Questions across 3 calls

Lokesh Manik

Vallum Capital Advisors

Saregama India Limited

Saregama India Limited CC-Mar25.pdf · 2025-05-16

The first question was on the music vertical. We had a content charge of about INR85 crores last year FY '24. I believe we ought to have seen the music revenue increase by that much at the minimum. And given that your past commentary that the listener is platform agnostic that is if one platform shuts down, he may choose to go to another platform and listen to the music. Given these 2 scenarios, is being shutting down the only reason that we are seeing a flattish growth on the music side?

Got it. My second question, Vikram, was on Video. Prior to Pocket Aces, we were at about INR115-odd crores in '23, INR157 crores in '24, but that had some impact of Pocket Aces. But if I add the 3 verticals, that is the web series, that is the TV, the Roja series on Sun TV and the third is now the Pocket Aces. The revenue seems to be subdued in that sense. So which vertical would you say would have gone down or not grown this year? That is one. Second is just continuing on this. Since we are still figuring out our strategy in this area, and we've still not seen any synergistic effect on music from this vertical. So becoming profitably PBT positive in the next 2 years, what factors are giving you that confidence?

Indraprastha Gas Limited

Indraprastha Gas Limited CC-Mar25.pdf · 2025-04-28

Good afternoon to the team. So my first question is on growth guidance that you have given 10% volume growth. Now, my assessment from the breakup that you have given on the growth rates from the three AVRs that is Delhi, NCR, and other GAs is coming to addition of about 0.5 or 0.6 MMSCMD, given their historical growth rates. GAs are at 32%, NCR is at 12%-13%. So it comes up to 0.5, 0.6. You also have DTC going out of the system from, they've already come down from 1.8 MMSCMD to 1, and now going down further. So given these two developments, where are you seeing additional growth coming in to match 0.9 MMSCMD by FY'26?

Understood. So just one clarification, DPNG is now EBITDA positive for us because what we have understood historically is this is not , on the EBITDA level it is not significantly positive versus CNG but CNG covers up for the DPNG. This is what I understand.

Indraprastha Gas Limited CC-Jun25.pdf · 2025-04-28

Good afternoon to the team. So my first question is on growth guidance that you have given 10% volume growth. Now, my assessment from the breakup that you have given on the growth rates from the three AVRs that is Delhi, NCR, and other GAs is coming to addition of about 0.5 or 0.6 MMSCMD, given their historical growth rates. GAs are at 32%, NCR is at 12%-13%. So it comes up to 0.5, 0.6. You also have DTC going out of the system from, they've already come down from 1.8 MMSCMD to 1, and now going down further. So given these two developments, where are you seeing additional growth coming in to match 0.9 MMSCMD by FY'26?

Understood. So just one clarification, DPNG is now EBITDA positive for us because what we have understood historically is this is not , on the EBITDA level it is not significantly positive versus CNG but CNG covers up for the DPNG. This is what I understand.