Yes. Hi, good evening, Sanjay bhai and Kunal bhai…
Yes. Is this better?
Questions across 27 calls
Lokesh Manik
Vallum Capital
AIA Engineering Limited
C.E. Info Systems Limited
Sir, my question was -- I had only one question, which was on the order book slide. You have mentioned the figure you've given the order book breakup. The billing figure is INR520 crores and the sales figure is INR470 crores. So, this difference is due to what exactly, if you can just explain us?
Yes. Very much, sir.
Affle 3i Limited
Great. Anuj, you briefly touched upon digital OOH. My understanding is that this segment in the advertising world has seen a subdued growth in the offline side. So just to take some bit from your foresight and your experience in this industry, what you saw in 2019 is today happening in 2025. Are you seeing something develop in the digital OOH space and how difficult conversions will be because mobile and CTV are more personalized device versus a digital OOH, which is a public device? If you can share some details on that, how you are foreseeing things in the next 3 to 5 years?
Anuj, my question was on Niko acquisition and integration. You spoke about it briefly in your remarks. If you can please share little more details from perspective of whether it helps us in the back end in terms of optimization of cost and placements, or on the front end on the conversion side or from a perspective of geography, whether it helps us better in developed markets versus emerging markets. Also, is it capable of transitioning from iOS to Android? Is it possible that we do something on Android in the future? Please provide a little more detail on that since it was very brief.
Great. My second question, Anuj, is to understand the penetration of these capabilities, Opticks AI and Niko. Today, from a rough ballpark percentage perspective, out of 100 campaigns, in how many campaigns would these be penetrated? Secondly, you mentioned that the ad budgets of advertisers are not growing as fast as the supply side is growing. From that perspective, is there a ceiling with these new capabilities, at least with the existing customers? I am sure you can use this to acquire new campaigns and new customers, but in terms of increasing wallet share with the existing customers, the ad budgets have to increase significantly. Is there some headwind you see on that side?
My question is on OpticksAI. If you can give a sense of more on the qualitative side rather than quantitative, what would be the penetration of this new technology in our current campaigns in this quarter, just to gauge how the new products or technologies that we are in troducing and how they are scaling? Also just a suggestion, if you could include that in the forthcoming presentations as well. I understand for competitive reasons, you can't quantify it, but just to gauge maybe on a percentage term, 5%, 10%, what is the integration with the current campaigns?
Great. That was very detailed. My second question was just a clarification. This creatives that you create with OpticksAI or the content that you create, the IP remains for the content with Affle or is it with the advertiser?
Good morning to the team. Just a couple of clarifications. One is on the employee expense front, although Kapil did mention it, the efficiencies are coming from the previous year investments. Just wanted to understand that, is it part of the QIP and the preferential issue in the sense that had we not had this money raised, we would have expensed through the P&L rather than creating intangible assets? So, the cost efficiencies that we are seeing of about 200 bps would not be maintained. This is just from a view to understand whether this is structural in nature and can we assume employee cost at maybe 10% of sales going forward? Secondly, we have observed that revenues from the core verticals like EFGH, have gone up now from 90% to 100% this time. At the same time, there's been a fall in the non -CPCU revenue. So is there any correlation there? Are they connected?
Just last question. Netflix is talking about opening up their platform for performance advertising or platform advertising in general. We've done something similar with Amazon India. Are you targeting that account actively or will this be a competitive segment?
Anuj, congratulations for being the appointed Chairperson for the next 10 years, alongwith continuing as the MD and CEO . We hope we will have the similar journey what we have seen in the last 6 years as well and maybe more. Anuj, my question was on the Facebook coming out with Advantage+. Now it seems that they are enabling their own users or their own advertisers to optimize their campaign. Does this become a competitive threat for us in the sense that they have been thrown to not share data, but through AI, they can solve that problem for advertisers? Do you see that as a threat in the long term with the walled gardens?
Understood. But even from the point of view, these tools basically enable the internal team of advertisers to become more competitive versus you where you have that edge today to deliver better ROI based on your tech stack. From an enabler point of view, for these walled gardens to enable the internal team, does this increase the competition for you between the advertisers' internal team and you to allocate budgets?
I just have two questions. One is just to get some insight from Anuj’s understanding of the global industry. The advertising budget of an advertiser is divided between brand awareness and performance marketing. So what would be this ratio globally if you would have some idea on that? The follow-up on that is how do you see CPCU as your proposition, what is the market share versus C PM, let's say, 5 years back and how it has improved? How are you seeing it improving across the global markets.
Great. Anuj, my second question is if we have to gauge your intelligence software tech stack and how it is improving year -on-year. Apart from conversions and the connected devices that we're adding, any other variable you would like to call out that we can track and gain more insight and confidence into how tech s tack is getting more intelligent day by day?
Indian Energy Exchange Limited
Sir, my first question was on the coal exchange. So, if you can just give us a sense of what would be the current spot market in India in the coal industry, just to get an idea of the opportunity size?
So this should be higher than the gas because gas is 12% today at spot. And what you just mentioned, this turns out to be about 20%, 25% spot in coal, import plus e-auction. Is that a fair assessment?
My question is just a clarification, what is the volume you would be doing in long -duration contracts today, which are beyond 1 month?
Volume in long duration contracts, how much would we have done this quarter?
Mahanagar Gas Limited
Sir, just one clarification. Under the CBG schemes that you mentioned, the synchronization scheme is the one that benefits CBGs. The clarification here was that in the synchronization CBG scheme, even the HPHT gas will be available at APM price if it gets blended with CBG? .
Sir, the blending benefit will be in which source of gas?
CCL Products (India) Limited
Heartening to see the Chairman, sir, on the call, on this call today…
Yes. Is this better now?
Praveen, my first question was on the new capacity utilization, 15% you mentioned. What is the size of this capacity?
35,000, give or take.
My first question was on the interest expense. By when do we expect this to taper off? It's been on an increasing trend for a while now. So any strategy on that front, either in terms of new product introduction to pass on the cost to the customer? Just some light on that.
Understood. My second question was on the blend. As per my last understanding, it was at around 250, we had a portfolio of 250 blends. So has that increased over the years, in the last few years?
Saregama India Limited
A couple of questions from my end. One is you've seen good success with Dhurandhar and other film regional releases this quarter. So, do you expect this momentum -- you mentioned one of them is continuing even in Jan to aid the growth in Q4 as well going f orward, the momentum from all these releases?
Fair enough. And Vikram, just to add to this, do you see this success allowing you to negotiate better with the contracts with the platforms coming up because that's where new music also has an advantage. You mentioned in the past, it helps you to negotiate better. So, are you seeing that with your discussions with the platforms that you're having?
My question was just continuing on the video segment. It's been now more than 8 quarters that we've not seen significant profitability there. Does Pocket Aces get classified under the video segment or there is a split between video and music? How do we look into this area?
Great. Vikram, my second question was more a clarification. Do we on a per stream basis, do we make more in YouTube versus audio platforms? That was the understanding we got from some channel checks.
Yes. Vikram, my first question was more of a clarification. So going by the content charge for the year and your accounting policy that you have explained over the years, just a back of envelope calculation suggests a deal value, new music deal value coming close to somewhere around INR150 crores. Would that be right, or you would still stick at -- or should we take INR200 crores, as mentioned by you for this year?
So, the INR200 crores, so that was -- so I should take INR 200 crores because I was under the impression there might be some INR 50 crores non-music addition content on some other verticals, from some other -- but that's not the case, right?
Dr. Lal Path Labs Ltd.
Sir, just one clarification I needed. The new initiative of Sovaaka, would you say this is more like a DTC foray, direct-to-customer foray, v/s. our established model where the doctor and the lab setup may not exactly be in the same premises v/s a Sovaaka, which would be in the similar premises with obviously more advanced testing and advanced services product portfolio? Would that be a correct assessment?
Right. So this would be company owned, right? This would not be franchisee or channel partner.
Vijaya Diagnostic Centre Limited
Okay. That's it from my side, sir. Thank you so much.
Thank you again for the opportunity. My question was on pathology. So, for sourcing, what is the model that you employ? Is it CAPEX driven where you purchase the equipment and then the consumables or it is a rental reagent model that many peers follow in the market? Which model do you follow out here?
Balkrishna Industries Limited
My question was in 2015, India, we were doing sales volume of about 20,000 tons, 25,000 tons, and we've been able to scale that successfully today to about 80,000 tons, 90,000 tons. 3 to 5 years down the line, do you see the same trajectory for rest of the world or for US, whichever your focus area is?
Would it be fair to understand US would be implemented first and then rest of the world would follow after 5 years?