Stockrabit · Analysts
Questions across 3 calls

Parag Thakkar

Anvil Wealth

Emcure Pharmaceuticals Limited

Emcure Pharmaceuticals Limited CC-Jun24.pdf · 2024-08-14
First of all, I would like to thank the entire team and wish you all the best for a new journey. And I would like to say that, see, as you very rightly said that you have deliberately put U.S. business outside Emcure listed company to make it a more sustainable and predictable business, which will be fairly valued by the market. And I am already an investor in the company. And I would love to have, what is your aspiration, as the, I would say, achievable outcome, the 20% growth with around 19%-20% ROCE. I think that is what every investor will aspire for. So, the most part of it, if I understand correctly, is going to come because of your four new capacities and 1 ,200 new MRs which you have had in the last 18 months. If I have heard it correctly, the most part of this 20% growth as well as 19% to 20% ROCE, and of course , EBITDA margin of close to 20% is achievable due to that operating leverage, right?
So, basically just one question. When you do a small acquisition or when you do a in -licensing like what we did with Sanofi, I think it will not dilute the ROCE. But if you do a big acquisition, like recently which we have seen in last few months , in domestic pharma industry, I think the acquisitions are too pricey and that will dilute your ROCE and net debt profile. So, as an investor, I would like to say that for few quarters or years where you prove yourself as a 20% compounder and a predictable compounder with very low net debt number, as you rightly said, now the net debt number is 850 crores and we see the impact of that also, as you said, that from Q3, Q4 the interest cost will come down. Let us see those numbers and then I think talk about any big acquisition which will dilute ROCE because all those acquisitions, although they might be strategic and they might be helpful in long run, but in medium term, they generally tend to dilute ROCE. And what we as an investor would love to see is a 20% ROCE number with 20% growth and 20% margins. We love this 20 number by the way.

Minda Corporation Limited

Minda Corporation Limited CC-Sep23.pdf · 2023-11-02
So I would like to just ask that you mentioned in your presentation that, I think, you have won some orders for smart key to be supplied to some two-wheeler company. Can you just elaborate on it? And how much I just want to know that how much is the increase in content per vehicle for that particular product in smart key? Earlier, what was the price? And now, what is the price? So how much content per vehicle? And is it a meaningful order?
And do you expect that other OEMs will also give you such orders? And whom are you competing with when you are bidding for such contracts? I mean I meant to know the competitive landscape.

HDFC Bank Limited

HDFC Bank Limited CC-Sep23.pdf · 2023-10-16
Yes. So first of all, I would like to congratulate the entire team for bringing up the deposit number to such a good number, about INR1 lakh crores. I think it requires a lot of efforts and you all did it brilliantly, especially in the quarter when it was a merger quarter. And we had this onetime ICRR hit plus this liquidity hit. So overall, I'm very, very happy with the performance. First of all, I would like to congratulate you all. And second, let me say that 1.92% to 2.1% ROA is possible. The growth rate above 15% or 17%, 18% of the merged entity is also possible, right?
Got it. And sir, you have opened around 2,200 branches in the last two years. So when do they start showing productivity, your opex to asset ratio will -- should come down, right, logically because they will become more productive now in terms of gathering deposits as well as advances?