Hi. Thanks for taking my questions.
Am I audible?
Questions across 31 calls
Nitin Arora
Axis Mutual Fund
Apar Industries Limited
Hi, sir. Thanks for taking my question. Just on this awarding side, because I know you've been sounding cautious over the last 2 -3 quarters because of the tariff part as well. But you're over delivering every quarter. E very quarter, I think the growth has been very strong. Just on when you said that Q3 orders especially only on the U.S. market, there were no bookings. And from Q4 on and Q3, you have started seeing orders also coming in. When these orders are coming in, is it purely on the conductor and cable and it's again the renewable Capex where the customers are decided? Because when we look at the global data of renewables, that is not falling, that the ordering has been very strong. So, obviously, when you said to meet the deadline of the IRA incentives there, so it's just the U.S. revenue part, which you see some slowness coming in Q3 and Q4 is where you again start seeing a bump up. And is the order run rate, the similar kind of a run rate, what you're getting now, the inquiry and the order run rate, if you can just clarify that?
Got it. That's very helpful. So, that's all I wanted to know.
Triveni Turbine Limited
Hi, Nikhil, just on this U.S. pipeline, where you're sounding very confident. Can you throw some light where are the actual enquiries because you articulated two things, power and heat. What will be our role specific? If I've heard it correctly, you said data centre, some bids are coming for the combined cycle plant. If you can articulate in a better way, just to understand where the direction is going in U.S.?
Okay. Just one clarification here. When a data centre enquiry is coming for a combined cycle, barring only the gas turbine, the steam turbine, what data centre is ordering or doing this combined cycle to improve the efficiency part because we always thought that gas turbine itself is sufficient enough. So, this combined cycle is happening just to improve more efficiency on their angle.
Bharat Forge Limited
Just on the explosive side -- on the defense side, how are you thinking about this business because there is a lot of demand globally as well. So when do we see this capex happening and when do you see the scale start becoming bigger for you? Just on the direction side?
Thank you very much.
Ather Energy Limited
Hi Tarun, t hanks for answering all the questions mostly. Just on your EL platform, when you talk about the lower cost structure, can you talk a little bit, in terms of mix, do you see that cannibalization because that was the risk everyone was building in. And when you talked about Ritza, it looked like cannibalization is not seen anywhere now. So can you talk about a little bit trends, how this volume ramp up has happened and no cannibalization we are not seeing?
Post EL.
GE Vernova T&D India Limited
This is Nitin from Axis Mutual Fund.
Sandeep, just first question on your international opportunities. I know you said that the order has been moved in the second half. So , if you can highlight, is it more of a capacity constraint issue that it moved to second half or not, but just a one -liner on that. But given the opportunity on the international side for the last quarter to this quarter, how you are looking at it? I mean, from the inquiry perspective. Also, I know you stated in the starting of the call that even states are looking on the domestic side, But can you elaborate a little bit how the opportunity pipeline , why I'm asking you this because Street is getting very nervous and lot of narratives have been doing the rounds, like, for example, the first narrative which came that China is coming to India. A lot of Chinese companies will certainly start and India will welcome them. That was the first narrative. The second is because solar addition has been lower for the right reasons. I mean you know much better how government is now working on the battery aspect, which also get eventually lit up by solar only eventually. So just if you can articulate on the domestic side, how is the inquiry pipeline, how you're looking at it? Because I remember times when you used to announce an order size of INR400 crores or INR500 crores or INR600 crores used to announce to exchange. But today, we are winning more than INR1,000 crores a single order, we are not announcing. So it looks like the ordering is strong. But if you can articulate a little bit on the domestic and as well as on the international side. That's my first.
The first question just on the pipeline part. Are you also seeing some refurbishment pipeline s also coming with respect to HVDC existing lines or HVDC lines relating to system upgrade involved? If yes, how big is this opportunity according to you? And second, how we should think about this related party of INR3,000 crores? You think the order finalization should happen by Q4 is what you are eyeing? Or will it happen once this capex gets completed? How should one think about that? That's my first question.
Okay. Got it. That's very helpful. And second, with respect to you saying that the pipeline are increasing only, opportunity increasing only . So, you have already bids coming in now going ahead for Q4. Sorry for asking a short -term question. Just to understand that there is nothing which has lost out there. And lastly, we've been following you for a long now. So you have been articulating so far no pricing pressure because despite capacity catching up because opportunity size is increasing and order pipeline is increasing a lot. For example, when you said one HVDC how much capacity gets booked for a transformer companies across if one HVDC gets rolled out. So how one should think going in next year, next 2 years, I know I'm asking something a little longer expected. But do you think opportunity size will be huge enough where you see growth at least for the next 2, 3 years for the sector to remain pretty strong, and that's where it should not -- I mean, obviously, you're such a healthy margin company, 50, 100 basis points doesn't matter here and there. But generally, a sense how one should look at it. So , these 2 aspects and just a short-term question on the momentum in ordering and on the pricing growth for the next year.
Congratulations, Sandeep, sir, and the team, great execution. Sir, if I just leave aside the HVDC opportunity, just your take on how the inquiry pipeline looks like, especially in the 400 kV because you won a large order last time also from Power Grid. How is that overall inquiry pipeline looks like? And second part to it, as I think in the call, it is mentioned, now on a sustainable basis, we look 30% of revenues coming from exports. How is t he pipeline looking like there? Do you expect any large chunky orders to come in? And that's the reason you're looking for next few years this revenue to sustain as a mix? That's the first question, if you can throw some light on that.
Got it. Second, sir, I know we've been asking you this question for long now. Just if you can articulate something on the pricing environment. And why I'm asking this to you again, we thought that the pricing would stabilize someday. I think I remember in the last call, you said very clearly, very openly that you don't see pressure in pricing the way demand is. But the way , we saw few results, people selling conductors or cables, their margins are also going very high. How would you like to look that? I mean, as an investor, how one should look? These prices are going to stay for the next 2 - 3 years, is what one should keep in mind because the demand is something will remain strong? Just one articulation on that. And second, which you touched base on capacity utilization. When do you think apart from that INR140 crores expansion, which you announced, is th ere something you're envisaging another round of capex that would you entail given the demand from both domestic and the export. What you're looking is pretty strong, then don't you think , you need a little decent-sized capex going ahead, just on these 2 aspects, sir?
Premier Energies Limited
Hi, sir. Thanks for taking my question. First thing on your slide on the silver, what you put in your presentation, can you dwell a little bit because as you stated that lot of increase in the commodity prices, you know, the street was also expecting a big decline in gross margins for cell companies in this quarter which we didn't see so far, you know, whosoever has reported. Do you see this gross margin pressure coming up because the chart what you have shown is showing a very sharp reduction in silver, number one. Number two, what is our hedging policy because when I look at your other income, Y-on-Y, it's down but similar kind of an income I'm seeing in your other comprehensive income which is a very big number. So, is it because of the hedging policy? If you can take first question on these two aspects.
Yes, I got it. And how do you see gross margin? Do you see any impact would be coming in, in your gross margin or you think because the contribution to the Mono PERC and TOPCon is pretty less and you are hedged? Because we have seen few Chinese companies whose reported, their other income is higher than their EBITDA because of hedging. I am talking about LONGi and all in this quarter. So, can you throw some light on your trajectory for the gross margin because of this?
Hi. Good morning, team. Just two things I wanted to know. One, we looked at your revenue for this quarter. So, given strong backlog, it looked a little slower ramp up on the revenue side. If you can throw some light, was it related to something on the client side? Number one. And number two, when you -- given a press release in the presentation, you stated about 4.8 and 2 gigawatt of cell getting commissioned in June and September '26. This, I think, earlier was planned to achieve the cell capacity in FY '28. So, have we pre-poned this? And what has led to this pre-ponement? Is it like the efficiency what you are getting in terms of faster capex or were the earlier plans were different? So, if you can throw some light on that.
Okay. Please go ahead, sir.
Hi, sir. Thanks for taking my question.
Hi, sir. So just, you also said that there has been volatility in the sale prices. We saw that in the last 2 months, but now we are seeing even wafer prices, sale prices going very sharp move what we have seen in the last 2, 3 months. Can you throw some light how the Indian IPP thinking about this in terms of clocking prices now? Because I think in the previous question you said you're seeing very large pipeline. So is it like the IPPs now are going ahead and closing the orders if you can throw some light because you deal with them. So just if you can throw some light on that aspect.
Hi, sir. Good evening. Thanks for taking my question. Sir just first question on the order book, because it has been a very strong order intake. How has been and I am sure you must be doing that checks where the land bank has been given or not. So in the current order book how is your assessment in terms of the developer land bank is pretty much is owned with them. And how much is your visibility there, that is first. And second with respect to inquiries, as you started the call saying there are a lot of inquiries happening and demand is pretty strong. Can you throw some light across segment with respect to DCR because also because if a developer is bidding today, he must be keeping in mind that he has to take the sale from the domestic player as only. So in that context we need to - the question was more that are their capacity have come up recently because we don't see much capacity on the cell side coming up. I mean, except you, which you are saying you will commission in Q1. So just to get a little bit sense on the pricing side this demand is so strong and not much enough capacity that's still coming on streamline, though everyone is talking about it. How do you see that scenario over the next one or two years from the capacity angle as well then I have two more questions?
Got it. Just a last question on this global front. I know there are a lot of noises happening with respect to Trump removing the Inflation Reduction Act and IRA for the renewable as well. Can you throw some light that let's say before the IRA how much the industry used to do there on a rough sense because we get this number closer to about 30 gigawatts sort of you can correct me if I'm wrong. And when we look at the capacities, cell capacity only for US because he's already banned China, Mexico, and other countries only for US though there are a lot of announcements, but when we look at the commission capacities, it's hardly in numbers. So if you can correct me on that?
Waaree Energies Limited
Hi, thanks for giving the opportunity. The first question is, on your cell utilization, you are still at about 56%. Correct me if I am wrong. Can you tell us, what challenges are you facing with respect to moving up this utilization? Because it's been more than a year now. And are there some technical challenges? Are the breakages very high? Is it the water effluent system which is creating problems? Can you throw some light and how do you see trajectory going forward for this? That's my first question. And then I will take up the second question.
Sorry. I mean, till December quarter, you were at 56. And then suddenly last 20 days, you are at 86. Is what you are trying to say?
Schaeffler India Limited
Many congratulations on, again, double -digit growth. Sir, just on the automotive, you talked about GST impact for the passenger vehicle going forward. Just want to get a sense that any of your OEMs are asking you to increase the production capacity given s o much what OEMs are talking about so much demand coming back. Can you throw some light that are they asking you to up your production schedule more than what they normally do before the GST cut? If you can throw some light on that, on the articulation just to get a sense, how much is it sustainable on the production side? And second, sir, your margins have been very steady over the last so many quarters, and there has been an improvement in the last 3, 4 years. And I just need one comment because you commissioned a lot of plants as well in the last 2 years. And given tariff uncertainty, you still delivered on exports as well as domestic side. Do you see any scope here where cost absorption is more and once you ke ep growing at double digit, there are levers for taking these margins ahead? Those are my two questions?
Yes. Actually, the question was more is once that growth comes back because, obviously, as you said, the U.S. and other demand has to come back. But generally, there's a lot of cost also you have incurred, right? You said the capacity utilization is still less. So the question was more on the direction that once the growth again keeps picking up, your margins ideally should start going up. But I got the direction what management is trying to say. So thank you very much.
Solar Industries India Limited
Just on the -- as exports continuously to do good even in this quarter last year and you said pipeline looks pretty decent, so how are you thinking about the capex now? Because we also keep hearing and reading articles that government wants their own. Requirement is very high at this point in time. So how you're thinking about increasing capacity over the next 2, 3 years if demand is so strong? Just one comment on that?
I got your point, sir. I was just asking more from that because demand is so strong, both domestic and exports have been highlighting. Do you see a chance of upgrading your capex is that what the question was more about?
Cummins India Limited
Congratulations on strong set of numbers. I have 2 questions. One is when we look at this Powergen growth of 30% plus and you articulated that we have reached to the CPCB IV level kind of volumes. Is it very broad-based? Can you just throw some contours that which segments do you still think are sustainable of that segment on the Powergen side, the way you explain in every quarter? That's my first question.
Very helpful. And this looks sustainable to you the way you articulated in the call?
Congratulations on strong set of numbers. I have 2 questions. One is when we look at this Powergen growth of 30% plus and you articulated that we have reached to the CPCB IV level kind of volumes. Is it very broad-based? Can you just throw some contours that which segments do you still think are sustainable of that segment on the Powergen side, the way you explain in every quarter? That's my first question.
Very helpful. And this looks sustainable to you the way you articulated in the call?
Kaynes Technology India Limited
The first question is on the revenue side is we started on a 34% growth. And I just wanted to gauge your confidence on meeting your guidance, which is about INR4,500 crores. How -- because it's like achieving about 65% growth for the next 9 months to 9 months last year. H ow is the progress panning out? How confident are you that eventually these orders will get executed? And when you give your guidance of INR4,500 crores, it is purely organic or inorganic, what you have done is also a part of it? So that's my first question, and then I'll come on the second question.
So what you're trying to say, the margins, what you have reported about 17%, 16.8% or 17%, do you think this mix will continue because your guidance to margin is 15 plus 50 basis points -- so this and efficiency will continue. That's what you're trying to say over the next 9 months?
Blue Star Limited
Hi sir. Thank you for taking my question. Just on the market share part, I know the kind of improvement what we have seen over the past two, three years, and now standing at 14%. How do you think this penetration, especially in the north market in the affordable category which you did, how has been the response of the consumer? If you can talk about that and you think that can further help you inching more or you want to calibrate your moves that this 13%, 14% is good enough and let me focus on the profitability given there are some supply chain disruptions which are coming, I hope that's for the near term. So, just wanted your take, how you think about your market share from here.
Thank you, sir. Thank you for a detailed answer. Second, I think Nikhil said in the starting comments, and you also articulated that the scale is coming in which is helping the profitability as well. We understand there are challenges, supply chain challenges ahead of the industry, whether it's respect to compressors and all. But let's say if the season goes well, that's everyone's hope, do you think there are further levers because of the scale where you can improve your profitability going forward?
ABB India Limited
I think, Sanjeev, you touched based on some large deal pipeline looks very strong to you , and also on the mix side where you said that now larger orders are more in the order book, which takes time to pick up. So, one, if you can throw some light, how the large order book or larger orders in the order book as a percentage or some direction if you can give? And second, in terms of the large deal pipeline, which according to you is pretty strong, can you highlight in which areas are these and is just that a function of what I think it was highlighted that because of the election, rains, things are getting delayed? Is it also a function of that or it's just getting delayed from the customer end these large deal pipelines? Because I think these large deal pipelines have been there for the last 8 to 10 months. Correct me if I am wrong, but larger deals are little getting delayed it looks like. So, just your take on that on these two aspects.
And just what's the larger order book now? In the overall order book, what are the larger orders?