Questions across 5 calls

Mayur Parkeria

Wealth Managers India Private Limited

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Apr26.pdf · 2026-04-24

Good evening, gentlemen and thank you for taking my question. My first question is a slightly very broad -level question. And just two background liner before I go to the question. This is coming from a very longish perspective of our , at the parent level also, we had aspirations of 18% ROE and we have met that. And the group has gone through significant transformations in terms of efficiency and growth. From that perspective, that's the background I'm just putting. And even our own company h as undergone changes with respect to across management, across financials and operating. There is a lot of appreciation for that. But still, I want to make a point here and that's the question. When we look at the ROE structure, despite clocking 2.4% ROA f or the quarter, we are still at 12.5% ROE. And I understand that it's partly because of rights issue, which is lying there. But even if we have to remove over the next 1 year, even if that goes out and say that the leverage becomes 5.7, we would be sub 14% or close to 14% max, which we can go there in terms of the ROE levels. I want to understand that does the management or do we have aspirations to move ROEs to a slightly more higher teen levels? And if so, what would be the single largest lever for that, given that the top line, which is the NIM is a market determined factor in terms of competitiveness and challenges and you yourself are saying beyond 7% going to be slight very difficult? And even that will not move the needle. The asset quality is at its best in terms of where we are in terms of credit cost. So that is a lever, which is not going to move the needle again. The third lever is obviously the costs in between, so which you can guide. But overall, trying to understand is over the next 2 years, 3 years, do we have aspirations to move to higher teens? And if so, what will be the levers for that?

Okay, s o to summarize, you mean to say that there will be 20, 20 bps across the spectrum of all the 3 levers, which are easily possible over the next 2, 3 years, which one should be looking at, right?

Mahindra & Mahindra Financial Services Limited CC-Feb26.pdf · 2026-01-28

Am I audible?

Yes. So again, you just mentioned about the time and pardon me for a slightly longish question, but this is more -- this is mainly in the context of your ROA comment from a slightly medium- to long-term perspective. I don't know if in the past, as management, you'll have alluded to anything beyond 2% as a number to anchor or guide over a medium to long term. So if there is any, please reiterate that, if any? And -- but the question is more from a slightly longish perspective, historically, when we see, earlier we used to see swing of ROAs used to be very high, right from 3.5% to sub-1%. The credit cycles used to swing from 1.5% credit cost to 3.5% on the P&L, 3.5% to 4% also, and that is where the swing of ROA used to happen. Over these longish years, we understand that the interest rate cycle is lower, hence, our yields are now more in the region of 7% against 9%. So that is a structural thing, which is not go ing to undergo or change in the next 2 years. Having said that, 1.5%, as you mentioned, the credit cost band 1.5% to 1.7% is more reflective of a good credit cycle period. So we are sitting at the bottom of the credit cost cycle in terms of the good period . In that light, ability of the management to increase ROA, where does that come from? And I'm not talking about 10 basis points here and there, but from a slightly medium to large, what is it that one should look at as a structural business trend from the management side? That is first. And secondly, what if there are external factors where the credit cost band goes out of hand. And that -- what are we doing to ensure that the external risk factors and credit costs do not play to our guidance -- to our targeted range of ROA?

Zydus Wellness Limited

Zydus Wellness Limited CC-Feb26.pdf · 2026-02-03

So one is a slightly clarification understanding on the backdrop of the remarks we have in the presentation and your initial remarks. Normally, December and September quarter, we understand because of seasonality is a low-margin business. And the last 2 years, we have been in the region of 3% to 4% kind of in these 2 quarters, I was saying. So that is about the base business. The base business, excluding Comfort Click, you mentioned that has volume growth has been also double-digits. But when we look at the mid-teens of Comfort Click EBITDA margins, but the overall consolidated entity is around 6% today. Is it that the base business, excluding Comfort Click and RiteBite, would have been even lower than the previous year? Is this a clarification, I just wanted to understand, sir?

But then you think this is a yearly situation because our whole understanding while it's a quarter, the whole understanding was we were moving from 13%, 14% on the base business to 16%, 17%. And you also mentioned that we are looking forward to that. So every quarter also we'll have some improvement broadly. So will it be fair to say that this was a quarter which one should not read too much and the longest trend remains of improving margins in the next 2 years to 16%, 17% on the base business?

Zydus Wellness Limited CC-Sep24.pdf · 2024-11-11

Congratulations on a decent set -- a good set of top line growth. Sir, given the top line growth of 12% volume growth of 8%, which is assumably much better than other peers in the -- even in the food side or on the general category of consumer side, would you say that while our EBITDA has increased by 16%, 17%, but the margin expansion is only 20 bps compared to. I understand this is a low quarter for us. But do you believe that margin expansion could have been better or if yes, then what led to this slightly muted in terms of the growth margin expansion trajectory. While it is higher, I understand, but would you -- is it lower than your expectation? Or could have been better in the light of the macro or specific company situation?

And how do we see that...

Cohance Lifesciences Limited

Cohance Lifesciences Limited CC-Sep23.pdf · 2023-11-09

Wishing all the new management team all the very best for the future as well as for the near term. Sir, just one question I had. While we understand in such a large acquisition, it takes time for the new management team to set themselves, get into the groove, understand the business fully from inside out and then execute their plan of action as we go ahead. While this is very true and the long- term picture, as you said, we are in the process of preparing a five-year blueprint. But while all this is happening, we also know that on a practical ground, there are certain near-term targets also, the near-term things which have to be managed and they are targets in terms of an execution for the execution team. From that perspective, I know it's a little near -term outlook, but given the fact that from a shareholder wealth creation perspective, long- term has been very historic, but from slightly medium to near -term, there has been a stagnation there. And we are looking at how we are also excited and anxiety is there with respect to the near - term also. So, do you believe that FY23 revenues of INR1,340 crore or do you think we will be in a position to protect that given on one side the huge correction in spec -chem but on the other side the pharma and formulations outlook is doing reasonably better? So, do you believe that we will be able to protect that kind of a revenue for that year, how H2 looks at? And also going into FY25, it's a relatively near -term, do you believe that we can start looking at growth from there on?