Questions across 5 calls

Prolin Nandu

Goldfish Capital

United Spirits Limited

United Spirits Limited CC-Sep23.pdf · 2023-11-09

Yes, thanks a lot. Hina, my question to you is slightly more medium to longer term. Now we have an aspiration to be a double-digit top line profitable growth kind of a company, right, CPG company. So if you break down the spirit segment into prestige, premium and luxury, do you think that every segment within our portfolio will grow to double digit? And where I'm coming from, Hina, is that if we look at a 15 to 20 years kind of an history, right, we were leaders in some of the prestige and upper prestige kind of a category, which over the period of time, we have lost leadership to some of our competitors. So I mean going forward, do you think that -- I mean, all the 3 segments, I mean prestige, premium and luxury will contribute towards this double digit? And even in times like these, right, where you are saying that there are some macro challenges, right, in terms of inflation? Do you see -- I mean, any cool off in terms of gains in market share that we have been doing because of renovation and innovation to our portfolio?

Sure Hina, thanks a lot. That was very clear. Second question, again on this whole A&P spend, right. And this is also coming from more like a medium to longer term. Now since we have 2 IPL teams where one of our brands is used, right, I mean, in terms of the name of the IPL team. Is it fair to assume that A&P spend over the period of time as a percentage of sales might come down? And I'm talking from a -- more from a medium to longer -term point of view, right, to make some sense. Do you think that one -- I mean one category of our business will have a rub- off effect on other category? And is that a fair way to look at things? Or do you want to look at them as an individual assets and not mix the 2 segments?

Cohance Lifesciences Limited

Cohance Lifesciences Limited CC-Sep23.pdf · 2023-11-09

Just one question from my side. You mentioned that in the last one month, you have met a lot of clients, right, and probably conveyed them this whole transition of ownership. But have you also been communicating to them about this whole Suven plus approach? And if you can share some client's feedback that what are they? I mean, how excited are they about this whole Suven plus model that you just mentioned a few questions back? If you can just give some anecdotal kind of an evidence or some conversation that you had with the client, that will help?

Sure. No. So where I was coming from was that, obviously a lot of people have asked about this whole merger with the platform entity that is going to come, right, in some sense. And that was one of the reasons, if not the only reason for changing ownership. So, I mean, our clients also equally excited about an entity which is going to be much larger than erstwhile Suven. And are we getting the kind of confidence that we had before meeting them? I mean, is the confidence level the same as it was before meeting them as well?

Kirloskar Oil Engines Limited

Kirloskar Oil Engines Limited CC-Sep23.pdf · 2023-11-03

A few questions from my side. The first is that because of this delay of norms from here to June, how is the competition reacting? Because, we would have typically thought that when the norm change happens, some of the larger players like you would gain market share. Now that that thing is delayed till about June of 2024, is it fair to assume that some of the smaller players might come back with a vengeance? I am just trying to figure out how the competition or rest of the market is reacting to this delay of norms.

Let me put it another way. From here to June, do you expect market share gains in the overall market, or do you see some market share losses? Or do you see the market share staying where it is for us?

Triveni Turbine Limited

Triveni Turbine Limited CC-Sep23.pdf · 2023-11-02

Congratulations on great set of numbers. I just have one question. Just from a longer -term perspective beyond FY 26, because until that time , we have visibility based on the enquiries that we are generating. Some of the trends in terms of industrial CapEx, API as well as biomass and that aspect of renewable energy. Some of these trends are something which might last for longer sometimes rather than just petering out in a few years' time. So, is it fair to probably say that what we are doing in terms of product innovation, adding more and more services to our Aftermarket business, do you think that we can probably in a way come, I mean, not be part of the cycle and taper down after FY 26 and the growth that we are seeing right now, not at the same pace, but might continue beyond FY 26 as well?

And second question would be that while you have stopped giving this whole zero to 30 and 30 to 100 kind of distinction in terms of any comment that you make. But how is our traction in 30-100, where we are relatively newer? And just an added question to that would be, you're saying -- you said that you are adding a lot of services in the aftersales part of it like refurbishment. So , in terms of whatever is required in the market, I mean, where are we? Have we covered 50% of what is the requirement in the market and there is still 50% of services that is left from our offering point of view? So, if you can just give some quantitative number?

Carborundum Universal Limited

Carborundum Universal Limited CC-Sep23.pdf · 2023-10-30

Two questions from my side, one is on the Retail Abrasive segment. There again, I mean, lots of questions on that. You mentioned two types of competition. One is Chinese, which is probably gaining on price and other is paints, which is probably gaining on distribution. But when it comes to quality, I think our quality of these Retail products would be far superior. So, in terms of the market trend changing and people using better quality products, how is that trend? And do you think that I mean during COVID when Chinese competition was not there, there were some people who had shifted to products of higher quality have they now shifted back because of pressures in their business? And going forward, how do you a shift towards quality production, which will benefit us in the three to five years’ time?

And second question would be on your M&A strategy right, I mean how is the pipeline looking in terms of, I mean are there some companies that you are actively evaluating and given whatever is going on in the global market, do you think, I mean would there be something, asset available at a good price or would you like to probably wait for some calm in the market before you go ahead with the acquisition? Some color on your M&A strategy would help.