Questions across 7 calls

Prakash Kapadia

Kapadia Financial Services

Indegene Limited

Indegene Limited CC-May26.pdf · 2026-04-30

I had 2 questions. The revenue per employee has increased to around $75,000 from $67,000 last year. Is it just the on-site mix increase or there is something else or any other metrics which you can highlight? And secondly, if I look at more than $10 million revenues, there are 10 clients which are same as compared to last year. So, is there a product life cycle for larger clients, which is showing up there because we've not seen any increase in number of clients in that cohort? So, these are my 2 questions.

Sure. And lastly, Suhas is it fair to assume debtor days will be more or less stable at these levels and we can have growth also or any major change envisaged going forward?

Indegene Limited CC-Nov25.pdf · 2025-10-31

I just had one question. If I look at the H1 operating cash flow, it has actually improved from INR1.35 billion to INR2 billion. Receivables have come off in first half, and they've been declining as a trend over the last 2, 3 years. So what is leading to this decline? And can they further decline as we move towards the second half and beyond?

But you mentioned typically like the IT companies, you don't see a seasonality as far as revenues go. So why does that seasonality happen in terms of the billing cycle?

Dr. Lal Path Labs Ltd.

Dr. Lal Path Labs Ltd. CC-May26.pdf · 2026-04-30

Thanks for the opportunity. Congrats to the team , after a long time, we have seen growth being broad-based across most of our geographies on an annual basis. The good sign is Delhi NCR has really done well this year. So that is good. If you could give some insights, is it focusing on existing customers, some quicker turnaround, high-end test? What is leading to Delhi NCR growth? And if I look at the quarter growth has finally come above 15%. Now channel check suggests it is lesser competitive intensity across the board. There are selective price hikes in some of the packages, which is also leading to this growth? You mentioned in your remarks, Shankha, you are pretty confident of growth being mid-teens. We should expect higher growth in Suburban and some of the other geographies, which has just started to continue, which will give us steady state 14%- 15% growth in the coming quarters. Is that the aspiration we are working?

Great. And Suburban, any sense if you could give, is it going to be package driven? Is it going to be individual price driven? And when we talk of the overall 28% revenue coming from packages, is Suburban also included in this? Or it is just the Swasthfit of Dr. Lal, which comes under this in terms of the contributions?

Dr. Lal Path Labs Ltd. CC-Feb26.pdf · 2026-01-30

Thanks for the opportunity. A couple of questions from my end. Shankha, at a time when industry revenues have been growing in the 7%-8% range, our growth, if I look at last 11-12 quarters, has been 10.5% on an average. So what am I missing? We have brand, we have technology, we have franchisee network, we have reach, we have doctor empanelments, sales force, low cost of test, on -time delivery. What is the missing factor which is leading to this kind of a growth? Because if I look at some of the other listed players, they have been reporting higher growth. So that is the first question on revenue. And secondly, on Swasthfit, it has been growing almost 2x of our company revenue. How is the journey been? Is it now a Tier 2, Tier 3 phenomenon also? Is that also contributing there? What is the journey in Tier 2, Tier 3 cities? Is it movement from basic diabetes and thyroid to some of these packages? And is there any possibility that Swasthfit is cannibalizing some repeat usage or revenues at the company level? Those are my 2 questions.

Okay. And in some of these initiatives which you have been calling out over the last few quarters, be it distribution, be it new product development, be it enhancing the menu, I think increasing the sales force. Where will that trajectory come in? Now is FY27 going to get us there? Because I think last call, you had hinted suburban has stabilized, the IT issues are done, Mumbai reference lab has stabilized. Will West and South contribute more meaningfully to that, then we will see that delta or incremental revenue coming through us? What is the tipping point or what as analysts and fund managers we should focus on, this is what it is and we are there?

Dr. Lal Path Labs Ltd. CC-Nov25.pdf · 2025-10-31

Yes. Thanks for the opportunity. A couple of questions from my end. In your opening remarks, you mentioned incidence of dengue and malaria was slightly lower despite monsoons being good. So, was that felt in the Northern region or pan- India for us, the lower incidence of diseases?

Okay. And Shankha, how critical is new product development or specialized products to drive higher revenue growth? Over the last few years, we have been talking about Tier-2, Tier-3 expansion. We have been talking about using our network. We are investing in technology, customer experiences, app differentiation. So, how critical is new product development or specialized products? So, is there a piece of revenue which we target from here on every year as a percentage, this should contribute to higher growth, because you seem to be doing all the right things, but still we are in that channel of growth. Obviously, you have guided for this growth only, but as investors, the heart desires more. So, how critical is this piece to achieve higher growth? There have been obviously some news on technology, cancer-led this thing. So, how is this portfolio going to differentiate us from others? If you could highlight that, that will really be helpful.

Marico Limited

Marico Limited CC-Jan26.pdf · 2026-01-27

Just wanted to get a sense on the cold-pressed market. Any thoughts? Are we late in the segment because it is already a competitive market, or the TAM is very large, and we see structural opportunities with increasing health awareness? So, what is your thought on that? And typically, it is more for the Q-com, e-com customer only, the general trade would be lower, is what I would guess. And secondly, Saugata, on the GST cuts, how do we see volume growth picking up? Is there a tailwind for larger players like us where growth can be higher and we can gain market share?

And typically, consumers are ready to pay 2x price of edible oil. Is that the broader price you want to?

United Spirits Limited

United Spirits Limited CC-Jun25.pdf · 2025-08-14

Yes, thanks for the opportunity. Just one question from my end. If you could comment on the - - what we are seeing in terms of the state government's populism is increasing. Clearly, alcohol and real estate seem to be the easy target. What I was trying to understand is given larger states like Karnataka, Maharashtra are seeing uncertainty disruptions due to policy changes, due to excise duty hikes far higher. And these at least historically were far more larger states for us. So, is the offset by the newer geographies so high, we don't see a major impact on sales for the balance of the year? Is that what is likely to happen? Or you mentioned the consumer forgets about all of these things and then sales just normalize and there is no price impact, if any? And Delhi, how is the trajectory? Have things stabilized post the new policy? Those are my questions.

So, you don't really see much of an impact is what you're saying, it could be offset by some of the other states which we are focusing on.