Questions across 10 calls

Kashyap Javeri

Emkay Investment Managers

CCL Products (India) Limited

CCL Products (India) Limited CC-May26.pdf · 2026-05-08

Congratulations team for great numbers. Just one question. I missed out on the number of capex for FY '27, if that was discussed, if you can repeat that number?

Trying to sort of reconcile this number. I think what Chaithanya mentioned was that our debt next year closing could be roughly about INR1,100 crores. Now let's say, our sales grow by about 15%, that's additional about INR700 crores of sales at about 120 days, that would need just about INR200 crores worth of cash. You add about INR50 crores, which will come from the maintenance capex. That should still leave a significant number in terms of free cash to repay the debt. So does that mean that we would retain cash on the book? Is that assumption correct?

CCL Products (India) Limited CC-Feb26.pdf · 2026-02-05

Really heartening to see Mr. Rajendra Prasad also being on the call. Thank you so much, sir, for being there. I have a question on our volume number and slightly longer term. So once we hit, let's say, the full capacity, which is to be about 77,000, 78,000 tons, when we do the peak utilization there, what would we be as a market share of the outsourced instant coffee globally? And once we hit that number, then should one assume that post that, the growth will be in line with what the market would grow at because we would be fairly large market share? That's the question one. And second question is on our retail business in India, the branded coffee. If you can give some idea on how that business has progressed in third quarter this year?

Sorry, Praveen, just to intersect here, when you say 12%, 13%, this is the total market or the outsourced market?

CCL Products (India) Limited CC-Mar25.pdf · 2025-05-06

Congratulations for amazing set of numbers. Just wanted to check, one, what was the broad range of volume growth in quarter 4 and consequently for the full year? Second, if I look at the difference between consolidated and stand-alone numbers this quarter, there is a fairly sharp rise in subsidiary profitability. So whether it was Vietnam, the granulation unit in Europe or whether this was the retail or branded sales that drove that profitability? And the third question is on Vietnam, there is likely probably tariff of a very high number, though it's been postponed now. But with 100 % customs duty on coffee imports in India and likelihood of tariff on Vietnam, how can we jugg le the production for various geographies? These are the 3 questions that I have?

Sir, likely impact on Vietnam.

Elecon Engineering Company Limited

Elecon Engineering Company Limited CC-Apr26.pdf · 2026-04-16

Two questions from my side. One is to -- the first one is to Chintan. On this goodwill side, there is a comment number 8B in the notes to accounts. If you can explain that comment. And also, did we get any tax benefit from that goodwill write-off? That is the first question. And second is to Mr. Dalwadi. From the Gear Division side, or even in fact if Mr. Aayush can also throw some light. You mentioned that because of the geopolitical risk, there was some deferment of order booking. But overall, if you look at the geopolitical risk, that sort of rose only on the intervening night of 27th, 28th February. So, could 1-month make such a large difference?

Okay, understood.

Elecon Engineering Company Limited CC-Oct25.pdf · 2025-10-13

First, bookkeeping question. On the international subsidiaries, if you can give some numbers for H1 in terms of revenue, how it has probably grown? And what has been the margins there? And second question is on the overall export side, I know there has bee n a signifi cant amount of discussion here. But my question is that between 2024 to 2029 or '28, over a period of 5 years, we are committing about 750 -- sorry, about INR650 crores of capex. And we are doing that even at accelerated depreciation given that capex coming from operating leases. So one, it seems like the confidence on that export business seems to be extremely high over let's say, in next about 3, 4 years. So where does that come from on the longer term? And to surprise for that accelerated depreciation, should one assume that the EBITDA margins on now export business is going to be probably a bit higher than what we are doing today, given that it will have to be an engineered product?

I understand that sir, but when does that -- given the fact that INR650 crores of commitment and accelerated depreciation because of operating leases, this also come sooner than later. And as of today, at least in the numbers they don't give that kind of confidence, which is why there's this question keeps coming up again and again because depreciation is going to be an issue if that does not happen. And particularly, once we spend another INR400 crores, which is why?

Elecon Engineering Company Limited CC-Jun24.pdf · 2024-07-18

Thank you very much, sir. I have a few questions. The first one is on our revenues from exports as well as overseas operations, which has seen a fairly strong growth this quarter. If I look at our annual report, last year we had seen quite a bit of growth probably only coming from our UAE subsidiary. What is driving this growth in the fi rst quarter and what is about 34% contribution this quarter? Where do we see it for the full year? Should I go with all the questions right now or…

The questions that we had about some of these economies not doing well, is that sorting out now?

Elecon Engineering Company Limited CC-Mar24.pdf · 2024-04-22

So, first question is actually a repetition of the previous participant’s, which is about the guidance for 2025. You spoke at length about how export markets, we are trying to achieve through tie up with some of these OEMs. So, if you can t hrow some light on guidance for 25. Second is a bookkeeping question. If I look at your cash flow statement, again, in 2H, we have had some inventory write-downs as well as some provision for bad debts totalling to almost about Rs. 23, Rs. 24 crores. If you adjust for that, in fact, your margins adjusted versus what you have reported go up by another about 200 basis points, right? So, one, why this is repeating yet, given that we have now shifted from the EPC model to only product model in our MHE division? And two, should then the margins for next year be even significantly higher than what we have reported for second half of this year if you adjust for the bad debts? So, these are the two questions that I have.

Then underlying margins are even stronger than what you have reported? Is that something that I take home from this?

Elecon Engineering Company Limited CC-Dec23.pdf · 2024-01-29

Hello. Sir, congratulations on a great set of n umbers. A couple of questions from my side. Point number one, you highlighted about the scope of work from 10 overseas OEMs that you expect at about EUR6 million eventually. In light of the fact that our guidance over the next few years is a revenue share of 50 -50 between domestic and overseas. How much can eventually this 10 OEMs add in that 50-50 target let’s say over the next about 3-4 years? Second question is, you highlighted about some of the vulnerability or volatility in terms of our overseas business. But in terms of domestic business in FY25, how are things looking like there in terms of revenues? And third question is on our MHE margins, which now are almost inching very much near to our transmission division margins. So, on a steady state basis, if there are no more write-offs in line with our strategy of not taking PSU business, are these sort of margins which are sustainable in MHE business?

On the MHE side, are these margins a function of purely operatin g leverage, or in the market there is a demand supply mismatch also, which is helping us price them better?

CREDITACCESS GRAMEEN LIMITED

CREDITACCESS GRAMEEN LIMITED CC-Dec23.pdf · 2024-01-19

Thank you so much for the opportunity. C ongratulations on a great set of numbers despite some of the events during the quarter. I have two questions. One, if I look at your book in Madhya Pradesh, that's not been sort of growing for about four quarters, stagnant at about INR 1,450 Crore. Any particular reason why that's happening? The second question is on overall ticket size now. If I look at, again, two states, Karnataka as well as Madhya Pradesh, ticket sizes are either stagnant or declining. On the overall ticket size, what's the view going forward?

And overall ticket size, let's say, Karnataka is about let's say INR 63,000, then you have Maharashtra and Tamil Nadu at INR 53,000 and INR 49,000 and then M adhya Pradesh and others at about INR 42,000 and INR 37,000. Overall, each of the states eventually can converge with Karnataka or Karnataka is different because of our longer-term presence there.

CREDITACCESS GRAMEEN LIMITED CC-Sep23.pdf · 2023-10-20

Thank you so much sir and congratulations for a good set of numbers. I have only one question which is on the disbursement side. Quarter-on-quarter disbursement is about 4% and YoY about 18% which itself looks like slower growth as you said for these new initiatives of about INR 150 Crore this number would have been down by about another 3% so for the full year what is our view on the disbursement growth as well as why it would be a slow number this quarter?

Sure Sir. Thank you so much.