Stockrabit · Analysts
Questions across 39 calls

Vivek Rajamani

Morgan Stanley

SRF Limited

SRF Limited CC-Sep24.pdf · 2024-10-23
Sir, a couple of questions from me. In the previous call, you had mentioned that some customers are willing to lock into medium -term contracts, but you were not agreeing because the pricing was not very favourable. Just wanted to understand how things were currently if at the margin the landscape has become a bit more favourable, or do you think you're becoming more and more accommodating to the pricing requirements of the consumers?
Sure, sir. That's clear. And just a clarification on the Q4 order book. I understand that it's obviously much better than how things are. But just in terms of the conversations that you're having with the customer, what is your sense of how de -risk this order book could be? Or do you think that in terms of the actual offtake, things could still be very dynamic depending on how things pan out, say, in Q3 and then eventually Q4?
SRF Limited CC-Mar24.pdf · 2024-05-09
Two questions. Firstly, if I could just make an extension of the earlier questions on Fluorochemicals, would it be possible to give a sense of how you see your geographic profile in Fluorochemicals settling in the next one-two years as you transition away from the U.S. and explore some of these other geographies? That was the first question.
Sure, sir. So this was really helpful. And the second question was on packaging. I think you've been very clear about the magnitude of the pain and the efforts that you've been undertaking so far, but just from a more medium-term perspective from a strategic standpoint, just wanted to get a sense of what other levers could be available to SRF to best optimize the situation as and when this situation eventually starts to repair itself?

Aarti Industries Limited

Aarti Industries Limited CC-Jun24.pdf · 2024-08-12
Two questions from my side. Just with respect to the demand trends that you've seen so far and the conversations that you are having with your customers – do you feel that you can deliver the higher end of your EBITDA guidance of Rs. 17 billion that you've given for fiscal '25? And what factors do you think going forward would be critical for that? That's the first question.
Sure, sir. That's clear. And just as an extension to that, I think a few quarters back when we were in the midst of the extremely difficult demand conditions, I think you mentioned in the calls that you've had to kind of rely on maybe you are not in fact Tier-2, Tier-3 customers, basically the customers where your pricing power is obviously not as great and they were not your regular customers. I am just wondering, given that you've started to see demand green shoots come through across the board, just wanted to get a sense if you've been able to go back to your more normal customer profile or do you think you are still having to rely on such Tier-2, Tier-3 customers to kind of push volumes? Thank you.
Aarti Industries Limited CC-Mar24.pdf · 2024-05-13
Sir, two questions from my side. Firstly, if you could just give a little bit more color in terms of why the volume numbers were lower on a Q-on-Q basis? Which segments were, relatively weaker compared to the last quarter and what kind of trends you've been seeing in the quarter so far? And the second question was with respect to yo ur EBITDA guidance, which you've obviously maintained, but just wanted to get your sense in terms of the trends that you're seeing and in terms of the conversations that you're having with the customers, how confident are you of achieving something closer to the high end? Or do you think you would rather have to wait to see how the recovery shapes up before some of these things start to get a bit more clearer?
Sure, sir. Just one quick clarification. The fact that agrochemicals is under pressure is well reflected in the lower Nitro Toluene volumes. If I could just clarify the lower NCB volumes is also purely accumulated? Or is there something else as well over here?
Aarti Industries Limited CC-Dec23.pdf · 2024-02-09
Two questions from my side. The first question was, given the demand recovery that you are witnessing, can you talk about your sales mix in terms of whether your reliance on non-regular markets is reducing? If you could give a sense of where the share of your non-regular markets was, say last year to where it is today.
And the second question I had was, in the presentation, you have mentioned that you have seen an improvement in pricing trends. Would it be possible to give a sense of how much pricing improvement you have seen relative to the first half of this year? And which segments are driving this pricing improvement?
Aarti Industries Limited CC-Sep23.pdf · 2023-11-06
First, if you could just touch upon the demand trends that you're seeing in October or this quarter for your end markets, I just want to get a sense which sectors are actually seeing the biggest recovery, and which are the sectors which are being the biggest drag? And secondly, sir, I think you mentioned in your opening remarks that you're starting to see some ASP stab ilization in some products. So, just from either an ASP or a margin perspective, if you can just talk about how it has moved on a QoQ basis between your regular and your non-regular markets, that will be very helpful?
Just one small clarification. This margin improvement that you're seeing in discretionary segments, is that coming both from your regular markets and your non-regular markets?

PI Industries Limited

PI Industries Limited CC-Jun24.pdf · 2024-08-08
Just one question on CAPEX . In the presentation, you mentioned the capacity expansion is in line with the plan. Just wanted to get a sense of what is the CAPEX expectations for this year and given that you have seen such a good ramp up in some of these new products which have obviously been growing well, is there a plan to augment some of these new products with any kind of dedicated capacities? Any color on that would be super helpful.
And just one small clarification. You mentioned that you have obviously been optimizing your capacities and you have obviously benefited from that. Just wondering if you still have more significant levers to that extent where you can continue optimizing for the foreseeable future or do you think you are kind of getting to a point of demand and how these products are getting accepted. You may have to start considering some of these products. Just wanted to get a sense of where we are in that evolution.
PI Industries Limited CC-Sep23.pdf · 2023-09-30
Thank you for the presentation and congratulations for a good set of numbers. Sir just two questions, firstly, on the broader inventory situation, you obviously touched upon that, you are still seeing the destocking kind of playing out , just in terms of your assessment compared to maybe a quarter or two back , d o you get a sense that you are starting to see some improvement either in the intensity or are you starting to see some green shoots from any part of the world?
And just as a n extension to that, is ther e any particular geography where the problem is extremely severe in your general understanding?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Jun24.pdf · 2024-07-30
I have a question on the Spec chem side, but I think you have answered that a lot of details. So, just one question on the CDMO. I know it is bit tough to kind of give a number here, but given the extent of pipeline that you have, would it be possible to give a simplistic guide path in terms of how we should think about F25 versus F24 and maybe F26 versus F25?
So, FY27 is where you think you will hit your 100 million aspiration, correct?
Navin Fluorine International Limited CC-Dec23.pdf · 2024-02-06
So first question on your Specialty Chemicals and the CDMO segments. In 2Q, you had mentioned we'd seen certain deferrals which you were expecting in this quarter. Just wanted to clarify if these are the same molecules which are continuing to see some sort of deferment or postponement even in this quarter? And if you could just spend a minute to kind of explain what exactly is the issues that the customers are facing with respect to some of these molecules?
So you mean Q4?
Navin Fluorine International Limited CC-Sep23.pdf · 2023-10-31
Sorry if this is a bit repetitive. But on the CDMO side, given that you've seen two large molecules being pushed out to CY '24. Could you maybe help us or give a sense of how we should think about the revenue growth for this segment in F '24 and F '25? That was the first question.
I completely understand. And the second question was obviously, because of the challenges in this quarter, your EBITDA margins are at about 21%. Could you maybe just give us a sense of the glide path that we should assume for these margins to go back to a bit more normal levels? How do we think about that over the next two quarters or maybe even into next year?

Deepak Nitrite Limited

Deepak Nitrite Limited CC-Mar24.pdf · 2024-05-22
Two questions from me. On the advanced intermediates, could you give us a bit more color from an FY25 perspective, how should we think about the pathway of recovery over the course of fiscal year 2025 from a demand and pricing perspective? And this maybe is an extension to that, given that you now have some of these backward integration facilities which will be coming through. Do you think the fiscal year 2023 Earnings for advanced intermediates could be a good benchmark to look at for fiscal year 2025? That was the first one. And the second question was with respect to your more medium-term capex plans. On the larger Rs. 90 billion MoU where you are targeting polycarbonates, MMA , etc. could you maybe give a bit more color in te rms of the timelines or funding plans or maybe any color on what kind of capacities you would be targeting?
Deepak Nitrite Limited CC-Dec23.pdf · 2024-02-15
Two questions from me. Firstly sir, on the advanced intermediates side, you have mentioned to the earlier participants that, Q4 you think it's going to be better from volume perspective from Q3. My question was looking at the recovery from an FY25 standpoint, do you think it's going to be more of the case that you are seeing sequential recovery every quarter going into the next year or do you still think given, what you are seeing in the industry, it's still a situation where, you see a recovery one quarter, and then maybe a step back. Just wanted to get your thoughts more in terms of the pace and trajectory of recovery going into FY25. That was the first question. And the second one was in Phenolics. Just given the debottlenecking and all the initiatives that you have done and the industry spreads, I would have thought that the sequential improvement would have been much higher on the Phenolics side. Just wanted to clarify if there was something different that was happening in this quarter. Thank you so much.
Just very clear. Thank you so much for the answers. Just one book keeping question from my side. What would be the current phenol nameplate capacity after all your debottlenecking that you have done so far?
Deepak Nitrite Limited CC-Sep23.pdf · 2023-11-09
Happy Diwali to you and the team. If I may, just on the demand point. I think in your opening remarks, you mentioned that you saw a sequential increase in volumes across the board in this quarter. If I just look at the revenue line on the Advanced Intermediates, the revenues have obviously come down on a sequential basis, which implies that your ASPs would have obviously been lower. My question is, do you get a sense that the decline in ASPs is now maybe stabilizing, and maybe going into the second half of this year, you start to see some pick -up there in line with the demand that you are seeing? That was the first question. And just as an extension to that, obviously, we are in November. For the first month and 10 days of this new quarter, do you get a sense that you are seeing an increased pace of green shoots coming through in some of these segments already?
And just a second question. Obviously, on the phenolics side, spreads have been very strong this quarter, and I think they have continued to hold up pretty well. If you could just give a sense of the regional demand/ supply situation. I think last quarter, there were some shutdowns or so. If you could just give a sense of how the regional demand/ supply balance is shaping up into the second half of this year, that will also be very helpful.

Tata Chemicals Limited

Tata Chemicals Limited CC-Sep23.pdf · 2023-11-10
Thank you , two questions from my side . Could you just talk a bit about the US , Volumes have not recovered back to the normal levels this quarter , and it also appears that the pricing for exports, which are more levered to spot have corrected quite a bit. So, could you just give us some color of what's happening there, and how we should think about this going forward? And the second question I had was more specifically on China . Could you give us some color on, you know, what's the demand supply situation in China? I asked this because we did see a rally in spot prices in China a couple of months back , and recently, we have again seen a very sharp decline . So, any color on what's happening on the ground would also be very helpful.
Do you expect the volumes in the U.S. to go back to, you know, the 600 kilo ton level or you think this is going to be a more normalized number going forward?