Stockrabit · Analysts
Questions across 31 calls

Jinesh Joshi

PL Capital

Lemon Tree Hotels Limited

Lemon Tree Hotels Limited CC-Jun26.pdf · 2026-05-29
Just one small observation. Our management fee income from third party was up by about 29%, which was a very healthy growth but the same from Fleur was up by only 3%. Does it imply that the managed portfolio was relatively less insulated from the Middle East crisis as compared to Fleur, or is there something more to read into this?
Sure, sir. Sir, secondly, if I look at our presentation, I think in one slide, we have given the ratio of negotiated room nights. I think that figure in this quarter was about 55% versus 59% in the base quarter. So just wanted to get some understanding , I mean, have we lost some corporate contracts, or is it that due to fall in occupancy due to the Middle East crisis some of these nights got reallocated to the retail category since temporarily the mix has changed? From a long -term perspective, I mean how to think about this mix between negotiated and non -negotiated room nights? Because I think there is a differential in rates in both these categories as well.
Lemon Tree Hotels Limited CC-Jan26.pdf · 2026-01-15
Thanks for the opportunity. S ir, my first question is on the ownership structure of Lemon Tree in Fleur. Now any specific reason to design the structure in a way whereby Lemon Tree continues to own an indirect stake in Fleur. I mean was it not possible to design the structure whereby shareholders of Lemon Tree directly get shares in Fleur as a consideration for the transfer of room?
Got that. Sir, the reason I asked this question is because a direct stake warrant hold-co discount, whereas an indirect stake Fleur does not. so, I was just kind of intrigued as to why we kind of devised this structure. Yes. So that that was the reason. And secondly, I think the hotel assets that are going to be transferred to Fleur all of these assets, basically what we have stated in the PPT is that a new hotel operating agreement will be signed from 1st of April. So just wanted to say whether Lemon Tree will get a higher fee income from Fleur, given the fact that there is a transfer of development capability that happens from Lemon Tree to Fleur. If you can just clarify on that part?
Lemon Tree Hotels Limited CC-Jun25.pdf · 2025-08-11
Thanks for the opportunity. Sir, my question is on Aurika MIAL. I think you mentioned in the opening remarks that there was a 50% increase in the corporate business this time around, and the contribution from airline has also increased. In that context, the share of negotiable business has increased, do you foresee any kind of challenges in increasing the rate from here on? And also, if you can share what was the contribution of negotiable business in 1Q and the ARR for Aurika MIAL?
Understood. And sir, if I heard you right, you also mentioned during the call that you have about 2.1 million loyalty membe rs. I think in the last quarter, this figure was approximately 1.6 million. We have basically seen a considerable jump over here. But can you share what proportion of your business basically comes from these loyalty members?

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Jun26.pdf · 2026-05-29
Sir, my question is on our hedging policy. If I'm not mistaken, our earlier policy was to hedge the cash flows falling during the next 12 months. Now given the excessive volatility in rupee that we have seen of late, are we contemplating any change in strategy over here?
Sir, one last question from my side. In the month of March, our international ASK was down by about 33% due to the Middle East crisis. But I think some of the capacity loss would have also come because we might have canceled some of the flights which probably are going through that route and now maybe the maybe the rerouting would have been in place. So just wanted to get some sense in April and May, how is our international capacity deployment shaping up? I mean is the situation better off than March? I mean if you can throw some color on that?
InterGlobe Aviation Limited CC-Jan26.pdf · 2026-01-22
Just one question on the pilot side. As of FY '25, our pilot count was 5,400, if I'm not mistaken. But the document that was published yesterday, which essentially mentions that we are on track to kind of beat the revised schedule, and we have the desired pilot availability. The count mentioned over there was about 4,600-odd. So, if you can just explain this a bit?
Sir, one last question from my side. I think at the 2Q call, we had stated that the PRASK is likely to remain flat or report marginal growth in 3Q. Whereas in this quarter we have seen some kind of a decline on that side. While I understand that because of the issues that we have faced, there could be some capacity constraints that can come thr ough. But I believe that has also impacted pricing, but October and November, I think, trended well. So just wanted to understand how come the pricing got impacted in December so much that the overall track for the quarter declined on Y-o-Y?
InterGlobe Aviation Limited CC-Jun25.pdf · 2025-07-30
Yes, I just have one bookkeeping question. Can you highlight what are the benefits of having a finance lease versus having an operating lease because if I look at our total finance lease count that has increased to about 69 from 31 in the base quarter and if I am right in finance lease the depreciation and interest cost is higher in the initial period which is also hurting our profitability to a certain extent. So, is there any specific advantage that we get from having the finance lease versus operating lease?
Got that, and I know we have spoken about this a lot in today's call, but I just want to get some better understanding of the ASK guidance of mid to high single digit for 2Q. So, even if I agree with 5% growth, I get an ASK of about 40,000 odd which is a decline on sequential basis. Even a high digit number of about 8% presents an ASK of approximately 41,000 odd which again is a decline on a sequential basis so while you have mentioned that 2Q is always softer than 1Q , historically I mean even if I look at FY25 or even FY24 our 2Q ASK number has not been lower than 1Q. So, in that context how to read this guidance . I know that for the full year we are not changing our guidance, but does it mean that in 2Q we are expecting some significant different demand or anything specific which you want to highlight given how the trend is in FY26 versus the earlier years?

Indian Railway Catering And Tourism Corporation Limited

Indian Railway Catering And Tourism Corporation Limited CC-May26.pdf · 2026-05-27
Sir, what was the exceptional item that you booked in this quarter? And if you can quantify that amount. And secondly, also, can you share, did we get any revenue from running election special trains in 4Q? So, that is my first question.
Sir, just to repeat the numbers because there was some issue in your voice. You highlighted that election special revenue was Rs. 2.38 crores and the ECL provisioning was Rs. 16 crores. But what was the CSR number that you highlighted for this quarter?
Indian Railway Catering And Tourism Corporation Limited CC-Feb26.pdf · 2026-02-13
Congrats on a good set of numbers. Sir, my question is on the catering business, which reported a very healthy growth of 19% in this quarter. So if you can highlight the reasons behind that. And also in the opening commentary, you mentioned that margins were impacted due to the Vande Bharat project. So if you can just talk a bit about that as well?
Sure, sir. And secondly, you mentioned that 40 additional trains were introduced in this quarter, which basically led to a very good growth. Sir, how to think from FY '27 and '28 perspective? Because if I look at our catering business in 1Q and 2Q, the growth was slightly weaker and suddenly, we have seen a very sharp jump led by addition of trains. So can you give some color as to how many new trains are expected to be introduced in, say, '27 and '28 and how to think from the 2-year perspective, especially on the growth side?
Indian Railway Catering And Tourism Corporation Limited CC-Nov25.pdf · 2025-11-13
Thanks for the opportunity. Sir, I believe pre-paid catering is now available in the Amrit Bharat Train. So, what is the 7% growth in catering that we saw attributable to that? And also if you can clarify whether all Amritsar Bharat trains will operate on that pre-paid model or not? And how many trains are we currently servicing right now?
So, currently how many are we serving and if you can also tell us what can be the universe over here?
Indian Railway Catering And Tourism Corporation Limited CC-Jun25.pdf · 2025-08-14
Sir, my first question is on the decline in revenue in the Catering business. I believe we had multiple levers at play here like say, for instance, the rising count of Vande Bharat trains, tie-up with Swiggy and Zomato, expansion of business outside of rai lways and I guess the price hike was also helping us. But I think even in this quarter, like last quarter, the growth is a bit subdued. So can you just call out what is the problem area over here? Because in an ideal scenario, growth in Catering should mimic the passenger traffic growth. And if I look at your Internet Ticketing revenue, that is up by about 8%, 9%. But somehow that growth in Catering seems to be missing since the last two quarters. So your thoughts on that?
Understood. A follow -up on this part is that how many stations or rather static units were impacted because of this transition that you spoke of? And what was the lost revenue because of that, if you can specifically call out?

Chalet Hotels Limited

Chalet Hotels Limited CC-May26.pdf · 2026-05-15
Sir, my question is on DIAL while you highlighted that this is a onetime proposal for one project. But just wanted to understand this decision a bit better. Basically, this is a n airport hotel, you have Taj as a branding partner. So that means that the scale can be much faster in the first year itself. Then in such a scenario, why choose to dilute -- why not take debt and fund the capex of that particular hotel?
Why choose an equity partner in DIAL rather than funding the capex via debt because this is an airport hotel where occupancy can be very healthy in the first year itself. So , wanted to know the reason behind dilution versus debt funding?
Chalet Hotels Limited CC-Feb26.pdf · 2026-02-03
Sir, I needed one small clarification. In the presentation, we have mentioned that renovation at Four Points, Vashi, basically had an impact on occupancy. So just wanted to confirm, I mean, do we include non-operational rooms as well into the base while calculating occupancy. So that is one. And secondly, we also mentioned that due to the ongoing construction work at Powai, the occupancy in the nearby hotel was impacted. Now given the fact that the Tower 2 is expected to come up by 4Q of FY '27, that construction will continue. So, do you expect this occupancy hit that we saw in this quarter to continue for the next financial year as well?
Yes, yes. Sir, because of the ongoing construction work at Powai, we also had an impact on our hotel, which is located nearby, right? Now given the fact that this construction is expected to last until 4Q of FY '27, do you expect the occupancy hit to kind of maybe continue for the next three to four quarters?
Chalet Hotels Limited CC-Nov25.pdf · 2025-11-05
If I heard you right in the opening remarks, you mentioned that we have sold approximately 314 units out of 321 at Koramangala. But if I look at our balance sheet, the figure of inventory, which I presume largely pertains to the real estate project is down from INR630-odd crores to about INR309 crores. So there is a 50% reduction in inventory, but a considerable portion of our units have been sold. So if you can just help reconcile these numbers?
Understood. And sir, one clarification required. I think earlier you also mentioned that in Sahar because of competition that has come next door, it has impacted our banquet and conference business. Now I know that we don't give out any specific property -wise ADR and occupancy numbers. But can you give us some color as to how the occupancy and ADR is trending at Marriott Sahar post the new competition coming up?
Chalet Hotels Limited CC-Jun25.pdf · 2025-08-01
Sir, I have a question on our interest cost, which has gone down by about 40 basis points on sequential basis. So once we reach an occupancy of, say, about 90% in the annuity business in say about next 2 to 3 quarters and the lease income stabilizes, where can the borrowing cost at given we...
Yes, yes. So I had a question on our interest cost, which was down by about 40 basis points. So what I was trying to ask is that once we reach an occupancy of, say, about 90% in the annuity business and the lease income stabilizes, where can the interest cost settle at given we will have full LRD benefits that would come to us?

PVR INOX Limited

PVR INOX Limited CC-May26.pdf · 2026-05-11
Yes. Congrats on the balance sheet improvement. Just one observation on the balance sheet side. I see that our ROU asset has come down from about INR4,900 crores in FY25 to about INR4,600 crores in FY26. But correspondingly, we have added about 42-odd screens on lease basis and about 29 on asset -light basis, which effectively means that there has to be some capitalization on the balance sheet with respect to these screens. Just wanted to know why the ROU figure has come down when we have had screen additions in '26?
Do we also capitalize FOCO screens? My understanding was that under that model, the P&L belongs to the developer and not us.
PVR INOX Limited CC-Feb26.pdf · 2026-02-05
Thanks for the opportunity. Sir, my question again is on 4700BC. Given t he divestment to Marico, will the brand get discontinued in our cinemas , and correspondingly, will there be a revenue loss? Or will we source it from the supplier and continue to sell? That is one. And if it is latter, what could be the incremental impact on margins that you may see?
Understood. And the second question again is on the ad revenue. While you highlighted the reason as to why there was a Y-o-Y decline, I just wanted a clarification on two small sections. First is that, was there any cut down in the ad time this quarter versus the base quarter? And is it possible to share, I mean, how much of the inventory typically do we se ll at a pre-contracted rate, and how much is sold on the spot, to just get a sense as to whether these also had played any role in terms of revenue decline?
PVR INOX Limited CC-Jun25.pdf · 2025-08-06
Sir, my question is on our management fee income, which was about INR2.4 crores in this quarter. I know the figure is quite low. But given we have plans to expand via the FOCO route, I mean, where do you see this number stabilize at, maybe in 2 to 3 years? I mean just wanted to get some sense on this because I believe in this model, your flow -through to EBITDA is quite high.
Got that. And sir, secondly, I believe our fixed contract that we had with BMS ended some time back, and we are on the revenue share arrangement, if I'm not mistaken. Now in this quarter, while our convenience fee has increased on Y-o-Y basis, the contribution of convenience income to the overall box office collections is down on Y -o-Y basis. So has there been any change in the revenue share arrangement? If you can please clarify on that side?

DOMS Industries Limited

DOMS Industries Limited CC-Jun25.pdf · 2025-08-11
Thanks for the opportunity. Sir, I have a question on our revenue mix. If I look at the Northern belt, I mean, historically, the contribution used to be at around 30% -plus. But in this quarter, it has come down to about 2 8%. So, any specific reason for the fall to come through? And also, secondly, if I look at our MT channel, the revenue is up by about 90%. So, just wanted to know, I mean, have we penetrated newer stores or is it that we are able to extract more throughput from the existing stores? Yes. So, these two questions.
Yes. So, my question was on your modern trade channel growth, which has come up at about 90% in this quarter. So, just wanted to know, have we kind of penetrated newer stores or is it that the throughput from the existing stores has increased meaningfully?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-Jun25.pdf · 2025-07-22
Sir, I just wanted to know that the language packs that you have launched in ZEE5, are they a part of any B2B deals? Or are these packs directly being sold to the consumer, which may perhaps have a higher ARPU?
Yes. And sir, one more clarification required. I mean the decline in the subscription revenue, is it fair to assume that removal of Zee Anmol and putting it into the FTA category also may have contributed to the decline apart from the reason that we gave with respect to fall in pay TV subscribers?