My compliments on a very strong quarterly performance. Two questions. The first one is, over the last 5 years, the EBITDA margin reported by the MNC parent were higher than ABB India. Over the last couple of quarters and particularly Q2, ABB India EBITDA m argin was higher than the parent. Your comments on the sustainability of this phenomena given ABB India pays royalty technology fee to the parent and there are imports that ABB India does from the parent. That's the first question. The second question is, we've seen large orders and long cycle orders from energy and core industry segments, which contributed to order inflow during the quarter. Could you give us a sense on how is the mix of base orders and large orders in the order book roughly? And what is your sense on sort of what kind of execution –schedule does it entail across this and large orders in your four reportable segments?
Questions across 55 calls
Sumit Kishore
Axis Capital
ABB India Limited
Tata Power Company Limited
My first question is that RE auction volume which one as per your presentation has been 20 gigawatt plus...
Yes. As per the presentation, RE auction volumes in Q1 have been 20 gigawatt plus. You also mentioned that solar cell and module prices have been falling while auction tariffs have risen. I just wanted to understand why has Tata Power not seen an increase in solar and hybrid RE pipeline in Q1 FY '25? Even the EPC order book for utility scale solar has not grown quarter- on-quarter from March '24. So just wanted to understand any thoughts behind these numbers?
My first question is, over the past one year, Tata Power has commissioned about 353 MW of RE capacity. What is the expected phase out of commissioning of close to 4.75 GW renewable project pipeline here on, how much is expected in FY'25 FY'26 would be?
So, a related question now with the cells and modules prices having collapsed and you are at the brink of commissioning your expanded c ell and module capacity, would it make sense to use this output for utility scale projects in India at present without implementation of ALMM and what are the margins that you could expect to make on the manufacturing side in FY'25 as you ramp up your manufacturing capacity?
Adani Green Energy Limited
Good afternoon, a couple of questions.
Yes, is this better?
Suzlon Energy Limited
Sir, my first question is, could you spell out the reasons for i m p r o v e m e n t i n t h e W T G contribution margin in Q1? We've also noted that your project or segment mix has shifted more in favor of captive C&I retail ev en on a sequential basis, now almost two-third. Is the pricing better in this segment versus state or central bid?
My second and last question is for S144, how many WTG sets have been delivered or installed so far? So, if you could give your experience of how that parti cular turbine is operating on the field and any other experiences in terms of commissioning this?
JSW Energy Limited
My compliments on strong bottom-line performance as well as to build up in the pipeline. The first question is for the pipeline projects of 5.65 GW are the ones where PPA has not been -- I mean what is the general expectation by when do you expect to close PPA signing for these projects? And realistically, in FY27, what portion of this capacity would get commissioned? That's my first question.
And this would also include signing PPA with JSW Steel for the group captive capacity?
My first question is a follow-up on what Mohit asked. If your CAPEX guidance for FY25 is around ₹150 billion, I’m just referring to Slide 13 of the presentation, which mentions that of your total committed capex of ₹186.5 billion, about ₹150 billion has already been spent. And in addition, there is a SECI XII of ₹22 billion capex. So, ₹150 billion seems to include capex that you would do for the 3.6 GW committed capacities as well. Is that right?
Sir, would it be fair to say that of this 3.6 GW which you have won recently, we should be looking at a post FY26 commissioning timeline?
Larsen & Toubro Limited
My question is in relation to your core margin performance clubbed over a period of nine quarters. So, we look at nine quarter period together . We see that L&T's ability to predict or guide on core margins is below historical track record. So, with the benefit of hindsight, how do you view, you know, what is it that you have not been able to foresee better while guiding over the last two years plus?
Just to clarify one point you had made earlier regarding 80 basis point likely core margin improvement over next 2 to 3 years as you go from 6.2 % to 7%. Given that this is the largest segment, would you have a gauge that the extent of Projects an d Manufacturing margin improvement over the next 2 years should be of a similar magnitude?
My first question is on the equity investment of Rs.27.7 billion in Hyderabad Metro that you have announced. Could you speak about the rationale and does this accelerate the process of getting a strategic investor onboard?
Yes.
Congrats on our robust performance in Q2. My first question is on the net working capital ratio, which has improved on a year-on-year basis by 300-odd basis points plus to 16.7%. When I look at the reading in both Q2 and H1, in your cash flow slide, they are down year-on-year. So given that the operating profit, obviously, has grown in both these periods , could you qualitativel y explain what has dialled down the operating cash flow?
Okay. But the volume growth is there in the revenue, but the operati ng profit margin basically decline is leading to this impact overall in OCF is what you're trying to say?
Container Corporation of India Limited
Sir, over the past 3 quarters, we have been listening to your commentary around drivers of volume growth around the Varnama double-stacked trains NCR to Varnama. We have been hearing about the transportation of cement in tank containers and the pickup in rice exports. So exactly how much volume in these three buckets are you likely to clock or expect to clock? Could you give some sense in terms of TEUs in these three categories would be very useful, say, over the next 1 year.
Thank you so much.
Adani Energy Solutions Limited
Thank you for taking my question. My first question is, could you share some colour around the fiscal year-to-date TBCB projects that have been awarded by value, and what is the discipline that you are seeing by Power Grid and other major players, including yourself? And do you see IRRs for projects? When so far this year have, they improved versus last fiscal? So, that's my first question.
I asked whether fiscal year -to-date, if you could speak about the TBCB project by value, what has been awarded so far, this fiscal? And what is the big discipline that you're seeing in this pick up in TBCB project awards? And do you see IRRs for project wins that have happened so far, this fiscal, whether they have improved versus last year? So, basically, I wanted an overview on the competitive dynamics in the space and some colour on the projects that have been awarded so far this year.
Indian Energy Exchange Limited
Thank you. My question is in relation to the flurry of firm dispatchable RE tenders that we have been seeing over the past few months . Basically as the electricity storage solutions evolve and t his becomes more and more prominent , what implications does it have for the volumes that come to the short -term market and particularly to the exchanges . And also if you could combine this answer with the opportunity that you see with the RE capacities that would be set up for green hydrogen over the medium term . Again what could be the quantum of associated generation that if possible could come to exchanges?
Sure, and so basically if you look at the period FY22 to 1H FY 24 I mean the share of exchanges has not really increased in the total power consumption ? It has gone from 7.4% to 7.1%? The overall short-term market has also stagnated at around 13.6 % to 14%? In the next four to five years based on how renewable penetration is going to increase, how do you see the share of short -term market going up ? What is going to drive that and how is the share of exchanges within the mix going to increase? Maybe a three year time frame?
JSW Infrastructure Limited
Good morning. Thanks for the opportunity. I have two questions. The first question is could you give us an update on the ongoing progress or development of the Jatadhar and Keni ports? And what is the stage of financial closure and sort of groundbreaking for these projects? And the second question is on your BSE filing related to the container train operator license that you have secured from Sical. Could you give us more strategic insight into what this means for the company over the next two years? Thanks.
Thanks a lot and wish you all the best.
Bharat Electronics Limited
Thanks for the opportunity . I have 2 questions. First on QRSAM, what is the likely delivery timeline for the INR 200 billion contracts that you expect to book over the next 2 years? Would it be less than 3 years or more than that?
2 years to 4 years?