Stockrabit · Analysts
Questions across 29 calls

Pramod Kumar

UBS

Ather Energy Limited

Ather Energy Limited CC-Nov25.pdf · 2025-11-11
Yes, thanks a lot for the opportunity. Tarun, my question is on the industry side. You in a way spoke about it, but just wanted to understand now that the GST cut is behind and you've seen that demand has not got impacted so much. How would you kind of characterize the industry growth for next year? Because this year, has been marred by supply chain constraints as well. The reason I'm asking this is like there've been multiple launches across the industry, ramp up of network by you and others. The EV reaches improved dramatically year on year, but the share is kind of stagnant at, under 6%. So I'm just trying to understand, do we expect uptrend anytime soon where the inflection point comes for EV demand, which can make this category more broad based? Just wanted to hear your thoughts on this?
So any growth number would you predict for next year? Can we do double digit next year? Or rather, let me put it this way. What should be the EV multiplier over the overall dual industry growth rate? Is it going to be 1.5, 2x because its got impacted beca use of various issues in the last 12 months. But things settle now, the GST settles and ABS regulations come in, which I presume EVs can be in a better position because under the motor capacity, you need not have ABS on an electric vehicle. So given all this, do you expect where the multiplier to land for the EV industry?

Bharat Forge Limited

Bharat Forge Limited CC-Mar24.pdf · 2024-05-08
Amit, my questions are on the defense side. You kind of highlighted in the opening remarks that 80% of the order book is now on exports. Is that number right? And that's for the outstanding Rs. 5200 crore order backlog.
Yes, exactly. So, you preempted that follow up basically that we started the entirely different story with ATAGS opportunity and the defense localization opportunity. But looking at the numbers, the way they're panning out looks like export is turning out to be a pretty big opportunity than what we thought initially. If you could just help us understand what is working in your favor on the export side and also probably some bit of a color of the breakdown of the product categories within the product defense pool and how should one look at the domestic export split once ATAGS comes in and as the business matures so because export is something which is really coming in as a surprise?

TVS Motor Company Limited

TVS Motor Company Limited CC-Mar25.pdf · 2025-04-28
Yes. Thanks a lot for the opportunity, s ir. Sir, my first question is on the PLI only. Before I ask the question, just wanted the number on revenue side for fourth quarter excluding the PL I incentive for the previous quarter? So, you shared the margin at 12 .5 for the quarter recurring margin. So, if you can just share what are the recurring revenue run rate for 4Q without the PLI incentive for the previous quarter, sir?
I am looking for the previous quarter PLI incentive, sir. So, okay, let me put it this way. Revenue for this quarter including PLI is Rs.9,412 crores, is that understanding right, or you can give the response to this during the course of the call if you want to have a look at the numbers, that's okay. Can I move the question on PLI?
TVS Motor Company Limited CC-Dec24.pdf · 2025-01-28
Congratulations on a decent set of numbers. Sir, my first question is on the operating leverage or the lack of it, because if you look at the first -- this quarter numbers, like your employee costs and other expenditures grew by like 25% plus versus revenue growth of 13%. And even if I look at the first 9 months, we have seen 180 bps increase in employee and other cost expenditure as a percentage of revenue, and they've grown significantly ahead of the revenue growth. So I understand a lot of this is going towards capability building on new technologies, manpower hiring and all that. So if you can just help us understand by when do you expect the inflation or the growth in these line items to kind of moderate, so that we start seeing the benefit of operating leverage? The reason I'm asking this is like last 4 years almost, the employee cost has compounded by 20%. And we can see the benefits of that in your products and the market share gains. But just trying to understand, are we expecting a moderation in the growth of these expense line items so that we can see some operating leverage benefit?
No, sir, I understand all of that. Just trying to understand whether we're going to see some moderation in the rate of growth of these expense lines, have nothing else. And this could be more for FY '26, '27. I'm not looking at the immediate quarter. But just if you can help understand whether we will expect any moderation in the group rates? Or they'll continue to grow significantly out of the revenue growth?
TVS Motor Company Limited CC-Sep24.pdf · 2024-10-23
Thanks a lot for the opportunity. Sir wanted some more detail on the investments you're doing on the employee side because the reason why I ask that is, your employee cost is a good 25%, 26% higher than Bajaj, and just around 10%, 15% lower than Hero. And that given the size of the company in terms of market share and revenue, it's a significant investment what you're doing in the future. And you alluded to that in terms of software, EVs, other technologies. So, if you can just help us understand how much of the current employee bill, is roughly targeting towards these advanced investments, and what's the kind of IP what we've built within the organization? Because the choice is either to do it yourself or outsource it. So clearly your intention seems to be doing everything in-house in terms of lot of technology. So if you can just help us understand, because all this will kind of pay out in the future in terms of benefits, right? So if you can just help us understand how much is the steady-state ongoing legacy business expenses and what kind of investments which is going on the employee side?
Sir, any quantification as to ho w much of the wage bill is towa rds the advanced investments or towards software, digital?
TVS Motor Company Limited CC-Mar24.pdf · 2024-05-08
And my first question is more of a follow -up on spare parts because we've seen that despite having probably the fastest revenue growth or volume growth in the industry for the last 5, 10 years, your spare parts growth is not above the trend line because we've seen some of your peers grow their spare parts exposure from like 8%, 9% to somewhere like 14%, 15% of revenue. But for you, spare parts is still well below the 10% and which is average. So is there something which you're leaving on the table here in terms of potentially doing more spare parts, which can help the business? I'm just trying to understand or reconcile the divergent trends on spare parts in the last 3, 4 years between you and the peers. So, if you can just help us understand this aspect better.
And second question on the electrification strategy. Because what we see is like your competition have done multiple launches, multiple rounds of price cuts, discounts and all of that. And you've been far more disciplined in that sense and the market share has also had a much better than what one would have feared given the competitive landscape. So how what explains this? And how should one look at the kind of addressable market expansion, which you can aim for with new launches what you're talking about? And related to that is on the 3 -wheeler opportunity because more than 90% of your 3 -wheelers are exported. And domestically 3-wheeler ICE franchise has not been that great. And how could that change with the electrification shifts? And also if you can confirm whether it's you're going to be foraying into the cargo 3 -wheelers as well with the electrification E3 -wheeler platform launch?

Ashok Leyland Limited

Ashok Leyland Limited CC-Dec24.pdf · 2025-02-12
Thanks a lot for the opportunity, and congratulations on excellen t operational metric. So, my first question is regarding the non-vehicle revenue mix as to how should we see it going forward because this quarter you had a defense decline? I can understand it could be lumpy. But how do you see the near term non-vehicle revenue piece in terms of especially the kit supplies to defense and other different supplies? Because they kind of come with higher margins. So, how should one look at that particular piece evolving over the next 1 or 2 quarters?
And if you can just help understand, because everyone's worried about the cyclicality of the business and whether we are in a down cycle, up cycle, we don't know. So, if you can just help us understand at this point of time, how much is the revenue component which is not cyclical, which is basically domestic, basically what the percent of revenue coming from excluding domestic trucks, including international, including buses and everything. If you can just help us understand, we used to share this historically back in the time. But if you can just help us, where are we there? Because that kind of gives us an idea as to what piece of the business is goi ng to remain resilient. And the rest, of course, it depends on the macro and the recovery and freight rates and all that. So, if you can just help us understand that better, sir?
Ashok Leyland Limited CC-Sep24.pdf · 2024-11-08
Shenu, first question to you, sir, on the demand. We've been optimistic about demand. But hypothetically, let's assume the demand doesn't kind of recover that well. Then what is the plan? Because we are currently prioritizing profitable growth. But in the context where industry starts underperforming expectations, so what will be the -- will we continue to prioritize profitability over market share and at the expense of operating leverage? So I'm just trying to understand this because the margins ae pretty solid, given the industry performance and what your peers have performed in terms of profitability, no doubt about that. But I just was wondering how long will we kind of prioritize margins over volume? Because at the end of the day, losing a customer is not a great thing and winning them back is normally not that easy either. So if you can just help us understand this, how long will we kind of continue with the strategy? And if push comes to shove, if volumes don't recover, could there be a rethink? Because that is something which has been in the mind of a lot of investors. And volume is something which is quite important for even investors from -- for the company's growth. So I'm just trying to understand how are you thinking about this from your position, sir?
Okay. And on that note, Shenu, I think I have to compliment Balaji and the team and yourself for the kind of cost control. I think it's unprecedented the kind of cost controls what we've seen here over the years, actually. And in that sense, is it true for you and the industry also that even in a not -so-great volume scenario, the industry profitability has clearly moved to a higher trajectory? And also, at the same time, has the volatility or the up cycl e, down cycle, the fluctuations have also kind of moderated reasonably? Is that a fair assessment? Or it's still too early to call, Shenu, for the -- as an industry?
Ashok Leyland Limited CC-Jun24.pdf · 2024-07-26
This is for Balaji. You talked about the Center for Excellence and the EV related investments. I just want to clarify, would you call it a material expense this quarter because your other expenses have shot up like 17%, 18%, which is typically very high given that volumes have not been much of a change. So , would you call the expenses provision or expense expense, sorry, as a material number?
And following up on the expense line items, given that the mix has generally been good, your non-vehicle revenues have also done well, defense is high margin, the sequential movement in commodity prices or RM2 sales is slightly as in it’s kind of adverse. So, is it fair to assume that you are being conservative here as a management on the provisioning for raw material as you were talking about in answering the previous question? Because key prices have generally started to see some cool off . Even other commodity prices are not hardening. In fact, there is some correction only. So, I am just trying to understand by when do you take a call on the actuals and if any excess provision done, when does it reverse out?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Dec24.pdf · 2025-02-07
Yes, thanks a lot for the opportunity. Before I go ahead with my questions, congratulations and wish Niranjan and Ranjivjit Singh all the best for the future endeavor. It was great interacting with you guys and look forward to hearing from you, and Niranjan particularly, soon. With that, I will just move on to the first question, sir. It's been pretty categorical that rural has done much better than urban for the last year or so across every category. But what surprises me is that despite that, motorcycle as a category is losing category share at the industry level. Scooters plus Moped is already 37%+ as per SIAM data, excluding some of the EV manufacturers. If you include them, the scooter format or the non-motorcycle format has breached the 40% mark, right. So, what is happening? Is there a tectonic shift in terms of the customer preference in the rural urban market or the semi -urban rural market, which is putting pressure on our growth because we are down on market share in a year when rural demand has done very, very well. Ideally, we should have gained market share and particularly with all the new launches. So, what are you seeing on the ground? And what can we do to further double down on the non - motorcycle categories? Because we have the portfolio, we have the launches, Xtreme has been a great hit, but we haven't had the desired result in terms of market share, especially on the Scooter side and the EV side. So, if you can just help us understand what's happening here and what is the course correction, what Hero can do in the next year or so.
So, if I understood you right, you are not seeing any structural shift or change in the consumer preference away from motorcycles towards scooters, EVs and the non-motorcycle format. You don't see that, because the numbers clearly show that very clearly.
Hero MotoCorp Limited CC-Sep24.pdf · 2024-11-15
Congratulations on the very good festive sales what you have seen. Sir, my first question is really related to the buyer behavior because what we've seen, it's probably not only in two -wheelers, but also in other categories that demand going into the season was not strong, and demand really came up very strongly during the festive season because of various marketing efforts and some categories seeing good discounts. So -- and just trying to understand, is it like are we seeing that the customers like on the ground getting smarter and waiting his purchase for the festive season so that he gets better deals and of course, there's a festive cheer and all of that. Because the reason why I ask this is, like, for example, last year, we had a counter retail of 1.4 million in 32 days. But the entire October, November, December, Vahan retails were a much weaker number in context of 32 -day retails of 1.4 million. So I'm just trying to understand, are we seeing massive bunching up of demand which is happening on the festive season, especially in the rural markets because we are not seeing that momentum in Vahan registration data beyond the festive season as such. And I'm talking about last year as a specific example, because you had a very strong retail last month last year as well. So if you can just help us understand the buyer behavior here.
Okay. No, sorry, I understand that Niranjan. The reason why I ask that, that as per the math, you had like 43,000-odd retails every day on the counter last year. But if I look at the entire December quarter data for Vahan is 1.7 million, just short of 1.7 million, even if I add January, the average retails after the festive drop out like really badly. So I'm just trying to understand that. But nonetheless, I think thanks for the input. And on the rural, if you can just provide color because what you've seen is, t hat a lot of dealer feedback is that you've seen traction for EVs gaining in the rural markets -- semi-urban markets, let me put it that way. And even scooters and premium categories taken off in semi -urban markets. So how are you seeing the trend at your end? Because you've got the deepest network by far and a pretty solid portfolio in form of Xtreme now in the 125cc and Vida as well. So if you can just help us understand the changing buyer behavior on the semi -urban market, particularly?
Hero MotoCorp Limited CC-Mar24.pdf · 2024-05-08
This is related to the Xtreme 125 launch. Because given the traction what you are seeing on the product and all the other new launches, ideally we should have seen some market share gains reflecting in the Vahan database. But what we are seeing is that we continue to see market share erosion on a Y-o-Y basis, even on a sequ ential basis. I am just trying to understand , while the products are really good and is a big change from what we have done in the past, but are we losing out a lot because of cannibalization within the portfolio or what is happening which explains the market share erosion. And the related question to that is in terms of marketing spent, because at least me personally, I haven ’t seen much of ad campaigns from Hero on the new products except for the Mavrick. So, what is the game plan on the marketing investment side going forward?
And then the final one on capex, cash position and investment plans for FY25. Sorry if I missed it earlier, but it you can just refresh on that?

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Dec24.pdf · 2025-01-24
Hi, thanks and congratulations to the team IndiGo for the very solid performance. Before I ask the question, just a clarification on the yield bit what Gaurav was talking about , the line was a bit distorted, did I hear that quarter-on-quarter the yields will moderate by mid single digit or thereabout?
Early single digit, ok that’s good to hear. And Gaurav, Pieter, to both of you, on the ASK side, if I work with the numbers what you said for 4Q and even extrapolate those for the next year and then taking AOG situation getting better and the planned capacity of fleet addition, are we kind of looking at ASK growth kind of stepping up meaningfully higher than F Y25 levels, is that understanding right? And th en thereby kind of the operating metrics, if you can just comment a bit on that, please?

Eicher Motors Limited

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Sep24.pdf · 2024-10-29
Sir, the first question is on the festive demand outlook what you guys have shared. If you can just provide some color because I pick up in media articles which have got published post the press meet that you are talking about the period ending with Shradh or start of Navratri till Diwali. Could you kindly clarify the time period of festive season? And could you provide a colour on the performance during the on -going festive season based on whatever insi ght you have on the booking numbers and the scheduled deliveries. The reason I am asking that is because on Vahan, the cumulative festive retails for the industry is still down to around 4% as of this morning. I understand there is a bit of a lag in reflecting showroom retails to registration on Vahan, but it can't be that the registration on Vahan is still reasonably mid-single-digit negative and we are talking about a double-digit growth. So, if you can just help us understand the sales period we are looking at and the data you are looking at and also could you put some color on what's the expected retail between today and till the end of Diwali?
Sorry, sir, can you repeat that. Rahul sir, I lost that. Can you repeat that please?

Bajaj Auto Limited

Bajaj Auto Limited CC-Jun24.pdf · 2024-07-16
Thanks for the opportunity. First, on the Freedom 125. Just wanted to understand the thinking here as to what the watch level hold ramp-up will be, which would kind of satisfy on the kind of success what you were looking for because it's indeed a big differentiator. I don't think any OEM is finding anything like this anytime soon. So, you really have a pretty good edge. And as I said, CNG makes a lot of sense for mos t of the consumers, if not all. So, what kind of volumes, given the kin d of innovation that you have put on the table would be sort of ? If you can just help us understand, I'm not looking for near -term volumes once it got a year or so. Where do you think the demand will settle?
Thanks for that Rakesh. And second question is on the premium category. Rakesh, we have seen that Triumph, and even Harley launches kind of not do as great as what anyone thought or their management thought? Even Royal Enfield volumes have not been that great in retail terms. So, for the last few months, it looks like the premium category is not doing as good as what one has seen in terms of broader trends of premiumization across most of the other automobile categories and even outside of autos. So, is there anything, which you say noticing there that despite the multiple launches from industry participants the category is not exactly kind of really benefiting to the premiumization trend, which is broadly seen across many parts of the economy. Any thoughts there?