Stockrabit · Analysts
Questions across 51 calls

Navin Sahadeo

ICICI Securities

The India Cements Limited

The India Cements Limited CC-Mar25.pdf · 2025-04-28
Sir, two quick questions. Sorry, I missed this. Kesoram volumes in Q4 was how much?
1.53 million tons. And just my second question sir was since we took charge of this asset from 1st of March, so brand transition will happen over time in the sense or there is a fair amount of brand transition already happened? I'm only asking to understand from a perspective that South as a region has seen, I think, a decent price improvement in April. So will it be fair to assume that Kesoram gets a higher delta of brand conversion and the price hike?

Dalmia Bharat Limited

Dalmia Bharat Limited CC-Mar25.pdf · 2025-04-24
Yes, thank you for the opportunity . I had two questions for Puneetji. So Puneetji, until the previous quarter, every single time in your opening comments, you always gave a little bit of a cautious outlook on the pricing, even if there is some improvement, but you said that a major upside is capped because of increased competitive intensity and that was a pretty consistent commentary in the past couple of quarters. But in your comments now you did mention about optimism and so on the stickiness of this price. So just wanted to understand is it that are you seeing the consolidation actually play out or is it so that the price has gone so low and then the mineral tax just comes in which helps the overall pricing momentum just to improve a little bit. How should one look at it?
So that's really, really helpful. Thank you. And my second question then was on your capacity expansion plan. So of course, in February you announced a 6-million-ton expansion, but here, the first line itself of that press release says towards meeting the 75 MTP objective for 28, which also means another 20 million ton of capacity. And even if it's a mix of Greenfield, Brownfield at $85 comes to almost 14,000 crore of additional CAPEX. So my only request in this question is how much should investors be prepared for debt to come on or is it also a function of overall profitability being at higher level to meet this objective? Can it be a little fluid subject to profitability? How should one look at th is overall CAPEX that is planned from a three-year perspective? Thanks.
Dalmia Bharat Limited CC-Sep24.pdf · 2024-10-21
Yes. Good morning and thank you for the opportunity. My question was in the earlier comments, you said there was increase in the non -trade share in the quarter. So could you just give details as to how much was the sequential increase in non-trade over previous quarter?
Sure. The reason why I'm asking this is because in the second half, if the government demand is expected to come back which is the re the infrastructure-led demand will bounce and lead to overall industry volume growth, is it fair to assume that this shift or tilt in favor of non-trade can only go up for you in the same rate, is there a possibility or a rethink on our plan to venture into the OPC market of non-trade? If I'm not wrong, we are not selling OPC in the East,. I think we hardly sell in the OPC market at all and maybe in the South overall blending being at around 87% -odd. So is there an expectation that non-trade will go up and our share of OPC will rise?
Dalmia Bharat Limited CC-Jun24.pdf · 2024-07-19
Right. Thank you for the opportunity. Two quick questions and sorry if it's a repeat but just as to build more conviction into our numbers is it still possible to give a little more specific breakup of this cost cut that we are talking about 150 - 200/T? It's definitely encouraging, and several large companies are talking about it. So a broad breakup like let's say about INR50, INR60 from renewable, 30- 40 from mining, some broad breakup will really help us factor in our forecast. Thanks.
And second, in your key markets, could you please tell us , what is the difference in the current trade and non-trade prices, that will really help in key markets of your South and East trade and non-trade prices? Thank you so much.
Dalmia Bharat Limited CC-Mar24.pdf · 2024-04-25
Puneet, just in the previous question comment, you mentioned that there is consolidation on the rise. More recently, there has been a couple of grinding units, especially let's look at, My Home, who sold a Tuticorin unit. While consolidation is definitely a good thing but should not one look at it this way that these promoters look at like prices being vary in these markets for a slightly more prolonged period of time? And hence, they are giving up on these assets rather than keep incurring losses or not really operating these utilized units to the fullest. So is that not an indication of a prolonged price weakness also when these companies are looking at sales of grinding units?
Helpful. Sir, second question was on the non-trade segment,. So is it safe to say that at Dalmia in March quarter, our exposure towards non -trade would have gone up and hence, a slightly more amplified impact on realizations? That's just 1 part of the question. The second is in the same breadth. At a broader industry level, do you see demand in general tilting or shifting towards non-trade segment and hence, industry as a whole and companies are increasing their exposure towards non-trade where the price gap, I think, has gone up materially?

Grasim Industries Limited

Grasim Industries Limited CC-Dec24.pdf · 2025-02-11
Yes. So, my first question was in the paints and B2B E-commerce segment. Now it's really great to see that sequentially, there is a material revenue jump, excluding UltraTech, of course. Also, heartening to see that the EBITDA losses have also reduced quarter-on-quarter despite the sales going up by almost like ₹543 odd crores combined segment, excluding cement, of course. So my question was to get some understanding on this. Can we say that as sales ramp up in the coming quarters, this absolute loss number or as a percentage of sale will only narrow, and we have like -- we have peaked out in terms of losses in this segment. Is it a way to look at it? As you said, it's a journey, but at least directionally, are we on that part of reducing losses? Or it's too early to say that?
Fair point. My second question then was on CSF. So, we have announced a capex of ₹1,350 crores. Now we are yet to deploy or complete the capex in Paint and we have taken the CSF expansion. I know that segment was demanding growth. But I'm looking from a point that new businesses are incurring losses. So is it a way that we are like to read it that we are confident that these losses won't balloon as revenues jump, and that's why the comfort from the company or the confidence from the company to take this capex because we'll have to spend substantial amount next year, '26 is what I'm assuming. And I've also seen your PPT, there is no change in capex guidance for '25, which means this capex will come in '26. So is this how one should read into it? And just the other question is what is the net debt to EBITDA then we have in mind which, in a way, will not be -- will be a threshold so that even if it comes at the cost of slowing down some bit on CSF capex, but will not cause that threshold?
Grasim Industries Limited CC-Jun24.pdf · 2024-08-09
Yes. Sir, just to clarify, since you mentioned, and this is regarding paints that you said revenues are not fully representative because of the CWIP in trial run production going into CWIP. But again, the back of the envelope calculation for the EBITDA los s, and I believe, including B2B e-commerce, it comes to roughly around ₹296 crores. And as you said, B2B commerce need not be a very large portion so hence, I assume that a significant portion of this ₹296 crores is related to paints, anywhere between ₹250 crores to ₹290 crores, some number between that. So I just wanted to clarify if that is fully representative of the sales that has happened and not the revenue? Just to understand that how should one look at losses also in the same way.
So, what I meant is if so the way to look at it is revenue is not fully represented correctly. But the expenses related to that is represented. Is that correct?
Grasim Industries Limited CC-Dec23.pdf · 2024-02-09
Also, let me give my best wishes to the entire team Grasim for the upcoming formal launch of the paint business. A couple of questions on the paints were that if you could just clarify, what is the exact capacity that is coming up for launch. And also then in the same breath, if you could just also give details about how the timeline will look for the balance capacity?
Understood. This is helpful. My second question then was about the VSF segment. So, we were looking at some VSF pricing points in China. And please correct me if my reading is wrong but I thought from mid of August or early September is when the prices in China bottomed out and there has been almost very handsome 8%, 10% kind of a recove ry in that market. But the presentation that you have shared does not really show any trend of pickup. It's actually more flattish to a marginal decline trend if I'm reading that correctly. Of course, as you mentioned, even the exit price is 1% lower than the quarter average. So, is there anything that we are missing here in the sense that are the prices unlikely to see any or have not seen a recovery and hence, the outlook remains subdued or there is some recovery that we can expect?

Ambuja Cements Limited

Ambuja Cements Limited CC-Dec24.pdf · 2025-01-29
So just to be a little more specific because on the -- if we exclude the incentives, I mean, you did explain that incentives are part and parcel. But if we just try to like exclude the incentive, significantly, there has been an increase in other expenses in particular. The variable cost per se is reasonably okay. But we are seeing significant increase in the other expenses. Even the employee cost sequential increase is very much understandable. So, wanted to just understand how much of it could be one-off in nature here? Because sequentially, there is an increase of almost INR330 crores in that particular line item. So just wanted to get a sense, is there any one-offs here? Or this is more like a maintenance run rate that we should see because we have periodic maintenance at other kilns also?
Yes, helpful. And second, just a question was on the MSA volume. Ajay ji did mention that total volumes we got from Sanghi and Penna together is about 1.4 million for the quarter. How much would be Sanghi out of that? I mean, if you could just break up.
Ambuja Cements Limited CC-Jun24.pdf · 2024-07-31
So two quick questions. Sir, first, on the green power bi t, you said that first phase of the 200 megawatt is a little de layed in my view and I think it is coming now in Q2. So wanted to understand, does that mean that the entire 1000 megawatt project gets delayed because the earlier guidance for that was Q1 FY26? And just related to this, how much should the CAPEX distribution? I would rather request Vinodji to give this breakup on entire CAPEX through green power and other for 25 and 26. That is my first question?
Sir, my second question then was about the Penna acquisition, so would want to understand because from the presentation I see there is some delay in the timeline for the Jodhpur unit. I think we were targeting around May -June next year, but there seems to be some delay both in Krishnapatnam and the Jodhpur unit so to say , and also in the same breath want to u nderstand how should one look at getting this Penna acquisition in our numbers in the sense you said it will complete by Q2, so just wanted to understand will second half then should see full benefit of the acquisitions for us and will Ambuja Cement as a brand be launched in South India?

ACC Limited

ACC Limited CC-Dec24.pdf · 2025-01-29
So just to be a little more specific because on the -- if we exclude the incentives, I mean, you did explain that incentives are part and parcel. But if we just try to like exclude the incentive, significantly, there has been an increase in other expenses in particular. The variable cost per se is reasonably okay. But we are seeing significant increase in the other expenses. Even the employee cost sequential increase is very much understandable. So, wanted to just understand how much of it could be one-off in nature here? Because sequentially, there is an increase of almost INR330 crores in that particular line item. So just wanted to get a sense, is there any one-offs here? Or this is more like a maintenance run rate that we should see because we have periodic maintenance at other kilns also?
Yes, helpful. And second, just a question was on the MSA volume. Ajay ji did mention that total volumes we got from Sanghi and Penna together is about 1.4 million for the quarter. How much would be Sanghi out of that? I mean, if you could just break up.
ACC Limited CC-Jun24.pdf · 2024-07-31
So two quick questions. Sir, first, on the green power bi t, you said that first phase of the 200 megawatt is a little de layed in my view and I think it is coming now in Q2. So wanted to understand, does that mean that the entire 1000 megawatt project gets delayed because the earlier guidance for that was Q1 FY26? And just related to this, how much should the CAPEX distribution? I would rather request Vinodji to give this breakup on entire CAPEX through green power and other for 25 and 26. That is my first question?
Sir, my second question then was about the Penna acquisition, so would want to understand because from the presentation I see there is some delay in the timeline for the Jodhpur unit. I think we were targeting around May -June next year, but there seems to be some delay both in Krishnapatnam and the Jodhpur unit so to say , and also in the same breath want to u nderstand how should one look at getting this Penna acquisition in our numbers in the sense you said it will complete by Q2, so just wanted to understand will second half then should see full benefit of the acquisitions for us and will Ambuja Cement as a brand be launched in South India?

JK Cement Limited

JK Cement Limited CC-Jun24.pdf · 2024-07-20
Sir, couple of questions. First was, how far are we from ordering or considering like, you know, placing the order for Jaisalmer? Because the last couple of times, my understanding was that we needed more support from state infrastructure to be developed in that belt because it's not just us. I think several other cement players have bad limestone mines in that belt. So, just wanted to get a sense as to how far are we ? Because if we can do it, then obviously other companies may also consider putting up a plant or if the infrastructure is ready for material evacuation.
Yes, certainly. I am saying certainly a Brownfield expansion is far easy and faster to convert.

UltraTech Cement Limited

UltraTech Cement Limited CC-Sep24.pdf · 2024-10-21
Two questions. So, while we are awaiting regulatory clearances at both Kesoram and India Cements deal, is there any initial assessment done as to the capex that may be required at both these entities to bring the quality of the plants at par to our operating standards?
Understood. And I'm assuming that the yearly targets that you have given -- and thank you so much for giving that, but it gives us more conviction to build in that -- those kind of cost savings. The yearly target that you have given for waste heat recovery, I'm assuming they are not...
UltraTech Cement Limited CC-Mar24.pdf · 2024-04-29
So two questions. First is, of course, on the cost front and INR200 to INR300 per ton decline over three years is indeed a great number to be looked out for. And you also said that in that your CC ratio or the conversion ratio will play a major role. So at your presentation, if I'm just taking a look, the CC ratio in FY '14 was 1.3 to where we have come of 1 .4, which is a CAGR of 1% like each year. So from that perspective, just wanted to understand that how are we seeing this CC ratio? And then in that same context, what is the trade -off impact then on our overall realization as a result of this change or increase in CC ratio?
Sorry, pardon my ignorance, but isn't it the clinker component in composite remains the same?

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Mar24.pdf · 2024-05-15
Yes. Thank you for the opportunity. Just one question. This was more of a book-keeping in the sense the difference between the consolidated and standalone where I'm seeing the difference on revenue front is a very stable INR330- INR320 crores in the past 2 quarters. Or even on a year- on-year basis, the revenue difference is about INR 300 crores. But EBITDA for the quarter difference is a good INR 95 crores versus INR30-odd crores maybe in the previ ous quarter. It used to be really marginal, like, you know, low or marginal number in the past? It could just help us understand.
Is there any one-off or how should one?
SHREE CEMENT LIMITED CC-Dec23.pdf · 2024-01-31
Congratulations on a great set of numbers. On the branding part of it, revamping this entire brand exercises have been done, I had two questions. One is, do we have milestone or target to reduce the price gap of Shree or now, of course, Bangur versus a benchmark, let's say, any particular benchmark large company or an average, do we have a target in mind to narrow the price gap? And over what period of time you're looking at? That's my first question. And second is, apart from this brand revamp, are we also looking to touch upon some of the other technical aspects such as, let's say, setting strength of the product or even the blain e kind of things? Are we looking to do some changes with that as well?