Stockrabit · Analysts
Questions across 23 calls

Natasha Jain

Nirmal Bang

Voltas Limited

Voltas Limited CC-Sep24.pdf · 2024-10-30
Sir my first question is on the domestic side of the EMPS business. Now, historically, in the past couple of quarters, we have seen quite strong growth and honestly very bullish commentary as well. But this quarter in the domestic side, the growth has just been 6%. I understand incessant rains could be a factor. But , could there be a possibility that there is some slowdown in certain projects that we are executing. And on a related note, how do you see order book execution for domestic business in the second half? That's my first question.
Understood sir that helps. And my second question is on the RAC side, while you have mentioned earlier in the call that , there was tertiary demand in the sense that end consumer demand did pick up. But I would just bring in a lean quarter like Q2 when practically your August and most of your July was also completely washed out because of rain still we have had healthy growth in the RAC category. So, sir, should we read it as , there could be some bit of channel filling also because the inventory was low. And if that has happened, how do we see the near term, because now we will end the quarters wherein, we sit at very high basis. So, what is the kind of growth that we can expect in the second half from RAC as a category?
Voltas Limited CC-Dec23.pdf · 2024-01-31
Sir, my first question is on the commentary that you made. You said that you received significant export orders for Voltas Beko. So can you just tell us where these orders came from and what were the orders for?
Understood, sir. All right. Sir, my next question is on the UCP segment. Now specifically for RAC, if I see your first half market share, we landed at 9.2, and then now we've again landed at 19, so pretty much flat. Now if I see the overall UCP value growth and if I compare it with the volume growth for either RAC or the entire UCP, there's definitely been some pricing pressure. So did it come from RAC specifically and basis that we have to cut prices?

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-Jun24.pdf · 2024-07-30
Thank you for the opportunity and good evening, sir. Sir my first question is on the Home Appliance segment. We've registered a strong top line of approximately 18%. I understand this could be the primary order booking for the upcoming washing machine season. What I don't understand is why are we flat at the margin level? Is there a steep competition even here? Is there ASP compression happening? And if so, can you call out in which category is it? Is it in the front-load, top-load or semi-automatic? The first question is that.
Understood sir. Sir, my second question is on the lighting segment. Now while I understand there's been value compression happening in this segment, we've been of the commentary that we've been making premium lights or lights more in terms of value accretive. So, I'm just wondering when is that expected to flow through in our margin for license?
Dixon Technologies (India) Limited CC-Sep23.pdf · 2023-10-26
Broadly, my questions have been answer ed. I just have one question on the home appliance segment. So, sir, our channel checks suggest that there has been a broader slowdown in the washing machine segment. So, basis ODM player, can you tell us how the demand or the order book looks like for this particular segment ? Secondly, has there been a premiumiz ation that's been happening or has the orders for fully automatic front load taking the front seat, just broader color on that segment will help sir?

Amber Enterprises India Limited

Amber Enterprises India Limited CC-Sep24.pdf · 2024-10-23
Sir, my first question is on your gross margin despite a very strong top line growth, we've seen almost 200 basis point decline in gross margin. So first, can you please explain that?
Sir, just a follow up on that. Even in first quarter, our commentary was saying that we did more of finished goods than components. So when exactly can we see the component story playing out because the demand in terms of RAC is very strong. So when can this be expected to be changed?
Amber Enterprises India Limited CC-Mar24.pdf · 2024-05-18
Sir my question firstly is on the reported numbers. In your segmental number in the PPT versus what you've published, sir, specially at EBIT level for electronics, there's a very stark difference. So on your published number, I think there is a degrowth of almost 470 basis points and on the PPT there is an increase of 170 basis points. So if you can tell us what's the difference here because even if I take full impact of ESOP, there is still a decline. So, if you could call out what are these non-operating income and expenses? And secondly, on that segment again, we are seeing a tepid growth in FY'24. Now, our guidance have been that we want to clock in 50% top line CAGR. So like how you explained for Sidwal, if you could tell us the strategy here also going forward, how can we get back on the growth path?
Sir, my question is on your cash flow. So if I see your cash flow in FY'24, there is a very big jump in loans to related parties. Can you just give a little color as to what these related parties are and why has it increased so substantially?
Amber Enterprises India Limited CC-Dec23.pdf · 2024-02-12
My question is on the consumer durable segment. Now , I understand that you mentioned that you've gone through segmental reporting change and so on so forth. However, see, brands have reported good volume growth, right, in Q3. So in comparison, we have registered a degrowth. Now, what I want to understand is, was most of the sales out of the inventory already present with the channel and therefore no primary sales at the OEM level, or there is also some bit of in- house manufacturing by brands w hich has led to compression in your overall revenue? That's my first question. And my second question is, you did mention that component sales would now start from the fourth quarter, that's how it goes. Now that we're already done with half of fourth quarter, how was the shelf filling quarter for you and how are you seeing the demand in terms of the entire fourth quarter?
Just one more question in terms of the strategic alliance that you mentioned about Titagarh Rail Systems, now you said that you will be targeting 20% of the BOM cost. So , any kind of translation in terms of value there and what services exactly would you provide in the international markets -- so would you manufacture those stuff there itself or would you manufacture it domestically and ship it out, how will that work?
Amber Enterprises India Limited CC-Sep23.pdf · 2023-10-23
Good morning gentlemen and congratulations on a good set of numbers. My first question is on electronics side. Why do we have a robust commentary for this division and have also delivered good growth in terms of margin , our topline for this quarter has been quite tepid at 3% and on the Q-o-Q basis it has been declined, so since this is a non -seasonal segment and our historical trend has been quite good, so why only a 3% growth that is my first question?
Would it be possible to give a breakdown for electronics in terms of telecom , hearables and wearables, automobiles and PCBA that will help?

Polycab India Limited

Polycab India Limited CC-Sep24.pdf · 2024-10-18
I have 2 questions. The first one on your gross margins. Now for FMEG, I understand there's a lot of channel incentives, promotional expenses, but ideally, that would be a part of your opex. Coming to wires and cables EPC, I get it, but a 350 basis compression does not come from a 10% contribution business. So now coming specifically to wires and cables, both use copper and aluminium and because you've been making that commentary throughout that we do a lot of derivative hedging, so ideally if you hedge your contracts, you should not be impacted, right, in terms of volatility of your raw material. So can you please explain again, what happened this quarter? And did we lose out on the hedging part? So first question is that.
Understood. Just one more question, on your exports, last year, US contribution within your exports was close to 40%. This year, the way exports is moving, especially your U.S. contribution, I think that you guys probably will land somewhere below 10%. Now in the offering with all the U.S. elections , it's a very macro level question at this point. given both the candidates have equal chance of winning, one of the candidates do not focus so much on renewables. Now I understand that renewables, oil and gas is the kind of cables that we export to the U.S. So at a very broader level, have you worked out the strategy if whichever way the election goes, does that further give pain to our export cables in U.S. and especially renewable cables? So that's my second question.

Havells India Limited

Havells India Limited CC-Sep24.pdf · 2024-10-17
Sir, my first question is on Lloyd. Can you just help break the growth in terms of how RAC did versus washing machine and REF? And a little bit more color on RAC in terms of how the channel inventory now stands and what is the pricing scenario? Is it still highly competitive and no price hikes? That’s the first question.
Sir, my question was more on how probably non-RAC did because our channel checks suggest that washing machine as a category has not picked up despite this particular season al quarter, the second quarter?
Havells India Limited CC-Mar24.pdf · 2024-04-30
Sir, my first question is in continuation to the last participant's question. Sir, you said fans registered a robust growth. Now broadly, if I see ECD, there has been approximately 150 basis point compression. So, can you tell from which category within ECD this compression is coming from? Or is fans a complete volume-led growth? My first question is that.
Sir, then can we assume that you were able to take some kind of meaningful price hike in fans? Or was that not possible at least for fourth quarter?

Blue Star Limited

Blue Star Limited CC-Mar24.pdf · 2024-05-03
I have two questions. First question is, I underst and that Blue Star gave 80 months comprehensive warranty from 1st of March, I think u ntil 30th April, and that has significantly contributed to your Q4 volumes. Now, 80 months is close to almost an entire replacement cycle for an RAC. So, I want to understand what kind of w arranty cost should we be looking at as a result of this? And any kind of mathematical conver sion you can broadly say in terms of one unit of RAC sold entail to what percentage of ASP as a probable warranty cost down the line?
So, what I understand is specifically on the MT ch annel side, now MT wants to stock more of non-seasonal brands and when I say non-seasonal I m ean brands like LG, Samsung, Haier and Havells who have presence across white goods category, and they sell throughout the year. Now, while our strategies to be an HV AC-focused player, do you think such a changing trend can impact a seasonal brand like us and how do you read this in the medium to long term?
Blue Star Limited CC-Dec23.pdf · 2024-01-31
My first question is on the Commercial Refrigeration side. So, while we have done our channel check, we found out the present counter for your refrigeration product was sold out. So, just want to understand what's the current capacity there, how are we ramping up the capacity, and when can we expect better rollout or faster rollout in terms of the Commercial Refrigeration product?
My second and last question is regarding the EMPS order book. So since many quarters now, we've been sighting that moving away from the Commercial Building segment because there we've seen maximum delays. So, when can we expect this segment to be hive it off completely or we'll still have exposure there? And going forward, what are the segments which will drive our order book?
Blue Star Limited CC-Sep23.pdf · 2023-10-31
Congratulations on a good set of numbers. Sir, my first question is a follow-up on the last participant's question. While I understand that we've been moving away from the commercial building sector, sir, this quarter growth is kind of a deceleration because our historical average has been approximately 30%. So I just want to know that this decline in the growth rate is any other factor contributing to this? Or are we seeing any stress? If you can throw some light on the quality of the order book as well as the geographical spread in terms of where we're booking the orders?
Yes, sir.

R R Kabel Limited