Questions across 5 calls

Sanjeev Kumar Singh

Motilal Oswal Financial Services

UltraTech Cement Limited

UltraTech Cement Limited CC-Oct25.pdf · 2025-10-18

Our current CC ratio is around 1.48x. And when we gave the clinker capacity addition schedule, we said that it's based on 1.56x of CC ratio. So , should we assume that gradually we want to increase our clinker conversion ratio to around 1.55x, 1.56x over the next few years? And if we do that, what will be the cost advantages, which we would see?

Secondly, sir, when there has been a drop in or reduction in green energy sales, but we believe that at the same time, there has been some increase in overall GST on coal from 5% to 18%. So, considering that, what kind of cost benefit we would see if considering both these numbers?

UltraTech Cement Limited CC-Mar25.pdf · 2025-04-28

I have 2 questions. First, on the Building Products segment. So revenue is at INR 921 crores, impressive growth of 21%. How are we looking at this segment in next 3 to 4 years? And can you guide us on the return ratios, ROCE which we make in this segment? Because we believe that it's largely related to construction chemicals.

Okay. And second question is regarding the South region prices. It has been discussed a lot on this call also. And historically also, we have seen that the price hike announcement is much higher in the South region. And that also follows the pricing in the East region. But over the next 2, 3 months, historically, we have seen that entire price hike, which has been taken over and that gets diluted. So are you seeing any change in the competitive intensity or any change in the player behavior in the South region, which gives us...

The India Cements Limited

The India Cements Limited CC-Oct25.pdf · 2025-10-18

Our current CC ratio is around 1.48x. And when we gave the clinker capacity addition schedule, we said that it's based on 1.56x of CC ratio. So , should we assume that gradually we want to increase our clinker conversion ratio to around 1.55x, 1.56x over the next few years? And if we do that, what will be the cost advantages, which we would see?

Secondly, sir, when there has been a drop in or reduction in green energy sales, but we believe that at the same time, there has been some increase in overall GST on coal from 5% to 18%. So, considering that, what kind of cost benefit we would see if considering both these numbers?

The India Cements Limited CC-Mar25.pdf · 2025-04-28

I have 2 questions. First, on the Building Products segment. So revenue is at INR 921 crores, impressive growth of 21%. How are we looking at this segment in next 3 to 4 years? And can you guide us on the return ratios, ROCE which we make in this segment? Because we believe that it's largely related to construction chemicals.

Okay. And second question is regarding the South region prices. It has been discussed a lot on this call also. And historically also, we have seen that the price hike announcement is much higher in the South region. And that also follows the pricing in the East region. But over the next 2, 3 months, historically, we have seen that entire price hike, which has been taken over and that gets diluted. So are you seeing any change in the competitive intensity or any change in the player behavior in the South region, which gives us...

Grasim Industries Limited

Grasim Industries Limited CC-Apr25.pdf · 2025-05-23

My first question is on the paint business. So, we have given in the investor presentation that B2B e-commerce annualized revenue run rate was around ₹50 billion in this quarter. So, does it mean that there, the revenue was closer to ₹12.5 billion, ₹13 billion and this was from the paint revenues? Also, if we exclude the putty business, then is our market share closer to 7.5%, 8%? And would you like to set some interim target for losses? So, we have said that we will be profitable when we reach the revenue of ₹1,000 crores. Does it mean that we should look a situation that we: will be EBITDA breakeven only when we reach at ₹10,000 crores? Or it should be prior to that?

No, sir, what I meant that our Building Materials business segment, if we assume UltraTech is closer to ₹2,100 crores and B2B business, if we go by the presentation number, is around ₹1,250 crores, ₹1,300 crores, so paint business comes out to be around ₹900 crores. That is what I meant when I quoted this number.