Stockrabit · Analysts
Questions across 61 calls

Sanjesh Jain

ICICI Securities

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited CC-Sep24.pdf · 2024-10-29
First of all, I apologize I got into the call late. Some of the questions may be repeated in nature. You can choose not to answer it, I will read the transcript. First, on the gross profit margin side there is a good 300 basis point improvement in quarter-on-quarter. If I look at the revenue mix, that really hasn't changed much. And absolute revenue growth has also been not to an extent which can drive a 300 basis points margin improvement. What has really led to this sudden sharp improvement in the margin? That's number one. Number two, whether it is sustainable and are there more headrooms to improve?
Is this margin sustainable? Are there more scopes to improve it?
Gujarat Fluorochemicals Limited CC-Jun24.pdf · 2024-08-13
Just first on the Fluoropolymer business, if I look at the performance of Chemours, where the volumes have grown 16% quarter-on-quarter, which indicates that the volumes in the developed market, at least on the Fluoropolymer side, are coming back, that means destocking is largely behind us. But that kind of an optimism, again, I don't see in our numbers. So what are we missing here?
But semicon is largely PFA, so what's happening on the FKM, PTFE and PVDF? Where are we in terms of volume growth for these products? Even domestic was supposed to add because of the stringent norms, but again, none of these are really in the way we thought is still not visible on the numbers.
Gujarat Fluorochemicals Limited CC-Mar24.pdf · 2024-05-06
I want to start with the EV segment following up with what we said in the previous call. We anticipated a funding date, so our balance sheet today is almost 1.8 times metric to EBITDA, and we are expecting another Rs. 1,300 crores of CAPEX in FY25 and we want to do a total CAPEX of Rs. 6,000 crores in the EV segment, where are we in the funding because I think that remains a critical element to watch in a time where our standalone balance sheet now looks like doesn't have too much headroom to fund that?
I got that we are looking at that Rs. 800 crores to come from external , is that the CAPEX dependent on that we get the funding, or we have any other plans for it?
Gujarat Fluorochemicals Limited CC-Dec23.pdf · 2024-02-07
I got a few of them. First, on the fluoropolymer business. Last quarter, we said that we have pushed some of the capex to FY '25. And now that we are gaining confidence, when do we expect to resume that capex for fluoropolymer? And earlier, we said that we are in the process to expand the new fluoropolymer capacity from 700 metric ton to 1,800 metric ton, when should be able to reach that 1,800 metric ton capacity? And what is the ramp-up time we are anticipating now? And that's my first one.
Got it. One follow-up. Again, what you said last quarter that the legacy players have built a large inventory in the market for business continuity. How is our discussion with the customer indicating when should they really start picking up a material from us? Is it second half? It is in first half of '25? And we were also in the process of developing FKM, which is one of the large products from the exiting player. Where are we in that process?
Gujarat Fluorochemicals Limited CC-Sep23.pdf · 2023-11-03
First question again on the margins. I am just looking at the gross profit margin, which is your revenue minus cost of goods sold, which in this quarter came in at around 64%. If I go back into FY '22, FY '21 where it was only R22, we didn't have R125, we used to do 67%, 68% or close to 70% as well in few quarters. So, can you help us understand why there is a drop ? And even in last quarter, I don't think refrigerant was big for us. We had a 70% gross profit margin. What has changed in this quarter for our gross margin to drop by 700 basis points?
No, Manoj, again our raw material prices would have also fallen equally, right, because entire chemical has fallen . In fact, when the raw material prices fall and the finish prices fall , mathematically margins go up. They don't come down, if we are protecting from the spreads.

SRF Limited

SRF Limited CC-Sep24.pdf · 2024-10-23
First, on the order book side you said that Q4 order book now is showing a very healthy trend. So what kind of an order book are we looking at in terms of volume? I can understand realization being slightly tricky in this market. Purely from a volume perspective, does it show that Q4 will again claim back that 20% kind of a Y -o-Y growth in terms of volume when we compare Q4 on Q4?
No, no, that's fair. I was just looking at a broader number now that you would have planned for the production schedule on a date, does it appear that it could be the growth what we targeted earlier at least Q4 exit trend will show that number?
SRF Limited CC-Mar24.pdf · 2024-05-09
I got two questions. One is on the refrigerant gas, when we see that our contribution of India in Middle East and Southeast Asia will go up to 75%, it is also fair to assume that the bulk sales will reduce and our direct distribution will increase. Will that be a f air assumption in the refrigerant gases? Hence, we'll have a better ROE on that business as we progress through the year?
Fair enough, sir. And second question on the Specialty Chemical. We have added close to INR1,800 crore of capex in FY24. What is the potential revenue for that capex when it achieves the peak utilization?
SRF Limited CC-Sep23.pdf · 2023-10-30
First, on the ref gas side, it's slightly backward-looking, but just curious to understand, we were anticipating the stocking up in the US market of the HFCs ahead of the next phase down, it appears that, that really hasn't played out. Just wanted to understand, is it that Chinese are dumping more and the quota has been filled. What has caused this refilling kind of a benefit not playing out the way probably we would have anticipated?
No, it is fairly clear. Just on the 2024 and 2025, now the tie-up has happened, which gives us a much better visibility. Are the pricings are also done that or it will be more dynamic and it is more volume kind of a tie-up?

Blue Jet Healthcare Limited

Blue Jet Healthcare Limited CC-Jun24.pdf · 2024-08-07
My first question is on the largest product, which is the contrast media, which has seen a dip. This is purely because of logistical issue. I believe they were also into the de-bottlenecking stage, and they were expecting that to be completed by June. I hope that is completed. And how do you see the sales for the remaining nine months? Do you think the contrast medi a for this particular product, will we grow on that product? Because last year also, two quarters was impacted because of the de-bottlenecking exercise. That means there should be some step up, which we were anticipating. And how has been the market share trend for that product for us within the India suppliers?
So in terms of market share?

Clean Science and Technology Limited

Clean Science and Technology Limited CC-Dec23.pdf · 2024-02-03
Hi, Siddharth. Thanks for taking the question. I got a few of them. First, on your opening remarks you said that there has been a lot of capacities which have come in China and put a pressure on pricing. When we look at the performance, it really doesn't look on that. Is it that these pressures have come in post this December or it is an ongoing process even in previous quarter and few quarters behind also you have seen that?
Anything in the particularly for MEHQ/BHA, which are our principal product. Are we seeing activity on that side as well?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Jun24.pdf · 2024-07-30
I got first question on the NFASL side, which is console minus standalone. The revenues there have declined 28% quarter-on-quarter, while we have said that HFO production has optimized. What explains this sharp drop in sequential while the HFO which is the larger CAPEX among the three performing well and also request to share the capacity utilization in the MPP plant as well as dedicated agro plant. That's my first question?
Got it. That's fairly clear. An associate question there again is gross profit margin. Revenue, I can understand. As you said, there is a pushback. There is also a 400 basis point gross profit margin decline on a standalone minus consolidated. Is that the change in the product mix is also having an impact on the margins?
Navin Fluorine International Limited CC-Mar24.pdf · 2024-05-07
I got three. I will ask the three. One, on the CDMO business, can you help us explain that this European CDMO order which we have received 50%, what is the annual order for the -- so on the CDMO business, I just wanted to understand this European CDMO, which we are expected to start from the second half of FY '25. And we have received a firm order. What is the size of this order? And this is why we are telling that the recovery will be in the second half. That means first half again, are going to be muted. Is that the right understanding? That's number one.
Okay. Second, on the Specialty side of the business, what do we mean by performance material, what exactly are we indicating there? That's number one. And number two, with the Q4 exports being at INR1,200 crores. Are we operating everything at full capacity, what we have started except the fluoro molecules, where we are charging now so that revenues will start probably coming from Q2 onwards? That will be a fair assumption? And last, on the margin side. This quarter, in the stand-alone, the EBITDA margin is at 12.8%, and the mix change between the Specialty and CDMO is there, but HPP contribution has remained stable. The understanding was that the margins are not very different for these two segments. Why is there a drop in the -- there's a sharp drop in the margin on that count? So these are the three questions.
Navin Fluorine International Limited CC-Sep23.pdf · 2023-10-31
Starting with the bookkeeping one. Can you help us understand what is the capacity utilization for all the three plants, which is Honeywell, MPP and dedicated agro for this quarter?
Got it. No, this is just for modelling to tell how the progression will happen for each of this plant, but that's fine. But a follow-up to the -- Radhesh, actually, in your previous call, you mentioned that Honeywell plant has reached the optimal utilization, post the recommissioning. Have we again got into a problem to now come back and look at more gradual than reaching again an optimal utilization?

PCBL Chemical Limited

PCBL Chemical Limited CC-Mar24.pdf · 2024-05-23
So, first on the Aquapharm, I know you did mention that this quarter is not a representative one. But, what has gone wrong, it is general weakness in the chemical business, the transition, that's number one and number two, what are we fixing in terms of leadership in the Aquapharm that would be one key area to watch because promoter will be moving out of the business. So, we need a leader there. So, what is the thought there , and number three . How is the competitive intensity in that business now that phosphorus prices have also fallen a nd the ease of procuring phosphorus is there versus what it was, say a year and a half back, how are we looking at this business and what will drive the turnaround?
Fair enough sir, that’s really an elaborate and really appreciate that answer. Second on the carbon black side. What kind of volume growth are we looking for say next two years because it appears that we are adding close to 1, 10,000 metric ton additionally, both Chennai and Mundra. And then we are looking at say another 200 metric ton in a green field. So, we are adding 300KT on a base of 800. So, that should come in next three, four that will be a fair assumption?

Vodafone Idea Limited

Vodafone Idea Limited CC-Mar24.pdf · 2024-05-17
First on this network expansion, you did mention that 4G coverage and the capacity will be the priority in that order. Just wanted to understand what kind of tower rollout do you think in this 17-focus circle , you will need to match the existing peers to have at least a coverage which is competitive in the market?
No that's fine. I am not looking at number of sites. How much time do you think it will require for us to bridge that gap? Will it take 6 months into starting the CAPEX or will it take 18 months?
Vodafone Idea Limited CC-Sep23.pdf · 2023-10-30
First is on the subscriber side. We had a lower decline this quarter and 4G additions also improved over last few quarters , and one of our peer s who has reported their number on Friday also showed higher subscriber addition. Is it a market wide phenomena and what is driving higher subscriber growth in the industry?
Fair enough. Second on the cash management side, I think bank debt with the Q2, we said that a significant pressure on us will be behind. So, now for second half, what is the bank payment left and how do we plan to incrementally utilize the capital with the repayment pressure coming down? Will it significantly go towards increasing the CAPEX?

Aarti Industries Limited

Aarti Industries Limited CC-Sep23.pdf · 2023-11-06
First is on the volume growth on the industries where we are seeing the recovery. It is that they are now getting the favorable days because I think the destocking phenomena started in polymer and dyes and pigments ahead of the agrochemicals. Rising crude price is also driving the restocking because this year, the prices may remain high. Is that what we are seeing or do you see there is a strong underlying demand recovery because if you look at the pigment rise in sales or the textiles that doesn't show the optimism we are sharing on the volume side of it?
But my whole question was on our confidence of CY25 having the strong volume recovery, if it is a restocking-based volume recovery without underlying completely recovering, are we still very confident of the volume delivery?