Stockrabit · Analysts
Questions across 48 calls

Gunjan Prithyani

Bank of America

Hyundai Motor India Limited

Hyundai Motor India Limited CC-Jun25.pdf · 2025-07-30
Yeah, hi. Thanks for taking my questions. I actually had the follow-ups on margin, I think, Raghu asked about this discount. Is this 3.4% comparable to the 2% that you shared in the last quarter?
Yes. No. I think what I am trying to understand is, given the discount rise, when I look at the numbers now about 1.4 percentage point increase versus last quarter on discounts and then the operating leverage being lower in this quarter, I am just trying to sort of think through that you have been able to deliver very very resilient margin in that context. So, is there anything beyond product mix you know? Because you did speak about RM 50 basis point. Is the model mix and export mix that big a tailwind that we were able to offset almost 2 percentage point impact of discounts and lower operating leverage?

Motherson Sumi Wiring India Limited

Motherson Sumi Wiring India Limited CC-Jun25.pdf · 2025-07-28
Yes, hi. Thanks for taking my question. Just a c ouple of queries on the results. Firstly, on the cost side, can you just give us some sense on what led to the sharp jump in the staff cost this quarter and directionally, how should we be thinking? Is there more to come from the new plants in terms of the increase in this line item?
And is there more to go on account of these new plants? Or should we sort of assume that cost more or less remains in this range and we should see the revenue kicking in as the new programs commissioned?
Motherson Sumi Wiring India Limited CC-Dec24.pdf · 2025-02-06
Thank you for taking my question. I just had a follow-up on the three new plants that you mentioned. Now, these are all in newer locations, right? Like Pune, Gujarat, all these locations are new. I just wanted to get a sense that when you are expanding into these new geographies, is the profitability or margin going to be very similar to what our core business has had in the past? The reason I ask is because it is a labor-intensive industry, and there may be labor laws which are different expense, which is different on discount. So, I just want to get a color on whether the profitability remains the same when you get into newer locations.
Okay, I understand that and the other thing that you mentioned that we are in conversations with the OEMs to share the pain on the startup cost. Is that a practice which is usual? I would expect that these contracts are only when the revenue starts to accrue. So, is there something that we can expect that these cost hit could come down before the plant ramp-up happens? I am not quite sure of the comment that you made initially.

Bajaj Auto Limited

Bajaj Auto Limited CC-Mar25.pdf · 2025-05-29
Hi. Thanks for taking up my question. Just a follow -up on this 3 -wheeler discussion. I mean there has been some recovery that we've seen on the export side, right? And this did see a lot of drag over the last couple of years. So, anything in terms of the rebound of the business that you can talk about? And there's an interesting comment that you made that the business saw double- digit revenue growth in quarter 4 despite the single digit volume growth, I think it was about 4%, 5%. So, I'm just trying to understand, if I look at fiscal '26, is it fair to say given that EVs are fast growing within the 3-wheeler piece, can revenue growth be double digits still for fiscal '26? I mean both exports plus EVs put together.
Got it. And the second question I had, Dinesh, was on the margins. I think clearly, a good gross margin improvement in this quarter. You did call out FX and Chetak profitability. Can you talk a little bit more on how the contribution margins or overall platform pr ofitability of Chetak stacks up now? And how should we be directionally thinking about the E2-wheeler business profitability?
Bajaj Auto Limited CC-Jun24.pdf · 2024-07-16
Hi Team. Thanks for taking my question and thanks for the comprehensive remarks on all the businesses, it is pretty useful. I just wanted to touch base on the two new opportunities or platforms for growth that you spoke about. Particularly on three-wheelers, now is it possible to get a sense of what percentage of your domestic three-wheeler volumes are now electric ? And also, when you talk about this 30% market share, what is the magnitude of market coverage that we have already in place so far with the distribution network? And then extending a little bit further, just the business expansion on the electric three-wheeler side, the initial thought process is to target the markets where there are license restrictions and then go to markets where CNG is not an option. But is there something that we're looking to tap into the e-rickshaw market as well because that continues to become very sizable portion of the three-wheeler market in itself?
Okay, got it. We don't see a case to have a product which is at a lower price point to accelerate this upgrade from e-rick to three-wheeler auto, maybe a limited range product because the range that we offer right now is quite good for an electric three-wheeler auto. But maybe for the e-rick category, does it need that sort of range and that may allow us to bring down the price point. So, is that something that, from a product expansion perspective, can be explored?
Bajaj Auto Limited CC-Mar24.pdf · 2024-04-18
Hi, Thanks team for taking my question. I have just a follow-up on the EV side. You mentioned that we expect the penetration to inch-up despite subsidies going down, quite interesting to hear that from you. So, what is it that you're seeing really change in the marketplace? And what are we thinking in terms of the portfolio expansion, capacity ramp-up as we get into the fiscal '25?
And what are we doing on the portfolio side in terms of what price points , capacity ramp up milestone, anything that you can sort of share?

Eicher Motors Limited

Eicher Motors Limited CC-Mar25.pdf · 2025-05-14
Hi, thanks for taking my question. I just wanted to go back to the margin question. There were two things that we spoke about last quarter. One was this, EV unveil and a lot of events that we had bunched up last quarter, right. If I roughly remember the number was some Rs.60 - Rs.70 crores. So I am just trying to understand, was there anything specific such sort of events which were there in this quarter that we didn't see any reduction quarter-on-quarter on that front? And also if you can talk about this Rs. 19 crores liquidation expense that you spoke about, what does that pertain to?
And yes, I am just directionally trying to understand like there is clearly, it is good to have the growth back, but I am just trying to understand how we should think about this line item because there has been a pretty big step up. Is it that we do need to do a lot more in terms of the marketing interventions or do you think now we are at that steady state of marketing interventions that it is more about bringing refreshes, etc., just some color, how do we think about this line item?
Eicher Motors Limited CC-Dec24.pdf · 2025-02-10
Thank you for taking my questions. I just wanted to clarify the onetime impact, Vidhya, that you called out. It's INR70 crores, which is to do with the launches in EV, and you mentioned 90 basis points additional. Is that understanding correct, both your 90 basis points and 1.4 percentage points, which is INR70 crores, both of these are nonrecurring as we look into the next couple of quarters? Is that understanding correct?
Okay. That's clear now. And the other follow-up around this I had was that, of course, you've done a lot of value addition in terms of your Battalion Bullet and Classic also. And there were no price hikes taken on those. So is there any pricing intervention that we took towards the end of the quarter or something that is due as you see the response to these interventions quite positive? And while you cover the price hikes, if you can also talk a little bit about OBD related impact that you may see in the next couple of months?

Bharat Forge Limited

Bharat Forge Limited CC-Mar25.pdf · 2025-05-08
Yes. Hi, team. Thanks for taking my questions. My first q uestion is just trying to understand that of course we don't know how the tariff situation is sort of eases, but at the moment, what is the sort of conversations that you're having with the customers ? And just also want to be clear , is the tariff already under implementation as far as your exports to US go? Subodh Tandale: So. Currently, as you know, the tariff applies to shipments that have left India after 5th of April. So we have time until the third week of May, number one. Number two is at this point there is a clarity that so-called the automotive tariffs that they're talking about will be applicable for the passenger car segment or like products. And the third part of it is that we are engaged with all our customers and all our customers are talking positively in terms of taking over the tariffs from our side, I mean, we won't be exposed to tariffs is what we think, but that's active discussions ongoing with all the customers and considering the situation in the US.
Okay. And just going back to the point you mentioned only to the pass car segment, on the CV segment, is that the implicit message that it's not applicable to truck s or there was also a school of thought that forging comes under steel and aluminum derivative. So if you can sort of just clarify on that as well, whether it's applicable on trucks or not?
Bharat Forge Limited CC-Dec24.pdf · 2025-02-12
Yes, hi, thanks team for taking my questions. My first question is on the overseas subs, which you pointed out is quite a challenging environment. You do also talk about rethinking your manufacturing presence in overseas business. Could you share more around this? Because it certainly seems that Europe will take a lot longer to turn around than what we were guiding initially. So, how should we think about the losses coming down there, or how should we think about the business restructuring that you talk about in the presentation?
Okay. And is it fair to assume that the losses that we're seeing roughly about Rs. 90 crores PBT loss in the European business, that sort of stay will remain at elevated levels for another two or three quarters till we find a more lasting solution to this?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-Dec24.pdf · 2025-02-14
Yes, hi, thanks for taking my questions. Just following up on the emerging businesses, could you also give some color on the aerospace piece? Because there was a pretty healthy order book that you all had flagged earlier on that and you also flagged in this presentation about becoming a Tier-1 supplier for the commercial aircraft. So , if you can give some color on the where the revenue for this business stack-up, how should we think about the growth on the aerospace side?
Sure. I am just trying to get the revenue, you know, sort of some color because I think this is pretty small piece if I look at F24, right? It was somewhere around I think 300, 350 crores. I am just trying to get some sense with the acquisition and this execution. How big can this be? Can this be like, you know, 3-4 times of where the FY24 revenues were?

Escorts Kubota Limited

Escorts Kubota Limited CC-Dec24.pdf · 2025-02-10
Thanks team for taking my questions. I just wanted to get your thoughts on the market share. Because if I look at the industry as a whole, it seems to be doing quite well. But I think our growth has been lagging the industry across regions. So, if you can just share some thoughts on what is it that is dragging the performance? And how should we think about market share improving from here on?
And where does the channel inventories stand now? The reason I'm asking this is because I thought when this whole Kubota - once the Kubota entities were merged, there were a fair bit of product interventions that were due and even the captive FinCo, so when do we see the impact of all this start to reflect in terms of market share improving and growth coming back?
Escorts Kubota Limited CC-Sep24.pdf · 2024-11-07
when I look at the farm business, of course, there's been a huge change with the merger of these 2 companies. I mean, for the benefit of the group at large, if you can give us some sense on what was the revenue and EBIT for the companies that got consolidated? And also directionally, how to think about margin? I mean, of course, Prateek spelled out few measures, but how should we think about margin recovery or margin build out from here because it is just a pretty big reset down, right? So, if you can give us better color on the 2 subsidiaries financials and how do we see the margin shaping shaping up going forward?
Okay. Got it. And just to be clear, this 12% to 13% margin that you are mentioning factors in the localization of engine or 12% to 13% is basically synergies and some interventions which are low? I mean I'm just trying to get what is low hanging versus what engine localization, the greenfield plant will still take time, right? So that potentially I'm assuming is 2 years out.
Escorts Kubota Limited CC-Jun24.pdf · 2024-08-01
Yes. Hi. Thanks, team, for taking my question. I just had a follow -up on the industry outlook. Could you refresh us if there is any update on the emission norm time lines and what does it mean for the industry outlook? And also, where are we on the merger with the Kubota India entities, if there is any progress in that direction?
Okay. And directionally, what does it mean from execution of the midterm plan or strategy that we had laid out? Because I think, correct me if I'm wrong, I think this exercise took longer than what we were expecting earlier now that once it's done, we have the approvals in place. Is there a case that you see acceleration on some of the initiatives that you had laid out for the midterm plan? Is there a change that we should keep in mind after this merger is approved?

Ola Electric Mobility Limited

Ola Electric Mobility Limited CC-Dec24.pdf · 2025-02-07
I just wanted to follow up on the 50,000 breakeven number. Bhavish, I'm not sure -- I mean is it that we're expecting this to be breakeven when Gen 3 kicks in and battery localization benefit kicks in? Because as of now, certainly, at a volume level, which is higher than 50,000, we are -- the losses just seem very wide. So I'm just trying to make sense of this number, please?
And these factors in Gen 3 not the battery localization, to be clear, right?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Sep24.pdf · 2024-10-29
I just had a few clarifications on the comments that was made in press conference around the rural and the urban growth. For rural you guys 8% growth was mentioned and for urban minus 2% growth was specified. I assume this is for first half of the year. Is that correct?
I am just trying to connect this. Rural is certainly growing positive for us and at the same time you also sort of alluded to small car still being under pressure. So, I am just trying to understand what are the demand trends that you are seeing in the rural ? I would have expected that if rural starts to come back or grow well, then this would mean good for hatches and small cars as well, but it doesn't seem to be the case ? It seems like even in rural market , SUVs are the preferred choice or maybe higher ticket price cars are still doing better there. So , if you can share some thoughts on what's happening in the consumption behavior in the rural itself?

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun24.pdf · 2024-07-26
Most of my questions have been answered. Just quick follow -ups on the Hinduja Le yland Finance. Can you sort of give us an update on the timelines? When do we expect the restructuring to conclude and what are the pending processes? And also, if you can sort of give an update on where things stand from an operational perspective, how should we think about the value of that business?
And net worth if I recall is close to about 6,000-7,000 crores in the business, right?
Ashok Leyland Limited CC-Mar24.pdf · 2024-05-24
Just couple of follow-ups. Firstly, on the margin there has been quite a tight control on the staff cost also, if I see sequentially and even most other cost items seem to have been rationalized a lot. So, is there any specific to call out that you think will normalize going into fiscal 25 or these are new slower reset base that's how we should be thinking about fixed cost going ahead?
So, if I recall, I think on a full year basis, last year you had mentioned that there was some Rs. 300-Rs. 400 crores of cost which were taken out. Is there a number t hat you can sort of share maybe, I don't recollect what exactly the number for last year was? But there was this fixed cost program where you were talking about taking out the fixed cost and being very, very efficient around it. Is there a number that you can share with us and how should we think that is there more efficiencies to be made going into fiscal 25?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Mar24.pdf · 2024-05-08
Two questions from my side. Firstly, on the market - April, like you flagged, it did seem like a very strong month for the industry as well as Hero, so any change in market sentiment that you have observed, the little bit of festivity, marriage season on the rural or the bottom of the pyramid. So to say, anything that you can share around the market at the lower end of the segment or entry segment?
So, if you were to hazard a guess, let ’s say for the industry, would you think a double di git volume growth is still feasible this year given that we still got more to do from a cycle recovery perspective sentiment is positive. Do you see that, is a possibility in FY25 - double digit volume growth?