Stockrabit · Analysts
Questions across 12 calls

Himanshu Upadhyay

BugleRock PMS

The Great Eastern Shipping Company Limited

The Great Eastern Shipping Company Limited CC-Jun25.pdf · 2025-08-01
Hello. Good afternoon.
Yes. Hi. So, my first question was on regarding this loan we are giving from Great Eastern Shipping to GIL of Rs. 450 crores. When we look at the consolidated balance sheet numbers, what we give in the presentation and standalone, the difference between the net cash is around Rs. 1,000 crores. And one of the largest subsidiaries or working subsidiaries for us is GIL. So, would this majority of Rs. 1,000 crores would be in GIL only? Or it is across various subsidiaries and hence we are giving this loan? Or there is some CAPEX plan on GIL and hence?
The Great Eastern Shipping Company Limited CC-Mar25.pdf · 2025-05-12
First question was on MR tanker side, where on the 3 tankers, we have taken a write-off. What would be the amount of write-off in percentage terms on the overall fleet? And after this write- off means the ships would be now at the current market prices. How are you looking at the segment now? Because from whatever we have purchased, there has been a significant or, let’s say, 10% to 12% type of write-off. Is now the market more interesting? Or it still remains far off from where we decided to have a replacement of the older vessels?
No. So my question was, we decided at those price points that we wanted to replace the older fleet, okay?
The Great Eastern Shipping Company Limited CC-Dec24.pdf · 2025-01-28
Mr. Shivakumar, one question was on the product tankers. When we see our Slide #32, it seems the price of product tankers have fallen much sharp ly than crude tankers. When you gave the commentary, so even in case, so that 15% fall in MR would be higher and crude would be lesser fall in prices of assets, would that be the case or?
And any specific reason? Because last quarter when we gave the commentary, it was something like a large order book is for LR2s, which can move to Aframax also. So, we don't know.
The Great Eastern Shipping Company Limited CC-Mar24.pdf · 2024-05-10
This question is a follow up from last quarter, okay, where we stated that the focus currently is on replacing of older vessels with new vessels on product tankers and we have done some deals. But just I had a question was this that we are selling old MR t ankers nearly around USD14, 15 million approximately and buying new ones for USD30 to USD35 million approximately. We have replaced two MR tankers recently. So, the sunk or invested capital is nearly $60 million. Why not directly buy one MR tanker, which will be again nearly for $30 million and the invested capital will be similar to $60 million, which we are doing by replacing old with the newer one? The question is because the revenue days will be three for $60 million versus two revenue earning days on product tankers what we are doing. Yes, the base assumption is the market will remain good for two, three years, but that is the assumption which we are making even for replacing old vessels with the new vessels, and hence why not directly the additional capital we are doing or adding, we directly buy one more ship for replacement of two ships, where am I wrong in my assumption or I am confused slightly here?
See, the question is the base capital investment remains $60 million in what we are doing and versus adding one more ship directly, okay. But my IRR will be much more front-ended if I have three ships versus two ships because my day rates or the carriers will be -

Thermax Limited

Thermax Limited CC-Dec24.pdf · 2025-02-07
My question was how has the exports done for us? Because for last 2 - 3 years, we have not seen much traction on exports when we look at the annual reports . And whereas for many of the people in the power side, exports have done pretty well. What is the progress you are seeing on boilers and...
So, can we expect the INR 2,000 crores range what we have been showing for the last 4 - 5 years, we can materially cross that figure of international revenue, including exports?

Sobha Limited

Sobha Limited CC-Dec24.pdf · 2025-02-07
My first question was, if you look at the realization per square feet for stock to sell has increased from ₹7,500, what used to be there two years back, to nearly ₹14,000 per square feet, the realization. In the velocity remains slow for such projects, how much does it impact the project level IRR? And can margins be under pressure because of general inflation, which is there in the country and in most expenses? And secondly, what can we do to increase our ve locity for such projects?
And secondly, I think historically, we have stated that the premium projects generally tend to have a higher sales near the completion. But if the project or construction phase is faster, let’s say, in 2.5 to 3 years, do you think the sales velocity will also tend to increase for premium projects because if people are able to see the fully constructed project much earlier sales also?

JM Financial Limited

JM Financial Limited CC-Sep24.pdf · 2024-10-25
My question was on what you clarified on affordable housing because the AUM what we see has increased, okay? Q-on-Q, but the income has fallen. And that MSME is included in JM Financial Products where you sold the portfolio...
Okay. Okay. And next question is we have decided this syndication of our FIF and Wholesale model. Can you give an idea in volatile market, how difficult is syndication of transactions or to down sell them? And secondly, when can we expect the first sell -down for the deals, or are we looking at any deals in Wholesale business or FIF and again on the distressed credit.
JM Financial Limited CC-Mar24.pdf · 2024-05-27
The first question was, in the last quarter, you had hinted that INR 5 to INR 5.5 can be hit from the ARC side on book value of JMFL. After this write-off, is the majority of write -off done or this was unexpected and the INR 5 write-off remains? Secondly, we will be infusing INR 600 crore into JM ARC. Will the partners also be putting capital in JM ARC in proportion to their stakes or we are raising our stakes also?
And the first question that INR 5.0 to INR 5.5 is concluded or do you think that remains?

Apar Industries Limited

Apar Industries Limited CC-Mar24.pdf · 2024-05-14
One thing was -- on the first was that could Chinese competition, what you have stated, it is in both Conductors or Cables business? Or it is only in Conductors when you were...
And one more thing. When we had spoken about the Cables business, okay, you said that we are into many of the products on -- in U.S., which require a lot of approvals, okay? And on the renewable side, okay, around 18 or 20, whatever approvals were there, means a variety of products. So are those Chinese also having similar variety of products and approvals in that market?
Apar Industries Limited CC-Sep24.pdf ·
And 1 more thing. We have stated that about legislative changes have been there. So for more than 400 amps, CTC will be used. So are those legislative changes across the globe? Or is it just for in India when... Kushal Desai: This is something that has been mandated by Central Electricity Authority of India guidelines. And it's a guideline. So usually CEA issues guidelines and then it's the utilities that ends up adopting those guidelines. So it's a guideline for India. Himanshu Upadhyay: Okay. And globally, so is CTC a large market versus PICC, which is paper insulated? Or -- some thoughts on that. Kushal Desai: PICC has been the default product, which has been running for very long. There is a transition happening with PICC being replaced by CTCs. There are many transformer companies that are even using it for less than 400 amps. Many of the renewable energy guys are also preferring CTC because the transformers can be wound also faster and the consistency is much higher. So in solar and wind, when you -- each set of panels has -- so you just keep repeating the same designs. Same thing in the case of a windmills. So that's how the demand for this is increasing because it's faster to wind, the quality of the winding is better and the losses are lower. Himanshu Upadhyay: Okay. And the price-wise, any big difference between PICC and CTC? Kushal Desai: So CTC is more expensive than PICC. But usually, you can justify that because of the lower losses and the higher reliability. Moderator: Next question is from the line of Aditya from Securities Investments Manager.

Triveni Turbine Limited

Triveni Turbine Limited CC-Dec23.pdf · 2024-02-06
Congratulations on good set of numbers. This is a follow -up to question or to replies in previous call and today also. We are focusing more in geographical expansion and to be more near the markets local ly. Can you give an idea of what percentage of sales and technical manpower would be outside India currently vs. five years back? Also, the number of service centres, how they have increased currently vs. five years? And whatever growth we are seeing currently, is it all orders in -house or directly through our own sales team in exports or there is something like some consultants also who play a role in getting the business?
Okay. And any ideal figure you think that service centres, these many service centres can help us?