Questions across 31 calls

Nitin Arora

Axis Mutual Fund

Kaynes Technology India Limited

Kaynes Technology India Limited CC-Sep24.pdf · 2024-10-30

Hi, sir. Good morning. Thanks for taking my question. So, just sorry for dwelling more on the cash flow side what Ankur and Keyur asked. Given, last year we gen erated some amount of, I think, INR60 crores, INR70 crores kind of an operating cash flow. But given, I think we had this discussion earlier also, that given you're growing way faster and your mix is changing a lot and the way you're guiding even arrow comes into play and then the smart meter and the OSAT. So, if we look at just directionally rather than looking at the first half cash flow is not there or second half it would come. But generally, do you think that op erating cash would be -- generating operating cash with a higher quantum would be difficul t here, because the inherent nature of the business is becoming one is on the growth is very high. And second, the mix is changing a lot because I'm assuming O SAT will also not give you operating cash for the next 1, 1.5 years, given the absolute nature of net worth and equity capital you would put in and the growth. So, can you throw some light that is it advisable not to expect too much high kind of an operating cash flow because of the in herent nature of the business given mix changing and as well as growth is very high. Just want a little clarity on that because 1.5 years back, we were ve ry confident that, despite growing at 40%, 50%, I might start not putting a number but we would be generating decent cash flow. But obviously, you're growing fast and the inherent nature y ou're changing of the business every quarter the mix keeps changing. Just need your clarity on that part directionally.

And thank you, sir.

Solar Industries India Limited

Solar Industries India Limited CC-Jun24.pdf · 2024-08-07

Sir, just one on your margin, the way you said, look, last year, we did about 23% and we will do better than this in this year. Can you help us understand what is driving this? The margin. Because every year -- we are somewhat increasing margins every year now. Can you help us and generally used to say that 22% plus is what our guidance is. So directionally, how one should look your EBITDA margin? Given your operational leverage will be at play, you are still very confident on your Defence revenues plus new order wins that you talked about. But directionally, when we look at for next 1 to 2 years or 2 years plus, what kind of an EBITDA margin range one should look at it?

This is very helpful, sir. Just on your Defence side, and you said that we will provide the guidance closer to this year-end for the next year. But again, a directional question because now the products are getting approved across what you have developed even, I think 1 participant talked about the new explosive part, which also looks very -- in technology-wise, very high upgrade you have done. In next 2 to 3 years, do you have anything in mind that this is something will be my Defence revenue? Because now it looks like ordering has happened -- started happening. And as far as the approval is very behind now, what 3, 4 years, we were looking at it, that approval is not coming. Now everything you have passed. So any directional guidance, sir, that would be helpful.

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-08-07

Thank you for all the guidance you gave us over the last two years and the way company performed. The basic question here is there was a lot of fear, and I kept you asking every quarter that once this price hike comes in of the CPCB-IV, do you see a cliff fall happening in the demand? You started in the opening remarks stating that the demand remains pretty strong. Can you throw some light that how you look at this market because the price hike is quite immense and we understand in your opening remarks in the previous call that few sectors are firing like data centers, real estate as well. But how do you think this price would be taken by channel? I am asking a little near term question of July and August when you will be filling up the inventory. Is still the volume of the end market is still strong taking into that?

This is very helpful , Ashwath. Second question, just on the export side, you touched base on that, that few green shoots are seen, but generally in your sense what kind of inventory levels globally are at this point in time? You used to map an inventory at the channel globally. Is that something you can talk about? And on the demand side?

Cummins India Limited CC-Jun24.pdf · 2024-08-07

Thank you for all the guidance you gave us over the last two years and the way company performed. The basic question here is there was a lot of fear, and I kept you asking every quarter that once this price hike comes in of the CPCB-IV, do you see a cliff fall happening in the demand? You started in the opening remarks stating that the demand remains pretty strong. Can you throw some light that how you look at this market because the price hike is quite immense and we understand in your opening remarks in the previous call that few sectors are firing like data centers, real estate as well. But how do you think this price would be taken by channel? I am asking a little near term question of July and August when you will be filling up the inventory. Is still the volume of the end market is still strong taking into that?

This is very helpful , Ashwath. Second question, just on the export side, you touched base on that, that few green shoots are seen, but generally in your sense what kind of inventory levels globally are at this point in time? You used to map an inventory at the channel globally. Is that something you can talk about? And on the demand side?

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2023-08-04

Mostly my questions have been answered. Just one on your -- this double-digit growth guidance for the domestic market. Is it possible to attribute -- this is you're taking into account the decline in exports. Is that the right way to look at it?

And this double digit, I'm assuming double -digit can be anything. But generally, that double digit, is it possible to talk about how much would be attributed to volume, because your pricing is quite high, given the mix of the both emissions?

Bharat Electronics Limited

Bharat Electronics Limited CC-Jun24.pdf · 2024-07-29

Sir, can you throw some light in terms of few orders which you expect over the next one or two years? You always highlight that in every call. So, I just thought just on the updated part any orders which are going back more getting elongated, any orders which you feel more confident that would come first, just first on that?

So, in that case, when you started this year order which you're telling us where you are confident that you will do 25,000 crores of order inflow and you're also highlighting the next year as well. So, in that case even next year, do you expect a growth on such 25,000 crores order intake, because QRSM itself will be a very big order. So, -

Bharat Electronics Limited CC-Mar25.pdf ·

Sir, though you articulated the kind of emergency procurement which is happening, just on the execution side also, you see what you would have planned 6 months back for this year, FY '26. Is there a chance of faster execution because of the certainty of further disturbances, what is happening currently? Or any change in outlook in that part on the revenue side?

And any comment on the profitability, sir? It's been very strong, Q4 specifically as well. So whole year margins are pretty much higher than your guidance. How one should look next year, if you can comment one on that? That's it.

Bharat Electronics Limited CC-Jan24.pdf ·

Thank you for taking my question . Sir, this year, just to understand directionally, and I think we remember completely the way you were guiding last 1.5, 2 years that order intake will remain strong which you have showcased last year as well and this year as well. When we go - - and I'm not asking more from because there is an election next year, but generally, can you talk about little more on platforms which are bigger which can drive your order intake further, let's say over the next FY '25 , '26? Can you talk about a little bit more on tha t? That will be helpful.

Can you talk about a little more on the amount of pipeline with resp ect to these orders for '25 , '26? And going forward, do you think that momentum will be sustained going forward because that asking run rate will increase significantly for you for the next 2 years? So, if you can throw some light on the asking run rate or in the absolute terms that how much order intake you think you'll be able to get over the next 2 years based on the opportunity size.

Apar Industries Limited

Apar Industries Limited CC-Mar24.pdf · 2024-05-14

Just on the Conductors first. I mean, your order intake has been quite strong again. For the whole year, it's up 20.4%. Generally, given your strong commentary on the domestic side, plus your capacity part, you still think you'll be able to grow conductor revenue by 18% to 20% this year? That's my first question. And second, if you can comment on the profitability of the Conductor segment, how one should look this 42,000 going where, if you can get a little bit more sense, then I have 1 more question, I'll take it after this.

Got it. Just on the starting commentary on the export, we're seeing export mix also down quite from the mix perspective and domestic is growing way faster. But given that exports is the mix have come down, you're saying it will take a little more time. But here, at least from a declining perspective, it should stop. It's more of a bottom you see? Or do you still think it will like 2 or 3 quarters away, where we'll start seeing growth or at least we could be flattish? I mean I'm asking more from a profitability mix perspective, if you can throw some light there.

Blue Star Limited

Blue Star Limited CC-Mar24.pdf · 2024-05-03

Just on the profitability of the UCP segment, can you answer this first, for this quarter when you are growing at 34%, last quarter we grew 36%, our m argins are like 7.1% and 8.3%. Even in absolute EBIT growth, you're matching your revenue growth. Can you first throw some light why this is happening because I mean there is no zero operational leverage in the business or we are trying to be more aggressive, which doesn't aug ur well when you yourself saying industry has a very good tailwind right now because of the summer season, can you just clarify why such low profitability?

Sir, for example, let's say even I don't think tha t when the outlook was given you would not be expecting that Q4 will be a 35% growth, right. So, my question is not related to what has been the outlook versus what is given, obviously, it's i n your guidance range. But nobody knew in January that March and April would be such heat season and you yourself saying -

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Dec23.pdf · 2024-01-30

Hi, P.R. Thank you for taking my question. Sorry, I might be repeating the same question, but generally the backlog has grown very significantly. You are a Rs 4.7 trillion backlog company now. I am not asking you a very quarter specific question when the margin will improve, or you know. Generally, first on taking a new order intake, what is the thought process of the Group? Is it the backlog itself has become too huge and you might go slow next year? Obviously, there is an election year, so the order might become slow itself. But is there more appetite of taking this order? I am not trying to gauge on guidance for next year, but you are already growing a t 20%. So, on that 20%, do you like to grow still in double digit or rather a team wants to execute more and go slow and get back the profitability back? Just a little structural question here.

And you yourself said that a large amount of new orders will come in execution next year. But in terms of execution, do you see a challenge because generally first six months being an election year, labor shortages, everything gets real into issue when it comes to execution, or you have large amount of international backlog as well. So, execution would not be a challenge. How one should look the growth for L&T for next year, I mean, given few challenges on execution as well?