So my question is on the new transformer capacity, power transfer 45,000, which you have announced. So up to what rating will the capacity be?
755 kV. And has the land been finalized? I mean land has been acquired or what is the status of approvals?
Questions across 101 calls
Parikshit Kandpal
HDFC Securities
CG Power and Industrial Solutions Limited
Oberoi Realty Limited
Hi Vikas. Congratulations on a decent quarter. My first question is on pre -sales. This quarter, the expectation was really high. We have been hearing a lot of deals on Three Sixty West through the media, but there has been a disappointment there. And even in Borivali, we have seen this quarter has been relatively soft. So, if you can underline what were the reasons, why was there this kind of underperformance during this quarter, in the pre-sales side?
The second question is, we have seen a tremendous effort on business development, and we have been hearing every quarter, one or the other announcement. But on the launches, , this year has been dismal in size, the Thane launch, we have not really seen any major launches. So, largely the year has been driven by sustenance sales. Only when there is a launch, we see the growth coming in, if I compare YoY numbers. So now, given that we have built up our business development, so now in Q4 and for the next year, how are we planning for the launches?
Congratulations on a great quarter and a great launch and also a strong uptake in Three Sixty West. Sir, my first question is on the fund raise of Rs. 6,000 crores, which was kind of a surprise for a lot of us because Three Sixty West is doing so well now throwing so much of cash. If you can tell a little bit deeper on what is the purpose of this Rs. 6,000 crores of fund raise with something imminent right now? How do you intend to deploy it, whether this will get deployed in this year? Can you give some more colour on the utilization of this?
But are you looking to deploy this? So what will be the timeline for you to be able to raise this? What are the timelines to deploy that? I understand such a quantum of fundraise you may have something in hand to deploy it. So do you -- what kind of time horizon you're looking at to deploy this capital?
Thermax Limited
Ashish, congratulations on a decent quarter. My first question is on this entire renewable theme. Now we are seeing that the solar cell capacity is coming up, even some people are putting the wafer capacity, so which will require a lot of water treatment. So how do we see this as an opportunity? And are we looking at participating in this?
Okay. And the second question was some of the recent investments. I mean, the flexi boilers, the coal gasification, hydrogen, bio-CNG, CBG. So, any update there? How has been the inquiry pipeline? How do you see over the next 2 - 3 years growth coming in from this segment?
So my first question is on Industrial Products. So, if you can help us understand the competitive intensity, pricing power given that our peers in capital goods segment, they are enjoying huge operating leverage, but our margins have been sticky around high single -digit. They've been volatile in that r ange, but any colour on pricing a nd even if you can cover some of the new products which you were planning to introduce like THVAC, ZLDs and all, so any updates there in terms of deepening of the markets or adding new orders there and even on coal gasification if you can talk about that?
Okay, Ashish. And if I can take one last question, if you allow me to...
GE Vernova T&D India Limited
So my first question is on the cash and cash equivalents, which you highlighted, INR670 crores. So does it include the deposits given to the team of INR450 crores?
The question is for the cash, the other income during the quarter -- and so what kind of yields you're earning on the other income, which could be generated on this cash pool because INR4 crores of other income for the quarter looks to a very small number?
Congratulations on a great quarter, fantastic number s. Always keep asking you when will you reach the INR1,000 crores quarterly tender, I think you're almost at that stage and with the great margins. So my first question is on -- you said that now in July, you've announced INR800 crores of orders from group companies. So if I remember co rrectly, last year, you had taken RPT approvals to the extent of INR3,000 crores of limits. So do you think that this year we'll be able to fill that? Is there any pending backlog from the last year, which would get finalized over and above this INR8 billion. So how do we see this number of INR3,000 crores in this year?
But as a trend, do you think what you did last year? I mean, similar kind of trends could be maintained from group entities.
NCC Limited
Sir, first question is on the prospect pipeline. You said that 2 trillion almost 2 lakh crores for the business. I understand for the next 6 months, right?
So, balance 2 trillion when you are bidding. So, typically, when you look at your historical bidding ratios, so what kind of conversion have you seen? For the rest of the year, when you are targeting, so Rs. 20,000-Rs. 22,000 crores, do you think there is a decent possibility of this number exceeding like Rs. 30,000 crores of inflows, given that you are talking about a very large number of 2 trillion for the rest of the year?
Prestige Estates Projects Limited
Congratulations on a decent quarter. So my first question is on launches. So I think Zayd did mention 4, 5 launches. So in terms of time lines, so how far is the RERA number away from the launch? Like for Southern Star and Indirapuram, these are 2 large chunky launches. So if you can highlight the next -- in this quarter, which launch looks probable and where -- when is the RERA expected for these?
Because of the ask is very high. In the first half, we have done INR7,000 crores of sales. And to meet the guidance of 24,000, 25,000 we need to do 18,000 to 19,000 in the second half in terms of presales. That mean this quarter needs to be really strong, almost close to INR8,000 crores.
Larsen & Toubro Limited
Sir, earlier in your commentary during the call, you mentioned getting into development assets in the green power. So, if you can elaborate, what are you looking at in this segment? Subramanian Sarma: Okay, in the green energy , we have two markets. One is the export market, and one is the domestic market. Within the domestic market, a lot of tenders have come out for green hydrogen as well as green ammonia, refinery sector as well as fertilizer sector. And we will participate on those. And they are all mostly on the development side. And similarly on the international also, we are seeing some development and traction in supply of green ammonia and green hydrogen in Korea and Japan and those countries . We are partnering with some of those international players and will participate in those tenders. And if we are successful, then we will maybe have an off-take agreement against which then we will consider investing and developing those assets. As far as IOCL tender is concerned, that is again for green hydrogen in Panipat that is available now as part of this large tendering activity going on and we will participate as we had done it in the past.
But will you also be open to looking at solar development assets? Subramanian Sarma: No, currently that's not part of our plan.
Kalpataru Projects International Limited
Hi, Manishji. Congratulations on a decent quarter, sir. So my first question is on the domestic T&D. So you said that there's L1 sitting in your order book on HVDC side. So if you can quantify that? And what is the HVDC pipeline right now?
Okay. So what is the name of this project? Is it the Khavda-I or which one what is this project?
Congratulations on a decent quarter. So you spoke about some of the one-offs during this quarter. I think said some additional provisioning and some donation. If you can quantify what were the numbers above EBITDA line?
And you said forex loss was about INR17 crores, right, above EBITDA.
DLF Limited
So my first question is to Mr. Tyagi. So sir, now we have very 2 large launches coming up and which will likely be successful, and we are all set to exceed our presales guidance of INR17,000 crores, INR18,000 crores, moving maybe, if I guesstimate, upwards of INR25,000 crores. So in light of this, how do you think will next year pan out given such a very top-heavy base of presales and large reliance on NCR market to grow from there on. So how do we envisage next year? And also, if you can touch upon your business development plan outside NCR, so that the concentration risk reduces and we see more growth markets emerging for us, maybe in MMR. How do you see the business development pipeline there given some large parcels are coming up for bidding over there? And are you ready to write large checks for those kind of deals like INR1,000 crores or INR2,000 crores, upwards of that?
Any color on the presales, I mean, given that this year is going to be phenomenal for us?
So my first question is to Mr. Tyagi. So sir, now we have very 2 large launches coming up and which will likely be successful, and we are all set to exceed our presales guidance of INR17,000 crores, INR18,000 crores, moving maybe, if I guesstimate, upwards of INR25,000 crores. So in light of this, how do you think will next year pan out given such a very top-heavy base of presales and large reliance on NCR market to grow from there on. So how do we envisage next year? And also, if you can touch upon your business development plan outside NCR, so that the concentration risk reduces and we see more growth markets emerging for us, maybe in MMR. How do you see the business development pipeline there given some large parcels are coming up for bidding over there? And are you ready to write large checks for those kind of deals like INR1,000 crores or INR2,000 crores, upwards of that?
Any color on the presales, I mean, given that this year is going to be phenomenal for us?
The Phoenix Mills Limited
So, Shishir my question is more on the matured malls. So, the trend on decline in consumption, so it has been there for now almost two , three quarters I know this quarter, there could be some exigencies which you highlighted. So, a large part of growth, that we understand if we normalize them our consumption is coming from trading occupancy ramp up and same store sales growth doesn't seem to be happening barely below inflation. So, do you think what could be, you said that there are no structural reasons but what would justify this, because this is not a trend which is there in this quarter, that has been there for the last two, three quarters actually.
You have anything else to add or shall I move to the next question?
KEC International Limited
Yes. Hi, Vimal, sir. Congratulations on a decent quarter. Sir, my first question is on your stand- alone margin. So, again, straight 10th quarter, wherein we have seen the margins coming off, adjusted for arbitration about 4.5%. So, what is still plaguing this stand-alone financials? I mean, why we are not seeing improvement here? So, which are the segments where you con tinue to see the pain and when do you think the worst will be behind us?
Okay. The second question is on fundraise. So, INR4,500 crores looks to be very big fundraise. So my question is in a way like so we have been guiding about 15% growth. So do you think what this quantum of fundraise can do on growth? And we have largely been doing EPC projects. Do you think that now there's a scope wherein we can start taking some equity exposure, maybe a financial investor, someone, wherein we need to put in some money, so that can add incrementally to the growth? So, what will this fund do to your growth prospe cts, we setting it above 15%? Secondly, on -- I think you touched upon deleveraging. So, partly I understand will go towards the deleveraging, but -- and thirdly, on the equity side. So, if you can give some sense, like whether we only be an EPC company or we start looking at some of these opportunities coming up in the power side, on renewables side, on the equity capex?
Yes. Hi, Vimal, sir. Congratulations on a decent quarter. Sir, my first question is on your stand- alone margin. So, again, straight 10th quarter, wherein we have seen the margins coming off, adjusted for arbitration about 4.5%. So, what is still plaguing this stand-alone financials? I mean, why we are not seeing improvement here? So, which are the segments where you con tinue to see the pain and when do you think the worst will be behind us?
Okay. The second question is on fundraise. So, INR4,500 crores looks to be very big fundraise. So my question is in a way like so we have been guiding about 15% growth. So do you think what this quantum of fundraise can do on growth? And we have largely been doing EPC projects. Do you think that now there's a scope wherein we can start taking some equity exposure, maybe a financial investor, someone, wherein we need to put in some money, so that can add incrementally to the growth? So, what will this fund do to your growth prospe cts, we setting it above 15%? Secondly, on -- I think you touched upon deleveraging. So, partly I understand will go towards the deleveraging, but -- and thirdly, on the equity side. So, if you can give some sense, like whether we only be an EPC company or we start looking at some of these opportunities coming up in the power side, on renewables side, on the equity capex?
Hitachi Energy India Limited
Congratulations on great order inflows during this quarter, sir. So, my first question is on when you say that you will achieve double-digit margins by year-end, but you've already achieved it in 4th Quarter FY '24. So, what do you mean by achieving it by year-end?
Is it right to assume that maybe at some point of time where the revenue cross is Rs. 2,000 crores on a quarterly basis, then we'll be able to deliver that kind of number, because at Rs. 1,300, Rs. 1,400, you'll barely be at EBITDA positive. This is what I sense given the cost structures, you have at 37% gross margins and other expenses of 20% to 23% and 9% of employee expenses. So, you'd barely make any EBITDA at run rate of Rs. 1,400 crores, Rs. 1,500 crores of revenue per quarter.
Cummins India Limited
Congratulations on a great quarter and the year, sir. Sir, my first question is on this quarter. So, we have seen exceptional margins, EBITDA margin is at 23.5%. So, was there any one -off during the quarter? Because if we see the numbers, other operating expenses seems to be at Rs. 100 crores, which is like all -time low. So, if you can highlight any key reason for this outperformance in margin?
Yes. Sir, secondly, if I see that traditionally, we have seen the existing growth drivers for the company, right? So, data centers, hospitality, real estate put together. So, if you see over the next 2 to 3 years, do you think emergence of any new demand drivers for our business given next 6 to 7 years, we will have a big push on the clean energy theme. So, allied to that do you think what could be potentially the new growth drivers? And based on that, incrementally we have been guiding about 2x GDP growth. So, do you think that number can get revised higher over the next 2, 3 years?
Congratulations on a great quarter and the year, sir. Sir, my first question is on this quarter. So, we have seen exceptional margins, EBITDA margin is at 23.5%. So, was there any one -off during the quarter? Because if we see the numbers, other operating expenses seems to be at Rs. 100 crores, which is like all -time low. So, if you can highlight any key reason for this outperformance in margin?
Yes. Sir, secondly, if I see that traditionally, we have seen the existing growth drivers for the company, right? So, data centers, hospitality, real estate put together. So, if you see over the next 2 to 3 years, do you think emergence of any new demand drivers for our business given next 6 to 7 years, we will have a big push on the clean energy theme. So, allied to that do you think what could be potentially the new growth drivers? And based on that, incrementally we have been guiding about 2x GDP growth. So, do you think that number can get revised higher over the next 2, 3 years?