Stockrabit · Analysts
Questions across 63 calls

Pulkit Patni

Goldman Sachs

The Phoenix Mills Limited

The Phoenix Mills Limited CC-Jun24.pdf · 2024-08-01
Just one question. You spoke about Palladium and the impact on consumption because of all the renovation work you are seeing, can you highlight what is the exact square feet directly and indirectly that has been impacted because of this, because when I look at your mall GLA in your presentation, there you are assuming that it's basically the same GLA that's available. So what exactly do you think would be the impact in terms of square feet both directly and indirectly, because of parking, et cetera not being available?
Sure. I am also asking about the Lifestyle renewal which is under renovation, et cetera. So what exactly is that area?

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Jun24.pdf · 2024-07-24
Hi, PR. Just one question. This has been a quarter where the domination both on top line as well as order inflow has been by the international business and your margins have improved a little bit. So any read across on how we should look at margin the next few quarters, given that domestic should actually come back in terms of its big ger contribution on the overall revenue footprint. So any sense on how we should look at margins in the next few quarters in light of what we saw in Q1?
Sure. No problem. PR. That's the only question. Thank you.
Larsen & Toubro Limited CC-Dec23.pdf · 2024-01-30
Just one question, and a lot of people have asked you questions on Middle East exposure, but as a company , today, we have almost 40% order backlog exposed to international and while obviously you would have done all the risk assessment, but geopolitics is pretty uncertain right now. So, is there an upper threshold beyond which we would not increase our exposure to international or we are okay taking this number even to say 45 -50% if that is where the opportunity is? Any thoughts on how we should look at our international exposure say over the next 24 months?
My second question and sort of connected to the first one is on our combination of margin and working capital. For the last nine odd months, we have been saying that while our margins are weak, working capital sort of takes care of it and as a result of it, our cash margins have been pretty similar to what we had originally thought. Now, as you look at next year, as these international jobs come in, would that thought process continue that while our working capital will be low, even if our margins remain in the current range, we should be net net okay or are we saying that margins will also improve and working capital also because international will become a bigger part of execution can also get better from here?

JSW Steel Limited

JSW Steel Limited CC-Jun24.pdf · 2024-07-24
Hi, PR. Just one question. This has been a quarter where the domination both on top line as well as order inflow has been by the international business and your margins have improved a little bit. So any read across on how we should look at margin the next few quarters, given that domestic should actually come back in terms of its big ger contribution on the overall revenue footprint. So any sense on how we should look at margins in the next few quarters in light of what we saw in Q1?
Sure. No problem. PR. That's the only question. Thank you.

Container Corporation of India Limited

Container Corporation of India Limited CC-Mar24.pdf · 2024-05-17
Sir, thank you for taking my questions. Sir, I am unable to understand that if originating and handling volume growth is going to be same, are we saying we are not going to be increasing double stacking because our understanding was, and correct me if it was wrong, is that as the impact of DFC becomes more prominent, double stacking will be a larger part, volumes would be broken at multiple areas, in which case, the growth in handling should ideally be higher than growth in originating. So, how come your guidance is actually talking about similar growth in both of the segments? That's question number one.
Sir, my second question is on the overall guidance. I mean, I think a few of my other participants also asked this. But when we look at the last 4, 5 years, our growth has not really been as strong. Now obviously, the guidance you have given is super strong. Just a sense of whether global trade is looking so good, there's no impact of Red Sea whatsoever. I mean, just like the underlying what you see in terms of what drives such strong demand in terms of the guidance that you have given?
Container Corporation of India Limited CC-Dec23.pdf · 2024-01-25
Sir, thank you for taking my question. Apology I was dropped off previous line. Sir, just a follow-up to Achal's questions on these MMLPs. And glad you spoke about Kathuwas now being almost free for us. When I look at the last 5, 6 years at your company, where capex has gone up, and it's gone in MMLPs and other infrastructure, what we are seeing is that it is not reflected in your ROEs or ROCEs. Because as a company, if I go a decade back, we were more in the early 20s. And now we are in the early 10s when it comes to ROE. So can you give us a sense that over the next four, five years, as volume grows, as these logistics park gets better utilized, what is the target ROEs that as a company we need to get to?... Because while our cash generation has been very strong, given the good business model we have, it seems that the ROEs have been very compressed because of these investments. So, any sense on that will be very helpful, sir.
Sure, sir. Sir, one follow-up question. On double stacking, you mentioned that for the first nine months, we are up from 60% compared to same time last year. Now when I look at our margins and adjust it for -- the LLF adjustment that you do, we are not seeing that reflect in better margins. Is it fair to assume that double stacking is only going to be a function of higher cargo that we get and how many times we break it, but it doesn't really benefit us in the form of margins? Because numbers are not reflecting that. So, a better understanding of that would also help.

SHREE CEMENT LIMITED

SHREE CEMENT LIMITED CC-Mar24.pdf · 2024-05-15
So my first question is on pricing. I mean because you spoke about the mix, it looks like despite having an adverse mix, your realization decline was actually lower than most of your competition. But my question is more broadly on this 5% to 6% Q-o-Q decline in pricing. Now Mr. Bhandari, you spoke about 40 years of experience in this industry. Can you think of a time period where between two quarters, prices declined 6%? And how do you read this into how the pricing environment is evolving? Is it different than what it has been? Is it larger players being more competitive? So if you could just talk about how you're thinking about this pricing dynamic from a medium -term perspective? That would be helpful.
Sir I fully appreciate that, b ut I'm sure there would be a reason internally to think about why these prices are where they are? I'm just trying to u nderstand what is your opinion if that is the case?

Dixon Technologies (India) Limited

Dixon Technologies (India) Limited CC-Mar24.pdf · 2024-05-15
A couple of them. Sir, first one, I want to just understand predicta bility of our mobile phone revenue because while we've been winning a lot of orders, even on a Q -o-Q basis, our revenue hasn't grown. Now you've spoken about a few numbers, not guidance, but effectively how many million you expect to do? How predictable is it? Is the customer going to decide it two months ahead of schedule, whether you make it? Or is this sort of carved in stone that the 27 million, 28 million you spoke about is something we should be able to do next year? That's my question number one.
Understood, sir. So that's very clear.

KEI Industries Limited

KEI Industries Limited CC-Mar24.pdf · 2024-05-03
My first question is, if you can talk about the export opportunity. I mean, the numbers that you are talking about in terms of order stability, very significant 50% growth. So if you could; a, talk about where exactly is this coming from? Second, how sustainable is this in the sense that why is it that you as a company or India as a country is getting these export orders on cables and wires, so some information related to this would be helpful? That would be the first question.
No, very, very encouraged to hear what you just said, sir. Sir, second thing, we've seen very, very significant increase in copper prices in a very short period of time. I mean, while they were inching up slowly gradually, the last sort of 2 weeks, the price increases are pretty significant. How should we look at that from the perspective of the near term, i.e., does it destroy demand a little bit? How do we handle that with the channel? If you could just talk about the significant increase in copper prices and its impact in the immediate term?
KEI Industries Limited CC-Dec23.pdf · 2024-01-24
Thank you for taking my question . Sir, couple of questions. First one is we recently heard this announcement on INR1 crores rooftop solar projects likely to be put. Any rough sense on what is the kind of cable opportunity that this could cr eate assuming that entire INR1 crores was to be installed? That's question number one.
So my second question is the number one player in t he industry, obviously, recently had these tax issues. My question is, one, does it change any thing in the industry structure in terms of industry practices? Secondly, you being the second largest player, is there a possibility of rebenefiting in terms of market share, etc., more dealers wanting to work with us? Just -- I mean to whatever extent you can share about -- I mean, I don't intend seeing how it benefits us, but just that we are the second largest player, does it change the industry dynamic in any way in our favor?

Blue Star Limited

Blue Star Limited CC-Mar24.pdf · 2024-05-03
In line with what I think Nitin had asked earlier, we are seeing one of the largest players in the sector being extremely aggressive in terms of pricing, and that is something we've heard across the board. Is that something that is having a bearing on profitability? So, since volume numbers are so much better, we understand you're spending on advertisement. But, is that also an element which has kept the margins under check despite such strong volume growth, and as we look at the first quarter of this year, which again you are indicating is very, very strong in terms of volumes, could the margins for you and the broader industry be under check because of one player going very aggressive?
My second question is, we have for a long time wai ted for that J-curve in India's AC demand, if you look at the last 10-12 years, despite some good , some bad summers as an industry, we've grown at that early 12%, 13% kind of rate. Do you think we are at that stage where we are either already hit or hitting that J-curve, where that growth rate could be much faster, I mean, I'm saying keeping in consideration the strong real estate dem and we are seeing, the low penetration, I mean, are you of the view this is still an industry that will grow between 12% to 14% on a normalized basis or we could see a five year period where we could grow faster?
Blue Star Limited CC-Dec23.pdf · 2024-01-31
I will just extend what you said. One is that November, December obviously was much warmer than usual and the benefit we could see in your numbers. But on the contrary, it seems January is much colder than usual. Is that something you think that will have a bearing on Q4 in terms of demand? The second part of the same question is, you mentioned 50% of the sale happens through consumer financing and clearly all the consumer finance companies that have reported results, their commentary seems to suggest that they are pulling back in terms of lending to the sector in general. So, don't you think there is a reason for demand to be actually much more muted at least in the near term based on these two trends? Maybe just continuing this, how's the inventory in the channel? We understand that there's also been quite a lot of push of inventory into the channel in this quarter. If you could just comment on that as well?

Adani Ports and Special Economic Zone Limited

Adani Ports and Special Economic Zone Limited CC-Mar24.pdf · 2024-05-02
Sir, thank you. A couple of questions. Part of it, you did answer Gopalpur what assumptions you have taken. Are you also taking any numbers from Sri Lanka for next year in your guidance?
Got it. So, my second question is more longer term. I mean, we are pretty much - as I look through a presentation on the Indian map you have, there is not a place where you can put in one more dot to now acquire in India. So, I am just thinking about how should we look at the next three, four years in terms of our growth strategy, what all international geographies are of interest for us from a trade perspective, etc. So, if you just talk about how the next three, four years for us are going to look like or if my question is not right, is it true that bulk of our focus is going to be in ramping up the logistics business and inline logistics rather than grow our portfolio overseas?
Adani Ports and Special Economic Zone Limited CC-Dec23.pdf · 2024-02-01
My question is for Mr. Ashwani Gupta. Sir, you come from a different industry and a country which is obviously known for precision and making things even more perfect. I wanted to just understand what are going to be your key target for the port company over the next few years. If you could give a sense of how should we look at areas of efficiency, etcetera, that you will be focusing on?
Sure, sir. My second question, either for Karan or for Subrat. It's good that you've disclosed the volumes on coastal coal shipping. Can you give a sense of how big this opportunity could be, what are our plans in domestic coastal transportation? That would be the second question. Subrat Tripathy: Well, thank you. You have actually asked a very, very contemporary matter. We have been guiding you that coastal coal is an opportunity in line with what government has been saying about Atmanirbhar and the rise in the coal India's volumes and also private mining coming into India. So we see that our ports on the eastern side, especially when we look at our port in northern most at Dhamra, it's proximity to Talcher and that we have been seeing a volume upsurge at Dhamra consistently, which hitherto was not a feature. And thereafter -- so from Talcher into Dhamra port and into the southern ports of both Krishnapatnam, Karaikal, which is both in our portfolio. Similarly, we are seeing an alignment between the MCL, subsidiary of Coal India from the coal fields of -- into Gangavaram, where we are best placed and we've been able to get this cargo, again, going towards the southern powerhouses, namely into Tamil Nadu powerhouses. This is at a volume o f more than 3.5 million, which hitherto did not exist. Again, we are seeing an upsurge. These are the 2 ports where we will be getting coastal exports out and the port that will receive the coastal imports in, in South India would primarily be Krishnapatnam and Karaikal. We've also seen for the first time after a long revival, a movement of coastal coal coming on from the eastern -- especially from the Odisha belt going into coastal shipping and into the RSR route into our Goa terminal as well some little volumes consolida ting into our Dahej terminal going forward into North Indian powerhouses. So this is certainly a very large upsurge, and we see that consolidating in the future with our appropriate presence both in the proximity of the coastal fields in Eastern India and receiving in Southern India and Western India terminals.

Havells India Limited

Havells India Limited CC-Mar24.pdf · 2024-04-30
Sir, you said that over the last 3 years, we've grown at 30% in Lloyd. But if I look at the variability, 35%, 50% and 12%, is it fair to assume that the inventory that we had put in the channel was on the higher side. And we've seen normalization of that happen right now over the last 2 quarters, i.e., from here on, we actually should grow in line with the industry. Because, I mean, 3 years is a pretty long time for a CAGR for us to look at. So, just wanted to understand why the last 6 months for us has been weaker than the rest of the industry?
No, sir. Sir, precisely, that was what I was trying to understand that last 6 months, we have grown lesser than the market, and you said an overall growth has still been 30%. So, I was just wondering like is there a correlation between the two. Effectively in the last 6 months, our market share is lower, is what the data is suggesting. So, I'm just trying to understand that better.
Havells India Limited CC-Dec23.pdf · 2024-01-24
Thank you for taking my questions . Most of them are answered. Maybe one question and sort of a repeat of what different people have been asking in different forms , but again slightly longer term. Few years back there were five , six players in each of these segments and margins used to be much bette r today thanks to how capital markets have been abundant capital available, a lot of the ODM now have raised cash which means they also have capital. How do we get comfort and how margins move for everybody or are we looking at maybe in a few years a situation like China where effectively margins compress for everybody as a sector and this becomes relevant in the context of the kind of commentary that has been coming f rom most companies in the last two years I understand demand has been weak , but how does m argin actually as an industry go up from these levels so that is the only question I want you to answer.
Generally I think across I mean today lighting there are 20 players, today fans everybody is there and more people are entering , it is not so I am saying across the consumer durables , electrical segment , how do you look at margin in context of am ple capital available everybody wanting to doing do everything , ample cap ex being committed now thanks to PLI and multiple other things, so generally is what I want to know.

UltraTech Cement Limited

UltraTech Cement Limited CC-Mar24.pdf · 2024-04-29
My first question is if you were to just talk about consolidation in the sector. You mentioned that profitability from here should go up generally for the sector. We know Brownfield capex is happening at much, much lower rates. Does it mean that we see further consolidation from here? Or we don't see much given profitability probably has bottomed out for the sector? That would be question number one.
Sure, sir. I mean, the cash out if going is good or if things are getting bad. But either way, I think we'll have to...

Oberoi Realty Limited

Oberoi Realty Limited CC-Dec23.pdf · 2024-01-23
Hi, thanks for taking my question. Actually, my question was also on Thane. If you could just highlight what would be -- one that you moved the timelines now to September. If you could just highlight what will be the phased launch for this project? So are you want to get started with resi project initially, and then you move to other areas? Or if you could talk about it, given we are talking about an 80-acre land parcel, how should we phase this out in a model now given that Forestville itself is taking a little longer?
Sure. Vikas, my second question is on pricing in that micro market. I mean 5 years back, developers were stuck in selling at 10,000, 12,000 and then we had in the last sort of 24 months with Raymond and now you launching in the 18,000, 20,000 range. Do you think, at least in the near term, that there is scope for pricing to go up more in that micro market, given that we've already seen a pretty big uptick, say, over the last 2.5, 3 years?

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Sep23.pdf · 2023-11-03
Sir, two questions. One, on lease cost. Given the fact that we are going and taking more damp lease, given the fact that we are in an interest rate environment that's pretty high, can you give a sense of how should we look at lease cost say over the medium term for us?
My second question is just to get a se nse of the load factors. I mean as we track the data in the month of October, what I am a little surprised with is that while for some of your competitors who obviously have smaller capacities, load factors tend to be much higher than what is the status for us today. And I'm unable to figure a reason for this. Anything that you can help with as to why our load factors are generally 300 to 400 basis points lower than our competition right now?