Stockrabit · Analysts
Questions across 25 calls

Renu Baid

IIFL Securities

Netweb Technologies India Limited

Netweb Technologies India Limited CC-May26.pdf · 2026-05-04
Congratulations for the good performance. So, the first question is, while we had alluded to the fact that sequentially execution will be broadly flattish, can you throw inputs in terms of despite significantly higher share of organic growth coming in from the base business, our gross margins technically have not improved. The EBITDA margin sequentially w as broadly at 12.5%. So, what has constrained the margin expansion despite a significant jump up in base business revenues this quarter?
Sure. Because I was looking at the gross margin level, which sequentially does not show improvement there. Understand. That's point number one. And point number two, how are we looking at the pipeline of order flows, both for the base business? Also on the strategic business, we haven't heard of any meaningful large order wins for L1 in the last couple of quarters. So how is the order pipeline from the private service providers as well as from the direct government orders for the AI infrastructure here?

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-05-30
Congratulations to the strong performance. Sir, my first question is to understand a bit more with respect to how has been our localization plan for the CPCB IV engines? And as in terms of timeframe over next 2 or 3 years, how do we expect to fully localize this product? And thereafter, what kind of impact on the gross margins do you see as the localization progresses for the new range of product?
And in this context, you also mentioned the commodity price has started to inch up now. So, how should we look at the gross margin outlook for fiscal '25, combination of CPCB IV change in the mix, commodity price going up. Earlier, you had indicated 33% to 35% gross margin range. Last year, we clocked about 34.5%, 35%. So, how should we look at the margin outlook for next year?
Cummins India Limited CC-Mar24.pdf · 2024-05-30
Congratulations to the strong performance. Sir, my first question is to understand a bit more with respect to how has been our localization plan for the CPCB IV engines? And as in terms of timeframe over next 2 or 3 years, how do we expect to fully localize this product? And thereafter, what kind of impact on the gross margins do you see as the localization progresses for the new range of product?
And in this context, you also mentioned the commodity price has started to inch up now. So, how should we look at the gross margin outlook for fiscal '25, combination of CPCB IV change in the mix, commodity price going up. Earlier, you had indicated 33% to 35% gross margin range. Last year, we clocked about 34.5%, 35%. So, how should we look at the margin outlook for next year?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-02-08
Yeah, hi. Good morning team and congratulations for the strong performance. My first question is to look at -- I know the gross margin is a combination of various elements here. But last quarter, we were alluding that given the cost structures and the mix that we see in the market, maybe 34% to 35% range of gross margin should be sustainable as we go in the next fiscal year as well. Do you think this should be broadly achievable and is in line with the 100 bps guidance that you're giving? On the 100 bps further increase in margins -- profit margins over fiscal '24 will be more of operating leverage driven?
Got it. And on the export side, while you had given a heads up that we should be prepared for a bumpy quarter ahead, which is the way it has turned out. How do we see the demand bottoming out from some of the key regions if you can share geography-wise comment. And also how has been the development with respect to customizing some of the applications related to CPCB IV for the EU and the American markets?
Cummins India Limited CC-Dec23.pdf · 2024-02-08
Yeah, hi. Good morning team and congratulations for the strong performance. My first question is to look at -- I know the gross margin is a combination of various elements here. But last quarter, we were alluding that given the cost structures and the mix that we see in the market, maybe 34% to 35% range of gross margin should be sustainable as we go in the next fiscal year as well. Do you think this should be broadly achievable and is in line with the 100 bps guidance that you're giving? On the 100 bps further increase in margins -- profit margins over fiscal '24 will be more of operating leverage driven?
Got it. And on the export side, while you had given a heads up that we should be prepared for a bumpy quarter ahead, which is the way it has turned out. How do we see the demand bottoming out from some of the key regions if you can share geography-wise comment. And also how has been the development with respect to customizing some of the applications related to CPCB IV for the EU and the American markets?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2023-11-08
My first question is coming back on the exports side while you did mention of glaring decline in U.S. and EU. Is part of the decline also attributable to significant inventory destocking with these markets are witnessing after the pandemic now, given average inventory in these markets of various products had shot up very sharply and customers are pruning inventories to keep the cash profits better. So, if you can throw some more color on this?
And when we talk about attempts to gain share in presence in export portfolio, typically th ese would be for which type of applications, which type of gensets that we are talking about?
Cummins India Limited CC-Sep23.pdf · 2023-11-08
My first question is coming back on the exports side while you did mention of glaring decline in U.S. and EU. Is part of the decline also attributable to significant inventory destocking with these markets are witnessing after the pandemic now, given average inventory in these markets of various products had shot up very sharply and customers are pruning inventories to keep the cash profits better. So, if you can throw some more color on this?
And when we talk about attempts to gain share in presence in export portfolio, typically th ese would be for which type of applications, which type of gensets that we are talking about?

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Mar24.pdf · 2024-05-21
Hi, Good Evening team and congratulations for a ve ry strong performance. My first question is just to understand on a broad basis, now that you mentioned Vernova is separately spin off entity, does it have any material implication on the way the operations have been run at GE T&D India or any strategic decisions for the India entity or business remains the way it was there until last quarter or so?
Secondly from an order book perspective, I know you 've commented earlier, but if you see it's the highest inflows in the past decade that the India entity has secured and order backlog also in absolute levels is back to 2019 levels. So, ex of t he HVDC export order which you mentioned was a longer gestation cycle project, what would be the average execution of the current backlog that we have excluding the HVDC export?

ABB India Limited

ABB India Limited CC-Mar24.pdf · 2024-05-13
I just firstly I would want to appreciate how well the Company has explained the bridge between Group and India reported numbers. So, that is very helpful for all investors. Second, again coming to questions. First, Sanjeev, you did highlight that various end markets are just at the start of their investment cycle when you compare with other developed markets. So, from a preparedness perspective, both with respect to capacity and people capabilities and skillsets and technology, how is ABB planning to invest its cash and build up its portfolio for these emerging opportunities in the domestic market? That’s the first question.
Secondly, Sridhar, at various segment discussions, you did allude to a very high margin or better price margins in the orders when commodities were at the higher level, aiding margin expansion. So, possible to broadly quantify in the backlog in terms of revenues, approximate contribution from these, in terms of dips towards the margins from these high -priced orders. And given the kind of backlog and the mix that you're seeing today, do we think net m argins in early teens should be broadly sustainable for us from a 2- to 3-year perspective?
ABB India Limited CC-Sep23.pdf · 2023-11-09
Congratulations, team, for super performance this quarter. My first question is to understand - if you look most of the short cycle or the base orders, as you mentioned, there have been some softness. Do y ou think it is primarily linked to inventory destocking or slowdown ahead of elections in terms of base consumption? And at the same time, you also highlighted quite an interesting pickup in large order flow, some delays in decision making but orders are on plate. So how should we look at the mix of movement of orders, both on short cycle and long cycle both with respect to investment and the capex momentum? That's the first question.
Secondly, if you look at the export numbers in absolute terms the last couple of quarters have been flattish, while the global markets have turned pretty weak in terms of actual investment in sentiment. So is it applicable to increase in the product mix an d more production on the export side? And what will be our growth outlook and strategy for exports, not in percentage of revenues, but in absolute base?

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Mar24.pdf · 2024-05-08
My first question is while in the margins you have broadly guided for flat margins in fiscal '25 for all the reasons of mix and backlog, etc., but does that also mean that now given hydrocarbon and Middle East has been over a third of the backlog, so not just '25, but from a medium term perspective, two to three years, our margins could be in the similar range sub -10% level versus the historical levels that we've enjoyed of 10%-plus?
And the margin guidance excludes claims settlement for the large mega projects which we have been completing or commissioning in the recent times?
Larsen & Toubro Limited CC-Dec23.pdf · 2024-01-30
I have two questions. First, just broadly trying to understand on the margin side. Widely for the next four quarters, you did give an indicative , but broadly speaking, initially or earlier, you typically mentioned that once the backlog improves and legacy orders are done, probably in a few quarters, we should be inching towards a double-digit margin. Given the fact that a fair share of recent this year in flows have come from intern ational Hydrocarbon, which typically tends to carry high single -digit margins, will that also have an implication on our targets to get back to double -digit margins in the next couple of years? Because execution of these projects will then ramp up in margin recognition thresholds and that may impair the overall blended margins for the core P&M business for us.
Sure, but if we look over a medium-term perspective, so ultimately, let me put across my question in this format. Do you perceive the current change in the backlog which you have had in the current year? Will that have an implication on your margin profiles over the medium term as these projects come to execution and also the revised Net Working Capital guidance, that also probably factors a share of improvement coming in from the favorable backlog and the advances that you have from these international markets and geographies?

KEC International Limited

KEC International Limited CC-Mar24.pdf · 2024-05-08
So my first question is on the core T&D business. If you see , now for the last two to three quarters, our order backlog has been in INR14,000 crore s to INR15,000 crore s range. And typically given that the order book to bill would be about 15, 18 months, what in your view could be the T&D revenue growth in fiscal '25? So you think we can continue to clock 15%, 20% revenue growth or it may take a bit of knock until new order flows come in the backlog?
Sure. And simultaneously, while SAE has now turned around and if we look at the core margins, profitability for this year were definitely impacted because of low projects, old projects. So this year, for fiscal '24, the last year, what was the approximate margin profile of the T&D, say, ex of SAE? And you have indicated in the previous Q&A that you're targeting double-digit margins in T&D. Do you think that is feasible for '25? Or there could be risk -- or what could be risks or challenges to double-digit margins in T&D in fiscal '25?

CG Power and Industrial Solutions Limited

CG Power and Industrial Solutions Limited CC-Mar24.pdf · 2024-05-06
Sir. My first question is, given the global demand supply mismatches in the power equipment market, especially T &D, how do we plan to leverage this and also increase our exports. Do we have any thoughts on this?
So, practically from on ground capacity, where are we in terms o f setting up an export facilities beyond the domestic demand requirements in the next couple of years or our hands are full with domestic and export is at the back burner for now?

Havells India Limited

Havells India Limited CC-Mar24.pdf · 2024-04-30
Congratulations for strong profitability turnaround. A couple of questions. First, on the core ECD business, while we have seen growth coming back, good seas onal and demand tailwinds, the EBIT margin or profitability for us somehow is still in the 10%, 11% range, 11.5% range. So, what in your view could be the drivers which can help the margin get back to 12% to 13% in ECD as a category? Or do you think there are structural headwinds which may cap margin expansion in this segment?
Secondly, in terms of recently announced foray into large kitchen appliances. So, can you share some inputs in terms of what are your medium-term targets for this business? And as a company, what kind of investments will be required in this specific business segment distribution and allied areas because the distribution is completely different for large kitchen appliances versus traditional portfolio that we have and even in Lloyd's air condition business. So, how do we look at scaling this business from a 3- to 5-year perspective?

Kaynes Technology India Limited

Kaynes Technology India Limited CC-Dec23.pdf · 2024-01-31
Yes, hi. Good afternoon, and congratulations on strong results, sir. My first question is to understand the mix and the impact in gross margins this quarter. If you see industrial segment has seen the sharpest jump, and simultaneously there has been a jump in share of box bill revenues. Does this corroborate to also indicate that combination of the applications for which we have executed this quarter were carrying significantly lower gross margins? Despite being box billed, it typically tends to have higher margins than conventional PCBA applications.
No, I'm comparing it even on a sequential basis, Q-o-Q basis. Not higher one but…
Kaynes Technology India Limited CC-Sep23.pdf · 2023-11-01
Yes, good afternoon, and thank you for the opportunity, sir. I have two questions. First, you did mention of various DOTs being signed up for tech nology access on EV chargers, medical equipment, and other segments. So what is the kind of investment that we're targeting through this DOT fee route for the current year and next year? And also aligned with this, if you can also highlight or quantify, while entering into a high -computing server segment, as a high -margin business, in your view, what could be the scalability of revenues from this business coming over the next two years to three years? How large can this business vertical be in terms of our addressable size inmarket?
Yes, sir, most of my questions have been answered. Just a small query. If you look at the order backlog today that we have, almost INR3,500 crores. And entry into categories like high - computing IT hardware servers, which are high-value in nature. Does that also mean that next year, the inflows would be much stronger given the average run rate? And we can probably have almost a one, one-and-a-half-time book-to-bill with a similar INR3,000 crores kind of backlog?

Apar Industries Limited

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Dec23.pdf · 2024-01-24
Good evening, sir. My first question is on the bullet train or the high-speed project. We were expecting finalization of few packages this last year end. L&T was announced bidder for more than INR 10,000 Crore of orders. So, what is now the opportunity size for us? Are we still in discussion with EPC contractors, partners? And what could be the timeline of receipt of such orders?
Sir, secondly, if you look on the broad basis, given the way domestic market has bounced back with respect to high -voltage transmission equipment, clearly supplies are in short and it seems that prices in general have improved. So, by when do we expect those better margin orders will start reflecting in our execution and our numbers? So how far are we? Is it just a couple of quarters away or probably our timelines and lead cycle of orders are different from the ones which are getting finalized. Because while we have been consistent in the last couple of quarters on gross margins and cost structures, it still seems to be suboptimal when we compare it with the rest of the key large domestic players. So how far are we in terms of getting these better margin orders in our backlog? And also, any view in terms of -- because we also had a target to improve the operating margins to near double-digit level by next year. So, are we broadly on track or there could be some additional hiccups on the way?
Hitachi Energy India Limited CC-Sep23.pdf · 2023-11-06
Sir, my first question is, if you see this quarter order inflows from utilities and projects, both have picked- up. Is this a signaling effect that domestic T&D or transmission spend is finally seen an uptick after quite a bit of time? If you can share some of your inputs in terms of order pipeline from the domestic market, including the status on the high-speed rail? That's the first question.
And on the high-speed rail electrical package, any updates?