Sir, first question on the Lloyd side, room air conditioners. Because of our product placement timing last year Q1 itself, we had a low base versus industry. And even last quarter was a low base for us. So despite that, when Q1 numbers are relatively lowe r in the last summer season. So Is there any change in strategy or some rejig? And apart from that, any market share loss that you seem to have reported in the secondary sales side?
So there is no market share loss?
Thank you for the opportunity. First question on the switches - switchgears side. So, you have maintained for a higher contribution margin probably 38% - 40% kind of contribution margin and 25% - 26% EBIT margin. I mean, you have shown growth, and despite that, margin is lower in switches - switchgears. So, any specific reason in general outlook on the category, which is more linked to, say, real estates? So, that is first question. Second question is, overall, when you have seen good demand for house wires, any reason for discrepancy in a sense that the real estate categories like switchgears or switchgears or other real estate category is not doing well. And on your view, the real estate-led demand as well.
Just one follow-up on that answer. So, this recovery is more of a hope or you are seeing any soft signals either in terms of inquiry or demand or any change in the mix or --
Thank you for the opportunity. First question on the demand side. So demand for cables, how the momentum has sustained and demand for real estate-related products, specifically wires and switchgears, which is a leading indicator and then which is followed by other categories? That is first on the demand? And second, on Lloyd, now from here on, how should we expect, I mean, say construct of the growth? Will it be driven by non-AC category? And ACs, we have reached a scale, so it should be more in line with the market or we have scope to grow market share in all the categories, including AC? So just if you can deconstruct the growth for Lloyd, and first on the demand for cables and other real estate related products?
Sir, on the RAC side, so you mentioned a couple of times that inventory has come down, system inventory has come down significantly. So because of this primary, secondary mismatch, do you think you would be lagging the industry growth -- secondary industry growth rate, your primary sales would be or you see -- basically, just to get sense of how your growth would be against, say, secondary consumer growth in this year?
This holds true for quarter 1 as well. I mean I was referring to Q1 when I meant season because then it would be more of stocking season from Q2 onwards. So Q1, how should we think of your sales or industry growth rate?
Just one question on the profitability side. So , you mentioned blended 5%, 6% kind of price hike, I believe inflation is much higher. So, I just want to reconcile your statement that you will try to achieve FY25 profitability, is more of aspiration? So how should we see profitability journey for FY27?
Understood. Just one clarification on that. So, you think that you can go back to FY25 margin in FY27 itself?
Sir, just one question on the working capital. So this year, what should be the working capital for FY '26? And considering the changing mix, how should that be for FY '27? That is first question?
And FY '26 should be around what range?
Sir, first question is on the growth and you mentioned about the good momentum in demand. So, in that backdrop as well as our earlier commentary of new capacities coming up for the brand. So , considering that, how should we think of growth in second half? And when you mentioned about good momentum being continued, should we expect growth similar to H1, which is 50% kind of growth in H1?
Okay. And second and last question. So , I mean, you mentioned some of capex like the Korea Circuit, that would come in this next financial year. So clearly, what would be the capex for current financial year FY '25, which includes organic capex as well as some stake in crease if you do? And in that context, what would be our debt level by the end of the financial year?
Two questions. Just first on the Consumer Durable division. So based on the performance of Q1. So any specific outlook you would like to give for the division in the context of strong AC demand? And just the extension to the question is that we saw strong demand in Q1 since there was overflowing of demand from their in-house facility. Now should we see that in Q2, Q3 as well? Because I believe that in those periods, the facilities are underutilized, and so brands given a choice would like to make in their own facilities. That is first question.
So as a summation of all this, any growth outlook for Consumer Durable division for '25? And the second question is total capex for FY '25 and any broad breakup that you may give?
Congratulations to the team for the strong results. Sir, question on the ref-gas side, what is the utilization for the full FY25 for the new R32 capacity or overall HFC ? So that is first question. And second on the pricing side, so either because of the news of upcoming newer supplies for R32 or relatively weaker summer season in India, or for any other reason, are you seeing any signs of prices coming down or any moderation?
Just one question is on the ref gas utilization. So if you can just tell me, FY23 utilization and FY24 utilization , ex of this new capacity addition which was just added in the last few months?
Sure. Noted. And just last question on the overall profitability of the chemicals segment, you highlighted about some operating leverage benefits and some reduction because of the product price cuts. But in the context of the change in geography in the ref gases from U.S. to non -U.S. or more of Indian subcontinent, net -net of all this effect, where do you see directionally margins going? If you can just help on that part.
Just one bookkeeping question is on the new plant. So the full depreciation interest and opex has been factored in this quarter or that would be next quarter? And any specific reason for say Q - on-Q fall in employee costs. That is first question. Second on...
Fall in employee cost Q-on-Q.
First question is on the overall industry and industry growth construct. So, as of now, we are talking about the destocking phenomenon, which is more of a supply side issue. Are we seeing any challenge on the end demand side looking at sharp fall that we have seen in global crop prices or adverse weather conditions? So, that is the first question.
Okay, noted. Second question is on the Rs. 540 crores CAPEX that we are commissioning in September ‘24. If you can just throw more light on the product and is it catering to the end product is patented or it is off-patented, and any of these new projects, are they impacted by over supply from China and there's more competitive prices being asked from your customers. So, does the economics change for the new project?
Thank you. So, just to clarify, as you mentioned that revenue may vary and margin may vary , so you are targeting for absolute EBITDA. So, in that backdrop how should we think about, say, gross block asset turn or is there any other measure say, EBITDA per 100 gross block, whichever way, basically how should we think of that measure of ROCE?
So, anyway between 5 to 6 asset turn is sustainable and or I would say more optimum asset turn that is possible and targeting EBITDA margin, operating EBITDA margin of 7-7.5%. Is it correct?
Thank you. First question is on the asset turn side. So, what would be our gross block say, excluding Pune and including Pune? And do you think our revenue, I mean, the asset turn potential has gone up? I think earlier you have talked about around anywhere 4.5x kind of gross block asset term. So, where do we stand on that number, gross block and asset term? And second is for the last couple of quarters we are seeing payable days si gnificantly higher than what it used to be earlier. So, is there a change in policy? Should we consider i t more of a steady state number or there is some technical call that we have taken to have lower payables?
And on payable higher payable days?
Thank you. Two questions. First, on the working capital redu ction. So if you can just throw some light on, is it because of the change in mix? So, overall working capital days of around 90-95 days on full year basis last year. How each of the segments are different in terms of working capital?
If I look at the company level working capital intensity, how different each of these or at least key segments would be, say industrial, consumer, auto, from say company level working capital days. So I just want to understand that as the mix changes, I mean, or as the share of consumer goes up and whichever way it moves, how should we think about working capital days at the company level?
Thank you. Congratulations on good results to the team. So, first question is on the industrial and EV segment. So, if I look at that segment, it has grown at a much faster pace than say company growth. If you can just break it up for say 1H and the same number for last full financial year, if you categorize broadly in say EV and related businesses, smart meters and other industries, what would be the mix broadly?
Second question is on the working capital and our equation of Iskraemeco. So, basically, in general, how do you think working capital will be, say, end of the year? I think you answered partially and just to on top of it, with equation of Iskraemeco and with some legacy business of installation as well, will it hurt or will it basically incrementally add to th e working capital requirement in the short term?
Sir, two questions. First, is just on bookkeeping one. Q4, other ex penses is at around 31 crores is almost flat QoQ and lower year-over-year despite very sharp increase in revenue. So is there any one-off in this quarter or any one-off in the previous quarters either last quarter or last year same quarter? Just to complete the related question is that in the backdrop of this in creased capacity in EMS business itself and for the new businesses that is PCB and OSAT, what kind of a run rate should we assume, say in FY'25? So these are stable numb ers or we should assume some increase in FY'25, how do we think about it?
Basically, year-over-year degrowth in other expense and revenue is growing, so I mean current quarter numbers are sustainable one at around 30 crores. There is no one- off and adjusted, the number should be like it?
Congratulations to the team for good results. 2 questions. First, on the core category. So of course, we have maintained growth in the range of 1x to 2x GDP growth. But just as a proxy to say, real estate-linked demand, have you seen any acceleration in the growth of core category, even within this range? Or I mean, any color on whether we are seeing this real estate-led demand in core category or even in the growth category per se?
Understood. So basically, the current growth rate is without those benefits and probably it would accelerate from here?
Thank you. Congratulations to your team for a great set of results. First question is on the overall growth rate in terms of volume. You mentioned that the growth rate is more broad based. But I mean, if we look at, say, 2 quarters back versus right now, when have you seen the highest rate of change, I mean, in terms of growth rate? Basically incrementally, what has improved versus, say, 2 years backs or 2 quarters back or 6 quarters back, just wanted to understand that?
So geographies rather than, I mean, category-specific improvement you are seeing?
Congratulations to the team for a good set of results. Sir, first question is o n mobile side. So you mentioned about 28 million to 30 million kind of smartphone volumes. If you can just break it up into -- from this at current level of 0.3 million for Xiaomi, 0.4 million for Realme. What kind of peak revenue we should see in FY'25 -- sorry, '26 till whatever time you have the visibility? So you mentioned last year that 0.5 million for Xiaomi, that is what the visibility we have?
That is in FY'25 sales, right?