity gets eroded when you find far modestly priced vehicles with so many features that Mercedes simply doesn't offer. Don't you think that kind of a risk seems to be around, and given your business being predominantly in these geographies?
No. I understand, you try even when your customers are in trouble, because otherwise their survival is at a stake and therefore they will need to invest. But if your customers or primary customers are usually behind the curve, doesn't it affect you over the period of time that also makes you behind the curve at some stage?
KPIT Technologies Limited CC-Dec24.pdf · 2025-01-29
Yes. I think this call has come a little late. I had to get off the call to something else. But quickly, what I understood from your narration is that your clients' business challenges apart, the progress on the sales being good or otherwise apart. Fundamentally, we offer a solution and capability which results in a relationship with auto client, which is not transactional, but which is a deeper engagement. And therefore, that gives us ability to grow even when your clients are facing challenges. That was, in some sense, is a meaning I could derive.
Thank you. Which means, we are not linearly correlated to the business issues and challenges and otherwise facing clients. We are fundamentally problem solver for them. And so long as these clients are going to remain in the business, technology flux, whet her it is EV or hybrid or this or that really is an opportunity rather than a concern for you.

Transformers And Rectifiers (India) Limited

Transformers And Rectifiers (India) Limited CC-Mar25.pdf · 2025-04-08
My hearty congratulations , Jitendra bhai, Satyen bhai and Chanchalji. This is a remarkable testimony to something that you charted out some time back and a really delightful execution, I must say. Just two initial points that I wanted to understand. The margin in the fourth quarter in particular is quite healthy and surprisingly robust. Is this operating margin of almost over 19% for the fourth quarter on a consolidated basis? Chanchalji, is this representative of the picture ahead in terms of the margins?
All well. Thank you.

Page Industries Limited

Page Industries Limited CC-Dec24.pdf · 2025-02-05
Hi. First thing first. Many times over several periods we mentioned that we're very ambitious plans for the future in terms of growth. And Mr. Genomal also many times has laid out his vision of likely business in the future, the level. But whenever we discuss the quarterly outcomes in the business, we typically ascribe it all to the consumer sentiment and general environment. If everything is going to depend upon just the sentiment or belief of the customers, then how are we seeking to achieve the so -called ambitious plans and the projects? You also mentioned that internally you are well prepared, technology, people investment, brand portfolio , production assets, distribution channels, all are in place. Then the picture one gets is that of a kind of a helplessness to the externality rather than having a number or a target in mind which needs to be driven to?
All of that will be muted outcomes, period after period. If the externals are favorable, the internals are well aligned, then why are the outcomes we are so cautious about outlining?

Syrma SGS Technology Limited

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited CC-Jun24.pdf · 2024-07-29
Raviji, hearty congratulation. This elevation was waiting for a while and most deserving.
Absolutely. I just wanted to understand the sense of our distinct. If I look at the past, Chola, if I had to describe it as Chola 1.0 was more about decent ROE good enough ROE and reasonable growth while keeping quality and other parameters impeccable, given the context of the verticals that we finance. Chola 2.0 of the recent period, which is still I think is going on, is more about enhanced growth rate. While ensuring that our quality and capital efficiency parameters don't suffer, in fact, it appears subject to opex is to enhance that. Now you have talked about moderation of expenses and operating leverage kicking in, so given the effect of that happening in some time, given the fact that in any case, we have always remained focused on quality of the assets and the emphasis on the capital efficiency, both ROA and ROE, what kind of, in the 3 to 5 years sustainable growth you would think you need to have and you target to have?

Patanjali Foods Limited

Patanjali Foods Limited CC-Jun24.pdf · 2024-07-22
Two questions. One is on the Food business that you referred to. So , what I could understand, correct me if I'm wrong, Biscuits business, both in turnover as well as margins has improved. Also, that is the case with the Nutrela business, both top line as well as margins have been in sync with our plan. What you referred to as the Food business and what you subsequently explained, I could understand that you are looking at it in two parts: Indian or specialty foods, Indian ethnic kind of foods and the consumer staples. So, which -- what are these two activities that you are referring to? Can you please explain each of those two parts? What are the underlying products that you are referring to? And what is affected like in March quarter where margins were kind of low compared to traditionally both margins we have enjoyed and what we think we need to have, compared to that the March quarter also was weak. June quarter also has been weak. So, if you can explain what is linked to this? And finally, what is the outlook on both of these activities in the food business, so that one can get a better picture ahead. You referred to something about 11% margin that I couldn't fully comprehend?
Thank you Asthana. Just a follow-up on that. Essentially what I understood was that other than biscuit and our proteins the Nutrela business and nutraceutical business the rest of the food is either the ethnic specialty which is a higher margin and the staples which are low margin, single- digit margin kind of business. So two things happened in the quarter and the consideration in June '24. One that the mix was adverse, it was more loaded in favor of the staples a nd secondly because of the adverse and reduced turnover for the specialty ethnic foods, the overall margin further suffered because of the negative operating leverage. Second, what I -- correct me if I'm wrong. What you are saying is essentially both the mix and the margin therefore should come b ack pretty quickly. Is this aberration due to inventory buildup as well as the strong heat wave which affected categories like Chyavanprash and others. Is that what my understanding correct?

Adani Enterprises Limited

Adani Enterprises Limited CC-Dec23.pdf · 2024-02-01
Yes. Hi Robbie, just one thing on the airport business. While Indian air traffic may grow 4x to 6x, it's quite conceivable given all the fundamental strategic changes which are happening in the activity and the way government is kind of building a strong ecosystem around the air traffic activity. But given the kind of airports that we have got and then adding, of course, a significant addition from Navi Mumbai Airport, it's not easy to understand how our airport portfolio can achieve that 5x or 6x kind of growth in the decade which is upcoming?
So essentially, Robbie, what you are saying is that we are viewing that airport and aviation activity really from a larger perspective of non-pax revenue. And it is not the pax movement or traffic growth, but overall revenue growth to be derived from the aviation activity, which is where we will score well above where the industry would be. And in that journey, almost two - thirds would come from non-pax or relatively less capital intensive activity. And only a third of that revenue would be more like from the pax. So essentially, the character of our aviation efforts would be less capital intensive and non -pax driven activity. The total growth rate, without even counting acquisition that we make it on the way, overall will outgrow the industry revenue growth.

Ramkrishna Forgings Limited

Ramkrishna Forgings Limited CC-Mar25.pdf ·
While the final report would emerge, as you mentioned, in some time, and I hope it confirms everything that has been narrated just now. I don't have Q4 & FY’25 Earnings Conference Call Transcript Page 20 a question today, so I just wanted to make an observation. Every failure or every challenge is a source of opportunity. A failure is a source of opportunity to make things far more robust and prevent brittleness to come in. I hope this has been a significant and a rude kind of a shock, but it doesn't have to remain that way, if we convert this challenge into a big opportunity by making our systems tight, by making things more efficient. And in fact, given that this opportuni ty has created confusion about margins, but which you talked about at length, I think it gives us a fresh opportunity to look at our cost structure, our pricing, our efficiency so that as soon as possible, we get back to the kind of profitability and capital efficiency that we believe would come forth with the rising scale and the sophistication of the kind of products that we are offering. In short, while indeed, this has been a rude kind of, very impolite kind of interruption, which has occurred, but it doesn't have to remain that way if we take the right and constructive lessons out of it?
Deeply appreciate. And I also appreciate your statement earlier that there has been no cash leakage and there has been no theft or manipulation, Q4 & FY’25 Earnings Conference Call Transcript Page 21 which has occurred. And therefore, despite no cash leakage from the system, if you have chosen to put as promoter the funds back into the money by restoring the Net Worth because implicit assumption is that the investors believe the profits which were there for these 2 years, even if there was no cash erosion, these profits at least were presumptively there. And therefore, now that they are not there, you have chosen to put it back into the system. I think it's an act of definitely good behaviour. I deeply appreciate.