Questions across 5 calls

Parag Thakkar

Fort Capital

PVR INOX Limited

PVR INOX Limited CC-May26.pdf · 2026-05-11

Yes. Thanks a lot for giving me the opportunity and thanks a lot for the very good performance. I would like to ask that, see, fundamentally speaking, our stock is completely undervalued. And now, of course, as you rightly said, the trend is changing from last 6 months, we are seeing good footfalls. So -- and you are generating so much of operating cash flow and your capex is limited. So why would you not consider a buyback? Because if you remember, during COVID also, we did a QIP at around about INR1,300 and still the stock price is below that even after such successful movies. So -- and you are saying that pipeline is also looking very robust. So why a buyback where promoter will not participate is not an option as a capital allocation decision now that your net debt is just INR160 crores?

Okay, sir. It is my genuine request that once you are net cash, I think because the stock is completely undervalued based on the fundamentals and of course, the stock has not rewarded shareholders because of other reasons which are not in your hand. But now that the tide is turning, I would seriously recommend that we should go for a buyback.

Punjab National Bank

Punjab National Bank CC-Dec24.pdf · 2025-01-31

Congratulations for new assignment, and congratulations for a good set of numbers. As everybody is expecting, the rate cuts are going to happen, and so t here will be some margin compression. But don't you feel that because you have a CD ratio of 72% only. And if the system liquidity improves due to RBI steps, like as you mentioned, VRR and OMOs, the growth will also be better?

Sir, do you feel like growth will abstract w hatever little bit margin contraction which happens due to interest rate cuts because as you very rightly say deposit wil l also get repriced, but there will be some lag effect right?

Muthoot Finance Limited

Muthoot Finance Limited CC-Sep24.pdf · 2024-11-14

Congratulations for excellent numbers. I just wanted to ask that when you say, you have revised your guidance upwards from 15% to 25%, right? So I would like to ask the key driving factor for that? That is my first question. And second question is from a regulatory perspective , where you say that you accommodate customer which is right in your business and that you will try your level best that customer will not lose his gold jewelry, but from RBI perspective and from the NPA provision perspective, whether your credit costs will go up because of that, because now the regulator is very, very, I would say, compliant. And it forces you to be compliant. So, right up till now, you were accommodating your customers by not selling his ornaments. But is it possible to keep your c redit cost as low as it was in the past after this regulatory overhang which has come?

And sir, just the reason for increasing your guidance from 15% to 25%.

Minda Corporation Limited

Minda Corporation Limited CC-Sep24.pdf · 2024-11-12

Yes. Congratulations for a very strong set of numbers. So basically, what we are observing is that, as you rightly said, that the macroeconomic environment is tough, and so the revenue growth is at about 10% at around 8%. But still you managed to grow your EBITDA by around 12%? So, do you see that this trend will continue across, as you rightly pointed out that you're focusing on quality of growth? So, EBITDA growth will outpace the revenue growth? That was my first question. The second question is, we have seen good numbers in October month from some of the 2-wheeler companies and all the OEMs in 4-wheeler also, like to be specific, M&M and all. So, do we feel that at least in second half, the revenue growth will also accelerate better than what we have seen in Q2? And third thing, I'll just ask that. For example, many of your good customers OEMs, like M&M and all, are launching electric SUVs and all. So whether we'll be also part of their supply chain and whether content per vehicle will also increase in those kind of models which are going to be launched by OEMs like M&M, to be specific?

The last question, Congratulations for achieving 20% ROCE and of course, the net debt is also very negligible. So definitely you will be looking for inorganic opportunities also, to grow your business, one thi ng which as a shareholder, as an investor, I would like to say, is that whenever you do any inorganic acquisition or something, the ROCE metrics will be kept in focus, right? Well, you will not compromise too much on ROCE even if you are exploring inorganic opportunities, right? Because you see, definitely EBITDA growth is paramount, of course, and the PAT growth also. But ROCE, you are saying that you are aspiring for 25%, which makes us very happy as a shareholder. So while exploring inorganic opportunities, ROCE will be a metric which you will consider, right?

Poonawalla Fincorp Limited

Poonawalla Fincorp Limited CC-Sep24.pdf · 2024-10-25

I really appreciate the long-term vision and the execution foundation which you have laid down and I really appreciate that you have hired very good people to take the business from here. The only thing is that, unfortunately, when you take this tough decision of providing in one quarter, I hope that this shocker, which comes to market and which unsettles market, I hope that shocker thing is over now, with this quarter?

Arvind, really appreciate your response. Just that I think Avinash also asked the same question on the STPL book, where you have provided so much of the amount and after seeing the entire book, you have done this. So, I hope that this amount or this thing will not be repeated, right? It is one-off and we have decided to write-it-off in one quarter itself, right?