Questions across 52 calls

Chandramouli Muthiah

Goldman Sachs

Eicher Motors Limited

Eicher Motors Limited CC-Mar25.pdf · 2025-05-14

Hi, good evening and thank you for taking my questions. My first question is just on your outlook for FY '26 in the domestic Royal Enfield, exports Royal Enfield as well as the VECV businesses. I think last year we had started the fiscal year with expectations of 10% volume growth for the premium motorcycle category and I think we were able to deliver slightly higher than that on the full year. So I just want to understand how you are thinking about your motorcycle category for FY '26 and with your product launches, Hunter 350 plus, looks like there are a few more on the way. How you think about Royal Enfield's prospects in this space and VECV as well?

That is helpful. My second question is, on couple of data points, if you could share the full year export revenues as well as the non-motorcycle revenues, please?

Eicher Motors Limited CC-Sep24.pdf · 2024-11-13

Hi Good evening and thank you for taking my question. My first question is just around the average selling price on the Royal Enfield side this quarter. We've had a relatively stable mix in terms of domestic versus export quarter-on-quarter also, relatively stable mix in terms of 350 cc quarter-on-quarter. 450 has improved slightly quarter-on-quarter, but there seems to be moderation in ASP quarter-on-quarter. So, just trying to understand what were the factors that might have driven it?

Got it, that’s helpful. Second question is just around some of the launch related costs that we might have had around the Guerrilla during this quarter, just want to understand, there has been a visible pickup in other expenses quarter-on-quarter. Next quarter we have Motoverse as well. So, how should we think about sort of the run rate on the other expenses line item for Royal Enfield heading into the back half of the year?

C.E. Info Systems Limited

C.E. Info Systems Limited CC-Mar25.pdf · 2025-05-12

My first question is just around the mix of growth we've had this year. So we've done close to 22% Y-o-Y growth for the full year. And it appears that initially, I think at the start of the year, we would have thought IoT would have driven most of the growth. But I think with the shift in focus on some of the SaaS revenue, it looks like it's the Map-led business, which has driven most of the growth. So I think at the start of the y ear, we would have thought that EBITDA margin might be trending more moderate over the next 3 years heading into FY '28 because of IoT being the primary growth driver. So just going forward between now and 2028, do we expect IoT to remain the mainstay of growth? Or is the shift in strategy now a li ttle more focus on Map-led higher-margin growth? And just in that context, if you could comment a little bit on your 35% to 40% EBITDA margin range, how we should think about that as the new strategy sort of takes shape?

Got it. That's helpful. And just as a follow-up to that, if you're able to share in this current environment where we are focused on growing SaaS, is there sort of a rough estimate of what SaaS revenue is as a percentage of our total company revenue? And how that has been trending over the past couple of years as this strategy has been taking shape?

C.E. Info Systems Limited CC-Jun24.pdf · 2024-08-12

My first question is just a follow-up on the Io T business. Thanks for your earlier comments on that. So just trying to understand the interplay between the software part of the IoT business and the hardware part of the IoT business. You’d think that the hardware part is sort of an installed base on which the software bit can be annualized potential revenue there. This quarter, we've seen a meaningful pickup in software part of the business, which I'm guessing is slightly higher margin. So just trying to understand how the interplay between hardwa re installed base and software annualized revenue should ideally work in your plans going forward?

Got it. That's helpful. My second question is on the INR1,000 crores target that you've set for yourselves in FY '27, '28. That would imply sort of mid-30s to maybe 40% annualized top line growth. Just looking through your financials over the past 3 years, it looks like 1 out of 4 quarters might be a little slower versus that run rate, possibly because it's a B2B business,. So just trying to understand in FY '25, how do we think about that slight lumpiness in the business? Is this sort of the one-off quarter that you foresee in your business planning for FY '25? And do you see the balance 3 quarters as being on track for that 35% to 40% growth target that you've set out for yourselves?

Ashok Leyland Limited

Ashok Leyland Limited CC-Dec24.pdf · 2025-02-12

Hi, good evening and thank you for taking my questions. My first question is just around industry growth. So, I think previous quarter, I think the expectation was that on a full year basis, FY25 might be closer to sort of flat volume growth for the CV industry. And for that to happen, I think the fourth quarter potentially will be 4% or 5% volume growth. I think January has started off, as you said, slightly better than that. So, I just want to understand how you are thinking about, is there any upside optionality or downside risk to this flat volume growth for FY25 the way you are seeing it? And how that leads your view into what potential magnitude of growth you would expect in FY26 as things stand?

Got it, that's helpful. My second question is just around, I think this margin upside that we've seen this quarter from CV companies operating in the Indian market. I think the last two quarters, we had YOY ASP declines, but our ASP a t sort of a console level, this is up 4% YOY this quarter. We've had similar volumes quarter-on-quarter, but margin has been much better quarter- on-quarter. So, just trying to understand what the factors were in delivering some of this margin upside this quarter?

Ashok Leyland Limited CC-Sep24.pdf · 2024-11-08

My first question is just trying to understand the back half of this year and the base effects from last year. I think in the December quarter, we had 4 to 5 state elections last year. This year, it doesn't seem to be recurring. Also in the March quarter, which is seasonally stronger, I think last year, there was pre -general election sort of factors, which maybe subdued the base. So just trying to understand at the current run rate of demand that we are heading into, maybe the seasonally stronger back half, how do you think about the base effects? And is that supportive for potential outperformance on growth going forward?

Got it, that's helpful. My second question is just around the mandatory AC cabin norms. So just trying to understand that slightly better across MHCV and LCV, if you could just give us some colour on presently, what is the share of vehicles, the vehicles that you sell that already is air conditioned on the cabins, LCV and CV? And also, by what time would this potentially become 100%? And if so, what is the kind of ASP delta on non-AC vehicles versus AC vehicles on your fleet?

Ola Electric Mobility Limited

Ola Electric Mobility Limited CC-Dec24.pdf · 2025-02-07

Hi, good evening and thank you for taking my question. I have two questions and I'll ask them upfront. First one is, just around the motorcycle launch, congratulations on that. I just want to understand at what stage will you potentially start sharing the team's numbers to the motorcycle community on the motorcycle product? And the second question is just around your battery strategy. What sort of yields are we at at this stage as we approach the June sort of in-house battery usage in some of our products? And when do we expect the battery strategy to be accretive to our close margin proﬁle versus buying sales externally?

Got it. Thank you very much and all the best.

UNO Minda Limited

UNO Minda Limited CC-Dec24.pdf · 2025-02-06

Hi, good evening and thank you for taking my questions. My first question is just related to the comments that you made on fast tracking some capacity expansion at your Hosur plant and I think you also mentioned that there is some new opportunity that is emerging. Just want to understand what the nature of the opportunity is and also if it has anything to do with some of these electric SUV launches that we have seen more recently at the Auto Expo. The second question is just around the budget related tax savings that a large part of the tax filing community might get over the next year. What your views are initially on what that could do to production run rates at your two-wheeler and four-wheeler customers? And the third question is just on your capacity expansion over the next 2 years, how we should think about startup costs around that capacity expansion and if there is any indication that you would like to give around what the margin ranges for the business could be as a result?

Got it. And just if you could repeat the numbers that you mentioned on sensor controller, ADAS, blow molding, and FRIWO, I think we couldn't catch all those numbers, if you could just repeat that once again, that is just the one clarification I had.

KPIT Technologies Limited

KPIT Technologies Limited CC-Dec24.pdf · 2025-01-29

My first question is just on the Nissan Honda merger, which I think was discussed earlier as well. So I just want to understand of your 63 active customers today, is Nissan a part of that? Or is it something that you'd think is incremental if it were to come through potential Honda merger?

Got it. Got it. That's helpful. Second bit is, I think for many quarters, your active client count, I don't know how much it matters, but your active client count has been at 60 clients. And I think after a period of 5 or 6 quarters, we've now seen it incr ease by 3 clients. You also gave some commentary in your prepared remarks that you've been able to sign on some new clients. So I just want to understand what is the nature of these clients? Are these new age OEMs? Are these legacy OEMs you didn't work with? Are these semiconductor companies? Are they Tier 1s? Just trying to understand that.

KPIT Technologies Limited CC-Sep24.pdf · 2024-10-23

First question is just on the commentary you made during the prepared remarks around guidance that you're reiterating. So, I think you have given a range of 18% to 22% Y -o-Y constant currency revenue growth and 20.5% or higher EBITDA margin. So, in the first half, we seem to be tracking at the higher end of the range, sort of 21-ish percent constant currency revenue growth and EBITDA margin also closer to 21%, so I just want to understand how you think about the back half. And then in the context of your commentary that, that growth might be at the lower end of that 18% to 22% for FY '25?

Got it. That's helpful. Second question is just around the fund raise. So, you mentioned that it's enabling resolution for the next 12 months. Just wanted to understand, I'm sure we are already prospecting potential candidates. So, any color around is there any specific geography or any specific domain where you're looking for assets and also sort of what might be the realistic time line for potentially closing on some of the assets that you're considering?

TVS Motor Company Limited

TVS Motor Company Limited CC-Dec24.pdf · 2025-01-28

My first question is on the OBD2B norms, which I expect to be introduced on 1st April 2025. So I just want to understand what additional components you might need to add? Are there any price hikes we need to take? And is there any prebuy factor that we need to factor in heading into that period?

Just a follow-up on that, I think we had OBD2A exactly 2 years back, and I think the industry took between 1.5% to 2% sort of price increase at that point in time. So do we sort of compare similar to that sort of magnitude of price hike? Or is it going to be slightly different?

TVS Motor Company Limited CC-Sep24.pdf · 2024-10-23

Congratulations on the favourable response to the Jupiter 110cc. First question is just product related. I think while Jupiter and Ntorq have had a good start to the festive season and good volumes for previous quarter. It appears that Raider 125 in the sports category seems to be moderating a little bit. So I just want to understand, is there any production-related issue there? Or are we considering sort of repositioning the product in light of recent competitor events?

Got it. That's helpful. Second question is on just festive season comments you made earlier in the prepared remarks. I think you mentioned that so far industry festive volume growth on your estimates is 11%. But you also mentioned sort of 3Q volume growth, I think it was 4%. I just want to understand where there is a contrast between those two numbers?

TVS Motor Company Limited CC-Jun24.pdf · 2024-08-06

My first question is just on the other expenses line. This quarter seems to be about 11.4% of the total topline. The last time we had another expenses this high in ratio versus topline was around the June 2020 quarter during COVID. So, I just want to understand is there any one -off in the other expenses line item this quarter, because we've seen 3% Q oQ revenue growth, but other expenses have grown much, much high?

I am just saying the 11.4% other expenses ratio versus topline

Tata Technologies Limited

Tata Technologies Limited CC-Dec24.pdf · 2025-01-21

My first question is just around the environment for spending on electric vehicle R&D and autonomous vehicle R&D. You did mention in your prepared remarks that you expect more policy clarity around climate change and electrification-related incentives from different governments around the world? So just want to understand, post the inauguration of the US presidency last night, there are press articles talking about his focus on trying to come a little lower on the electric vehicle mandate, focus a little more on local fossil fuel production. Just want to understand what your initial thoughts are on some of the emerging news flow soon after the Presidency inauguration last night?

Got it. That's helpful. My second question is just a follow-up on the aerospace business. You mentioned there is an impressive sort of 39% Q -o-Q growth there. Just want to understand, post that sort of growth, what the rough size of the aerospace business could be just ballpark as a percentage of our total revenues today?

Tata Technologies Limited CC-Sep24.pdf · 2024-10-28

Hi, good evening and thank you for taking my question. My first question is just on the broader environment for your core automotive segment. Just trying to understand, I think you made a few comments around sizes of deals being slightly smaller and they're waiting for a couple of quarters for more clarity on how the growth might start to rebound in the EV investing end market. So can you just provide a little more color around those comments and then maybe what you're seeing in your core customers, I think one of your peers had mentioned that JLR is not mainly the primary growth driver for the balance of this fiscal year, it's s ome of the other OEMs, which might be driving most of the growth. So just that angle between anchor customers and non-anchors as well.

Got it. That's helpful. Second question is just around some of the useful comments you had shared with us on BMW. So thanks for that. So just trying to understand, I think at this point, we seem to be guiding for over time, that could be $100 million revenue opportunity. Just want to understand a couple of things around that. Do we expect to account this in the revenue line? Or is there clarity around whether it comes below the EBITDA line of share of profit from JVs? And also, just related to that trying to understand given that it's a JV, would you expect this to be as an entity, more profitable than your current core business? And what will be the sort of start -up costs associated with setting it up? When do you think it migh t achieve steady-state profit?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Sep24.pdf · 2024-11-15

My first question is on the premium portfolio. We are making efforts in expanding the product portfolio as well as the network. At this stage, it appears that in volume terms, about 18% to 19% of our volumes are EVs plus scooters, plus 125cc and above. So just trying to unde rstand from a margin perspective, what's the sort of scale we need to achieve here to get that portfolio closer to corporate average margins?

Sure. That's helpful. Second question is on electric motorcycles. So I think you did make a very interesting presentation in January this year at the time of the Xtreme and the Mavrick launches. I think that you mentioned that you start with performance, t hen premium and over time go to mid-premium and mid-segment on motorcycles from FY '26 and beyond. So I just want to understand how we are thinking about that plan and also on timelines for execution on that?

Hero MotoCorp Limited CC-Jun24.pdf · 2024-08-14

My first question is just on the good volume trajectory we've seen in wholesales in 1Q. I think we were the only company to grow wholesales double digits in 1Q quarter -on-quarter. I think rest of industry was more sub -3%, sub-4% wholesale growth quarter-on-quarter. So just trying to understand, heading into festive season, where we are on channel inventory at this point and how we are thinking about managing that heading into the spike in industry demand seasonality.

All right. And just related to that, a follow -up. For the quarter, how would you say our retails were versus our wholesales just in terms of growth?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Sep24.pdf · 2024-10-29

My first question is just on the model lineup. I think we have mentioned that we plan to launch one EV per year over the next five to six years

Makes sense. So, on average, one EV per year till the end of the decade., five to six potentially, we currently have about 20 Maruti Suzuki branded models in the market and we are selling maybe three more through Toyota. So, just trying to understand that 28 number of models number over time are likely to be mostly EV launches going forward with ICE refreshes, or do we have completely new ICE models also that can surprise and excite the market over the medium term?

Maruti Suzuki India Limited CC-Jun24.pdf · 2024-07-31

Hi, good evening and thank you for taking my questions. My first question is on the topic of SUVs. So, if I just look at your mix, just adding utility vehicles and vans, FY 19, it was about 25% of your domestic volumes. In Q 1 FY24, it was about 36% of the domestic volumes, and Q1 FY25, it seems to be 45% of domestic volumes. So just trying to understand, I think for the full year, FY 24, close to 60% of domestic car volumes was utility vehicles plus vans. And as you plan your capacity and your model launches for the next five years of growth, just trying to understand if you're trying to target SUV mix to be beyond 60% that the industry enjoys today in volume mix?

Got it. That's helpful. My second question is slightly more futuristic question. I think Suzuki is investing in a battery manufacturing plant in India. I think production there is potentially expected to start in CY26. So, I just want to understand initial ly, do we plan to first start with assembly of the battery packs or do we think that we can start with cell manufacturing around that timeframe? And just in addition to that if you can shed some light on if there's any battery chemistry preference that the Company has at this point? Most electric cars in India seem to be running on LFP technology, but Maruti has thought out of the box in the past. So just trying to understand what your thinking on battery chemistry is at this stage?

Bajaj Auto Limited

Bajaj Auto Limited CC-Sep24.pdf · 2024-10-16

Hi, good evening and thank you for taking my questions. My first question is related to Freedom 125. Congratulations on your efforts in building that franchise. You mentioned that you've had a lot of discussions with your customers trying to understand their experience. So just specific to the CNG network, I think we have about 10,000 CNG pumps in India at this stage. What is the average wait period to refuel that most of your customers currently have and related to some of the efforts that you're ma king with some of the CNG network partners, what sort of the feedback you have in terms of how much that wait period could come down over time?

Got it. That's helpful. My second question is related to some information y ou have shared on electric three wheelers. So, you mentioned that now it's available in 700 locations. So, I just wanted to understand if you were to contrast the number of locations where the ICE 3 -wheeler is available versus the number of locations where the electric 3-wheelers available. What is the incremental network related growth potential on the electric 3-wheeler business, considering that there is 35% market share in electric 3-wheeler versus 78% in I CE 3-wheeler, just trying to understand what the network gap there is and how that gets bridged over time?