Stockrabit · Analysts
Questions across 2 calls

Ravi Purohit

Securities Investment Management

Blue Jet Healthcare Limited

Blue Jet Healthcare Limited CC-Jun26.pdf · 2026-05-25
Just 2 things. And if you look at contrast media production -- I'm sorry, revenues for the current year, it's INR190 crores. Would it fair to assume that's like peak capacity for our contrast media division? Like if I refer to earlier calls, I mean, typically, I think we have mentioned about INR600 crores to INR800 crores kind of range for our peak capacity. So if you could just kind of help us understand whether that is the case here as well. And second was on the pharma intermediate. I think we had mentioned that we are talking of growing above the levels of FY25. So FY25, I think our revenues are some INR460-odd crores. So have you already started shipping to the customers as in from -- or it's still like orders that are in hand and shipping will kind of happen during the year?
Okay. And in contrast media, how is the pricing arrangement like? Because, I mean, so is this INR192 crores revenue in this current quarter, does it also reflect some sort of higher prices? Or is it normal prices? Is it entirely volume growth? And if price escalations do happen because contrast media is a very large -- sorry, long period contracts that we have from our customers, right, our largest customers. So if you could just help us explain how this pricing works on the contrast media side.

RHI MAGNESITA INDIA LIMITED

RHI MAGNESITA INDIA LIMITED CC-Dec24.pdf · 2025-02-12
Just wanted to have a more strategic long- term question, right? I mean, we've been tracking Orient Refractories and then RHI for more than 10 years now and have been shareholders for a fairly long period of time. So somewhere in '22, when we did all these acquisitions and all, there has been a significant dilution that we had done and there was also big increase in our overall capital employed net worth in the business because of the acquisitions. Prior to that, for the previous 10 - 15 years, our ROC E used to be 40%- 45% pretax ROCE, and ROEs were like 20% plus, 25% plus. Now given the current profit numbers, given the current scale and compared to what capital employed we have in our business, when do we reasonably estimate to achieve even 15% ROE, return on equity? Let's say, our net worth is INR4,000 crores, 15% of that would be around INR600 crores after- tax profit. Is there a visibility or should we assume that this M&A activity that we did in '22 has permanently kind of impaired our ability to generate high ROEs?
So, are we referring to 15% post -tax ROE or pretax ROE? I mean, see, in the sense, our competitors, no matter what we say have actually not diluted their equity for the capex that they wanted to do, which effectively means it allowed them to continue repor ting reasonably good ROEs, whereas we took the M&A route. Now the thing is we have a INR4,000 crores net worth, 15% after- tax ROE would mean INR600 crores PAT, which effectively would mean INR150 crores PAT per quarter. We are one-third of that today. So, when we say...