Stockrabit · Analysts
Questions across 20 calls

Nikhil Choudhary

Nuvama

Indiamart Intermesh Limited

Indiamart Intermesh Limited CC-May26.pdf · 2026-04-30
Thanks for the opportunity. My first question is on unique business enquiries. This quarter, it declined 1%. Last quarter, also, there was a decline, and I think management gave a commentary that due to low working days, and more holidays, there were less spent and that led to decline last quarter. But more important point is, that last two quarter, it's been 27 - 28 million. And even last year, for most of the quarter in FY25 out of 3, out of 4 quarter, it was 27 - 28 million. So despite of us investing so much on performance marketing, why this number is not inching up?
Got it. But, again, like you highlighted, just 1% drop in conversion. Even then, it means the overall increase is very limited. That was the point. And second, if possible, you can quantify the mix, how many of these queries you have acquired to performanc e marketing, if possible, and rest of which are organic?
Indiamart Intermesh Limited CC-Sep25.pdf · 2025-10-17
Sir, first question on subscriber addition. The 2.8K addition, while being close to our range , but still highest in since last two years. So just wanted to understand was it normal change we see quarterly? Or did we saw some change in, let's say, gross addition or some decline in churn?
Got it. Second one, on the churn side, especially on monthly churn side. Any reason we are not seeing any reduction in churn? And second, along with this question, I think we have noticed you have increased the price of silver subscriber plan. So , any logic behind why to increase silver pricing at a time when the churn is so high?
Indiamart Intermesh Limited CC-Mar25.pdf · 2025-04-29
Thanks for the opportunity. First question on supplier addition. Dinesh sir, we have again moved to net subscriber being positive after the last time we have seen decline. Is it fair to say that Q3 was an anomaly, and the subscriber addition trend will again go back to 1,000 to 3,000 between those ranges, with ARPU growth of, let's say, high single digit? And do you maintain your guidance of collection growth being less than 10%, more or less mid-single to high-single digit?
Got it, sir. Just a follow-up on the point you mentioned that we are now thinking on the type of supplier to acquire, right? Is the behaviour of these suppliers is different from what we were acquiring earlier? While I understand the churn won't be visible now. But let's say in terms of behaviour on the platform, how active they are, how responsive they are or any other internal metrics you are checking to differentiate between the newly acquired customer compared to what you were doing, let's say, 2-3 quarters back?
Indiamart Intermesh Limited CC-Dec24.pdf · 2025-01-21
Hello, good evening. Thanks for the opportunity. My question is on collection growth remaining below 10%. Last quarter, we highlighted there were some execution challenges, right? And that basically impacted your collection growth last time, but still collection growth remains below 10%, and you're also guiding less than 10%. So, I just wanted to get some colour on what's happening? and is the impact of execution challenges continue to remain?
Sure. Second one, just want to understand your thinking behind it. So, we have been trying to do or reduce the churn basically during the last five to six quarters, right? We have made various initiatives including changing the matchmaking , enabling overall easier contact between the seller , plugging WhatsApp, which is now available on your website, in your app. So just want to understand, despite of so much initiative, if we are seeing the elevated churn continue to remain a problem, why don't we fundamentally think that elevated churn is now maybe a base case and we should focus on gross addition rather than cutting our sales and marketing, which is impacting our growth further?
Indiamart Intermesh Limited CC-Sep24.pdf · 2024-10-19
Thanks for the opportunity. Just want to understand the collection number a little better. So , collection growth for us was 5% Y -o-Y this time. And while you are attributing it to lower subscriber addition, even the total subscriber grew 4% Y-o-Y, right? So, subscriber is not the only reason, which impacted collection. Correct me if I'm wrong because at least what we can sense is that revenue per paying supplier must have gone down as well for collection to be at 5%. So , can you give colo ur what happened behind the scenes? And why, let's say, revenue per paying supplier has gone down at such a pace in between the two quarters?
Yes. So why there is decline in average collection per customer? Any reason for that?
Indiamart Intermesh Limited CC-Mar24.pdf · 2024-04-30
Hi, thanks for the opportunity. Dinesh, my first question is on the collection side again. Just want to understand last time when we discussed the commentary by you was that collection be, will go back to 20% plus in coming quarters and given the collection slowdown further. So , while supplier addition part was part of the expectation, I believe. So was there some disappointment, even on ARPU side, and that's what led to collection where they are? Also, while ambition is to may get back collection to 25% or 30% growth. Any guidance for FY '25 for coming quarters, given supplier addition, continue to remain lower?
Sure. There is further improvement in other few KPIs, that especially registered buyers increased further. Last time you mentioned that, it could have increased due to some scrap ing or something, or web crawling or something. But, is this improvement now a sustainable trend or organic trend? And do you think this will lead to improvement even in purchasing our unique business enquiry increasing? Because, while the unique business enquiry increased 14% YoY from a lower base, it's at a similar level what we were seeing in Q2. So from that level, we haven't seen a material improvement in business enquiry. So, is the registered buyer can be seen as early indicator there?
Indiamart Intermesh Limited CC-Dec23.pdf · 2024-01-18
Hello. Thanks for the opportunity. My first question is regarding the Collection growth, which is like 16%, 17% this quarter for consol and standalone business. This is lower than what we have seen in last four, five quarters, and generally the trend has been more than 25% plus. So, anything to read here? Is it just one quarter downturn, and we expect it to be back to 25% plus trajectory from quarter four?
Understood. S econd question is regarding the Registered Buyer growth or Unique Business Enquiry, which is clearly growing at a much slower pace, single -digit on Y-o-Y basis, right? A couple of quarters back, you mentioned that if the registered buyer do not increase materially by end of FY'24, then you will be concerned, right? So, in terms of Business Enquiry, we haven't seen much material jump. Where I'm coming from is that if you see the metrics in Unique Business Enquiry per supplier, that metric is going down and back to pre-COVID. So , I just want to understand what's happening there. Any action you have taken to increase the number of Enquiry growth per se?
Indiamart Intermesh Limited CC-Sep23.pdf · 2023-10-27
Yeah, thanks for the opportunity. So, my question is I would like to probe further what Vivek has asked regarding the churn and lower subscriber addition. Sir, this is not just the one quarter we have seen lower subscriber or lower paying subscriber addition. It's been like in the last four, five quarters, except for one quarter, our subscriber addition has been lower than 8K, which was our initial guidance of 7-8K paying subscriber every quarter. Even in terms of engagement, what you mentioned, business call and query, that number remained more or less stable, even down from the COVID peak right? So just want to understand, to contain the churn and especially growing the paying subscriber, what are the chang e in strategy we are doing to make sure the growth comes back there? And just one follow-up on this, are we looking to maybe roll out the increase in price for our existing subscriber, a bit slower than earlier planned, given the higher churn we have seen for new subscribers?
Sure sir, very helpful. Just last one from my side. In terms of employee addition, we have again started adding employee aggressively after slowing down for a quarter or two. Clearly, it might be to address the churn, but that is putting pressure on margin. So just want to understand, vis-a-vis your earlier guidance of seeing incremental revenue or deferred revenue on a much higher margin. How are you seeing maybe even directionally margin going forward? Thank you.

ETERNAL LIMITED

ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21
Hi, thanks for the opportunity and congratulations on achieving break even in Blinkit and Hyperpure. First question is on 100% growth part. Last quarter, you mentioned that you can deliver 100% YoY growth for the next two years. And if the opportunity size is so large, which we believe it ideally should be, then why short-term change in competitive intensity can derail it especially when you guys have already achieved break even? You're talking about investing in market share gain. Then what is stopping us from achieving this 100% growth? What has changed basically in one quarter?
Got it, thank you. Second, is the behavior remaining consistent across the players or is it more limited to incumbents? What I meant to say are new players like Amazon, Flipkart, and JioMart also resorting to this kind of competition now or is it more limited to incumbents?
ETERNAL LIMITED CC-Sep25.pdf · 2025-10-16
Hi, thanks for the opportunity. My first question is on food delivery. Last quarter we called out that we'll focus on driving growth, and profitability will remain constant. But this quarter what we are seeing is that profitability actually improved while growth pick up is limited. So, just wanted to understand, was there some change in strategy or the elasticity of, let's say, additional spend is not leading to higher growth?
No, I understand that part. The point, what I want to understand is, let's say if you would have invested those additional earnings to acquire more users or gain more market share, we could have done that, right? So, rather than let's say absorbing or, letting the profitability flow through, that's what we chose to do rather than focusing on growth. So that's the decision I want to understand.

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-07-31
Yes, thanks for the opportunity and congratulations on the improvement on the AOV side. Harsha, in the past, we have seen improvement in dark store profitability. It is led by two factors. One is higher AOV and second is higher throughput per dark store, right? While AOV increased this quarter, we have seen a significant dip in throughput per dark store. Is it some trade-off, which happened this quarter? Why I am asking it, this is because of some of the change in policy in last quarter we have seen on your platform. That you started charging surge fees, green fees per order below Rs. 449, Rs. 499. So, in a way, is it fair to assume that customers clubbed some of the order, which led to higher AOV, but lower order per customer or lower platform frequency?
Got it. Fair enough. Now moving to improvement in contribution margin. The 16% increase in AOV should have led to a 100 basis point to 150 basis point increase in your contribution margin, right? Assuming that is a Rs. 55 of the delivery cost on Rs. 550 - Rs. 540 of the AOV side, right. So, is it fair to say that a large part of this benefit is now transferred to Maxxsaver users, who will generate that habit for now and that will continue at least for the coming quarter for the habit to sustain?
Swiggy Limited CC-Jun25.pdf · 2025-07-31
Yes, thanks for the opportunity and congratulations on the improvement on the AOV side. Harsha, in the past, we have seen improvement in dark store profitability. It is led by two factors. One is higher AOV and second is higher throughput per dark store, right? While AOV increased this quarter, we have seen a significant dip in throughput per dark store. Is it some trade-off, which happened this quarter? Why I am asking it, this is because of some of the change in policy in last quarter we have seen on your platform. That you started charging surge fees, green fees per order below Rs. 449, Rs. 499. So, in a way, is it fair to assume that customers clubbed some of the order, which led to higher AOV, but lower order per customer or lower platform frequency?
Got it. Fair enough. Now moving to improvement in contribution margin. The 16% increase in AOV should have led to a 100 basis point to 150 basis point increase in your contribution margin, right? Assuming that is a Rs. 55 of the delivery cost on Rs. 550 - Rs. 540 of the AOV side, right. So, is it fair to say that a large part of this benefit is now transferred to Maxxsaver users, who will generate that habit for now and that will continue at least for the coming quarter for the habit to sustain?
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-05-09
Hi, thanks for the opportunity. I just want clarity on your comment regarding the disconnect between MTU growth and GOV growth, where you highlighted that while this quarter GOV growth is driven by new user addition, while you have seen slowdown in older u sers. Have you seen this kind of seasonality before? And why do you think this is not a user churn because of higher competitive intensity? Thank you.
Got it. Thank you.
Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-02-05
Just want to probe a little bit more on the contribution margin comment that the store expansion was back-ended. So, is it fair to assume that the impact on contribution margin from new stores actually gets to fully come and that will happen in next quarter? And contribution margin dip also happened for our existing 609 stores, which we had in Q2. Is it fair assumption?
Got it. Just wanted clarity if we have seen decline in contribution margin, material decline for existing 609 stores, which we had in Q2. Is it fair assumption?
Swiggy Limited CC-Dec24.pdf · 2025-02-05
Just want to probe a little bit more on the contribution margin comment that the store expansion was back-ended. So, is it fair to assume that the impact on contribution margin from new stores actually gets to fully come and that will happen in next quarter? And contribution margin dip also happened for our existing 609 stores, which we had in Q2. Is it fair assumption?
Got it. Just wanted clarity if we have seen decline in contribution margin, material decline for existing 609 stores, which we had in Q2. Is it fair assumption?

Zensar Technologies Limited

Zensar Technologies Limited CC-Dec23.pdf · 2024-01-22
First question is on top accounts, while Manish you mentioned that incremental PPP is coming from client mining, can you clarify is it coming from top five clients given we are seeing the contribution from top five continue to decline?
Second is regarding the margin I think on margin you continue to surprise and even in this quarter despite of reversal we have seen margin EBITDA margin close to 17% and we have seen some of the levers like offshoring utilization clearly playing out in last few quarters. So, is it fair to assume the current quarters EBITDA margin will be what we can look forward to in FY25 and maybe next coming quarter?

Redington Limited

Redington Limited CC-Dec23.pdf · 2024-02-07
My first question is going to be regarding your ROW driven decline, which you have just commented. I want to understand what should be the expectation going ahead, especially the kind of business we are doing? Are we done with balancing our risk -reward in ROW business, or they are yet to slow down or cut down some of the area where the risk is high?
Yes, the short-term growth till the time you are still working on the issues, and then medium - term growth outlook?

Firstsource Solutions Limited

Firstsource Solutions Limited CC-Dec23.pdf · 2024-02-07
My first question is on deal wins, so just want to understand which segment and which geography is driving this growth. And second thing is regarding growth in being 30% for first half and when headcount growth being 16%, is it fair to assume that between ACV and TCV. ACV growth is more or less similar to head count while TCV is growing much more faster?
On similar line basically our deal wins tend to be very strong, but in a scenario where mortgage volumes comes back, that will be more discretionary and still not captured in this deal wins?