Stockrabit · Analysts
Questions across 15 calls

Rohan Gupta

Nuvama

Aarti Industries Limited

Aarti Industries Limited CC-Jun24.pdf · 2024-08-12
Sir, first question is that in your guidance you mentioned that even apart from the other discretionary industries and all, y ou have also started seeing pickup in agrochemicals which was seeing weakness so far. So, with this pickup, do you see that our volume growth can ramp up higher than what we were looking earlier because we are sitting with idle capacity even at the ramp up in plant-III, you see that there is an opportunity to ramp up that plant as well, just wanted your clarification and your guidance on that?
The plant-I project, are there any chance of that plant seeing any ramp up because it was still going through because of global agrochemicals weakness going on. So, how we plan to ramp up that plant, and in the current environment, can we see the faster ramp up of that?
Aarti Industries Limited CC-Mar24.pdf · 2024-05-13
Sir, couple of questions. Sir, first is on the Q-on -Q sequential growth. Though it is encouraging to see the Q-on-Q growth, but what we have indicated earlier that there is a recovery across the segment and end user industry maybe only except agrochemical. Ho wever, it is still kind of muted in terms of volume growth also on Q-on-Q and even on -- revenue is also quite like Q3 number. So just wanted to understand that the sequential recovery which you were talking about and the indicated EBITDA target which we have earlier indicated, are we on track for that? Because it doesn't seem like the Q4 recovery for our company is so strong to achieve those numbers for FY'25.
Sir, you mentioned that agrochemical still remains challenging and that's what you also mentioned in the recent interview, will we see that in first half , agrochemical still remain s challenging. So despite that, you are confident about the volume growth over all for the company and also if you can restate your guidance what we are looking for FY'25?
Aarti Industries Limited CC-Dec23.pdf · 2024-02-09
Sir, the first question is on the clarification on our contract 2. You mentioned that definitely we don’t need to incur further CAPEX, and the revenue we can extract is roughly Rs. 1,500 crore. So, that should directly add to the bottom line with the incremental EBITDA. The question is, that 15% kind of margin we are guiding in this product, with your EBITDA guidance of roughly even at the higher end of Rs. 1,700 crore for full-year FY25, sir, if you just do some back of the envelope calculations, on X of this product, we are looking at an EBITDA margin of close to 20%, significant improvement from the current year. Is that something we are looking for that kind of margins in FY25 to achieve the guidance which we are talking about at the higher end of Rs. 1,700 crore?
So, you are assuming that even with the constant price of raw material, we can hit 19% to 20% kind of EBITDA margins. However, in the current quarter itself, your EBITDA margins were quite muted at 15%.
Aarti Industries Limited CC-Sep23.pdf · 2023-11-06
First question is on our end user industry wise growth, which we have seen on a QoQ basis, in volumes. I understand that global agrochemicals are still challenging. Can you give some sense that which were the end user industries which have given a sharp growth and how has been the agrochemicals industry growth for us?
Sir, any ballpark number, end user industry wise, like how much was agrochemicals’ degrowth and what kind of volume growth would have seen in polymers and additives, a very ballpark number?

DCM Shriram Limited

DCM Shriram Limited CC-Jun24.pdf · 2024-07-25
First question is further in chlorine downstream. So, even the current plan which you have you mentioned, 55% max including the pipeline, we will go in a captive consumption 45% kind of number still have to be sold outside which still remains a larger number given that in chlorine many more capacities are also coming. So, over next 3 to 4 years, do we have plans, internal strategy to go to 100% kind of chlorine internal consumptio n and if so then what kind of investment you think that will be required apart from epoxy which other product line you will be evaluating?
Last year many of the industrial chemical plants were facing disruption and under pressure because of China. So, your chlorine consumption would have also been impacted. How is the scenario now? Has the chlorine demand picked up ? A nd in the current ECH realization improvement , I think it is primarily driven by caustic soda on ly. So, chlorine prices still remain negative or lower and when you expect them to improve?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Mar24.pdf · 2024-05-22
My first question is on the fluorination plant, which we have just commissioned. Just wanted to have more views on that. You mentioned slightly, but just wanted to understand in fluorination what are the product pipeline which we have, like apart from the specialty salts which you have mentioned that how we plan to ramp it up. What are customers' initial feedback on the product sampling which we have done ? And what are the most product pipelines that are expected out of this plant in fluorination whether forward integration or backward over next one year?
Definitely we will seize that opportunity to see. But just wanted to understand the customer feedback and the product development and sampling which we have been doing so far.
Deepak Nitrite Limited CC-Sep23.pdf · 2023-11-09
Sir, first question is on our Phenol business, we are seeing a sharp improvement in margin. Though, I do not think that the spreads have improved so sharply. So, it is definitely driven by the better cost management and maybe higher utilization or excess. So, can you give some sense that how the spreads have improved on a Q -on-Q basis? And how much growth in the margin or profitability has come from the better volumes?
So, our capacity utilization for the phenol plant, still it stood at roughly 136% at H1.

Jubilant Ingrevia Limited

Jubilant Ingrevia Limited CC-Mar24.pdf · 2024-05-14
Sir, first question is on your newly coined vision on Pinnacle 345. If you can sort of elaborate a little bit more on that making an initi al target of 4x EBITDA. Just wanted to get some more clarity how we plan to achi eve that? Which is the segment you're going to drive? And more importantly , this 4x EBITDA, we are talking about on a FY '24 base of EBITDA. Correct m e if I'm wrong on that and further elaboration on that?
No, that's helpful. Sir, in the current quarter on a Spec Chem business, the business has witnessed growth on Q-on-Q basis. This is something like EBITDA margins, which is still quite low at roughly 14% de spite such a strong growth on Q-on-Q basis by roughly 30%. If you can on a full y ear basis, if you can give some broader number of getting into granularity, but rou ghly out of close to Rs. 1,600 crores kind of specialty chemical revenues. If you can break it down a little bit in the CDMO and how much comes from the Ketene and in next year, what kind of revenue target we are targeting from the Diketene and CDMO?

SRF Limited

SRF Limited CC-Dec23.pdf · 2024-01-31
Okay. Sir, just couple of questions from my side, in agrochemicals, we have launched three new products. And I think , two more to be launched in the current quarter. I just wanted to understand that these are the products where we are still seeing some Chinese competition or low demand or inventory destocking taking place in those products as well and the pickup will be slower than what's anticipated? Or they are the new molecules and we'll see no such pressure?
Okay. So sir, is it so that the revenue pick up in Q4 where you seem to be very confident about growth in Spec Chem. will be mainly driven by these new launches?
SRF Limited CC-Sep23.pdf · 2023-10-30
Sir, first question is on our confidence, which we still have that in Specialty Chemicals with the year-end FY24, we still will be able to end in a positive number. This is primarily driven by the four new agrochemicals and 2 pharma intermediary, which you have launched. If we adjust for that, do you see that there could have been degrowth, or what is the growth contribution coming from these six new products launched?
Okay. So, the growth trajectory which we are still confident about in specialty, is it primarily coming from that the inventory rationalization is broadly over? However, we still see that many global companies are still giving profit warnings and for the calendar year we are still talking about de-growth scenario. So, I mean, there may be some kind of disconnect what these global companies are talking right now for Q3, and what we are looking in a Q3 growth?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Dec23.pdf · 2024-02-06
Just first is on taking from the previous question itself sir, so R32, you had menti oned that the current capacity has been fully utilized. While we understand that the industry scenario still remains weak and there has been significant capacity additions has happened. Just wanted to understand, sir, what is driving this demand, whether it's domestic exports from where it will be primarily coming from the exports market? Or what is the driver?
Sir, my question was around the current demand environment of R32, which you have mentioned that the plant is fully utilized.

CCL Products (India) Limited

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Sep23.pdf · 2023-11-03
Sir, first question is on our PTFE where you have mentioned in presentation and your opening remark as well, that there has been significant pressure in a low grade of PTF E commodity in nature. So, what I understand is that we have a probably high share of PTFE in a high end of the product portfolio. So, why our product basket and margins has been getting impacted in a current scenario with the Chinese dumping, if we were already in a high grade and value added?
Sir, second question is on our margin. What we are trying to achieve is roughly 30% EBITDA margin. Sir, we have definitely seen a very high extraordinary margin and even you have earlier mentioned a 35% to 40% kind of margins in the fluoropolymer high end is likely to continue. We have seen a significant correction in the prices in the end product realization across the product basket in fluoropolymer as well, which is into the tune of almost 30% to 40%. With this kind of price reduction , we are still talking about only kind of 30% margin. So, it means that these spreads which we have enjoyed earlier, there is almost 50% kind of reduction in those spreads. So, even in terms of percentage, we may talk about a 30% margin, but in terms of the contribution to the profitability from the fluoropolymer segment is going to remain significantly lower than what we have achieved in FY '23 or probably earlier until unless that we are looking the new product chain, the new product introduction is going to have very, very high margin and that can compensate these kinds of losses.

PI Industries Limited