Questions across 7 calls

Ravi Purohit

Securities Investment Management Private Limited

Indian Energy Exchange Limited

Indian Energy Exchange Limited CC-Apr26.pdf · 2026-04-24

Yes, Hi. Thanks for taking my question. Sir, on market coupling, so can you just share about, let's say, RTM, I think this time's notification said that they would also like to include RTM. But is there anywhere either in Europe or anywhere else where RTM actually has market coupling? And secondly, India probably has like some 48 sessions in a day, right, whereas Europe, I think at best could do some 3 sessions i n a day or 4 sessions in a day. So, if you could kind of just share the operational side, how the RTM actually kind of functions . And with more and more intermittent power capacities coming in from solar and wind, which mostly would be working with RTM? So if you could just kind of help us understand the entire ecosystem on which RTM operates and where are the, you know, where does this, and also that once like the gate closure happens to finalizing the bid, price discovery, schedule, everything, like wha t kind of time latency do you have and how much all of these things will kind of work out? So if you could just kind of highlight some of the issues about RTM, it will be helpful?

Okay. And sir, so right now, if suppose there is some issue, so in, let's say, in stock market parlance, when there is a trade which goes wrong, there is some auction or there is some settlement happens, right? What happens in the power market when an RTM trade kind of does not get through or something happens during that period in current situation and suppose if some were to kind of add this additional latency period of doing it between 3 exchanges, giving it to MCO, MCO coming back, it just sounds too complicated, right? I don't know if it is like, puts load on the system?

Cholamandalam Financial Holdings Limited

Cholamandalam Financial Holdings Limited CC-Nov25.pdf · 2025-11-07

Sir, if you could kind of give us some sense of how the market has been lately. I think because of the GST cut, there has been a significant uptick in the auto sector. So how does that kind of translate from our point of view, given that the first half has been pretty tepid for us in terms of growth of the overall premium. Of course, you mentioned that because we lost some agri business. But in the second half, how does that look at the ground level?.

I think we started doing our calls on a quarterly basis a few years back, right? Earlier, we used to do maybe once in a year, and then we started doing the quarterly calls. And at that point of time, I think we had kind of mentioned about getting our combined ratio c loser to, let's say, 105% or so? It's been persistently higher. If you could kind of share some in sights into how should we see our combined ratio over the next 1 or 2 years and things that are in our control, right? It has been a competitive market, but there are companies whose combined ratios are lower than ours. Is there anything that you could kind of share on the steps that we are taking to kind of bring this down?

Cholamandalam Financial Holdings Limited CC-Mar25.pdf · 2025-05-09

Yeah, hi. Good evening, gentlemen. And congratulations for a fantastic year. Sir, just wanted a couple of things. In the past con calls, we have mentioned that our targeted ROE for this General Insurance business has been around -- is around 17%, 18%, and we hope to be there in a couple of years. So I think we are probably there this year. Would you think that we can sustain at these ROE levels going forward? And if you could just kind of share your thoughts on the same from the next 2 to 3-year perspective? Second is on the listing of the general insurance companies. I think there was a nudge from the regulator to kind of get the insurance companies listed. So if you could just share on these 2 aspects?

Okay. And sir, if you could just give the breakup of this 18% ROE, which we expect to kind of continue to be in this range over the next few years. And this is -- how much of is basically with our combined ratio coming down, how much is it likely to get contributed by, let's say, income on our investment book? Last year was particularly good for investment book for a lot o f general insurance companies, generally speaking, with markets being buoyant. So if you could just kind of give some idea as to what path are we following on the combined ratio and vis-a-vis, let's say, what our investment book gains will be?

Blue Jet Healthcare Limited

Blue Jet Healthcare Limited CC-Jun25.pdf · 2025-07-22

Hi. Thanks for taking my question. Sir, I've been kind of reading our environment clearance report for the new Mahad unit, right? And in that, we have provided a list of products where we are adding capacities. And one of them is also API for Bempedoic Acid, right? So, I think so far we've been doing only the intermediate. So, in Bempedoic Acid, are we looking to add API facility, API capacity as well? And similarly, in Contrast Media, we are putting up two new blocks in the new large capacity that we are planning to set up over the next 2 to 3 years. Now, there also historically, we've been, are we kind of looking to add larger API capacities in many of these, where the value of the end product, of course, could be significantly larger than what we have been getting in the intermediate ? So, if you could just share some thoughts and some, color on where we are headed on either of these, both PI as well as the Contrast Media on the journey from intermediate to whether we will or will not be doing APIs.

My question also was similar to the previous participants' questions. Amino acid chains and the fragments are not very easy to establish. Is it something that we are working on and will eventually showcase to clients or we have already established certain processes and certain products on existing showcase to clients? Where are we in that? Is it something that we aspire to do or certain products or certain chains we've already established and it's only a matter of talking to the client, showin g to them what we are capable of and have a capacity to basically manufacture? Because what we understand is the chain is not very easy to kind of produce and replicate.

JM Financial Limited

JM Financial Limited CC-Mar25.pdf · 2025-05-13

Hi, thanks for taking my question. I have two questions. So, one is, if you could just spend some time on our mortgage lending business, both wholesale as well as retail, as to what is our long- term game here. This is probably one of those businesses which will require constant infusion of capital and ROEs are still subpar. So, if you could just share some thoughts on that. And broadly, if you look at JM, as a whole today has, let's say, about Rs. 10,000 odd crores net worth with about Rs. 5,000 crores in treasury. Now, if this is not deployed over a longer period of time and the net worth keeps expanding, at what point of time or what path will the company take to achieve that 15%-20% ROE, assuming this net worth is not paid out and this cash stays on the balance sheet, which effectively means what's the path to kind of making Rs. 1,500 crores to Rs. 1,800 crores profit? Because, I mean, the ROEs will come either you shrink the denominator, or we deploy significant amounts of money over a period of time and generate significantly higher ROEs on that. So, if you could just spend some time on both these, it would be great.

Thanks, Manish, for that. Just one clarification on the numbers in the P&L. There is a line item in our P&L called net gain on fair value changes. If you see that number for the full year financial year, it is about Rs. 735 crores versus last year Rs. 560 crores. Now what is this net gain on fair value changes? Because what we are trying to establish or at least what I am trying to understand is what is really our operating income versus some of these fair value changes in investment book and all this. So, this net gain on fair value changes, is it mark -to-market changes, these are actual changes ? Because bulk of our profit, if I look at the reported profits and the net gain on fair value change number, they are probably the same. So , if you could just clarify what exactly this line item constitutes.

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Limited CC-Jun24.pdf · 2024-07-23

Sir, I have a more fundamental question in the sense, when I look at our reported profits, when I look at our reported net worth, right, it gives you a number of return on equity of some 8%, right? Of course, we understand a lot of expenses get booked in year one and income is spread over a longer period of time. But just like health insurance companies have started kind of indicating what are their IFRS-based numbers and ROEs, can you help understand what is ICICI Pru Life Insurance businesses through normalised ROE of the business, right? Is it like if all those accounting norms were to be changed, would our economic profits be 1,500 crores today on a net worth of 11,000 crores or if you could just indicate some ballpark to understand and evaluate, you know, what's the real true economic profit of this company or business?

But if you could just do an exercise, I mean, if this was a case study and if you were actually doing a study and trying to assess, just to give some ballpark range also, not even like a pinpointing thing that, you know, health insurance companies have gone to the extent of actually reporting both the P&Ls and ROEs. But let's say even if you are not able to do at least some ballpark range, would that kind of not help investors kind of make some sense of the reported numbers, as though the reported numbers are absolutely like no connection with the true economic power of the business, which we are never able to assess in that sense?

Divi's Laboratories Limited

Divi's Laboratories Limited CC-Sep23.pdf · 2023-11-06

Sir, just a couple of questions. Most of the other questions have been answered. One is that in the earlier calls, you mentioned about a couple of our projects going commercial in the custom synthesis side in Q1-Q2 of this year. So, have they kind of gone into production mode or we are still kind of waiting for that? And the second question was on the peptide business, which I think we briefly discussed on the last call as well, and you have said that you were doing basic amino acids. So any progress on that, because that opportunity seems to become bigger and bigger as time passes by? Those are my 2 questions.

Okay. So how large is the opportunity size for us in terms of absolute scale of business? Like I think you had mentioned, we don't do the APIs, right? But you do the basic amino acid, so -- in your assessment, is it like it would be a substantial opportuni ty going forward? I mean, there is like -- add to all of those, I think, you have -- we have been talking about our growth engines, like does this kind of -- the scale is as big as both of those growth engines or is it more like decent opportunities, not like a very large or a very significant one?