Questions across 7 calls

Saurabh Handa

Citigroup

Indus Towers Limited

Indus Towers Limited CC-May26.pdf · 2026-05-01

Thank you for the opportunity. These are actually both follow-ups to previous questions. Firstly, just back on the question of your tower additions, which have averaged close to around 4,000 odd over the last 3 quarters. And one of your large customers has been adding 1,500, 2,000. So you said the difference could be partly because of new tower additions for other customers as well as some potential churn that happening. Would one of these 2 factors have a higher bearing than the other? Just trying to get a sense of which one could be a bigger contributor?

Okay. Where I was coming from is because obviously, there's a lot of this chatter about renewals for the third customer and if that could be churn for you. So the point I was trying to add is, is there a potential offsetting factor? Do these cancel each ot her? I mean, I know you've said that there are a lot of considerations if a tenant chooses to move out from one towerco to the other. But I was just trying to get some more granularity on that?

Indus Towers Limited CC-Feb26.pdf · 2026-02-03

I have two questions. Firstly, on the tenancy outlook. So you spoke about a fairly healthy order book right now. And based on recent developments with one of your customers, can we assume that this current run rate of 6,000 -odd tenancies could sustain over coming qu arters and maybe even accelerate?

Okay. And in terms of the current order book visibility also, there's nothing that you can highlight at least for the next 1 or 2 quarters?

Indus Towers Limited CC-Nov25.pdf · 2025-10-28

Just on Africa once again. A couple of questions. Firstly, as far as unit economics are concerned, previously, in India, you've said for single-tenancy towers return on capital tends to be typically in the low to mid-single digits. What would be a comparable number in Africa ballpark?

Okay. But directionally, do these tend to be better than what you see in India? I mean that's the sense that we had, but I just wanted to double check that?

Indus Towers Limited CC-Mar25.pdf · 2025-05-01

I had 2 questions. Firstly, again, just to clarify on the dividend bit, so your free cash flow in the fourth quarter was Rs. 39 billion. This obviously does not include the consideration for the tower acquisition, which was Rs. 18 billion. So if I take -- I mean what would be the number you would consider for dividend payout? Would you take Rs. 39 billion? Or would you take Rs. 39 billion minus Rs. 18 billion, which is Rs. 20 billion. So I assume your policy remains to pay out 100% of free cash flow? Just wanted some clarification because I think I've been a bit confused because previously, you had said that the acquisition would be completely debt funded and therefore, not have a bearing on shareholder returns?

Okay. Sure. And just my second question, you spoke about the ARPT being impacted by the denominator, which makes sense. So in fiscal 2025, the ARPT, which was 40,856 what would be the number if you hadn't adjusted for the acquisition? I'm just trying to get a sense of, say, compared to the previous financial year, I think the number you've declared was 41,198. So what would that number be now?

Mahanagar Gas Limited

Mahanagar Gas Limited CC-Dec24.pdf · 2025-01-29

Thank you for the opportunity. Sir, on your question on your comments on the number of EVs in Mumbai, say around 4 lakhs and currently, the penetration is 10%. Hypothetically, if a similar sort of directive comes as we saw in Delhi, could this number go up to like 25%, 30%, thereabout? I mean just to get a sense of what is the realistic penetration one can assume if you have similar directives as we've seen in Delhi in the past.

And sir, what is the usage per vehicle, for a typical commercial vehicle?

GAIL (India) Limited

GAIL (India) Limited CC-Sep24.pdf · 2024-11-06

Yes. Thank y ou for the opportunity. I had two questions. Firstly, on the tariff filing, is this a part of your regular tariff filing? And when can we expect the public consultation process to begin?

Okay, sir. And just my second question. On your City Gas investments, whether they are at the standalone entity or in GAIL Gas? Is there any thought process to look at restructuring these streamline these investments?

Indraprastha Gas Limited

Indraprastha Gas Limited CC-Sep23.pdf · 2023-11-02

Thank you for the opportunity. Just a couple of questions. I think you did mention this in your remarks, but just to confirm. So, currently, CNG taxis, they have valid permits for 15 years. So, what do you think happens to a CNG taxi with a valid permit in 2030? I mean, will they be forced to convert? Is that realistically possible? I know I'm not asking you to speculate, but for a person who is invested in this, how do you think, I mean, will there be some sort of an exemption?

The CNG vehicles?