EdgeReport 20 03 2021 528

web.stockedge.
com/edge-reports
SEBI Registration No. IHN3000007493

PREFACE
Dear Readers,
“An investment in knowledge pays the best interest” - Benjamin Franklin
Investment decisions are critical to the financial health of every individual and
prudent investment decision-making requires access to noise-free, relevant
information as well as staying immune from cognitive and emotional biases. The
VINIT PAGARIA investment decisions should be made on the basis of performance and potential
(ACA, CFA, FRM) of a business instead of merely being a function of the ‘stock price’.
HEAD – DATA & RESEARCH

We are pleased to bring to you a compilation of quarterly earnings' calls of most
of the major companies in India conducting such calls. This document contains
conference call summaries for the earnings quarter Oct to Dec 2020 of the
companies, segregated based on the sectors they belong to. The earnings call
summaries are offered on a real-time basis to StockEdge premium subscribers.
An earnings call is a teleconference, or webcast, between the management of a

public company, analysts and the investors to discuss the company’s financial
results during a given reporting period, such as a quarter or a fiscal year.
It is of pivotal importance to track the performance of a company. The earnings

call summary empowers one to be informed about the management outlook,
business progress, planned expansions and new opportunities. It also serves as
a means to evaluate the underlying sentiment.
Concall analysis is a part of Edge Reports which also include Case studies on
investible companies, IPO Notes and Infographics. The purpose of Edge Reports
is to provide actionable insights through easy-to-understand, yet
comprehensive analysis to assist users in taking informed decision. To
access the same, kindly visit https://web.stockedge.com/edge-reports
INDEX
Oct 2020 - Dec 2020
Sector (SE) Industry (SE) Company Net Profit
Sales (₹ cr) %YoY %YoY
(₹ cr)
Refineries Indian Oil Corporation Ltd. 147,810 0.6% 4,102 52.2%
Refineries Bharat Petroleum Corporation Ltd. 87,293 1.6% 1,901 -7.4%
Crude Oil
Refineries Hindustan Petroleum Corporation Ltd. 77,483 3.8% 2,374 131.1%
Oil Exploration Oil & Natural Gas Corporation Ltd. 100,289 -8.4% 3,764 -31.1%
Automobiles-Trucks/Lcv Tata Motors Ltd. 75,654 5.5% 2,942 67.5%

Automobiles-Trucks/Lcv Ashok Leyland Ltd. 5,954 14.8% 38 -32.9%
Automobiles-Passenger Cars Maruti Suzuki India Ltd. 23,471 13.3% 1,997 25.8%
Automobiles-Passenger Cars Mahindra & Mahindra Ltd. 21,626 11.3% 160 -6.5%
Automobile Two & Three Wheelers Hero MotoCorp Ltd. 9,827 38.9% 1,029 13.7%
Automobile Two & Three Wheelers Bajaj Auto Ltd. 8,910 16.6% 1,716 29.8%
Automobile Two & Three Wheelers TVS Motor Company Ltd. 6,095 27.9% 290 84.8%
Automobile Two & Three Wheelers Eicher Motors Ltd. 2,828 19.3% 533 6.8%
Auto Ancillary Motherson Sumi Systems Ltd. 17,092 13.9% 1,268 272.7%
Automobile & Auto Ancillary Bosch Ltd. 3,030 19.4% 184 -3.2%
Ancillaries Auto Ancillary Endurance Technologies Ltd. 2,041 24.4% 190 53.3%
Tyres & Allied Apollo Tyres Ltd. 4,965 14.2% 444 155.2%
Tyres & Allied Ceat Ltd. 2,221 26.1% 132 152.0%
Tyres & Allied Balkrishna Industries Ltd. 1,509 30.6% 325 45.3%
Automobiles-Tractors Escorts Ltd. 2,042 23.8% 286 85.0%
Automobiles-Tractors VST Tillers Tractors Ltd. 203 64.6% 31 780.0%
Forgings Bharat Forge Ltd. 1,723 -5.9% -210 -620.8%
Cycles Tube Investments Of India Ltd. 1,700 56.3% 109 33.1%
Diesel Engines Cummins India Ltd. 1,431 -1.7% 240 20.2%
Lubricants Castrol India Ltd. 935 -7.6% 583 -30.8%
IT- Software Tata Consultancy Services Ltd. 42,015 5.4% 8,727 7.2%
IT- Software Infosys Ltd. 25,927 12.3% 5,215 16.8%
IT- Software HCL Technologies Ltd. 19,302 6.4% 3,977 35.1%
IT- Software Wipro Ltd. 15,670 1.3% 2,998 21.7%
IT- Software Tech Mahindra Ltd. 9,647 -0.1% 1,290 16.2%
IT- Software Larsen & Toubro Infotech Ltd. 3,153 12.2% 519 37.9%
IT- Software Mphasis Ltd. 2,474 8.7% 326 10.9%
Information IT- Software Mindtree Ltd. 2,024 3.0% 327 65.7%
Technology IT- Software Persistent Systems Ltd. 1,075 16.5% 121 37.5%
IT- Software Cyient Ltd. 1,044 -5.6% 95 -11.3%
IT- Software Tata Elxsi Ltd. 477 12.7% 105 39.5%
IT- Software Intellect Design Arena Ltd. 382 19.6% 81 852.3%
IT- Software Happiest Minds Technologies Ltd. 193 12.4% 42 97.2%
BPO/ITeS Info Edge (India) Ltd. 278 -17.2% 679 1193.4%
BPO/ITeS Computer Age Management Services Ltd. 186 5.7% 56 22.1%
e-Commerce Indiamart Intermesh Ltd. 174 5.3% 80 29.4%
Insurance SBI Life Insurance Company Ltd. 13,767 17.7% 233 -40.3%
Insurance HDFC Life Insurance Co Ltd. 9,489 20.8% 263 4.9%
Insurance General Insurance Corporation of India Ltd. 9,172 14.9% 931 189.9%
Insurance ICICI Prudential Life Insurance Company Ltd. 8,971 10.3% 304 0.8%
Insurance ICICI Lombard General Insurance Company Ltd. 2,611 6.3% 314 6.6%
Finance Term Lending Power Finance Corporation Ltd 18,435 16.1% 3,963 17.0%
Finance Term Lending REC Ltd. 9,085 17.8% 2,258 35.5%
Finance Term Lending Indian Railway Finance Corporation Ltd. 3,932 -8.0% 1,047 15.4%
Finance- NBFC Bajaj Finance Ltd. 6,656 -5.2% 1,146 -29.0%
Finance- NBFC Shriram Transport Finance Company Ltd. 4,438 5.2% 728 -17.2%
Finance- NBFC Muthoot Finance Ltd. 3,001 15.9% 1,007 16.9%
Finance- NBFC Mahindra & Mahindra Financial Services Ltd. 2,958 -2.9% -223 -147.0%
Finance- NBFC SBI Cards and Payment Services Ltd. 2,403 -3.1% 210 -51.8%
Finance Finance- NBFC Edelweiss Financial Services Ltd. 2,179 -17.5% -63 -278.5%
Finance- NBFC Manappuram Finance Ltd. 1,644 14.5% 483 16.6%
Finance- NBFC Motilal Oswal Financial Services Ltd. 948 48.0% 337 99.9%
Finance- NBFC CreditAccess Grameen Ltd. 542 19.5% -79 -173.2%
Finance- NBFC Central Depository Services (India) Ltd. 86 59.1% 54 150.0%
Finance- Investment Bajaj Finserv Ltd. 15,959 9.6% 2,082 5.3%
Finance- Asset Management HDFC Asset Management Company Ltd. 482 -8.2% 369 4.7%
Finance- Asset Management UTI Asset Management Company Ltd. 342 39.8% 140 56.1%
Finance- Asset Management Nippon Life India Asset Management Ltd. 269 -11.4% 212 42.0%
Finance- Stock Broking ICICI Securities Ltd. 620 46.9% 267 94.6%
Finance- Stock Broking Angel Broking Ltd. 307 71.7% 73 171.1%
Finance- Stock Broking Multi Commodity Exchange of India Ltd. 101 7.2% 72 29.1%
Finance- Housing Can Fin Homes Ltd. 503 2.7% 132 23.7%
Finance- Others Westlife Development Ltd. 325 -24.9% 0 -99.3%
INDEX
Oct 2020 - Dec 2020
(₹ cr)
Steel & Iron Products Tata Steel Ltd. 39,594 11.5% 4,011 426.5%
Steel & Iron Products JSW Steel Ltd. 21,859 21.1% 2,669 1327.3%
Steel & Iron Products Jindal Stainless Ltd. 3,585 8.5% 170 229.2%
Iron & Steel Steel & Iron Products Jindal Saw Ltd. 2,865 -4.1% 88 34.5%
Steel & Iron Products APL Apollo Tubes Ltd. 2,601 22.9% 149 78.6%
Steel & Iron Products Mishra Dhatu Nigam Ltd. 190 -8.1% 60 -0.5%
Steel/Sponge Iron/Pig Iron Jindal Steel & Power Ltd. 10,534 40.0% 2,567 1274.2%
Bank- Private HDFC Bank Ltd. 17,329 14.6% 8,760 14.4%

Bank- Private ICICI Bank Ltd. 11,802 14.3% 5,498 17.7%
Bank- Private Axis Bank Ltd. 7,505 14.2% 1,335 -29.1%
Bank- Private Kotak Mahindra Bank Ltd. 5,160 16.2% 2,602 10.8%
Bank- Private IndusInd Bank Ltd. 3,406 10.8% 830 -36.6%
Bank- Private Yes Bank Ltd. 2,561 141.2% 148 100.8%
Bank- Private Bandhan Bank Ltd. 2,072 34.5% 633 -13.5%
Bank- Private IDBI Bank Ltd. 1,816 17.8% 393 106.9%
Bank- Private The Federal Bank Ltd. 1,528 26.5% 420 -7.1%
Banking Bank- Private RBL Bank Ltd. 991 0.1% 147 120.9%
Bank- Private AU Small Finance Bank Ltd. 633 24.9% 479 151.9%
Bank- Private The Karnataka Bank Ltd. 614 20.9% 135 9.9%
Bank- Private The South Indian Bank Ltd. 596 -0.9% -92 -201.2%
Bank- Private Equitas Small Finance Bank Ltd. 484 26.1% 111 17.7%
Bank- Private Ujjivan Small Finance Bank Ltd. 432 1.4% -279 -410.8%
Bank- Private DCB Bank Ltd. 335 3.6% 96 -0.5%
Bank- Public Bank of Baroda 8,508 10.8% 1,196 198.1%
Bank- Public Punjab National Bank 8,463 89.4% 586 216.7%
Bank- Public Canara Bank 6,324 71.3% 739 81.9%
Metal- Non Ferrous Hindalco Industries Ltd. 34,958 19.7% 1,877 76.7%
Non-Ferrous
Metal- Non Ferrous Vedanta Ltd. 22,735 6.4% 4,224 58.5%
Metals
Metal- Non Ferrous Hindustan Zinc Ltd. 5,915 27.9% 2,200 35.8%
Pharmaceuticals & Drugs Sun Pharmaceutical Industries Ltd. 8,837 8.4% 1,853 102.8%
Pharmaceuticals & Drugs Aurobindo Pharma Ltd. 6,365 8.0% 2,946 317.7%
Pharmaceuticals & Drugs Cipla Ltd. 5,169 18.2% 752 121.4%
Pharmaceuticals & Drugs Dr. Reddys Laboratories Ltd. 4,930 12.5% 20 103.5%
Pharmaceuticals & Drugs Lupin Ltd. 4,017 6.6% 441 152.5%
Pharmaceuticals & Drugs Cadila Healthcare Ltd. 3,796 4.3% 527 41.0%
Pharmaceuticals & Drugs Piramal Enterprises Ltd. 3,169 -3.1% 799 10.4%
Pharmaceuticals & Drugs Glenmark Pharmaceuticals Ltd. 2,787 1.9% 248 30.1%
Pharmaceuticals & Drugs Alkem Laboratories Ltd. 2,318 6.2% 464 18.9%
Pharmaceuticals & Drugs Torrent Pharmaceuticals Ltd. 1,995 1.5% 297 18.3%
Pharmaceuticals & Drugs Biocon Ltd. 1,851 7.8% 187 -19.0%
Pharmaceuticals & Drugs Divis Laboratories Limted 1,701 21.9% 471 31.0%
Pharmaceuticals & Drugs IPCA Laboratories Ltd. 1,410 16.2% 268 35.5%
Pharmaceuticals & Drugs Alembic Pharmaceuticals Ltd. 1,314 8.7% 259 13.8%
Healthcare
Pharmaceuticals & Drugs Laurus Labs Ltd. 1,288 76.6% 273 271.3%
Pharmaceuticals & Drugs Gland Pharma Ltd. 859 33.1% 204 32.4%
Pharmaceuticals & Drugs Granules India Ltd. 845 20.0% 147 129.4%
Pharmaceuticals & Drugs Aarti Drugs Ltd. 530 12.0% 68 144.6%
Pharmaceuticals & Drugs Natco Pharma Ltd. 355 -26.3% 63 -39.3%
Pharmaceuticals & Drugs Caplin Point Laboratories Ltd. 274 20.2% 66 12.2%
Pharmaceuticals & Drugs Advanced Enzymes Technologies Ltd. 138 23.1% 44 28.0%
Hospital & Healthcare Services Apollo Hospitals Enterprise Ltd. 2,760 -5.2% 134 49.1%
Hospital & Healthcare Services Aster DM Healthcare Ltd 2,259 -2.7% 108 -29.0%
Hospital & Healthcare Services Narayana Hrudayalaya Ltd. 750 -4.4% 41 29.9%
Hospital & Healthcare Services Dr. Lal Pathlabs Ltd. 452 38.0% 96 74.7%
Hospital & Healthcare Services Metropolis Healthcare Ltd. 275 23.3% 59 39.5%
Hospital & Healthcare Services Thyrocare Technologies Ltd. 138 30.7% 32 17.8%
Hospital & Healthcare Services Shalby Ltd. 132 9.1% 17 106.4%
Engineering/ Construction Larsen & Toubro Limited 35,596 -1.8% 2,858 3.9%
Engineering/ Construction KEC International Ltd. 3,289 7.0% 145 0.1%
Engineering/ Construction NCC Ltd. 2,127 -6.8% 78 -24.0%
Infrastructure
Engineering/ Construction PNC Infratech Ltd. 1,582 13.8% 176 163.2%
Engineering/ Construction KNR Construction Ltd. 735 21.7% 91 82.0%
Transmission Towers/ Equipments Kalpataru Power Transmission Ltd. 3,501 10.7% 308 131.6%
INDEX
Oct 2020 - Dec 2020
(₹ cr)
Telecommunication- Service Provider Bharti Airtel Ltd. 26,518 24.2% 1,350 390.4%
Telecommunication- Service Provider Vodafone Idea Ltd. 10,894 -1.8% -4,532 29.6%
Telecom
Telecommunication- Service Provider Tata Communications Ltd. 4,223 -0.1% 309 425.3%
Telecommunication- Equipment Affle (India) Ltd. 151 59.3% 31 42.8%
Power Generation/Distribution NTPC Ltd. 27,526 4.0% 3,876 15.7%

Power Generation/Distribution Tata Power Company Ltd. 7,598 7.5% 318 22.4%
Power Power Generation/Distribution Torrent Power Ltd. 2,953 -4.1% 322 -23.5%
Power Generation/Distribution JSW Energy Limited 1,609 -17.4% 142 -64.9%
Power Generation/Distribution Indian Energy Exchange Ltd. 85 42.7% 58 39.3%
Household & Personal Products Hindustan Unilever Ltd. 12,181 20.6% 1,938 18.8%
Household & Personal Products Godrej Consumer Products Ltd. 3,055 10.0% 502 12.8%
Household & Personal Products Dabur India Ltd. 2,729 16.0% 494 23.7%
Household & Personal Products Emami Ltd. 934 14.9% 209 44.7%
Household & Personal Products Sheela Foam Ltd. 826 25.5% 100 54.7%
Household & Personal Products Galaxy Surfactants Ltd. 675 7.8% 85 77.5%
Fast Moving Household & Personal Products Bajaj Consumer Care Ltd. 248 16.8% 57 17.7%
Consumer Goods Consumer Food Britannia Industries Ltd. 3,166 6.1% 453 22.4%
Consumer Food Tata Consumer Products Ltd. 3,070 23.1% 237 28.6%
Consumer Food Marico Ltd. 2,122 16.3% 312 13.0%
Consumer Food Varun Beverages Ltd. 1,351 9.0% -7 86.7%
Consumer Food Jubilant Foodworks Ltd. 1,069 -0.2% 124 21.7%
Consumer Food Avanti Feeds Ltd. 915 -0.8% 86 46.3%
Consumer Food Mrs. Bectors Foods Specialities Ltd. 226 11.1% 21 86.5%
Cement & Construction Materials Ultratech Cement Ltd. 12,254 17.4% 1,585 122.8%
Cement & Construction Materials Ambuja Cements Ltd. 7,453 4.6% 968 34.0%
Cement & Construction Materials ACC Ltd. 4,145 2.1% 472 72.9%
Cement & Construction Materials Dalmia Bharat Ltd. 2,857 18.2% 183 603.8%
Construction
Cement & Construction Materials JK Cement Ltd. 1,833 24.5% 217 74.8%
Materials
Cement & Construction Materials The Ramco Cements Ltd. 1,344 4.8% 207 119.0%
Cement & Construction Materials The India Cements Ltd. 1,185 -4.8% 69 838.3%
Cement & Construction Materials Heidelberg Cement India Ltd. 595 8.5% 64 -1.5%
Ceramics/Marble/Granite/Sanitaryware Kajaria Ceramics Ltd. 838 13.1% 121 97.6%
Paints Asian Paints Ltd. 6,789 25.2% 1,265 62.3%

Paints Berger Paints India Ltd. 2,118 24.9% 275 51.2%
Paints Kansai Nerolac Paints Ltd. 1,593 19.6% 205 76.6%
Pesticides & Agrochemicals UPL Ltd. 9,126 2.6% 944 13.7%
Pesticides & Agrochemicals PI Industries Ltd. 1,162 36.7% 195 61.4%
Chemicals Tata Chemicals Ltd. 2,606 -0.7% 201 0.2%
Chemicals
Chemicals Pidilite Industries Ltd. 2,299 19.3% 446 29.0%
Chemicals Deepak Nitrite Ltd. 1,235 10.3% 217 38.2%
Chemicals Balaji Amines Ltd. 392 72.4% 79 281.2%
Chemicals Navin Fluorine International Ltd. 309 18.7% 56 25.1%
Chemicals Rossari Biotech Ltd. 210 29.3% 22 18.0%
Fertilizers Coromandel International Ltd. 3,533 7.8% 334 26.2%
Mining & Minerals Coal India Ltd. 23,686 2.1% 3,084 -21.4%
Mining
Mining & Minerals NMDC Ltd. 4,355 44.9% 2,108 53.3%
Diversified Grasim Industries Ltd. 20,986 12.7% 2,152 107.0%

Diversified Diversified SRF Ltd. 2,146 16.0% 325 -5.3%
Diversified Century Textiles and Industries Ltd. 770 -12.2% 31 -12.5%
Industrials Industrial Gases & Fuels GAIL (India) Ltd. 15,681 -12.4% 1,897 -6.5%
Gases & Fuels Industrial Gases & Fuels Petronet LNG Ltd. 7,328 -17.8% 882 29.9%
Breweries and Distilleries United Spirits Ltd. 8,410 7.7% 280 20.8%
Alcohol
Breweries and Distilleries United Breweries Ltd. 3,066 -5.8% 127 18.9%
Airlines Hindustan Aeronautics Ltd. 5,426 21.8% 854 85.3%

Aviation
Airlines Interglobe Aviation Ltd. 4,910 -50.6% -620 -225.0%
INDEX
Oct 2020 - Dec 2020
(₹ cr)
Air Conditioners Voltas Ltd. 1,995 33.6% 129 46.1%
Air Conditioners Blue Star Ltd. 1,124 -9.1% 37 87.2%
Consumer Air Conditioners Amber Enterprises India Ltd. 765 -3.0% 28 12.5%
Durables Consumer Durables - Electronics Dixon Technologies (India) Ltd. 2,183 119.6% 62 134.2%
Consumer Durables - Domestic Appliances Crompton Greaves Consumer Electricals Ltd. 1,348 25.8% 151 -6.1%
Consumer Durables - Domestic Appliances TTK Prestige Ltd. 726 23.5% 84 39.2%
Diamond & Diamond & Jewellery Titan Company Ltd. 7,619 16.7% 530 11.8%
Jewellery
Port Adani Ports and Special Economic Zones Ltd. 3,747 12.3% 1,577 16.2%
Logistics Logistics Container Corporation of India Ltd. 1,767 14.4% 233 30.0%
Logistics Aegis Logistics Ltd. 1,546 -28.7% 78 32.1%
Electric Equipment Havells India Ltd. 3,175 39.7% 350 74.5%

Engineering L&T Technology Services Ltd. 1,401 -1.6% 187 -9.2%
Engineering Rites Ltd. 449 -27.5% 105 -29.8%
Capital Goods
Engineering- Industrial Equipments AIA Engineering Ltd. 699 0.7% 160 2.2%
Engineering- Industrial Equipments Ion Exchange (India) Ltd. 349 -12.3% 29 9.1%
Engineering- Industrial Equipments GMM Pfaudler Ltd. 202 29.4% 23 9.5%
Plastic Products Supreme Industries Ltd. 1,844 34.3% 312 153.1%

Plastic Products Plastic Products Finolex Industries Ltd. 1,067 52.5% 259 163.4%
Plastic Products Astral Poly Technik Ltd. 898 35.1% 124 82.5%
Cable Polycab India Ltd. 2,799 11.6% 264 19.1%

Electricals
Cable Finolex Cables Ltd. 830 18.2% 147 43.1%
Construction- Real Estate NBCC (India) Ltd. 2,104 9.0% 97 74.8%

Construction- Real Estate Oberoi Realty Limited 828 57.1% 287 93.5%
Realty
Construction- Real Estate Sunteck Realty Ltd. 205 19.7% 22 -15.3%
Construction- Real Estate Godrej Properties Ltd. 171 -55.5% 14 -69.2%
TV Broadcasting & Software Production Sun TV Network Ltd. 994 17.3% 445 15.8%
Media &
TV Broadcasting & Software Production GTPL Hathway Ltd. 647 -5.1% 52 34.4%
Entertainment
Film Production, Distribution & Entertainment PVR
t Ltd. 45 -95.0% -49 -235.5%
Sugar Balrampur Chini Mills Ltd. 1,072 -10.3% 27 -62.9%

Agriculture
Tea/Coffee CCL Products (India) Ltd. 296 -2.1% 47 0.2%
Hotel, Resorts & Restaurants The Indian Hotels Company Ltd. 560 -59.2% -133 -162.5%
Hotel, Resorts & Restaurants EIH Ltd. 179 -64.8% -56 -154.4%
Hospitality Hotel, Resorts & Restaurants Burger King India Ltd. 163 -28.4% -29 -33.6%
Hotel, Resorts & Restaurants Chalet Hotels Ltd. 85 -69.4% -31 -193.1%
Travel Services Indian Railway Catering & Tourism Corporation Ltd. 224 -68.7% 78 -62.1%
Retailing Shoppers Stop Ltd. 716 -29.7% -25 -286.2%

Retailing
Retailing V-Mart Retail Ltd. 470 -16.4% 48 -17.7%
Textile Textile Page Industries Ltd. 927 16.8% 154 76.7%
Miscellaneous Syngene International Ltd. 585 12.6% 102 11.3%

Miscellaneous
Miscellaneous Just Dial Ltd. 170 -28.0% 50 -19.5%
1
Q3 FY21 (OCT-DEC 2020) Concall Summary
INDIAN OIL CORPORATION LIMITED

Concall Date: 2 February 2021
Revenue: ₹1,47,810.2 cr (▲0.6%) Net Profit: ₹4,102.4 cr (▲52.2%)
CONSOLIDATED PERFORMANCE
• Revenue from operations grew by 0.6% YoY from ₹1,46,967.1 crore in Q3 FY20 to ₹1,47,810.2 crore
in Q3 FY21.
• The net profit for the quarter increased by 52.2% YoY and stood at ₹4,102.4 crore as against ₹2,695.1
crore in Q3 FY20.
• The inventory gains were ₹2,630 crore in Q3 FY21.
• The company announced an interim dividend of ₹7.5 per share.
BUSINESS PERFORMANCE
• The growth in net profit during the quarter was primarily driven by inventory gains due to rise in oil
prices and increase in petrochemical margins.
• In Q3 FY21, the demand for petroleum products increased and the refineries operated at full capacities
with a capacity utilisation of ~102%.
• The demand for gasoline in December, 2020 stood at 108% of the gasoline volumes in December,
2019.
• During the quarter, the company added 296 kilometres (km) to its pipeline network.
• The average price of crude Indian basket was $44.65 per barrel.
• The domestic sales de-grew by 2.3% YoY from 21.9 million metric tonnes in Q3 FY20 to 21.4 million
metric tonnes in Q3 FY21.
• The turnover of refineries increased by 2.3% YoY and stood at 17.9 million metric tonnes in Q3 FY21.
The capacity utilisation of refineries was at 101.7%.
• The turnover of pipelines was ₹21.8 million metric tonnes. The capacity utilisation improved from
73.38% in Q2 FY21 to 90.2% in Q3 FY21.
RECENT LAUNCHES
• In petroleum retails, the company launched XP100, premium grade petrol, in December, 2020. It
would offer better engine power along with increased efficiency and reduce the emission of
greenhouse gas. It is available in 26 cities in India.
• During the quarter, the small liquid petroleum gas (LPG) cylinder was re-launched with a new brand name
“Chhotu” which would be available at Indian Oil retail outlets, Indane distributorships, and department
(kirana) stores.
2
Concall Summary
INDIAN OIL CORPORATION LIMITED
FUTURE OUTLOOK
• The company aims to further expand the XP100 network in India.
• Aims to launch aviation gas that would be produced at their refineries.
• The management expects further improvements in the capacity utilisation across all its business
verticals in the coming quarters.
Disclaimer:
This document has been prepared to provide a brief summary of the conference call conducted by the companies and
is intended to be used for learning enhancements. Nothing contained herein should be construed as a
recommendation on any stock or sector.
3
BHARAT PETROLEUM CORP LIMITED

Revenue: ₹87,292.6 cr (▲1.6%) Net Profit: ₹1,900.6 cr (▼7.4%)
FINANCIAL PERFORMANCE
• Revenue from operations increased by 1.6% to ₹87,292.6 crore in Q3 FY21 from ₹85,926.7 crore in
Q3 FY20.
• Net profit decreased by 7.4% and stood at ₹1,900.6 crore in Q3 FY21 from ₹2,051.4 crore in Q3 FY20.
• EBITDA stood at ₹5,454.3 crore in the quarter. EBITDA margin stood at 6.5%.
• EPS (earnings per share) stood at ₹7.9 per share and ₹29.8 per share in Q3 FY21 and 9M FY21,
respectively.
• The Board approved an interim dividend of ₹16.0 per share.
• Debt to equity (D/E) ratio stood at ~0.6 as on 31st December, 2020.
OPERATIONAL PERFORMANCE
• The market sales for 9M FY21 stood at 27.6 MMT (million metric tonne) v/s 32.4 MMT in 9M FY20.
The company registered sales of 11.2 MMT during Q3 FY21, a rise of 24.0% QoQ.
• Refinery throughput stood at 9.1 MMT during the quarter and operated at 105% capacity.
• The gross refining margin (GRM) for 9M FY21 stood at $2.9 per barrel v/s $3.1 per barrel in 9M FY20.
• Foreign exchange gains stood at ₹172.2 crore in 9M FY21.
• On a QoQ basis, motor spirits (MS) sales grew by 6.7%, high speed diesel (HSD) sales grew by 31%
and liquefied petroleum gas (LPG) sales grew by 9% in Q3 FY21.
• MS cracks declined from an average of ~$8.2 a barrel in Q3 FY20 to ~$3 in Q3 FY21.
• HSD cracks declined from $15.4 per barrel to $4.3 per barrel in the quarter.
• Total borrowings as on 31st December, 2020, stood at ₹24,674.0 crore, which declined from
₹27,849.0 crore as on 30th September, 2020.
• Provision aggregating to ₹1,583.6 crore was recognized in respect of impairment of blocks in the Q3
FY21 financial results of Bharat Petro Resources Limited, a subsidiary of the company.
BUSINESS HIGHLIGHTS
• Rural and mid-tier cities witnessed faster recovery compared to urban centres. The company saw
aggressive retail outlet expansion in rural areas.
• The company’s market share increased by 0.6% in MS and 1.0% in HSD sequentially in Q3 FY21.
• Demand for transportation fuels continued to remain muted during the quarter.
4
Concall Summary
BPCL
• 730 retail outlets were added in Q3 FY21. 1,692 retail outlets were added in 9M FY21. The company
expects to add up to 2,000 outlets in total by the end of FY21.
• The company’s dues receivable from the Government of India stood at ~₹2,200.0 crore as on 31st
December, 2020.
• The company had announced voluntary retirement scheme (VRS) during July, 2020 and an amount
of ₹706.5 crore was charged to employee benefit expenses towards VRS compensation for 9M FY21
on completion of the scheme.
CAPITAL EXPENDITURE (CAPEX)

• For FY21, the capex target was revised to ₹9,000.0 crore from an earlier target of ₹8,000.0 crore.
• The company incurred a capex of ₹5,688.0 crore during 9M FY21.
FUTURE OUTLOOK
• Crude oil prices are expected to remain between $55-$60 per barrel in the near term.
• The company will be selling its stake in the Numaligarh Refinery to the Government of Assam by 31st
March, 2021.
Disclaimer:
This document has been prepared to provide a brief summary of the conference call conducted by the companies
and is intended to be used for learning enhancements. Nothing contained herein should be construed as a
5
HINDUSTAN PETROLEUM CORP LIMITED

Revenue: ₹77,482.9 cr (▲3.8%) Net Profit: ₹2,373.7 cr (▲131.1%)
Q3 FY20.
• Net profit stood at ₹2,373.7 crore in Q3 FY21, an increase of 131.1% from ₹1,027.2 crore in Q3 FY20.
• EBITDA stood at ₹3,297.3 crore in the quarter.
• The Board had approved buyback of 10 crore equity shares at ₹250 per share, representing 6.6% of
the total equity share capital of the company. As on 3rd February, 2021, the company had bought
back ~4.1 crore equity shares for ~₹885.4 crore.
OPERATING PERFORMANCE
• The company had an inventory gain of ₹1,323.0 crore and forex (foreign exchange) gain of ₹297.0
crore in the quarter on account of rise in oil prices and strengthening of the rupee.
• The gross refining margin for the quarter stood at $1.87 per barrel as compared to $1.79 in the
corresponding quarter. Average gross refining margin during 9M FY21 was $2.35 per barrel against
$1.85 per barrel during corresponding period of the previous year.
• During the quarter, domestic sales of HPCL’s petroleum products increased by 2.7% YoY to 10.0
million tonnes (MT), as petrol sales increased by 6.4%, diesel sales rose by 1.2 % and LPG sales grew
by 5.9%.
• Capacity utilization was above 100% at its refineries.
• The company saved ~₹400 crore in operating costs because of lower administration costs and
secondary transportation cost.
BUSINESS HIGHLIGHTS
• Refinery setup saw lower margins because of lower cracks in petrol and diesel.
• Exports of lubricants and value-added lubricants saw traction during the quarter.
• The company commissioned 1,543 new retail outlets taking the total number of retail outlets to
18,019 as of 31st January, 2021. It commissioned 77 new LPG (liquefied petroleum gas) dealers
taking the total number of dealers to 6,160. It also commissioned 170 new retail outlets for CNG
(compressed natural gas) dispensations taking the total number of outlets to 650.
• The company commissioned EV charging facilities in 51 retail outlets as of 31st January, 2021.
6
Concall Summary
HPCL
CAPITAL EXPENDITURE
• The company had incurred capex of ~₹8,800 crore as on 31st January, 2021 and plans to incur total
capex of ~₹12,000 crore in FY21.
• ~45,000 workers were working at various construction sites of the company as on 31st January, 2021.
FUTURE OUTLOOK
• The company expects crude prices to be between $50-$60 per barrel in the medium to long term.
• HPCL would be interested in Basra medium grade of crude oil launched by Iraq.
• Petrol and diesel prices are expected to go upwards in the next quarter as demand picks up. Demand
is expected to grow by 4%-5% YoY in Q4 driven by agricultural sector and the transport sector.
• Iranian oil would be preferred by the company if sanctions are lifted to process in its refineries as the
payment terms and freight concessions are favorable.
• The greenfield refinery in Rajasthan is expected to be ready by 2023.
• The modernisation project at Vizag refinery and expansion at Mumbai refinery is expected to be
completed in 2021.
Disclaimer:
7
ONGC LIMITED
Revenue: ₹1,00,288.8 cr (▼8.4%) Net Profit: ₹3,763.5 cr (▼31.1%)
• Revenue from operations decreased by 8.4% to ₹1,00,288.8 crore in Q3 FY21 from ₹1,09,466.0 crore
in Q3 FY20.
• Net profit declined by 31.1% and stood at ₹3,763.5 crore in Q3 FY21 from ₹5,459.2 crore in Q3 FY20.
• EBITDA for the quarter stood at ₹11,279.4 crore in Q3 FY21.
• The Board approved an interim dividend of ₹1.75 per equity share.
SEGMENTAL PERFORMANCE
• Indian Exploration and Production (E&P) total revenue stood at ₹16,979.9 crore in Q3 FY21, which
included offshore business revenue of ₹10,797.2 crore and onshore business revenue of ₹6,182.7
crore.
• International business revenue stood at ₹3,017.9 crore in Q3 FY21.
OPERATIONAL HIGHLIGHTS
• Total crude oil production by the company and its joint ventures stood at 5.6 MMT (million metric
tonnes) in Q3 FY21, which declined by 3.3% from 5.8 MMT in Q3 FY20.
• Total gas production by the company and its joint ventures stood at 5.8 BCM (billion cubic metres),
which declined by 5.9% from 6.2 BCM in Q3 FY20.
• Value added products produced during the quarter stood at 809 KT (kilo tonnes) in the quarter vs
898 KT in the corresponding quarter last year.
• Crude oil realization per barrel stood at $43.2 in Q3 FY21 v/s $59.7 in Q3 FY20. Joint venture crude
oil realization during the quarter stood at $43.9 in the quarter v/s $58.2 in Q3 FY20.
• Gas prices on GCV (gross calorific value) basis stood at $1.8 per MMBTU (Metric Million British
Thermal Unit) v/s $3.2 MMBTU.
BUSINESS HIGHLIGHTS
• Crude oil production from operating blocks reached pre-Covid levels during the quarter.
• The shortfall in gas production was primarily due to less offtake by customers due to the pandemic.
• The Board approved the creation of a new wholly owned subsidiary company for focusing on gas and
LNG (liquefied natural gas) business value chain.
8
Concall Summary
ONGC LIMITED
• The subsidiary company will be formed with the objective of sourcing, marketing and trading of
natural gas, LNG business, Hydrogen enriched CNG (compressed natural gas), gas to power business,
bioenergy/ biogas/ biomethane/ other biofuels business, etc.
• The Board approved acquisition of 5% equity in Indian Gas Exchange Limited (IGX) as a strategic
investment.
• The company monetized Bhubandar field at Silchar by connecting the well BU-7 to South Banskandi
GCS (Gas Compressor Station).
• ONGC added a producing basin at Asokenagar in West Bengal during the quarter.
EXPLORATIONS
• The company declared a total of 8 discoveries, including 3 on-land and 5 offshore, during FY21 in its
operated acreages.
• 4 discoveries are prospects, including 1 on-land and 3 offshore, and 4 are pools, including 2 on-land
and 2 offshore.
FUTURE OUTLOOK
• Going forward, the company expects oil prices to stabilize.
Disclaimer:
9
10
TATA MOTORS LIMITED

Concall Date: 29 January 2021
CONSOLIDATED FINANCIALS
• Revenue from operations increased by 5.5% YoY to ₹75,653.8 crore in Q3 FY21.
• EBITDA for the quarter stood at ₹11,225 crore with a margin expansion of 540 bps YoY to 14.8%.
• EBIT margin expanded by 450 bps YoY to 6.4% in Q3 FY21.
• Net profit grew by 67.5% YoY to ₹2,941.5 crore during the quarter.
• Free cash flow (automotive) stood at ₹7,900 crore on 31st December, 2020.
• Net auto debt was reduced by ₹6,800 crore during the quarter to ₹54,700 crore.
JAGUAR LAND ROVER (JLR)

• Revenue fell by 6.5% YoY to £5,982 million. Free cash flow stood at £562 million.
• EBITDA margin grew by 560 bps YoY to 15.8% and EBIT margin by 400 bps YoY to 6.7%.
• Profit before tax saw a rise of 38.1% YoY to £439 million for Q3 and it was positive at £91 million for
9M FY21.
• Cost savings amounted to £200 million in the quarter and £2,200 million in 9M FY21.
• Sales in China were up on a YoY basis while other markets were still below pre-Covid levels.
• There was sequential recovery in all markets except UK where Q3 is seasonally lower.
• Retail sales were up by 13% QoQ and down by 9% YoY to 1,28,500 units. In UK, it was lower by 8.7%
YoY while up in China by 19% YoY and 20% QoQ.
• Retail units of Defender stood at 16,300 for the quarter. The order bank was more than 14,000 units.
• Wholesale was down YoY by 27,300 units to 1,02,600 units in Q3.
• China joint venture reported a net loss of £64 million in the quarter.
• Investment spending was £675 million, lower by £217 million YoY.
TATA MOTORS
• Revenue saw an increase of 34.9% YoY to ₹14,600 crore. Free cash flow (after interest) stood at ₹2,200
crore.
• EBITDA margin improved by 570 bps YoY to 6.8%. EBIT margin expanded by 710 bps YoY to 0.3%.
• Cash savings exceeded ₹5,100 crore in 9M FY21 with a target of ₹6,000 crore for the year.
• Investment spending was ₹547 crore, lower by ₹771 crore from the same period last year.
11
Concall Summary
TATA MOTORS LIMITED
• The company ramped up its production in 9M FY21, particularly in the petrol vehicles, which increased
by 2x as compared to the average of FY20. This involved a lot of debottlenecking.
• In commercial vehicles (CVs), wholesale (including exports) was lower by 8.2% YoY to 84,600 units and
retail (domestic) by 23.7% YoY to 74,900 units.
• CV saw a sequential recovery led by medium & heavy CV (MHCV) and intermediate & light CV (ILCV).
• It experienced strong sales momentum in New Forever portfolio in passenger vehicle (PV) with highest
sales in last 33 quarters.
• EBITDA in the CV and PV segment for the quarter stood at 8.0% and 3.8%, respectively.
• Within CVs, the company sold more MHCVs and ILCVs and within PVs, it sold more of its carrier
vehicles. PV sales were higher than CV sales.
• Market share of the company in MHCV segment was 59.2%, ILCV was 45.7%, small CV was 33.7% and
buses was 34.9%. It was 7.8% in PV.
TATA MOTORS FINANCE

• Assets under management (AUM) increased to ₹41,133 crore during Q3 FY21.
• Gross non-performing asset (NPA) stood at 5.6% and net NPA at 4.2%.
• Cost to income ratio stood at 32% at the end of the quarter.
• Collection efficiency was at 105% in December.
• Profit before tax was ₹55 crore with pre-tax return on equity of 7.3% for Q3 FY21.
LAUNCH AND UPDATE

• The company launched iTurbo in India in January, 2021.
• The promoters exercised their warrants amounting to ₹2,600 crore in January, 2021 thereby
increasing Tata Group shares (voting) to 45.82%.
FUTURE OUTLOOK
• JLR’s management expects the retail sales to by sequentially higher in Q4 and to be net cash positive
in the next 3 years.
• Tata Motors shall strive to achieve a double-digit EBITDA margin in CV segment and an EBIT break-
even in PV segment.
• It is facing challenges from the shortage of semiconductors and steel availability where it is taking
several mitigation steps to minimize the impact.
• The company opted for price increases in Q4 FY21 to tackle the commodity price inflation.
Disclaimer:
12
ASHOK LEYLAND LIMITED

Revenue: ₹5,954.2 cr (▲14.8%) Net Profit: ₹38.3 cr (▼32.9%)
• Revenue from operations increased by 14.8% from ₹5,118.8 crore in Q3 FY20 to ₹5,954.2 crore in Q3
FY21.
• The net profit for the quarter stood at ₹38.3 crore as against ₹57.1 crore in Q3 FY20, i.e., a de-growth
of 32.9%.
• EBITDA grew by 12.9% YoY from ₹254 crore in Q3 FY21 v/s ₹225 crore in Q3 FY20.
• On a standalone basis, the company reported a net loss of ₹19.4 crore i.e., a decline of 169.8% YoY
from a net profit of ₹27.8 crore in Q3 FY20, which included a one-time voluntary retirement scheme
(VRS) cost of ₹85.4 crore.
• It reduced its net debt to ₹2,880 crore in Q3 FY21 from ₹3,076 crore in Q2 FY21.
• The operating working capital was negative at ~₹525 crore in Q3 FY21.
INDUSTRY UPDATES
• The medium and heavy commercial vehicle (MHCV) truck total industry volume (TIV) registered a
growth of 16% YoY in Q3 FY21.
• The industry bus volumes continued to lag, which is expected to recover with the opening up of
restrictions.
• The global automotive industry was affected by the constraints in supply of electronic control units
(ECUs) owing to the non-availability of semi-conductors.
BUSINESS HIGHLIGHTS
• In Q3 FY21, its truck volumes grew twice at the rate of industry, with an improvement of 320 bps from
24.9% in Q3 FY20 to 28.1% in Q3 FY21.
• MHCV truck volumes doubled in Q3 FY21 in comparison to Q3 FY20 and was in line with the TIV (total
industry volumes) growth, that resulted in market share retention at 28.1%. The growth was primarily
driven by demand from e-commerce.
• The domestic LCV (light commercial vehicle) volumes for Q3 FY21 was 15,991 units, sequentially higher
by ~46%, and by 27% on a YoY basis. The growth was due to increased demand in e-commerce and
agricultural sector.
• The export volumes for Q3 were 2,941 units, a growth of 97.3% QoQ and 24.0% on a YoY basis.
• The price hike of 1.5% was done in Q3 FY21, to offset the material cost.
13
Concall Summary
ASHOK LEYLAND LIMITED
• The collection efficiency in the Hinduja Leyland Finance Limited (HLFL) was over 90% in Q3, with gross
and net non-performing asset (NPA) at 4.3% and 2.3%, respectively. The capital adequacy for Q3 FY21
stood at 16.6%.
CAPEX AND NEW LAUNCHES

• Boss LE and LX in the intermediate commercial vehicle (ICV) segment was launched during Q3 FY21,
with the innovative i-Gen6 (Mid-NOx) technology.
• Capital expenditure (CAPEX) as on 31st December, 2020, was ~₹450 crore v/s ₹869 crore in Q3 FY20.
It utilised its capex towards the modular business program, electric vehicles and others.
FUTURE OUTLOOK
• The allocation of ₹18,000 crore in the Union Budget 2021, to augment the public transport in urban
areas would act as a growth driver for the bus segment of the company.
• It would make some marginal investments towards its subsidiary, HLFL in the upcoming fiscal year.
• Further price hike is expected in the upcoming quarter.
Disclaimer:
14
MARUTI SUZUKI INDIA LIMITED

• Consolidated revenue from operations increased by 13.3% YoY to ₹23,471.3 crore in Q3 FY21. On a
standalone basis, the company registered a net sales of ₹22,236.7 crore, a rise of 13.2% YoY.
• Operating profit (standalone) for the quarter was higher by 19.3% YoY to ₹1,484.8 crore on account
of higher sales volume and cost reduction efforts partially offset by increase in commodity prices and
adverse foreign exchange movement.
• Profit after tax grew by 25.8% YoY to ₹1,996.7 crore in Q3 FY21, owing to the above factors and higher
non-operating income.
• The company sold a total of 4,95,897 vehicles during the quarter, higher by 13.4% YoY. Sales in the
domestic market stood at 4,67,369 units, growing by 13.0% YoY. Exports saw a rise of 20.6% YoY to
28,528 units.
• During 9M FY21, it sold a total of 9,65,626 vehicles, lower by 18.0% YoY. Sales in the domestic market
stood at 9,05,015 units, lower by 17.8% YoY and exports declined by 21.9% YoY to 60,611 units.
• Export revenue was ₹1,318 crore for the quarter.
• Sales of CNG vehicles grew by 18.9% YoY in 9M FY21. Rural sales penetration stood at over 40% for
the quarter.
• Over 1,60,700 units of Swift were sold in CY20 with total sales of over 23 lakh units. Super Carry was
sold across 235+ cities with ~20% market share in FY21.
• Recently, the company commenced the export of Jimny three doors for terrains of Latin America,
Middle East and Africa.
• The network stock was ~21,000 vehicles and the factory stock stood at ~700 vehicles in the beginning
of January, 2021.
• First-time buying and additional buying both saw a rise during the quarter.
• The company lost some market share in the sports utility vehicle segment.
• Demand in the replacement segment fell sharply by 720 bps YoY.
• The capacity utilization was more than 70%-75% for the full year.
• The company remained unaffected from the shortage of steel and semi-conductors so far.
• Increase in input cost was not passed on by way of price increase of the vehicles. Royalty rate was
4.9% for the quarter v/s 5.0% in the previous quarter.
15
Concall Summary
MARUTI SUZUKI INDIA LIMITED
• Staff cost increased during the quarter on account of increments and a one-off provision worth ~₹20
crore for retirement benefits.
• It launched its online financing platform – Smart Finance to offer an online end-to-end real time car
finance service facility.
FUTURE OUTLOOK
• An impact of the commodity price increase is expected in Q4 FY21.
• There was an amendment in the Object Clause of the Memorandum of Association to carry on the
business through web-based services and information technology platforms.
• The management is not looking forward to launch Jimny in India in the near term.
Disclaimer:
16
MAHINDRA & MAHINDRA LIMITED

• The revenue from operations increased by 11.3% YoY to ₹21,626.0 crore in Q3 FY21 from ₹19,430.3
crore in Q3 FY20. On a standalone basis, the revenue from operations stood at ₹14,215.9 crore.
• The net profit for the quarter stood at ₹159.6 crore v/s ₹170.7 crore in Q3 FY20, i.e., a de-growth of
6.5% YoY.
• On a standalone basis, the operating PAT (before exceptional items) for Q3 FY21 was ₹1,745 crore.
The key drivers of it included Domestic farm which increase by ₹341 crore YoY and the dividend
income of ₹382 crore from its group companies. The operating profit margin was 17% in Q3 FY21.
• On a consolidated basis, the operating PAT stood at ₹1,410 crore.
FARM EQUIPMENT SEGMENT (FES)
• Revenue from Farm machinery in Q3 FY21 grew by 36% YoY to ₹150 crore. For 9M FY21, it increased
by 48% YoY and stood at ₹380 crore.
• The earnings before interest and tax (EBIT) for the quarter stood at ₹1,237 crore with a margin of
23.4%, i.e., an improvement of 400 bps YoY.
• The return on capital employed (ROCE) stood at 242% in Q3 FY21.
• The segment had a negative working capital thereby leading to high cash generation in Q3.
• Domestic sales volume in Q3 FY21 increased to 97,420 units. Despite the healthy rate of production,
the system stock reduced due to supply side issues during the quarter.
• The tractor business in US was robust. Retail volumes improved by 25% and the billing volume by
9%. In Japan, the tractor volume grew by 41%.
• Tractors business in Turkey improved with volumes increasing by 132%.
• The market share in both Brazil and Mexico increased on a YoY basis by 50 bps and 380 bps,
respectively.
AUTOMOTIVE SEGMENT
• The revenue grew by 12% YoY to ₹8,311 crore.
• EBIT grew by 18.9% YoY. It included one-off gains of ₹90 crore and insurance claim gain of ₹30 crore
that was rejected earlier.
17
Concall Summary
MAHINDRA & MAHINDRA LIMITED
• The EBIT margins improved by 40 bps YoY and stood at 7.7%. The fixed expenses reduced on a YoY
basis.
• The domestic sales volume improved on a sequential basis and stood at 1,15,272 units in Q3 FY21.
• During the quarter, the company had a low system stock. The system stock includes finished goods
inventory with M&M and dealers.
• Utility vehicle (UV) volumes improved by 11% YoY in Q3 FY21. The total volumes reduced by 7.4%
YoY on account of prioritization between the portfolios.
• For Thar, the bookings crossed 39,000 with ~45% bookings for automatic transformation.
• XUV300 also witnessed a strong demand with bookings of over 6,000 every month in Q3 FY21. The
retail volume grew by 41%.
BUSINESS HIGHLIGHTS
• The company was impacted due to the shortage of semi-conductors and increased commodity
prices.
• The capital allocation update was as follows: (1) entities with clear path to 18% ROE included Magna
AG North America, Peugeot Motorcycles (2) Quantifiable strategic benefit included Mitsubishi
Motors Corporation and Sampo Rosenlew (3) Powerful exits included Ssangyong Motors Company,
GippsAero, Genze Electric Bikes and Mahindra First Choice Services.
• Personal mobility demand was very strong in Europe and the demand for electric vehicles is
expected to be the growth driver for the company.
• The growth gems for the company included Susten and Accelo.
• The new age platforms for the company included Firstcry, Porter and First Choice.
• Ssangyong Motors Company was classified as discontinued operations as of Q3 FY21.
FUTURE OUTLOOK
• The company had been monitoring the losses from international subsidiaries. In FY20, the losses
stood at ₹3,429 crore. A loss of ~₹3,000 crore is expected in FY21 largely on account of Ssangyong
and in FY22, the loss is expected to be ~₹300 crore.
• Going forward, the growth drivers for FES would be tractors and implements and for Automobile
segment, it would be core SUV (sports utility vehicles) and electric platform.
Disclaimer:
18
HERO MOTOCORP LIMITED

• Revenue from operations for Q3 FY21 grew by 38.9% to ₹9,827.1 crore as against ₹7,074.9 crore in
Q3 FY20. The growth in revenue was primarily driven by key strategic initiatives such as cost reduction
efforts to partially offset the impact of the commodity costs and intense operational efficiencies.
• The net profit increased by 13.7% to ₹1,029.2 crore in Q3 FY21 v/s ₹905.1 in Q3 FY20.
• EBITDA witnessed a growth of 36.1% and stood at ₹1,414 crore in Q3 FY21 v/s ₹1,039 crore in Q3 FY20.
The EBITDA margin for the quarter was 14.5%.
• The company declared an interim dividend of ₹65 per share. In addition to this a special interim
dividend of ₹5 per share was announced on the achievement of 100 million cumulative production of
two wheelers which adds up to total dividend of ₹70 per share during the quarter.
• The company recorded highest ever sales of 8,06,848 units in the month of October, 2020.
• During the 32-day festive period, it retailed more than 1.4 million units of motorcycles and scooters.
• The company launched a 24*7 road-side assistance (RSA) program for its valued customers.
• During the quarter, the company gained domestic and international market share of 190 bps and 90
bps, respectively.
PARTNERSHIPS
• The company entered into partnership with Harley-Davidson to develop and sell a range of premium
motorcycles under the Harley-Davidson brand name. It would sell & service Harley-Davidson
motorcycles; sell Parts & Accessories, General Merchandise riding gears & apparels through the dealer
network of the Harley-Davidson and its existing dealer network.
• It entered into a distribution agreement with Grupo Salinas, founded by Ricardo Salinas, to form a
global distribution network to sell its products in the Mexican market.
NEW LAUNCHES
• During the quarter, the company introduced 6 celebration edition models which includes four
motorcycles: - Splendor+, Xtreme 160R, Passion Pro and Glamour and two scooters: Destini 125 &
Maestro Edge 110. These models would be available on sale from February, 2021.
19
Concall Summary
HERO MOTOCORP LIMITED
• It launched a range of premium motorcycles and scooters: Glamour Blaze, Pleasure + Platinum,
Maestro Edge 125 ‘Stealth’ Edition and Splendor+ Black and Accent.
• New Xtreme 200S BS-VI was also launched in Q3 FY21.
LEADERSHIP
• Air Chief Marshal (Retired) B. S. Dhanoa, was appointed as a non-executive and independent director
on the Board of the company.
• Sanjay Bhan returned to Hero MotoCorp to Head its Global Business (GB).
• Michael Clarke (Global mobility expert) was appointed as Chief Operating Officer (COO), with the
additional role of Chief Human Resources Officer (CHRO) during the quarter.
CSR INITIATIVES
• During the quarter the company distributed 23 lakh meals, over 34,000 ration kits, 37,201 litres of
sanitizers, 44 lakhs face masks and over 44,000 personal protective equipment (PPE) kits to the
government hospitals, police departments and other agencies.
• It delivered ~53 Xtreme 200R motorcycle to the government authorities in Punjab, Haryana,
Maharashtra, Mizoram, Jammu and Kashmir, Chhattisgarh, Himachal Pradesh, Orissa and Uttrakhand.
FUTURE OUTLOOK
• Input costs is expected to remain under pressure due to the rising prices of commodities and fuel.
• It expects to maintain a margin of 14%-15% in FY22.
Disclaimer:
20
BAJAJ AUTO LIMITED

• Revenue from operations increased by 16.6% YoY to ₹8,909.9 crore in Q3 FY21. Export revenue stood
at ₹4,082 crore.
• EBITDA for the quarter was higher by 25% YoY to ₹1,764 crore with a margin of 19.8%.
• Profit after tax grew by 29.8% YoY to ₹1,716.3 crore in Q3 FY21.
• Cash and cash equivalents stood at ₹16,891 crore on 31st December, 2020 as against ₹16,240 crore on
30th September, 2020 and ₹14,322 crore on 31st March, 2020.
• Domestic commercial vehicle (CV) business remained impacted due to inadequate demand for short
distance mobility. It was at 40% level of the last year.
• The market share of the company in 125 cc segment was 28% in the month of December. Overall share
in the domestic motorcycle market was 18.6% in Q3 FY21 as against 17.5% in Q2 FY21.
• 15% of the order book every month was spilled over to the next month.
• The company witnessed acceleration in its exports business. Exports for the quarter were 6,87,000
units despite a shortage of containers.
• South Asia (except Sri Lanka) and Africa were back at pre-Covid level, Latin America was about 80%-
90% of the pre-Covid level however Philippines was at 50% of pre-Covid level.
• In three-wheelers, Latin was at 50%, Philippines at 25% and other geographies were at pre-Covid
levels. The cargo three-wheeler segment was at 70% level of normal times.
• Pulsar 125 witnessed strong traction with the sales of over 1,64,000 units, a growth of 32% QoQ. The
market share for Pulsar 125 in its segment grew from 19% in Q3 FY20 to 22.8% in Q3 FY21.
• It saw some cannibalization action in 150 cc Neon due to its price increase (40% rise since its launch
in 2018) and 125 cc Neon. Kronreif and Trunkenpolz Mattighofen (KTM) segment witnessed a good
growth.
• The two and three-wheeler segment experienced a price increase of ~1% in Q3 FY21.
UPDATE
• The company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra
to set-up a new manufacturing facility at Chakan, Maharashtra for the manufacture of high-end
21
Concall Summary
BAJAJ AUTO LIMITED
motorcycles and electric vehicles, at proposed investment of ₹650 crore. This new facility is expected
to commence production in the year 2023.
FUTURE OUTLOOK
• Product launches in 100 cc-110 cc, 125 cc and 250 cc are expected in the upcoming months.
• The management expects 125 cc and the super-premium segment to be the growth drivers.
• Domestic CV in Q4 FY21 is anticipated to be at 50% level of the last year.
• The company is looking forward to a double-digit growth in the international business in Q4.
• The management might see some pressure on the margins on account of lower operating leverage
and unrecovered costs increase in raw materials.
Disclaimer:
22
TVS MOTOR COMPANY LIMITED

Revenue: ₹6,094.9 cr (▲27.9%) Net Profit: ₹289.7 cr (▲84.8%)
• Revenue from operations increased by 27.9% and stood at ₹6,094.9 crore in Q3 FY21 from ₹4,766.0
crore in Q3 FY20.
• Net profit increased by 84.8% and stood at ₹289.7 crore in Q3 FY21 from ₹156.8 crore in Q3 FY20.
The net profit included a one-time reversal of exceptional item of ₹76.0 crore.
• EBITDA for the quarter increased by 41% YoY and stood at ₹511.0 crore. The growth was due to
higher revenue, premiumization of products and cost reduction.
• The Board declared an interim dividend of ₹2.1 per equity share.
• Total number of vehicles sold during Q3 FY21 stood at 9,89,517 v/s 8,21,521 in Q3 FY20.
• Two-wheeler domestic sales grew by 21% YoY in the quarter.
• Two-wheeler export sales grew by 31% YoY in the quarter. Exports revenue for the quarter stood at
~₹1,303.0 crore.
• Spares revenue stood at ~₹522.0 crore.
BUSINESS HIGHLIGHTS
• The company saw an increase in retail demand led by good monsoon, higher reservoir levels, good
rural demand and government initiatives for revival.
• Demand in international markets was better in countries with stable oil prices and the company
expects this trend to continue.
• Sales of premium brands including Apache, Ntorq and Jupiter improved during the quarter.
• Employee expenses were higher by 12.1% QoQ as salaries were reinstated to regular levels and
there were salary hikes as well.
• The company increased its prices by ~2% from 1st January, 2021.
FUTURE OUTLOOK
• The company would invest ₹100.0 crore of equity in its financial services business, TVS Credit
Services, for improving its growth.
• Capital expenditure (capex) to be incurred in FY22 is expected to be ~₹500.0 crore.
23
Concall Summary
TVS MOTOR COMPANY LIMITED
• It plans to launch a series of new products in H1 FY22.

• The company expects two-wheeler sales to be higher in Q4 FY21 due to lower base of Q4 FY20.
Disclaimer:
24
EICHER MOTORS LIMITED

• The revenue from operations increased by 19.3% to ₹2,828.3 crore in Q3 FY21 from ₹2,371.0 crore
in Q3 FY20.
• The net profit for the quarter stood at ₹532.6 crore v/s ₹498.7 crore in Q3 FY20, i.e., a growth of
6.8% YoY.
• EBITDA for the quarter stood at ₹672 crore in Q3 FY21, up 13% YoY with a margin of 13.8%.
• Royal Enfield sold 1,99,000 motorcycles in the quarter, an increase of 5% from 1,89,000 motorcycles
sold over the corresponding quarter last year. Exports were up 20% YoY at 10,800 motorcycles.
• It witnessed a strong demand in India and the overall bookings were higher compared to last year
aided by Meteor 350. Market share improved to 27%.
• Production levels improved during the quarter and the run rate was 75,000 in the month of
December, 2020. The production picked up in Bullet and Classic 350, thereby reducing the waiting
period.
• It faced few issues with supplies, as well as increase in logistics and commodity costs. This led to an
increase in the input cost.
VOLVO EICHER COMMERCIAL VEHICLES LIMITED (VECV)

• The revenue from operations increased by 23.9% YoY and stood at ₹2,680 crore.
• EBITDA in Q3 FY21 stood at ₹226 crore with a margin of 8.6%.
• It registered profit after tax (PAT) at ₹58 crore in Q3 FY21 which was an increase of 89% YoY.
• The total sales of trucks and buses stood at 12,800 units, up 3.3% YoY.
• It gained market share in heavy duty and Bus segment. The export volumes grew 2%.
• It inaugurated the state-of-the-art plant at Bhopal with industry 4.0 technology.
KEY HIGHLIGHTS
• Demand during the quarter was strong on account of a strong pipeline, global of expansion of
network and increased focus on digital transformation.
25
Concall Summary
EICHER MOTORS LIMITED
• It opened 43 large stores in India and 129 studio stores during the quarter, taking the total to 1,889
in India.
• 13 new exclusive stores were opened with major focus on Latin America and ASEAN markets -
Thailand, Argentina and Columbia.
• Share of online inquiry increased 3 times from the pre-Covid level and the booking was 5 times the
pre-Covid level. Website visits also gained traction during the quarter.
RECENT DEVELOPMENTS
• It launched Meteor 350 in the month of November, 2020. The booking rate continued to be higher
than the handovers.
• It initiated ‘Make It Yours Initiative’, allowing the buyers to personalise, accessorise and configure a
motorcycle at booking stage through an app-based 3D configurator. It was available for Classic, 650
Twins and Meteor.
• In November, 2020, Volvo Bus India was integrated with VECV which strengthened Volvo and
Eicher’s Bus position in India through synergies in product development, purchasing and
manufacturing with access to Volvo Group’s technology in buses.
FUTURE OUTLOOK
• The company implemented 3%-5% price hikes in the past 2-3 months and it shall continue to do so,
in order to offset the increase in commodity prices.
Disclaimer:
26
MOTHERSON SUMI SYSTEMS LIMITED

 The revenue from operations grew by 13.9% YoY to ₹17,092.4 crore in Q3 FY21 as against ₹15,000.1
crore in Q3 FY20.
 During the quarter, the net profit stood at ₹1,268.3 crore v/s ₹340.3 crore. The growth was on
account of strong performance across all its business verticals.
 EBITDA increased by 56% YoY to ₹2,041 crore.
 The cash and bank position and net debt (consolidated) as on 31st December, 2020, and was ₹5,086
crore and ₹6,206 crore, respectively.
KEY HIGHLIGHTS
 The operations had normalised with most facilities running at pre-Covid levels.
 Indications of positive consumer sentiments was reflected by increased demand globally including
China.
 There were sustained improvements in the performance of Greenfield plants with a continued focus
on cost reduction and efficiency improvements.
 It witnessed no decline in demand from its European operations.
UPDATES
 The filing of petition for reorganisation with NCLT (National Company Law Tribunal) was completed
in the month of December, 2020, and the hearing has been scheduled for mid-February, 2021.
 With strong operating cash flows, the net debt was lowest compared to previous fourteen quarters.
The gross debt levels were reduced to optimize finance cost.
 The capital expenditure (capex) for FY21 was ₹2,000 crore and going forward it is expected to be in
the same range of ~₹2,000 crore for FY22.
 It set up facilities in its domestic market to meet increased demand from its customers.
 The cost reduction process is ongoing with increased focus on automation and manufacturing lines,
sourcing and raw materials.
 Motherson Polymer Solutions, a division of MSSL witnessed good performance and going forward,
this division would be the key focus area of the company.
27
Concall Summary
MOTHERSON SUMI SYSTEMS LTD
 The company had announced reorganisation on 2nd July, 2020, which included de-merger of
domestic wiring harness (DWH) business to a new company, Motherson Sumi Wiring India Limited
(MSWIL) with appointed date as 1st April, 2021. The DWH business was classified as discontinued
operations with corresponding period figures also shown respectively.
 The company would be acquiring a majority stake in Turkey’s Plast Met Group, a key supplier of
plastic moulded parts, related sub-assemblies and injection moulding tools, which would be carried
out by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), through its subsidiary
Samvardhana Motherson Reflectec (SMR).
 It witnessed shortage of semi-conductors globally.
Disclaimer:
28
BOSCH LIMITED
• Revenue from operations for Q3 FY21 stood at ₹3,029.6 crore which increased by 19.4% YoY from
₹2,536.6 crore in Q3 FY20.
• Net profit for the quarter stood at ₹184.2 crore, a de-growth of 3.2% YoY from ₹190.3 crore in Q3
FY20.
• Profit before tax (after exceptional items) was ₹217.4 crore in Q3 FY21 v/s ₹140 crore in Q3 FY20,
growth of 55.3% YoY.
• During the festive season there was a sales growth in tractor and passenger automotive segments.
• The mobility business segment increased by 34.7% and the business beyond mobility segment
declined by 7.7% due to lower revenues in solar energy and building technologies.
• The domestic sales for this quarter increased by 25%.
• Sales in the powertrain solutions business division in Q3 FY21 increased by 46%.
• The material cost as a percentage of revenue increased to 57.9% in Q3 FY21 v/s 52.1% in Q3 FY20, on
account of increase in freight cost and negative impact due to foreign exchange.
• The employee cost reduced to ₹245.5 crore in Q3 FY21 as compared to ₹304.9 in Q3 FY20.
• The depreciation decreased by 11.8% during the quarter.
• The operating profit was ₹261.2 crore in Q3 FY21 v/s ₹210.4 crore in Q3 FY20, on account of higher
turnover and restructuring measures taken by the company.
• The other income declined to ₹111.3 crore in Q3 FY21 v/s ₹139.9 crore Q3 FY20 due to decline in
interest income.
KEY HIGHLIGHTS
• The company was recognized as a Great Place to Work-Certified™ company for 2021, for aspiring more
than 1,000 organizations in India every year.
• It continued to invest in its 3R strategy of restructuring, reskilling, redeployment and other
transformational projects. An additional amount of ₹146.6 crore was allocated as an exceptional item
for Q3.
29
Concall Summary
BOSCH LMITED
INDUSTRY UPDATES
• The Indian automotive market witnessed a V-shaped recovery.
• During the quarter, the overall automotive market production increased by 17% YoY including the
two-wheeler segment.
• The heavy commercial vehicle segment increased by 16% and volume recovery was primarily driven
by increased demand from the construction and mining sector.
• The passenger car segment increased by 25%.
• The tractor segment sales volumes grew by 62%.
• The light commercial vehicle (LCV) segment increased 12% due to strong demand from e-commerce
segment.
• The industry was hit by a shortage in the supply of semiconductors, which further impacted the
company’s imports and automotive production in India.
FUTURE OUTLOOK
• Going forward, it would focus on maintaining its supply chains.
• The company would now start focusing more on its exports market.
Disclaimer:
30
ENDURANCE TECHNOLOGIES LIMITED

crore in Q3 FY20.
 During the quarter, the net profit stood at ₹190.1 crore v/s ₹124.0 crore in Q3 FY20, an increase of
53.3% YoY.
 The consolidated EBITDA was reported at ₹358 crore with a margin of 17.5% in Q3, and for nine
month ended it was ₹731.9 crore and 16.5%, respectively.
 In Q3, the return on capital and return on equity was 24.3% and 22.8%, respectively.
 There was no net debt during the quarter and cash position as on 31st December, 2020, was ₹135.7
crore.
 The financials include the Maharashtra state mega-project incentive of ₹23.4 crore for Q3 FY21 and
₹87.1 crore for 9M FY21.
 The marginal tax rate for Indian operations stood at 25.2%.
 The industry sales growth during the quarter was as follows: 2-wheeler at 14.5%, Scooters at 4.7%,
Motorcycles at 17.7% & Automotive at 10.5%. The European Union Auto sales witnessed a de-
growth of 7.6% during Q3.
 For 9M FY21, the company derived 71.8% income from Indian operations and 28.2% from European
operations. It achieved 74.9% income from Indian operations and 25.1% from European operations
during the quarter.
 The order book for 9M FY21 stood at ~₹444.1 crore (Bajaj, Yamaha, Suzuki, HMSI, Hero Moto Corp)
and expected to reach its peak business in FY23. The RFQ (request for quotation) from OEMs
(original equipment manufacturers) stood at ₹1,145 crore of which the company expects to achieve
one-third of orders.
 On account of demands from new businesses for disc and brake systems from Bajaj, Royal Enfield,
HMSI, TVS Motors and Yamaha, the company plans on expanding its disc-brake assembly capacity by
~90%. The capacity expansion would be from 2.85 lakh units brake assemblies to 5.7 lakh units a
month and for discs it would be from 3.75 lakh units to 6.75 lakh units a month which would be
operational from August, FY22.
31
Concall Summary
ENDURANCE TECHNOLOGIES LTD
 After-market sales from Indian operations declined by 10.7% YoY for 9M FY21 to ₹191.7 crore, the
decline was on account of negligible sales in Q1 FY21. During Q3 FY21, it grew by 28.1% YoY to
₹103.4 crore.
 At Waluj, Aurangabad, the company announced a voluntary separation scheme (VSS) for 86
permanent workmen with a one-time pay-out of ₹11.2 crore which would lead to an average wage
cost saving of ₹1.47 crore per annum and additional savings in canteen, workplace and insurance
related costs to those workmen.
 The European operations had a ~10%-15% decrease in its order book during January, 2021, due to
increased Covid cases, lockdown and decline in production activities.
 The European operations had ~€120 million Euro order book, of which ~€30 million is for Electric
Vehicles (EVs) business from Audi, Porsche, etc., and ~€90 million is for hybrid cars from
Volkswagen, Daimler, BMW, Maserati, etc.
 From 2nd February, 2021, the company expanded its South-India footprint by commencing
operations in its new Vallam plant near Chennai to augment the die-casting capacity and to integrate
brake components on account of increased demand from OEMs segments in that region.
UPDATES
 It had import substitution opportunities from TVS Motors on account of lower prices as compared to
its peers and from alloy wheels business. The current regulations on import by the Government had
helped the company to steer the brakes business too.
 Going forward, the demand appeared to be weak during February and March, 2021 from European
countries, on account of shortage of electrical components and lockdowns.
 It expects to restrict all its imports from China by Q2 FY22.
 The anti-lock braking system (ABS) would be a major focus area of the company in the coming years
as the company already completed the brake assembling processes and started receiving orders too.
 The proprietary business witnessed a 2% increase in share of the overall business.
 Till date it had a market share of ~29% in braking systems and ~45% in disc, which is expected to
increase going forward.
Disclaimer:
32
APOLLO TYRES LIMITED

• Revenue from operations for Q3 FY21 grew by 14.2% to ₹4,965.3 crore as against ₹4,347.2 crore in
Q3 FY20. The growth was driven by reduction in supply chain costs, improvement in working capital
cycle and digitisation.
• The net profit increased by 155.2% to ₹443.8 crore in Q3 FY21 v/s ₹173.9 in Q3 FY20.
• EBITDA for the quarter stood at ₹731.6 crore and witnessed a growth of 104.9% YoY. The EBITDA
margin was 21.4% in Q3 FY21.
• The net debt of the company reduced from ₹6,000 crore in March, 2020, to ₹3,800 crore in December,
2020, due to generation of positive free cash flow. The net debt to EBITDA (TTM) stood at 1.6x as of
December, 2020.
INDIA
• The revenue from operations grew by 24.1% YoY and stood at ₹3,417.9 crore in Q3 FY21. The growth
was primarily led by volume growth in both OEM (original equipment manufacturer) and replacement
segment.
• The EBITDA margin grew by 840 bps on a YoY basis. It was largely driven by recovery in top line growth,
lower raw material costs and control over fixed costs.
• The company did a price hike in OEM and replacement segment towards the end of Q3 FY21.
EUROPE
• The revenue from operations de-grew by 4.2% YoY in Q3 FY21.
• The company gained market share in its UHP PCLT (ultra-high performance passenger car and light
truck tyre) segments.
• During the quarter, PCLT sales improved ~37% in terms of volumes due to improvement in sales mix
in UHP/UUHP (ultra-high performance/ultra ultra-high performance).
• The EBITDA margin improved by 380 bps YoY and stood at 13.1%. The margin recovered due to sales
mix improvement and cost containment measures.
33
Concall Summary
APOLLO TYRES LIMITED
KEY HIGHLIGHTS
• During the quarter, the capital expenditure stood at ₹990 crore on year-to-date basis.
• The company continued to focus on gaining new customers and deepening ties with existing
customers in the OEM segment. During the quarter, it secured business from Isuzu, Tata’s Tipper ME
exports.
• In India, it launched an e-commerce portal for PCR / 2W (passenger car radial / 2 wheelers) tyres.
FUTURE OUTLOOK
• The company would continue to focus on controlled capital allocation to ensure free cash flow
generation. It would also focus on controlling its capex.
• It expects an increase in its raw material prices in the coming quarters.
• The demand in the European countries is expected to remain flat in the coming quarters due to the
ongoing pandemic.
Disclaimer:
34
CEAT LIMITED
• The revenue from operations for the quarter was ₹2,221.3 crore, witnessing a growth of 26.1% YoY
and 12.3% QoQ. The growth was largely driven by volumes.
• The net profit for Q3 FY21 grew by 152% YoY to ₹132.3 crore.
• The gross margins expanded by 257 bps YoY to 45.5% in Q3.
• The total debt and capex spend for the quarter was ₹1,556 crore and ₹175 crore respectively.
• Debt-to-equity (D/E) ratio stood at 0.49 in Q3 FY21 v/s 0.65 in Q3 FY20.
• Original equipment manufacturer (OEM) demand picked up during the festive season and commercial
vehicle (CV) tyre sales rose due to higher replacement demand and pickup in economic activity.
• The demand for passenger vehicle (PV) segment picked up during the festive season in Q3 FY21.
• The OEM and exports increased by ~15% and replacement grew over 35% in Q3 FY21.
• The volume growth was over 28% for Q3 FY21.
• The segmental growth was maximum for CV tyres followed by passenger cars/utility vehicles (PC/UV)
and 2-3 wheelers.
• The off-highway tyre vertical witnessed a revenue growth of 42% YoY. The domestic farm and exports
speciality verticals experienced strong demand.
• There was higher capacity utilisation due to greater demand. It has 7 manufacturing facilities in
Bhandup, Nasik, Halol, Nagpur, Ambernath, Chennai & Sri Lanka.
RAW MATERIALS
• Prices of both key raw materials of the company had increased during the quarter. In Q3 FY21, prices
of rubber had gone up to ₹130 per kg and crude prices had increased from $42 per barrel to ~$50 per
barrel.
• The company did a price hike of ~1% and ~3% during the beginning and towards end of December,
respectively to mitigate the increase in raw material cost.
35
Concall Summary
CEAT LIMITED
NEW PARTNERSHIPS
• During the quarter, the company partnered with Nissan to supply Ceat Secura range of tyres for all
models of Nissan MAGNITE.
• The company partnered with Hyundai to supply tyres for its i20 cars.
• The company would also supply tyres to Royal Enfield Meteor.
BRAND RECOGNITION
• It continued its association with Indian Premier League.
• During the quarter, the company partnered with the JIO Women Team, 2020 Challenge as their
strategic time out sponsor.
• CEAT partnered with Jamshedpur Football Club as their official tyres partner and extended its
association with the Torino Football Club.
HUMAN RESOURCE
• The employee expense increased by 12.2% sequentially. The increase in the expenses was due to
addition of new employees at Nagpur and Chennai facilities.
• During the quarter, the company incurred an exceptional cost of ₹12.3 crore as they rendered
voluntary retirement scheme (VRS) to their employees.
FUTURE OUTLOOK
• The capex outlook for FY21 was ₹500 crore for the projects and ₹150 crore with respect to
maintenance. The company will maintain a yearly capex of ~₹700 crore for the coming years.
• Raw material costs are expected to further rise by ~10% during the FY21.
• It expects its employee costs to rise in the upcoming quarters due to new addition of employees in
the upcoming plants.
Disclaimer:
36
BALKRISHNA INDUSTRIES LIMITED

 Revenue from operations for Q3 FY21 stood at ₹1,509.2 crore which increased by 30.6% YoY from
₹1,155.8 crore in Q3 FY20.
 Net profit for the quarter stood at ₹325.1 crore, which grew by 45.3% from ₹223.8 crore in Q3 FY20.
 The Board of Directors declared an interim dividend of ₹5 per equity share.
STANDALONE FINANCIALS
 Revenue from operations grew by 29.7% YoY from ₹1,160.5 crore in Q3 FY20 to ₹1,504.6 crore in Q3
FY21. The company’s current market share is ~5%-6%.
 The profit after tax (PAT) grew by 45.9% YoY and stood at ₹321.9 crore in Q3 FY21.
 EBITDA for the quarter stood at ₹477.0 crore and registered a growth of 29.3% YoY.
 The EBITDA margin and PAT margin for the quarter was 31.9% and 21.5%, respectively.
 The standalone sales volume for 9M FY21 stood at ~1,59,130 metric tonnes (MT), of which 71% was
contributed by the replacement channels, 25% was from original equipment manufacturer (OEM) and
4% was from other channels. On the basis of category, agriculture and off the road (OTR) contributed
64% and 33%, respectively.
 The company recorded a net forex gain of ₹15 crore during the quarter.
CAPITAL EXPENDITURE (CAPEX)

 During the quarter, project for 51” and 57” ultra large all steel giant radial tire plant was completed.
 The Board decided not to proceed with the projects in the United States of America.
 The company already incurred a capex of ~₹600 crore in this financial year.
NEW CAPEX PROGRAM

 A proposal for new capex program of ₹1,900 crore was approved by the Board of Directors.
 A capex of ₹800 crore is expected for Brownfield expansion along with addition of balancing and
ancillary equipment at the Brownfield Tire Plant in Bhuj. The expansion is to add a capacity of ~50,000
metric tonnes per annum (MTPA) and is expected to complete by H2 FY23.
 Carbon Black and Captive Power Plant currently had a capacity of 1,15,000 MTPA. A capex of ₹650
crore is expected to increase the carbon black capacity to 2,00,000 MTPA including 30,000 MTPA of
37
Concall Summary
BALKRISHNA INDUSTRIES LIMITED
high value advanced carbon material and power plant. The increase in capacity would allow larger
control over supply chain while fulfilling internal demand on expanded capacity of tires and meeting
increased demand from 3rd parties. The expansion is expected to complete by H1 FY23.
 A capex of ₹450 crore is expected to modernise, automate and upgrade the technology of certain
existing equipments and install automated material handling systems at Rajasthan and Bhuj. It is
expected to complete by H1 FY23.
FUTURE OUTLOOK
 For FY21, the company expects a sales volume of ~2,15,000-2,20,000 MTPA.
 Replacement tire plant at a greenfield location in Waluj for 30,000 MTPA is likely to commence by Q1
FY22.
 A capex of ~₹100-₹120 crore is expected in Q4 FY21.
 It expects to achieve a market share of 10% in the coming years.
Disclaimer:
38
ESCORTS LIMITED
crore in Q3 FY20.
85.0% YoY.
 EBITDA stood at ₹364.1 crore with a margin of 18% in Q3.
 The basic earnings per share during Q3 FY21 was ₹29.21.
ESCORTS AGRI MACHINERY
 During Q3, the tractor volumes were up by 25.7% at 31,562 units (including 1,490 units of exports)
and the revenue grew by 28% YoY to ₹1,652.7 crore. The EBIT margin was at 20.1% up 560 bps in Q3.
 The capacity utilization was ~100% during the quarter.
 The farm tractor sales and power tractor sales ratio stood at 39:61 during Q3.
ESCORTS CONSTRUCTION EQUIPEMENT

 Construction equipment sales volume for Q3 was up by 20.1 % at 1,254 machines as against 1,044
machines in Q3 FY20. The revenue was up by 13.0% YoY to ₹244. 7 crore in Q3 FY20.
 EBIT margin was at 7.5%, up by 270 bps in Q3.
 The segment revenue growth for Q3 FY21 was as follows: Served industry by 14.5%, Backhoe loader
by 10.9%, Crane by 28.1% and Compactors by 26.9%.
 Capacity utilization for the quarter was ~52%.
RAILWAY PRODUCTS DIVISION

 Revenue for Q3 FY21 was ₹117.4 crore. During the quarter it executed 69.2% of total orders from
new products category with maximum orders comprising of imports.
 EBIT margin was at 12.7% during Q3.
 Indian Railways are still not fully operational due to Covid and there was a revision in the production
plan which impacted its fresh order tendering and order inflow.
39
Concall Summary
ESCORTS LIMITED
UPDATES
 During the first week of October, 2020, the company completed the acquisition of Kubota
Agricultural Machinery India (KAI) from Kubota Corporation that constituted 40% share capital of KAI
at ₹45 per share for a value of ₹90 crore.
 It did a price increase of ~2% during the month of November, 2020, and intends to further hike the
price by ~2%-3% in Q4.
 It witnessed disruptions in supply chain until December, 2020, which improved from January, 2021
onwards.
 Recently, the company started exporting electronic tractors to US.
 The higher horse power (HP) tractor segment performed better as compared to smaller HP tractor
segment due to increased demand from agricultural segment and subdued demand from
commercial segment.
 The capex spending was lower as compared to the planned capex for the year.
Disclaimer:
40
VST TILLERS TRACTORS LIMITED

Revenue: ₹202.9 cr (▲64.6%) Net Profit: ₹30.8 cr (▲780.0%)
 The revenue from operations during the quarter stood at ₹202.9 crore as against ₹123.3 crore in Q3
FY20, an increase of 64.6% YoY.
 The net profit was ₹30.8 crore in Q3 FY21 v/s ₹3.5 crore in Q3 FY20.
 The operating EBITDA stood at ₹29.9 crore in Q3 FY21 and for 9M FY21 it was ₹83.9 crore.
BUSINESS HIGHLIGHTS
 It sold 22,102 units of Power Tillers and 7,597 units of Tractors for 9M FY21. It sold 2,258 Power
Tillers and 647 Tractors during the month of January, 2021.
 For 9M FY21, it had a revenue of ₹63 crore from Spare parts and ~₹30 crore as miscellaneous
revenue.
 The company added 125 dealers in the Power Tiller segment and 104 dealers in the Tractor segment
during FY21.
 For 9M FY21, Power Tiller revenue was ₹203.8 crore, registering a growth of 38% and for Tractor
segment, the revenue growth was 32% at ₹168.0 crore. For the quarter, the revenue for Power Tiller
and Tractor segment stood at ₹97.3 crore and 82.3 crore, respectively.
 For YTD, the market share of Power Tiller segment was ~54.5% as against ~48% in the corresponding
period last year.
 The company expanded its footprints across Eastern Europe and Africa this year. It exported ~450
units of Tractor for YTD. It entered into Bangladesh, Nepal, Myanmar and Sri Lanka’s market during
the quarter and expect better volume growth from these geographies, going forward.
NEW LAUNCHES
 It launched 27 HP (horse-power) Tractor, 30 HP compact tractor with advanced features embedded
in it and 16 HP Power Tiller during the year.
 It plans to launch more products in the coming months.
PARTNERSHIP
 It announced a technical supplier partnership with Monarch Tractors, with whom the company had
worked collaboratively for over a year on the technical development of tractor hardware for the first
series of Monarch Tractors. The partnership company is based in California, United States.
41
Concall Summary
VST TILLERS TRACTORS LIMITED
 The company would be working with them to be ready for launching Electric Tractors in Indian
markets in the near future.
UPDATES
 The supply constraints faced by the company is expected to improve going forward.
 It witnessed better demand during FY21 (till date) as compared to FY20.
 The Power Tiller segment faced headwinds due to subsidy issues and retail finance availability. The
company collaborated with various nationalised and private banks for better finance availability.
 The inventory level in dealership stood at 45 days for Power Tillers and Tractor segments.
 During the month of January, 2021, it did a price hike of 3% in its Power Tiller segment and ~3%-4%
for its Tractor segment.
 The employee cost is expected to stabilise going forward.
 The capex guidance for FY22 stood at ~₹50 crore.
 The realisation from Power Weeder was ~₹40,000-₹60,000.
 The company signed an agreement with one OEM (original equipment manufacturer) which earlier
imported its products from China. The company has started to supply its products to them from this
month onwards and expects to add another OEM in FY22.
Disclaimer:
42
BHARAT FORGE LIMITED

Revenue: ₹1,723.1 cr (▼5.9%) Net Profit: ₹-210.4 cr (▼620.8%)
• Revenue from operation decreased by 5.9% from ₹1,830.9 crore in Q3 FY20 to ₹1,723.1 crore in Q3
FY21.
• The net loss for the quarter stood at ₹210.4 crore as against a net profit of ₹40.4 crore in Q3 FY20, i.e.,
a de-growth of 620.8%.
• EBITDA for Q3 FY21 was ₹311.4 crore, a growth of 31.9% as compared to ₹236.1 crore in Q3 FY20.
• EBITDA margins expanded by 520 bps on a YoY basis and was 18.1% in the quarter. The expansion was
due to improvement in performance of overseas operations.
• The profit after tax before exchange gain/(loss) stood at ₹155.1 crore in Q3 FY21.
• Revenue from operation de-grew by 3.8% YoY from ₹1,076.7 crore in Q3 FY20 to ₹1,035.7 crore in Q3
FY21.
• During the quarter, EBITDA was at ₹232.2 crore decreased by 3.0% as compared to ₹239.4 crore in Q3
FY20.
• EBITDA margins have expanded by 20 bps and stood at 22.4% in Q3. The growth was primarily driven
by sharp focus on cost containment.
• Profit before tax (PBT) before exchange gain/ (loss) decreased by 10.5% on a YoY basis to ₹144.3 crore
in Q3 FY21. The PBT margin for the quarter was 13.9%.
• Profit after tax stood at ₹92.7 crore, a decline of 27.5% as compared to Rs 127.8 crore in Q3 FY20.
• The net debt-to-equity was 0.2 with surplus funds of ₹2,637.4 crore in Q3 FY21.
• The working capital and bill discounting as of 31st December, 2020 was ₹1,445.2 crore.
• The shipment tonnage in Q3 FY21 was ₹5,094.3 crore, a growth of 24.9% on QoQ basis and 8.4% on
YoY basis.
• The domestic sales witnessed a growth of 27.8% QoQ and 26.5% YoY and stood at ₹515.8 crore in Q3
FY21. The export sales registered a de-growth of 19.5% and was ₹511.7 crore in the quarter.
• An amount of ₹5.5 crore and ₹8.4 crore was included as exceptional item for Q3 FY21 and 9M FY21,
respectively, on account of voluntary retirement scheme (VRS) declared by the company for its
employees at Mundhwa and Satara Plant.
43
Concall Summary
BUSINESS HIGHLIGHTS
INDIA BUSINESS
• The revenue for commercial business witnessed a growth of 49.4% YoY was ₹165.7 crore in Q3 FY21.
• The revenue from passenger vehicles was ₹77.8 crore in Q3 FY21 v/s ₹61.0 in Q3 FY20.
• Industrial business witnessed a growth of 16.0% YoY and stood at ₹224.3 crore in Q3 FY21.
INTERNATIONAL BUSINESS
• The revenue for commercial business witnessed a growth of 7.1% YoY was ₹316.7 crore in Q3 FY21.
• The revenue from passenger vehicles was ₹105.3 crore in Q3 FY21 v/s ₹114.9 in Q3 FY20.
• Industrial business witnessed a de-growth of 60.1% YoY and stood at ₹89.8 crore in Q3 FY21. It was
due to the poor market demand from the Oil and Gas sector and lower end user demand for
construction and mining equipment.
• In the automotive business, from mid CY20, the usage and demand for heavy trucks in both North
America and Europe recovered swiftly than expected.
• Demand recovery in the automotive business was due to freight volume growth, increased freight
rates and shortage in transport capacity.
UPDATES
• Increased infrastructure spending, mobilization of construction projects and mining activities are
expected to improve fleet utilization and medium and heavy commercial vehicles (M&HCV) demand
further in the coming quarters.
• The company is working towards substituting its substantial portion of its oil and gas sector with other
segments in the next 2-3 years.
• Company’s subsidiaries reached a settlement with the German government in the cartel matter and
the fine would be paid from the cash flows of its subsidiaries over the next 5 years.
• The construction of United States aluminium facility was completed in the quarter and it would begin
trial production in March, 2021.
• The capital expenditure (capex) for the next quarter is expected to be ~₹50 crore including the
maintenance capex in India for the next year.
EXPANSION
• The company would expand into three business lines.
• One is the electronic vehicles (EV) business, where it would be producing components and sub-
systems in the area of power electronic, control electronics and the entire BMS (building management
systems).
44
Concall Summary
• The second is light weighting business made up of forging and casting which is expected to reach ~₹20-
₹25 crores (currently at ₹5 crore) in the next 3-4 years.
• The third one is solutions business of light weighting.
Disclaimer:
45
TUBE INVESTMENTS OF INDIA LIMITED

• Revenue from operations increased by 56.3% to ₹1,700.0 crore in Q3 FY21 from ₹1,087.4 crore in Q3
FY20.
• Net profit increased by 33.1% to ₹108.6 crore in Q3 FY21 from ₹81.6 crore in Q3 FY20.
• EBITDA stood at ₹230.6 crore in Q3 FY21 v/s ₹132.1 crore in Q3 FY20.
• On a standalone basis, the company generated a free cash flow of ₹130.0 crore in the quarter.
• Return on capital employed (ROCE) stood at 26% in Q3 FY21 as against 20% in Q3 FY20.
• The Board declared an interim dividend of ₹2 per share.
ENGINEERING
• Revenue stood at ₹733.0 crore in Q3 FY21 v/s ₹502.0 crore in Q3 FY20.
• EBIT stood at ₹102.0 crore in Q3 FY21 v/s ₹60.0 crore in Q3 FY20.
CYCLES AND ACCESSORIES

• The segment generated revenue of ₹234.0 crore in the quarter as against ₹146.0 crore in the
corresponding quarter last year.
• EBIT increased to ₹15.0 crore in Q3 FY21 from ₹1.0 crore in Q3 FY20.
METAL FORMED PRODUCTS

• Revenue for the quarter stood at ₹393.0 crore as against ₹370.0 crore in the corresponding quarter
last year.
• EBIT for the quarter rose to ₹46.0 crore in Q3 FY21 from ₹33.0 crore in Q3 FY20.
SHANTHI GEARS LIMITED

• The company held 70.5% stake in Shanthi Gears Limited, a subsidiary, as on 31st December, 2020.
• Shanthi Gears reported a revenue of ₹65.0 crore and a profit before tax of ₹10.0 crore during the
quarter.
46
Concall Summary
TUBE INVESTMENTS OF INDIA LTD
KEY HIGHLIGHTS
• Strong recovery was visible across segments during the quarter as the economy revived and
businesses resumed.
• M A M Arunachalam, also known as Arun Murugappan, was elected as the chairman of the Board of
Directors of the company with immediate effect in the Board meeting held on 11 th February, 2021.
• The Board approved the entry of Tube Investments of India to enter the automobile manufacturing
business.
CG POWER
• During the quarter, the company acquired 53.2% stake in CG Power and Industrial Solutions Limited.
The acquisition date was 30th November, 2020, and thus the consolidated results include results of
CG Power.
• Initial investment for acquisition of CG Power stake was ~₹700.0 crore and the company increased
its stake via a preferential allotment worth ~₹100.0 crore.
• CG Power’s Board approved liquidation of Hungarian arm to reduce debt.
FUTURE OUTLOOK
• The company aims to manufacture and sell electric three-wheelers and will make an initial outlay of
₹200.0 crore.
• CG Power is expected to report positive free cash flows in FY22.
Disclaimer:
47
CUMMINS INDIA LIMITED

Revenue: ₹1,431.0 cr (▼1.7%) Net Profit: ₹240.3 cr (▲20.2%)
• Revenue from operations decreased by 1.7% to ₹1,431.0 crore in Q3 FY21 from ₹1,456.4 crore in Q3
FY20.
• Domestic revenue from operations increased by 38% in Q3 FY21 from Q2 FY21 levels.
• Total sales for 9M FY21 stood at ₹3,025 crore, a decrease of 25% YoY.
• Profit before tax (excluding exceptional items) stood at ₹304 crore was higher by 20% as compared
to the same quarter last year and 61% higher as compared to Q2 FY21.
• The Board declared a dividend of ₹7 per equity share.
• Domestic sales stood at ₹1,026.0 crore in Q3 FY21 and saw a decline of 3% YoY and increase of 38%
QoQ.
• Domestic sales growth was led by recovery in construction, power generation and mining segments.
• Exports sales stood at ₹374.0 crore in Q3 FY21 and saw an increase of 1% YoY and decline of 6%
QoQ.
• The Q3 revenue was up to 97% of last year’s revenue for the same period. This was led by recovery
in construction, power generation and mining segments.
• The company improved its operational efficiency mainly by cash conservation and cost reduction.
• Strong recovery was seen in segments including data centres and residential real estate. Recovery
was slower in segments including commercial real estate and hotels.
• With the cost reduction measures and slightly favourable commodity pricing, the company was able
to get better material margins during the quarter.
• Recovery was seen in the railways and metro segment as they became operational after the
lockdown.
• Employee costs increased sequentially and are expected to increase further as wages have come
back to normal levels and volumes started to pick up.
48
Concall Summary
CUMMINS INDIA LIMITED
FUTURE OUTLOOK
• The company expects further economic recovery in some of its segments to come back in the next 2
quarters. The company is cautious about export sales in the coming quarters due to new strains of
the Covid-19 virus emerging.
• The company is working with its supply chain partners to restore capabilities.
• The raw material costs are expected to remain at similar levels in the coming quarters.
• Due to uncertainties and limited visibility of economic growth, the company did not provide revenue
guidance for the future.
Disclaimer:
49
CASTROL INDIA LIMITED

Revenue: ₹935.2 cr (▼7.6%) Net Profit: ₹582.9 cr (▼30.8%)
 The revenue from operations declined by 7.6% YoY to ₹935.2 crore in Q4 FY20 as against ₹1,011.8
crore in Q4 FY19.
 During the quarter, the net profit stood at ₹187.7 crore v/s ₹271.3 crore in Q4 FY19, a de-growth of
30.8% YoY.
 It declared a final dividend of ₹3 per share during Q4.
 Cash from operations stood at ₹893 crore during FY20.
BUSINESS HIGHLIGHTS
 The company supplies electric vehicle fluids to original equipment manufacturers (OEMs) and to
Tata Motors Limited.
 The volume contribution was 6% down during the quarter. The company attains ~80% volume
contribution from automotive segment and ~20% from non-automotive segments.
 The advertisement expenses during the quarter was higher at ₹65 crore, on account of no
advertisement spends during Q2 due to pandemic.
 It did a price increase of ~4% in January, 2021, as the raw material and input costs was rising on a
continuous basis. It continued to witness cost pressure and shortage of base oil.
 Its portfolio comprised of ~40%-45% from personal mobility vehicles and ~50%-55% from
commercial and other vehicle segments.
 Its collaboration with 3M Limited is presently in the piloting stage, which is expected to start soon.
 It continued to invest towards its brands and distributorship expansion.
 The company was recognised externally for consistent delivery and performance as JCB awarded
them as the best supplier for 2020.
NEW LAUNCHES
 It launched a premium range of two-wheeler lubricants in Q4 FY20, Castrol POWER1 ULTIMATE,
which was developed with full synthetic technology for bikes, sports bikes and scooters that would
offer protection and performance for riders.
 Castrol lubricants was available in over 1,350 Jio-bp petrol pump sites and witnessed good uptake,
that ensured a much wider reach and easy accessibility of its premium quality lubricants in the
recently launched Jio-bp channel.
50
Concall Summary
CASTROL INDIA LIMITED
NEW APPOINTMENT
 The company appointed Deepesh Baxsi as the Chief Financial Officer (CFO) and Wholetime Director,
who joined the team from 1st January, 2021.
Disclaimer:
51
52
TATA CONSULTANCY SERVICES LIMITED

• The revenue from operations for Q3 FY21 increased by 5.4% to ₹42,015 crore as compared to
₹39,854 crore in Q3 FY20. On a constant currency term, the revenue grew by 4.1% QoQ while it grew
by 5.1% in USD terms.
• The net profit for Q3 FY21 stood at ₹8,727 crore v/s ₹8,143 crore in Q3 FY20.
• The net income margin came in at 20.7%.
• Net cash flow from operations was ₹11,952 crore, which is 137.4% of the net income.
• Free cash flow was ₹11,230 crore, up by 28.5% YoY.
• The effective tax rate for the quarter was 25.4%.
• An interim dividend of ₹6 per share was declared.
SEGMENT & GEOGRAPHY WISE GROWTH

• Banking, Financial Services and Insurance (BFSI) grew by 2% QoQ across all geography except Asia
Pacific Economic Cooperation (APEC) and sub-verticals. Out of the two large deals signed during the
quarter, the Prudential Financial Inc. deal was closed in mid-December and the Postbank Systems
deal closed on 1 January, 2021.
• On a QoQ constant currency basis, Retail and Consumer Packaged Goods (CPG) vertical grew by
3.1%, life sciences & healthcare by 5.2%, manufacturing by 7.1%, technology & services by 0.8% and
communication & media by 5.5%.
• On a YoY constant currency basis, life sciences & healthcare continued to grow in double-digits at
18.2%. BFSI and technology & services vertical also moved into the positive territory and grew by
2.4% each while the others continued to move below the December, 2019 levels.
• The geography-wise growth was as follows: North America grew by 3.3%, India by 18.1%, UK by
4.5%, Asia Pacific by 2.6%,Middle East and Africa (MEA) by 6.7%, Latin America by 3.1% and
Continental Europe by 2.5%.
• Operating margin stood at 26.6% in the quarter, i.e., an expansion of 0.4% QoQ and 1.6% YoY.
• The company increased the annual salary from 1 October, 2020 which resulted in 160 bps impact on
the Q3 operating margins.
53
Concall Summary
TCS LIMITED
• The total contract value of deals signed in Q3 was $6.8 billion. BFSI contract value was $2.6 billion
while the retail order book was $0.98 billion. In North America, the total contract value of deals
signed was $4 billion.
PORTFOLIO OF PRODUCTS & PLATFORMS

• Ignio, the suite of cognitive automation software acquired 8 new logos in Q3.
• TCS BaNCS, its flagship product suite in the financial services domain had 5 new wins in Q3. The
company had 2 new wins for its digital banking product, 2 for its wealth management solution and 1
for payment.
• The Quartz Smart Ledger solution had 4 new wins in Q3.
• HOBS, a suite of solutions for communications service providers had 3 new wins during the quarter.
• TwinX, its AI-based digital twin solution had 3 wins in Q3.
• TCS MasterCraft, suite of intelligent automation products for end-to-end enterprise modernisation
had 8 new wins during the quarter.
CUSTOMER ACCOUNTS
• The company had 48 clients in the $100 million+ band, 97 clients in the $50 million+ band, 229
clients in the $20 million+ band, 386 clients in the $10 million+ band, 565 clients in the $5 million+
band and 1,077 clients in the $1 million+ band.
HUMAN RESOURCES
• The company added 15,721 employees during the quarter with a headcount of 4,69,261 employees.
• In Q3, the company onboarded 12,000 trainees and it digitally trained over 3,66,000 employees. It
also trained 444,000+ employees on Agile methodologies.
• The IT services attrition rate (LTM) was at 7.6% (it included all departures – voluntary and
involuntary).
FUTURE OUTLOOK
• The attrition rates are expected to increase in the upcoming quarters.
• BFSI is expected to be the demand driver for the company.
Disclaimer:
54
INFOSYS LIMITED
• Revenue from operations increased by 5.5% QoQ and 12.3% YoY to ₹25,927 crore in Q3 FY21. Revenue
in constant currency terms grew by 5.3% QoQ and by 6.6% YoY during the quarter and by 3.5% YoY
during 9M FY21.
• Digital revenue stood at $1,761 million (over 50% of total revenue), an increase of 31.3% in constant
currency terms.
• Operating margin stood at 25.4%, widening by 350 bps YoY and flat sequentially. For 9M FY21, it
expanded by 310 bps YoY to 24.5%.
• Net profit grew by 7.3% QoQ and 16.8% YoY to ₹5,215 crore in Q3 FY21.
• Operating cash flow was $829 million for the quarter. Free cash flow saw a growth of 15.1% YoY to
$772 million (109.0% of the net profit).
• Cash and investments stood at $4.5 billion on 31 December, 2020. Capital expenditure was $57
million.
• Earnings per share grew by 16.5% YoY for Q3 and 16.9% YoY for 9M FY21 in rupee terms.
• Return on equity stood at 25.4%, an improvement of 130 bps YoY.
BUSINESS VERTICALS
• Financial Services, Hi-Tech and Life Sciences recorded a double-digit growth during the quarter.
• Retail segment continued to improve in Q3 with positive YoY growth.
• Performance in communication segment improved sequentially while media, entertainment,
advertising and original equipment manufacturer (OEM) segments remained under pressure.
• Energy, utilities, resources and services vertical continued to face a difficult environment due to stress
in segments like oil and gas, education, publishing, travel and hospitality, etc.
DEALS
• Large deals worth $7.13 billion were signed during the quarter. The share of net new wins was 73%.
The company shall continue to expand its presence in the continental European markets.
• The overall deal value was over $12 billion, a rise of 63% YoY for the period ended nine months.
• It won 22 large deals in Q3: 8 deals in financial services, 4 deals each in manufacturing and energy,
utilities, resources and services, 3 deals in communication and 1 deal each in retail, hi-tech and other
segments.
55
Concall Summary
INFOSYS LIMITED
• Region-wise deals include 13 from America, 7 from Europe and 2 from rest of the world.
HUMAN RESOURCE AND UPDATE

• Utilization rate was at 86.3% during the quarter. Onsite effort stood at 25.2%.
• 97% of the employees continued to work from home.
• Net employee addition during the quarter was more than 9,100.
• Voluntary attrition was at 10.0%.
• It shall implement an increase in the salaries across all levels, effective from 1 January, 2021.
• The company is expanding its promotion cycle across all levels during Q4 FY21.
• It became carbon neutral in 2020, thirty years ahead of 2050, the timeline set by the Paris Agreement.
It announced its ESG 2030 vision and ambitions.
• The company expanded the Infosys Cobalt portfolio by unveiling Infosys Modernization Suite to help
enterprises modernize their legacy systems and Infosys Live Enterprise Application Management
Platform to deliver cloud-powered, managed services for IT operations.
FUTURE OUTLOOK
• The revenue guidance for the full year has been revised from 2%-3% to 4.5%-5% YoY growth in
constant currency terms.
• It revised its operating margin guidance from 23%-24% to 24%-24.5% for the full year.
• The large deals signed shall start contributing to the revenue from Q2 FY22.
• Higher cost in Q4 FY21 is expected due to hike in the salaries and increase in travel costs. The
management shall work on cost optimization levers.
Disclaimer:
56
HCL TECHNOLOGIES LIMITED

 The revenue from operations grew by 6.4% YoY to ₹19,302 crore in Q3 FY21 v/s ₹18,135 crore in Q3
FY20. The revenue crossed $10 billion in CY 20 with a 3.6% YoY growth in constant currency terms.
 During the quarter, net profit stood at ₹3,977 crore as against ₹2,944 crore in Q3 FY20, which
increased by 35.1% YoY.
 EBITDA stood at 28.2%, an expansion of 355 bps YoY and 157 bps on a QoQ basis.
 EBIT for Q3 FY21 was 22.9%, i.e., an increase by 265 bps YoY and 129 bps on a QoQ basis.
 The operating cash flow was $684 million (127% of net income) during Q3 and free cash flow stood
at $621 million.
 Net cash position stood at $2.2 billion in December, 2020.
 During CY 2020, the cash earnings per share (EPS) was ₹62.2 and EPS stood at ₹48.7.
 It announced a dividend of ₹4 per share.
 The collections remained robust with days sales outstanding (DSO) at 78 days during Q3.
 The Mode 2 had contributed significantly towards Q3 growth at 25% YoY and 10.9% on a QoQ basis
in constant currency terms, on account of good traction witnessed from cloud and digital platforms.
The Product and Platforms business grew by 9.3% YoY in constant currency terms with new renewals
and strong license sales.
 Five out of seven verticals witnessed positive revenue growth momentum during the quarter, with
Telecommunication, Media, Publishing and Entertainment growth at 12.1% QoQ on account of one-
time deal win.
 The overall buying demand across all verticals continued to remain strong with highest demand
streaming in from groceries and healthcare verticals and pent-up demand from manufacturing and
retail verticals.
 The company’s tax expense for the quarter was lower due to reversal of a provision for an uncertain
set-up in prior years and reduction due to change in the method of calculating tax deduction.
HUMAN RESOURCE
 The attrition rate was 10.2%, which declined by 667 bps on a YoY basis.
57
Concall Summary
HCL TECHNOLOGIES LIMITED
 Net additions during the quarter was 6,597 and the company plans to increase its employee
headcount in the upcoming quarters.
DEALS, PARTNERSHIPS AND LICENSES

 The company won 13 transformational deals across various verticals including life sciences and
healthcare, technology and financial services. It completed over 6,000 individual sales transactions
with 15 new releases during the quarter.
 It also generated a $91 million new license bookings towards its total contract value.
 A banking and financial services company partnered with HCL Technologies Limited to provide
treasury management technology in the cloud to smaller banks across North America, India,
Northern Europe and Philippines.
 A Europe-based manufacturing company has connected with HCL for creating end-to-end service
management layer from the clients multi-vendor sourcing structure.
 A US-based retail chain selected HCL as their Digital 2.0 and cloud partner to migrate their entire
data center to cloud and provide next-generation digital services for enhanced customer experience.
 A US-based telecommunications company extended its deal with HCL for application development in
the retail, B2B (business to business) and B2C (business to consumer) domain.
 A Canada based transport company selected HCL to phase out their on-premise legacy data
warehouse and move to a cloud-based data warehouse. HCL contributed in reducing ~18% costs last
year for this company.
FUTURE OUTLOOK
 The revenue is expected to grow at ~2%-3% in constant currency terms.
 EBIT guidance for FY21 is ~21%-21.5%.
 The management expects ~2%-2.5% costs related to travel and other expenses to return from the
upcoming quarters.
 The expected tax rate for FY22 is ~22.5%-24.5%.
Disclaimer:
58
WIPRO LIMITED
 Revenue from operations increased by 1.3% YoY to ₹15,670 crore during Q3 FY21 from ₹15,470.5
crore in Q3 FY20.
 During Q3 FY21, the net profit stood at ₹2,997.8 crore v/s ₹2,463.0 crore in Q3 FY20, a growth of
21.7% YoY.
 It declared a dividend of ₹1 per share.
 The operating cash flow was ₹4,430 crore, which is 149.4% of net income.
 The earnings per share stood at ₹5.21 for the quarter.
 There was a one-off impairment charge during the quarter.
 The information technology (IT) services segment margin expanded by 240 bps QoQ and 330 bps YoY
to 21.7%. The IT services segment revenue was ₹207.1 crore with a sequential growth of 3.9% during
the quarter.
 The revenue by geographic distribution during Q3: 57.6% from America, 25.2% from Europe and
17.2% from the rest of the world.
 The five out of seven sectors including cloud, oil and gas, healthcare and life science grew by more
than 4% sequentially. It witnessed a high service offering from digital transformation segment.
 The days in sales outstanding improved by 6 days during the quarter.
DEAL WINS
 It signed 12 large and small deals during the quarter with total contract value (TCV) of above $30
million and the combined total contract value (new and renewed deals) was above $1.2 billion.
 The company signed a multi-year contract deal of $700 million with Metro AG which is a German
company.
 It also won a multi-year contract from Verifone, a global leader in payments and commerce
solutions.
59
Concall Summary
WIPRO LIMITED
HUMAN RESOURCE
 The company had completed the promotion cycle for 80% of its employees with salary increase
effective from 1 January, 2021. The hike in salary for on-shore employees would be ~5%-6% and for
off-shore employees would be ~1%-2%.
 There would a 100% variable pay-out for Q3 and Q4.
 The voluntary attrition rate was 11% during Q3.
 The company hired 14,000 employees which includes on boarding of more than 2,900 freshers
during Q3 FY21.
 The gross utilization rate was 74.8% during Q3.
UPDATES
 The company restructured its management and strategic business units (SBUs) with four strategic
market units (SMUs) and two global business lines (GBLs).
FUTURE OUTLOOK
 The guidance for revenue growth in IT segment for Q4 FY21 is 1.5%-3.5% QoQ.
 The company would be active on talent acquisition from the upcoming quarter and increase its focus
on investing in its key markets.
 Going forward, the main focus would be on off-shoring and accelerating growth.
 It expects its ₹9,500 crore buyback program to be completed by the end of January, 2021.
Disclaimer:
60
TECH MAHINDRA LIMITED

Revenue: ₹9,647.1 cr (▼0.1%) Net Profit: ₹1,290.1 cr (▲16.2%)
• The revenue from operations contracted by 0.1% to ₹9,647.1 crore in Q3 FY21 from ₹9654.6 crore in
Q3 FY20. It reported a growth of 2.8% QoQ in constant currency terms.
• The net profit for the quarter stood at ₹1,290.1 crore v/s ₹1,110.7 crore in Q3 FY20, i.e., a growth of
16.2%.
• EBITDA margin for the quarter stood at 19.6%, up 140 bps QoQ. It was primarily driven by offshoring
utilization and operating leverage.
• Free cash flow stood at $226 million with conversion to PAT at 127.2%.
• Communications industry contributed 39.7% to the total revenue in Q3 FY21.
• The company witnessed a well-rounded growth across multiple areas.
• The day sales outstanding (including unbilled) stood at 95 days for the quarter, down by 2 days on
QoQ basis and by 17 days on a YoY basis.
• The total headcount during the quarter declined to 1,21,901 and the utilization stood at 87%.
• Europe recovered during the quarter and contributed 26.4% to the revenue.
• Q3 was strong for the company due to the retail spike that it received.
RECENT DEVELOPMENTS
• The net new deal wins in Q3 FY21 was $455 million. Going forward, it is expected to accelerate
further.
• Tech Mahindra was chosen as a strategic partner by a leading communication service provider in UK
for implementing software defined network enabled 5G transport network.
• It was chosen as a global strategic partner by a UK-based leading global mining company for
application modernization, consulting, data analytics and customer experience across multiple
locations.
• The management expanded its strategic alliance with BMC Software, a global leader in IT solutions
for the autonomous digital enterprise to enable digital transformation for global enterprises.
61
Concall Summary
TECH MAHINDRA LIMITED
AWARDS AND RECOGNITIONS

• Tech Mahindra re-emerged as a leader in the Dow Jones Sustainability World Index 2020 for the
sixth consecutive year.
• It has been recognized as Global Leader on climate change and water security.
FUTURE OUTLOOK
• In the upcoming quarters, the management expects the utilization levels to decrease on account of
increase in employee headcount by ~5,000.
• With the growth returning, operating leverages are expected to improve thereby, helping in the
recovery of the margins.
• The pipeline of the company for Q4 looked promising.
• The company is planning to go for wage hikes and variable pay going forward.
Disclaimer:
62
• For Q3 FY21, revenue from operations stood at ₹3,152.8 crore and grew by 5.1% QoQ and 12.2%
YoY.
• The EBIT margin for the quarter was 20.6%. The margins improved due to increase in productivity,
off-shore mix and increased efficiency in selling and administration.
• The net profit for Q3 was ₹519.3 crore, which grew by 37.9% YoY.
• For Q3 FY21, the net cash flow from operation was ₹604.9 crore.
• The effective tax rate for Q3 FY21 was 25.8%. The basic and diluted earnings per share (EPS) for Q3
FY21 was ₹29.71 and ₹29.53, respectively.
• The Banking and Financial services segment grew by 8.4% QoQ, followed by growth from its top
client base.
• The three primary growth drivers for the company during Q3 FY21 was investment in core
infrastructure (accounting, reporting and governance), investment in building utilities (Google Pay)
and investment in platforms to support retail wealth.
• The Insurance vertical witnessed a sequential decline of 0.6%.
• The Manufacturing vertical grew by 9.6% QoQ and experienced a strong half-yearly growth.
• The Consumer Packaged Goods (CPG), Retail and Pharma vertical increased by 4.7% QoQ.
• The Hi-Tech, Media & Entertainment vertical had 5.8% QoQ increase in revenue.
• The build days sales outstanding (DSO) stood at 63 days and the DSO (including unbuild revenue)
was 93 days.
HUMAN RESOURCE
• The utilisation rate including trainees was 81.1% and excluding trainees 84.1% during Q3 FY21.
• The company added 1,528 employees during the quarter. The total headcount was 33,983 of which
the production associates were 94.7%.
• The attrition rate came down to 12.4% in Q3 FY21 from 13.5% in Q2 FY21 on LTM basis.
• There was a salary increment of 6-8% for off-shore employees and 2% for on-shore employees
during the quarter, which impacted the bottom line by 160-170 bps.
63
DEALS WINS
• The company partnered with Injazat a United Arab Emirates digital transformation specialist for
providing infrastructure and application support and maintenance to over 50 customers. The deal
tenure is 6 years and the deal value is ~$204 million.
• The company made a deal with Global Fortune 500 energy company, to consolidate a business-
aligned IT services delivery platform. Deal tenure is 5 years and the total contract value was ~$74
million.
• The company is an elite partner with Snowflake, the data cloud company. It has also become the
maiden partner for Snowcase.
• The company completed a license sale agreement on its Mosaic platform for Artificial Intelligence,
Decisions and Catalog products with a multinational banking and financial services company.
• In Q3 FY21, the company in partnership with Temenos, launched a digital banking platform in the
Nordic region.
KEY ACHIEVEMENTS
• The company added 22 new logos during the quarter.
FUTURE OUTLOOK
• The Cloud and Data products would be the major growth engines for the company in the coming 3-5
years.
• The pipeline is expected to remain robust going forward.
Disclaimer:
64
MPHASIS LIMITED
• Operating profit (EBIT) for the quarter was higher by 3.2% QoQ and 9.6% YoY to ₹404.8 crore.
Operating margin expanded by 30 bps QoQ and 20 bps YoY to 16.4%.
• Profit after tax grew by 10.9% YoY to ₹325.5 crore in Q3 FY21.
• Net operating cash generated during the quarter was ₹312.7 crore.
• Basic earnings per share rose by 8.7% QoQ and 10.7% YoY to ₹17.44.
• Revenue from direct business for the quarter grew 5.1% QoQ and 23.7% YoY on reported basis. In
constant currency, revenue grew 5.3% QoQ and 19.0% YoY. For 9M FY21, it grew 22.9% YoY on
reported basis and 16.2% in constant currency (CC) terms.
• The contribution of direct revenue to the overall revenue was 85% for the quarter. It crossed $1 billion
on trailing twelve months (TTM) basis.
• Top 10 accounts in direct revenue delivered a growth of 18% YoY on TTM revenue basis.
• On a QoQ basis, a growth of 7% in direct insurance, 2% in banking and capital market (BCM), 57% in
information technology, communication & entertainment (ITCE) and 8% in logistics & transportation
was witnessed.
• DXC Technology (partner of Mphasis) revenue declined by 17.9% QoQ and 39.2% YoY on reported
basis. It declined 18.2% QoQ and 42.2% YoY in CC terms.
• The contribution of DXC revenue to the overall revenue reduced to 13% in the quarter.
• Direct business in Europe saw a rise of 13.5% QoQ and 20.5% YoY in CC terms. It grew by 23% for 9M
FY21 in CC terms.
• Days sales outstanding (DSO) stood at 62 days as on 31st December, 2020.
• Offshore utilization (excluding trainees) was at 80% during the quarter and offshore and onsite
utilization (including trainees) stood at 80% and 90%, respectively.
DEAL WINS AND CLIENTS

• The company won direct total contract value (TCV) worth $247 million during Q3 FY21 of which 71%
deal wins came from new generation services. TTM TCV stood at $1,075 million, up by 59% YoY.
65
Concall Summary
MPHASIS LIMITED
• 9M FY21 TCV was $867 million with a growth of 64%. Deals signed were of longer tenure with 1 of
them for 10 years.
• The specialty division of Ardonagh Group, United Kingdom's largest independent insurance broker
signed up Mphasis for a digital transformation engagement.
• A F500 Global Consulting Professional Services firm, specializing in risk and insurance services, chose
Mphasis to modernize their complex legacy platform in one of their divisions in a multi-year
engagement.
• The conversion rate of clients was 50% at each stage to the next. It added 1 new client in $50 M+
category and 4 new clients in $5 M+ category during the quarter.
FUTURE OUTLOOK
• The Europe business is expected to be the growth driver in FY21 and beyond.
• The direct insurance vertical is anticipated to continue its growth momentum in the upcoming
quarters.
• Pandemic related costs are expected to come down with the increase in travel and other costs. Thus,
the management is looking forward to maintain the EBIT level with an upward bias.
Disclaimer:
66
MINDTREE LIMITED
• Revenue from operations increased by 3.0% YoY and 5.1% QoQ to ₹2,023.7 crore in Q3 FY21.
• EBITDA for the quarter was ₹467.9 crore, up by 52.8% YoY and 23.7% QoQ. EBITDA margin expanded
by 350 bps QoQ to 23.1%.
• Net profit grew by 65.7% YoY and 28.7% QoQ to ₹326.5 crore with a margin of 16.1% in Q3 FY21 as
compared to 13.2% last quarter. Effective tax rate for the quarter was 26.6% as against 26.4% in the
previous quarter.
• EBITDA to operating cash flow and EBITDA to free cash flow stood at 125.9% and 123.9%, respectively.
• Hedges from cash flow, balance sheet and options were $1,043 million, $81 million and $21 million,
respectively.
• Earnings per share was ₹19.81 in Q3 FY21 v/s ₹15.40 in Q2 FY21.
• Days sales outstanding improved by 4 days sequentially to 61 days during the quarter.
• Revenue by service lines: 38.1% from Customer Success, 14.9% from Data & Intelligence, 19.2% from
Cloud and 27.8% from Enterprise Information Technology (IT).
• Industry-wise sequential revenue growth - Communications, Media & Technology by 5.0%, Retail,
Consumer Packaged Goods & Manufacturing by 5.8%, Banking, Financial Services & Insurance by 0.8%
and Travel, Transport & Hospitality by 13.0%.
• Geography-wise revenue breakup: 77.2% from North America, 7.4% from Continental Europe, 7.8%
from United Kingdom & Ireland and 7.6% from Asia Pacific & rest of the world.
HUMAN RESOURCE
• Net addition during the quarter was 368 employees, taking the total number to 22,195 as on 31st
December, 2020.
• Trailing twelve months attrition rate was 12.5% v/s 13.8% in Q2 FY21.
• Utilization rate (including trainees) stood at 83.1% in the quarter compared to 78.8% in the prior
quarter.
• The company executed its promotion cycle as planned and delivered incremental salaries across the
Board effective from 1st January, 2021.
67
Concall Summary
MINDTREE LIMITED
DEALS
• Total contract value (TCV) during the quarter increased by 50.7% YoY to $312 million, crossing $1
billion in 9M FY21.
• The company was chosen to drive the digital transformation journey of a leading global wind turbine
manufacturer.
• The company partnered with a large global airline, as a strategic technology partner, to enhance
consumer experience on mobile digital platforms. It will provide application development and
maintenance services.
• A world-leading sportswear brand selected Mindtree as a strategic partner for a multi-year
engagement to provide application development services.
• Mindtree was selected by a US-based diverse insurance and reinsurance provider to provide end to
end IT infrastructure management and cloud services.
FUTURE OUTLOOK
• Growth momentum and an EBITDA margin of above 20% are expected to sustain in the upcoming
quarters.
• The management expects some headwinds in Q4 FY21 due to salary increases, which is anticipated to
impact 200 bps-250 bps on the margins.
Disclaimer:
68
PERSISTENT SYSTEMS LIMITED

• Revenue from operations grew by 16.5% YoY from ₹922.7 crore in Q3 FY20 to ₹1,075.4 crore in Q3
FY21.
• The net profit for the quarter increased by 37.5% YoY and stood at ₹120.9 crore as against ₹87.9 crore
in Q3 FY20.
• The EBITDA for Q3 FY21 was ₹182.5 crore, which increased by 47.8% YoY.
• The treasury income was higher as compared to the previous quarter on account of high mark-to-
market gain from mutual funds and increase in underlying treasury price.
• The gross margin for the quarter was 34.3%.
• The attrition rate for the quarter was 10.3% v/s 10.6% in Q3 FY20.
• The total contract value (TCV) during the quarter was $302 million.
• The collection during the quarter was $150.4 million.
• The days sales outstanding (DSO) declined from 63 days in Q2 FY21 to 57 days in Q3 FY21.
• The company declared an interim dividend of ₹14 per share.
• The forward contract outstanding as on 31st December, 2020, was $128 million at an average rate of
₹76.93.
• It completed the acquisition of Capiot Software Inc. in November, 2020, as a result of which 200
employees of Capiot joined the team of the company.
• The revenue from Alliance business witnessed a growth of 12.2% on a QoQ basis, which was primarily
led by seasonality in IT (Information Technology) revenue.
KEY SEGMENTS: DEAL WINS

• The company reported new deal wins during the quarter.
BANKING, FINANCIAL SERVICES AND INSURANCE

• During the quarter, the company is delivering engineering solutions for regulatory compliance,
customer due diligence, data quality and test automation for a global banking giant.
• The Banking, Financial Services and Insurance (BFSI) segment de-grew by 0.8% QoQ.
69
Concall Summary
PERSISTENT SYSTEMS LIMITED
• It is in the process of modernising retail lending by building salesforce-based loan origination system
for private sector bank in Mumbai.
• The company took measures to develop an enterprise data hub for a major global fixed income
investment firm based in the United States (US).
• In Q3, the company developed and implemented lending and deposit services built on Mambu,
OutSystems and amazon web services (AWS) for a bank in United Kingdom (UK).
• The service business in North America grew by 5% QoQ.
HEALTHCARE & LIFE SCIENCES

• The Healthcare and Life Sciences segment grew by 6.4% QoQ.
• During the quarter, the company designed and implemented digital front door solution including web
and mobile applications to deepen patient engagement for US medical center.
• The company is working towards developing and modernizing a broad suite of client solutions using
artificial intelligence/machine learning (AI/ML) for a global software company in healthcare.
SOFTWARE, HI-TECH & EMERGING VERTICALS

• This vertical witnessed a growth of 13.2% QoQ.
• The company would be engineering carrier-grade voice over internet protocol (VOIP) for next
generation and 5G communications service provider clients.
• It would provide engineering and IT business solutions as a partner with a leading-edge cloud and
voice solutions company.
PARTNER ECOSYSTEM
• The company won the Saviynt Rising Star Award for 2020 and was recognized for helping clients to
improve their customer experience and prevent unauthorized access to applications and services
using the next generation identity governance solutions.
• During the quarter, the company was approved as Salesforce Interaction Studio Partner.
• The company achieved AWS Financial Services Competency status adding to the recent achievements
of the AWS Data & Analytics Competency, AWS SaaS (software as a service) Competency, AWS DevOps
Competency, and AWS IoT (internet of things) Competency designations as well as being an AWS
Lambda Service Delivery Partner.
• The company continued to expand relations with IBM and had strategically aligned with its new hybrid
cloud market. It also created cloud pack deployment services for IBM.
Disclaimer:
70
CYIENT LIMITED
Revenue: ₹1,044.3 cr (▼5.6%) Net Profit: ₹95.4 cr (▼11.3%)
• The revenue from operations de-grew by 5.6% YoY to ₹1,044.3 crore in Q3 FY21 from ₹1,105.9 crore
in Q3 FY20. In constant currency terms, there was a growth of 4.1% QoQ.
• The net profit for the quarter stood at ₹95.4 crore v/s ₹107.6 crore in Q3 FY20.
• Service revenue grew by 1% QoQ. A growth 0.3% QoQ was registered in constant currency terms.
• Design-led manufacturing (DLM) revenue registered a growth of 24.8% QoQ.
• EBIT for the quarter stood at ₹116.5 crore and the earning per share (EPS) at ₹8.67.
• EBIT margin for the quarter stood at 11.2% up by 14 bps QoQ and DLM EBIT margin at 10.6%.
• Services EBIT margin was at 11.3%, down by 88 bps QoQ, primarily on account of wage hikes and
furlough impact.
• Free cash flow for the quarter was at ₹151.8 crore, lower by 25.3% QoQ. Free cash flow to EBITDA
conversion for the quarter stood at 85.8%.
• The company reported a gross margin of 34.6% during the quarter on account of operational
improvement.
• Cash and cash equivalents was ₹1,431.3 crore. Days sales outstanding (DSO) for the quarter stood at
88 days.
BUSINESS VERTICALS PERFORMANCE

• The Aerospace and Defence (A&D) vertical witnessed a growth of 8% QoQ. The services business de-
grew by 5.7% QoQ. It is expected to stabilize from Q4 onwards.
• Communications business grew by 5.2% QoQ. It derived benefits from accelerated rollout of 5G
broadband distribution networks, which contributes ~10% to its revenue.
• Transportation, Portfolio and Semiconductors and Analytics (SIA) services witnessed a flat growth
during the quarter.
• The company is optimistic about its recovery in Q4 in the Transportation business which is expected
to be driven by traction in key client accounts.
• Energy and Utilities segment witnessed a growth of 16.7% QoQ.
• The Medical Technology and Healthcare (MT&H) vertical contracted by 9.9% QoQ which was on
account of a supply chain issue during November.
• Order intake in Q3 FY21 was at $194.5 million, an increase of 52.8% QoQ and 7.7% YoY.
71
Concall Summary
CYIENT LIMITED
• The company plans on shifting to a new structure with three broad business units: Transportation,
Communication & Utilities (C&U) and Portfolio. It would shift to this format from Q1 FY22 onwards.
The QoQ growth figures according to the new structure was: Transportation 5.6%, C&U 1.9% and
Portfolio 6.2%.
KEY HIGHLIGHTS
• Utilization for the quarter improved by 210 bps QoQ and stood at 80.9%. The offshore revenue mix
was 46.9% for Q3 FY21.
• Cyient was awarded the Thales-2020 Supplier Performance award, which is issued annually to
recognize suppliers for achieving excellence in execution.
• The company partnered with Space Research and Innovation Network for Technology (SPRINT) to
facilitate collaboration in Space Data and Technology.
• It also signed a Memorandum of Understanding (MoU) with SaaS (software as a service) provider,
Decipher to support the global rollout of key cloud mining platform.
• It proposed a performance-linked ESOP (employee stock ownership plan) scheme, the voting for
which will be from 23rd January, 2021.
• It won 5 multi-year deals with total contract value of $106 million. This included 3 large deals worth
$50 million with top 5 telecom companies, a deal in DLM worth $36 million and a deal from a Med
Tech company worth $20 million.
FUTURE OUTLOOK
• Sequential improvement in margins in Q4 FY21 is expected, driven by increase in volume and
improvement in operational efficiencies. An improvement of 50-100 bps is anticipated in FY21
compared to FY20.
• Services segment is expected to grow sequentially except for Aerospace which would remain flat in
the near future.
• For FY21, a double-digit de-growth of ~10% is expected.
• Going forward, the dilution in margin of DLM segment is expected to be minimal.
• No further export incentives is anticipated in FY21. The effective tax rate would be ~24%.
Disclaimer:
72
TATA ELXSI LIMITED

 The revenue from operations stood at ₹477.1 crore in Q3 FY21, registering a growth of 10.9% QoQ
and 12.7% YoY. The constant currency growth was 10% QoQ and 7.5% YoY.
 The net profit for the quarter stood at ₹105.2 crore, reporting a growth of 33.3% QoQ and 39.5%
YoY.
 Profit before tax (PBT) grew by 33.1% QoQ and 43.4% YoY to ₹146.3 crore.
 Operating margins for the quarter stood at 30.1%. The increase in the margins was on account of
growth in the Healthcare & Medical Devices business, increase in the offshore mix and increase in
the utilization percentage.
 Embedded Product Design (EPD) segment posted a growth of 9.3% QoQ and 14.5% YoY.
 Industrial Design and Visualisation (IDV) segment grew by 27.5% QoQ and 7.1% YoY.
INDUSTRY VERTICALS
 Transportation vertical grew by 7.9% QoQ. This growth was led by new deals and increasing
opportunities with its suppliers. The company witnessed sustained recovery in the automotive
market for the second consecutive quarter which was a mix of both pent-up demand and from
acquisition of new set of customers.
 Healthcare and Medical Devices vertical witnessed a growth of 24% QoQ. The company generates
higher margins from this vertical since it focuses on leading customers in terms of industrial
presence and size.
 Media and Communication reported a sequential growth of 8% QoQ.
 The company recognizes its Broadcast & Communication vertical into three sub-verticals–
equipment vendors, operators and broadcasters/media companies. The operators and the
broadcasters have been the growth accelerator for the company.
HUMAN RESOURCE
 The onshore and offshore mix of employees stood at 67.8% and 32.2% respectively.
 The utilization rate stood at 96% and the attrition rate at 6.1% during the quarter.
73
Concall Summary
TATA ELXSI LIMITED
 There was a salary hike from 1 October, 2020.
FUTURE OUTLOOK
 It intends to focus on expanding its footprints in the existing industry verticals instead of entering
into new ones.
 The management believes that the margins can be improved going forward.
 Apart from the external risks, it doesn’t foresee any company specific risk going forward.
Disclaimer:
74
INTELLECT DESIGN ARENA LIMITED

• The revenue from operations for the quarter grew 19.6% to ₹382.2 crore from ₹319.5 crore in Q3
FY20. For 9M FY21, it stood at ₹1,099.9 crore.
• Gross margin was at ₹214.1 crore, i.e., 56% of revenues in Q3 FY21 v/s 47% in Q3 FY20.
• EBITDA was reported at ₹97.5 crore, i.e., 26% of revenues of Q3 FY21.
• The net profit in Q3 FY21 stood at ₹80.5 crore with a margin of 21% against a net loss of ₹10.7 crore
in Q3 FY20. For 9M FY21, it was ₹182.4 crore.
• The effective operating cash flow in Q3 FY21 stood at ₹33.5 crore and the cash and cash equivalent
at ₹183.7 crore.
• The annualized earnings per share (EPS) was at ₹24.23 in Q3 FY21.
• The cloud or software-as-a-service (SaaS) revenue grew 28% YoY to ₹41.8 crore in Q3 FY21. For 9M
FY21, it stood at ₹115.2 crore.
• License revenue for the quarter was ₹91 crore, i.e., a growth of 85% YoY. For 9M FY21, it stood at
₹250.1 crore.
• Annual maintenance contract (AMC) revenue was reported as ₹74.5 crore for this quarter, growing
by 18% YoY. For 9M FY21, it stood at ₹223.4 crore.
• Order backlog relating to license based (i.e., license, AMC, and implementation) deals stood at
₹1,203 crore as of 31st December, 2020.
• In Q3 FY21, repeat revenue from existing customers stood at 85%.
• Collections for the quarter were at ₹348.3 crore as against ₹334.5 crore in Q3 FY20.
• The net days of sales outstanding (DSO) was 124 days in Q3 FY21 v/s 132 days in Q3 FY20.
• Investment in product development (capitalised) was ₹28.3 crore in Q3 FY21.
• The company had 10 deal wins during the quarter.
• The company contributed ₹1.7 crore towards CSR (corporate social responsibility) activities.
• It had a customer base of 240+ customers spread across 91 countries.
• Geographical mix: 58% from advanced markets, 15% from India and 28% from emerging markets.
75
Concall Summary
INTELLECT DESIGN ARENA LIMITED
KEY HIGHLIGHTS
GLOBAL TRANSACTION BANKING (iGTB)
• One of the largest banks in Vietnam has selected iGTB for rolling out Supply Chain Finance.
• It launched three new products during the quarter including Digital Transaction Banking (DTB) M21.
• One of the largest financial institutions in Jordan has selected DTB for its digital transformation
program.
GLOBAL CONSUMER BANKING (iGCB)

• It witnessed a strong growth in its lending product as well as its central banking product.
• Its momentum in Europe continued during the quarter. It had a destiny deal win in Germany with
OTTO GmbH & Co.
• iGCB (Global Consumer Banking) marked its entry in North America by winning its first cloud
subscription deal.
CENTRAL BANKING AND INSURANCE (INTELLECT SEEC)

• Intellect launched Blue Zebra in the Australian market and signed a partnership with CreditorWatch.
RISK TREASURY AND MARKETS (iRTM), iWEALTH AND iGOV

• During the quarter, Intellect Wealth won a large deal in Indonesia.
• Capital Sigma, its asset servicing platform, won an upgrade with top private bank in India.
FUTURE OUTLOOK
• The company expects to achieve an EBITDA margin of 30% in the next 3 quarters.
Disclaimer:
76
HAPPIEST MINDS TECHNOLOGIES LTD

• Revenue from operations grew by 12.4% from ₹171.5 crore in Q3 FY20 to ₹192.8 crore in Q3 FY21. On
year-to-date basis it grew by 8.0% YoY and stood at ₹552.7 crore.
• The net profit for the quarter increased by 97.2% and stood at ₹42.2 crore as against ₹21.4 crore in
Q3 FY20.
• EBITDA witnessed a growth of 113.4% YoY and stood at ₹60.0 crore in Q3 FY21. The growth was
primarily driven by increased operating revenue, forex gains, higher utilisation and lower attrition
rates.
• The EBITDA margin for the quarter registered an improvement of 1,364 bps YoY and was 29.7%.
• The diluted earning per share (EPS) for 9M FY21 was ₹8.95.
• The free cash flow for Q3 FY21 was ₹59.2 crore.
• The annualised return of equity (ROE) and return on capital employed (ROCE) for 9M FY21 was at
33.2% and 36.2%, respectively.
• For 9M FY21, the days sales outstanding (DSO) was 80.
• During the quarter, there was a net addition of 6 clients, which adds up to a total of 155 clients as of
31st December, 2020.
• The 12 months trailing attrition rate was 13.1%.
• The total number of employees as of 31st December, 2020 was 2,885, with a net addition of 164
employees done during the quarter.
• The utilisation rate improved by 290 bps QoQ and stood at 81.6% in Q3 FY21.
DEAL WINS
• It leveraged virtual voice assistants to converse and retrieve asset monitoring and performance
metrics of various IoT (internet of things) devices at customer sites for a US Fortune 500 engineering
giant on an industry 4.0 transformation.
• It was selected to build a sensor-enabled device that captures player movements, analyse, and provide
insights for better performance for an APAC (Asia Pacific) based sports-tech startup.
77
Concall Summary
HAPPIEST MINDS TECH LTD
• It was chosen to implement automated service desk for order orchestration platform which is used by
leading retailers of the world for a retail-tech company in Australia and New Zealand.
• It won a multi-year deal to provide end-to-end cloud based IoT, edge digital platform for asset
monitoring and tracking performance for infrastructure assets globally, including laying the
foundations for automation, analytics & digital twins for a global leader in construction and
infrastructure services and monitoring company in Europe.
• It would deliver a ‘customized to process’ service desk chat-bot commercially ‘as-a-Service’ which
would reduce human intervention and become the primary channel for user assistance, to a large
professional services company in Europe.
FUTURE OUTLOOK
• It expects to maintain the utilisation rate at 78%-82% in the upcoming financial year.
• The company would increase the employee bandwidth in key geographies in the coming quarters.
• It would maintain margins between 21%-23% in the upcoming quarters.
Disclaimer:
78
INFO EDGE (INDIA) LIMITED

Revenue: ₹277.6 cr (▼17.2%) Net Profit: ₹679.0 cr (▲1,193.4%)
• The revenue from operations contracted by 17.2% to ₹277.6 crore in Q3 FY21 from ₹335.1 crore in
Q3 FY20.
• The net profit for the quarter stood at ₹679.0 crore as against a net loss of ₹62.1 crore in Q3 FY20.
After adjusting for the exceptional item of ₹704 crore, profit after tax (PAT) stood at a loss of ₹25.8
crore for Q3 FY21.
• Cash balance as on 31st December, 2020 stood at ₹3,500 crore compared to ₹1,519 crore as on 31st
December, 2019.
• Revenue from operations was ₹272.3 crore in Q3 FY21, down 15% on YoY basis.
• Operating expenses excluding depreciation for the quarter was ₹204.1 crore, i.e., a decline of 4.9%
YoY.
• Operating EBITDA for the quarter stood at ₹68.2 crore v/s ₹105.9 crore in the corresponding quarter
last year. The operating EBITDA margin was 25% in Q3 FY21 compared to 33% in Q3 FY20.
• Cash EBITDA for the quarter stood at ₹92.6 crore, up 8.9% YoY and deferred sales revenue was
₹393.5 crore as of 31st December, 2020 v/s ₹457 crore as of 31st December, 2019.
• Billings in Q3 FY21 were ₹297 crore, down 1% YoY.
SEGMENT WISE PERFORMANCE

RECRUITMENT SOLUTIONS
• Billing in Q3 FY21 was down by 4.1% YoY to ₹201.4 crore and the revenue from operations also
declined by 17.2% YoY to ₹194.9 crore. Operating EBITDA stood at ₹106.5 crore, down by 20.6% YoY
and the margin was at 56.2%. Cash EBITDA was ₹118.3 crore, up 4% YoY.
• In Naukri, it experienced a good recovery in collections and billings. In the month of December,
2020, it witnessed a growth in collections over December, 2019. The recovery was across multiple
industry verticals with IT (information technology) and Telecom doing well with increased online
transactions.
• Traffic in this vertical was at an all-time high. IIM jobs reported a billing of ₹6.61 crore in Q3 FY21,
i.e., a growth of 35% YoY.
79
Concall Summary
• In the job seeker platform, new CV registrations stood at ~15,000 per day in Q3 FY21, i.e., a growth
of 25% YoY.
• Average CV modifications per day was ~4,40,000, a growth of 6% in Q3 FY21 and 11% in the month
of December, 2020.
• Recruiter engagement in the platform improved further during the quarter with December
witnessing a peak in activities post the pandemic.
• IT and ITeS (Information Technology Enabled Services) segment witnessed maximum growth in
terms of job searches and job postings followed by the pharmaceuticals, healthcare and real estate
segments. The travel and hospitality segment also registered a slight recovery during the quarter.
JEEVANSATHI
• Billings grew by 17% YoY in Q3 to ₹26.2 crore and revenue grew by 15.5% YoY to ₹24.7 crore.
Operating EBITDA loss was ₹27.6 crore. Cash loss was ₹26.4 crore.
• In Q3, the growth momentum was sustained in a seasonally weak quarter.
99ACRES
• Billings witnessed a decline of 3.5% YoY to ₹52.4 crore in Q3 FY21 and the revenue from operations
stood at ₹44.9 crore against ₹58.2 crore in Q3 FY20. Operating EBITDA loss for the quarter was ₹3.5
crore. Cash profit was ₹3.6 crore.
• Billings recovered to 96% of last year’s level in all business verticals, with resale and new homes
recovering faster than the rentals segment.
• The spends were down 15% YoY in Q3 FY21 with reduced spending towards marketing and facilities.
• Traffic recovered in this segment with improvement in demand for ready to move in houses.
• In Q3, it witnessed increased customer inquiries on the platform.
• The platform witnessed a surge in the listings by owners on a YoY basis while the broker listings were
on a declining trend.
SHIKSHA
• Billings grew by 27.9% YoY to ₹16.9 crore and revenue grew by 23.5% YoY to ₹13.2 crore. EBITDA in
Q3 FY21 stood at ₹0.8 crore v/s a loss of ₹1.7 crore in Q3 FY20. Cash profit was ₹4.5 crore.
• It witnessed increased competition during the quarter and the management would invest more
towards this platform.
OTHER INVESTMENTS
• Zomato received an investment of $448 million in Q3 FY21 in two tranches $253 million in
December, 2020 and $195 million in November, 2020. With these two rounds of funding, the fully
diluted shareholding of the company stood at 19%.
80
Concall Summary
• Info Edge Venture, its investment arm, announced the signing of the contribution agreement with
MacRitchie Investments Pte. Ltd., the wholly-owned subsidiary of Temasek Holding Private Limited
for a contribution commitment of ₹375 crore.
• Shopkirana continued to do well during the quarter and recovered to pre-Covid levels.
FUTURE ROADMAP
• The management is expecting a further revival in activities in all its platforms.
• Given the increase in competition, advertising expenses and marketing spend in 99Acres is expected
to increase going forward.
• It expects a revival in the broker listings in 99Acres in the coming quarters.
• The company believes that Naukri and real estate platform is going to be the growth drivers for the
company.
Disclaimer:
81
CAMS LIMITED
• The revenue from operations increased by 5.7% to ₹186.0 crore in Q3 FY21 from ₹176.0 crore in Q3
FY20. It grew by 8.7% QoQ. It was driven by volume growth. For 9M FY21, it stood at ₹505.7 crore.
• In Q3 FY21, the total income included dividend of ₹26.0 crore from its subsidiaries.
• The net profit for the quarter stood at ₹56.4 crore v/s ₹46.2 crore in Q3 FY20, i.e., a growth of 22.1%
YoY. For 9M FY21, it witnessed a growth of 12.7% to ₹145.2 crore.
• Profit before tax (PBT) grew by 23.9% YoY and 14.4% QoQ to ₹75.6 crore. It was fuelled by high
earnings growth and cost optimisation measures. For 9M FY21, it grew by 7.9% to ₹193.6 crore.
• Operating EBITDA margin for the quarter stood at 41% in Q3 FY21 and 37.4% in 9M FY21.
• Return on net worth was 46% in Q3 FY21 and 39.5% in 9M FY21.
• In Q3, asset based revenue grew by 11% YoY and 8.3% QoQ to ₹141 crore. The non-asset based
revenue expanded by 14.5% YoY and 20.4% QoQ.
• The non-mutual fund revenue, consisting of the banking business declined by 31.3% YoY and 4.2%
QoQ to ₹16.7 crore.
• In Q3, mutual fund contributed ~90% to the overall revenue.
• The Board declared an interim dividend of ₹7.60 per share.
OPERATIONAL METRICS
• The overall transaction volume was 8.2 crore. This was a 3% improvement QoQ and ~1% on YoY
basis.
• In Q3 FY21, systematic investment plan (SIP) book expanded by 4% YoY and 1% QoQ. The company
expects it to improve in the next 3-6 months.
• SIP transactions processed was 1% higher YoY and almost flat on a QoQ basis.
• Live investor folio contracted slightly during the quarter. The service to unique investors expanded
to 1.62 crore, i.e., 5% YoY growth.
AVERAGE ASSET UNDER MANAGEMENT (AAUM)

• In Q3 FY21, AAUM serviced by CAMS was ₹20.8 trillion, i.e., 11.6% growth on a YoY basis and 7.1%
growth on a QoQ basis. For 9M FY21, it was up 6.9% at ₹19.2 trillion.
• Equity asset increased by 2.1% YoY and 7.3% QoQ. It de-grew by 4.3% on a nine-month basis.
82
Concall Summary
CAMS LIMITED
• Inflows through SIP remained steady during the quarter. The QoQ growth was driven by mark-to-
market gains in equity and purchase-led investor activity in debt assets.
UPDATES
• The transaction volume in December, 2020, stood at 63 lakh.
• Franklin Templeton AMC (asset management company) transition progressed during the quarter and
is expected to go live by Q1 FY22.
• CAMS Finserv, its account aggregator business signed up for 6 FIUs (financial information user) and
its mobile app is expected to be launched in Q1 FY22.
• Investor/distributor applications continued to gain traction. The transaction volume of myCAMS and
Edge360 grew by 30% and 75%, respectively, on a QoQ basis.
• Pension Fund Regulatory and Development Authority (PFRDA) selected CAMS as an eligible entity for
setting up CRA (central recordkeeping agency) for NPS (National Pension System).
• CAMS serviced AUM grew by ~12% YoY in Q3 FY21 and it served the top 5 mutual funds.
FUTURE OUTLOOK
• As the transaction volumes pick up, inflation in costs is expected from the upcoming quarter.
Disclaimer:
83
INDIAMART INTERMESH LIMITED

• The revenue from operations stood at ₹173.6 crore in Q3 FY21, registering a growth of 5.3% YoY.
This was primarily driven by marginal improvement in realization of existing customers and increase
in number of paying subscription suppliers.
• The net profit for the quarter increased by 29.4% YoY from ₹62 crore in Q3 FY20 to ₹80.2 crore.
• EBITDA in Q3 FY21 was at ₹88 crore with a margin of 51%.
• Cash flow from operations for the quarter was at ₹77 crore. The cash and investments balance stood
at ₹1,143 crore as on 31st December, 2020.
• The consolidated deferred revenue as on December, 2020 was ₹633 crore.
OPERATING HIGHLIGHTS
• The company has been able to sustain its margins as the offices remained closed.
• Collections from the customers stood at ₹179 crore for Q3 FY21, i.e., a growth of 9% QoQ and a
decline of 2% YoY.
• Total traffic had grown by 35% YoY, with ~85 million visits per month.
• The delivery of business enquires grew by 37% YoY to 15.4 crore with its repeat buyers standing at
~59%.
• There was an addition of 7,000 paying subscription suppliers during the quarter which resulted in a
total of 1,48,000. The additions in the next quarter is expected to be between 5,000-6,000.
BUSINESS HIGHLIGHTS
• The upfront fee for the base package was reduced in order to expand its customer base.
• The total cost in the quarter reduced from ₹122 crore in Q3 FY20 to ₹85 crore.
• Daily request for quote (RFQ) quota and weekly RFQ quota was introduced which resulted in an
increase in the buyer base of the company.
SUBSIDIARIES, ASSOCIATES & INVESTMENTS

• Simply Vyapar Apps Private Limited continued to grow during the quarter. The current quarterly
revenue run rate was at ₹3 crore per quarter. The number of customers increased to ~70,000-75,000
customers.
84
Concall Summary
INDIAMART INTERMESH LIMITED
UPDATES
• The Board approved the raising of funds of ~₹1,100 crore in the Board meeting dated 18 January,
2021. The management intends to utilize these proceeds for long-term organic or inorganic strategic
growth opportunities.
• The second hearing for the legal proceedings initiated against one of its competitors is scheduled on
25th January, 2021.
FUTURE OUTLOOK
• As the business volumes reach normalcy, the costs may increase. Some of the costs are expected to
remain subdued on account of the following measures taken by the company: reduction in the
number of offices, automations done on the processes, reduced travel for customer engagements
and expanding hiring on the work-from-home operations.
• Going forward, the management doesn’t plan on increasing its advertising expenses.
• The company intends to become a business-enabler by providing more subscription-based platform
service and less transaction-based services.
Disclaimer:
85
86
SBI LIFE INSURANCE COMPANY LIMITED

• Net premium income increased by 17.7% YoY to ₹13,766.5 crore in Q3 FY21.
• Profit after tax degrew by 40.3% YoY to ₹232.9 crore in Q3 FY21. In 9M FY21, it grew by 3.6% to ₹923.5
crore.
KEY HIGHLIGHTS
• New business premium (NBP) increased by 13% to ₹14,440 crore in 9M FY21. Renewal premium stood
at ₹20,170 crore, up by 27% and accounted for 58% of the gross written premium (GWP). The company
improved by 133 bps YoY to 23.7% market share in NBP in private market.
• Individual rated NBP stood at ₹65,800 crore with a private market share of 23.4%. Group NBP marked
a growth of 44% YoY to ₹63,100 crore with private market share of 25.3%.
• GWP stood at ₹34,610 crore, reflecting a growth of 21% YoY in 9M FY21.
• Annualized premium equivalent (APE) saw a decline of 7% to ₹74,800 crore.
• Total protection NBP was higher by 12% YoY to ₹1,620 crore in 9M FY21. It contributed 11.2% to the
VNB.
• Annuity NBP witnessed a growth of 173% and stood at ₹2,200 crore. It contributed 15% to the NBP.
• On actual tax rate basis, value of new business (VNB) degrew by 1.4% to ₹1,450 crore in 9M FY21. The
VNB margin increased by 100 bps 19.3%.
• On an effective tax rate basis, VNB saw a decrease of 5.5% to ₹1,560 crore. The VNB margin stood at
20.8%.
• Assets under management grew by 27.6% YoY to ₹2,09,500 crore as on 31st December, 2020.
PRODUCT MIX & DISTRIBUTION

• Non-par segment increased by 42% to ₹83,200 crore in 9M FY21 with a share of 58% in the NBP.
Individual unit linked insurance plan (ULIP) constituted 67% of the individual NBP.
• Individual protection was ₹4,900 crore with a growth of 36%. Group protection stood at ₹11,300 crore.
Protection contributed 11% to total APE, a growth of 28%.
• Guaranteed non-par savings product contributed 9% of individual NBP and ~5% of total NBP collected.
• The share of bancassurance and agency in individual NBP was 67% and 26%, respectively. Total
number of agents were more than 1.69 lakh as on 31st December, 2020.
87
Concall Summary
SBI LIFE INSURANCE COMPANY LTD
• Other channels including direct business, corporate agents, brokers, online and web aggregators grew
by 103% in terms of individual NBP.
• Protection NBP through other channels registered a rise of 72%.
DIGITAL AND KEY RATIOS

• Instant protection policy issue through Yono app of SBI covered more than 5.6 lakh lives. 99% of the
individual applications were submitted digitally and 32% individual proposals were processed through
automated underwriting.
• Solvency ratio stood at 234% on 31st December, 2020. Operating expense ratio stood at 5.1% in 9M
FY21 as against 6.0% in 9M FY20.
• The 13th month persistency ratio was 86.2% and 61st month was 61.7% compared to 85.7% and 58.5%
in 9M last year, respectively.
• On regular premium basis, the 13th month persistency stood at 83.4% and 61st month at 49.1%.
• The unfair business practice ratio (number of grievances with respect to unfair business practice that
are reported to the company divided by policies issued by the company in the same period) was 0.06%
in 9M FY21.
Disclaimer:
88
HDFC LIFE INSURANCE COMPANY LTD.

 The net premium income stood at ₹9,488.8 crore in Q3 FY21 as against ₹7,855 crore in Q3 FY20,
registering a 20.8 % YoY growth.
 The net profit grew by 4.9% YoY to ₹263.4 crore in Q3 FY21 v/s ₹251.1 crore in Q3 FY20.
 It sold ~6.8 lakh policies during 9M FY21, registering a YoY growth of 5.6%.
 The solvency position was at 202% as on 31st December, 2020.
 Market share of Individual weighted received premium (WRP) increased by 214 bps to 16.4% in 9M
FY21 from 14.3% in 9M FY20.
 The market share of the group and the overall new business segment for the private sector was at
27.3% and 22.3%, respectively.
 The company witnessed new business premium trends for the individual and group credit protect
business.
 The savings business registered a sequential growth on account of an increase in the average ticket
size and the number of policies.
 Individual WRP had a growth of 8% for 9M FY21.
 The product mix included: ULIPs (Unit Linked Insurance Plans) at 23%, non-participating savings at
30%, participating savings at 35%, protection and annuity accounting at 7% and individual annual
premium equivalent (APE) at 5%.
 There was a 17% growth in Individual protection business and 42% growth in Annuity in APE terms.
 Renewal premium grew by 22% as on 31st December, 2020 with ~87% renewal done through the
digital mode.
 New business margin continued to grow on a sequential as well as on a YoY basis on account of
return in growth and favourable product mix. The value of new business stood at ₹1,408 crore as on
December, 2020.
 The operating return on Embedded Value (EV) was 18.3% for 9M FY21.
 The credit protect (CP) business for Q3 stood at 95% of previous year’s volumes, which resulted in
CP premiums to be at 63% of previous year’s volumes for 9M FY21.
89
Concall Summary
HDFC LIFE INSURANCE CO LTD.
KEY HIGHLIGHTS
 The company continued to invest in digital assets platforms like LifeEasy and INSTAInsure.
 In terms of the top reasons to buy insurance, tax saving was the 9th reason v/s 4th in 2013.
 The company settled 1,271 individual and 542 group Covid-related claims as on 31st December,
2020. The frequency of claims intimation were higher during the quarter.
DISTRIBUTION CHANNEL
 The bancassurance channel witnessed a growth of 20% during 9M FY21. Within bancassurance,
HDFC bank continued to trend well.
 Agency channels continued to gain moderate traction in Q3.
 The company is actively coordinating with its bancassurance partners including Yes Bank and SBI
Capital Markets.
FUTURE OUTLOOK
 The management is confident of the medium to long term prospects of the Protection business.
 The company expects continued growth from new business segment and an increase in new
business margins whilst adhering to a conservative risk management approach.
Disclaimer:
90
GIC OF INDIA LIMITED

• Net premium earned increased by 14.9% to ₹9,172.3 crore in Q3 FY21 from ₹7,981.6 crore in Q3
FY20.
• Profit before tax stood at ₹1,473.5 crore in Q3 FY21.
• Net profit was ₹931.4 crore in Q3 FY21 as against a net loss of ₹1,035.5 crore in Q3 FY20.
• Gross premium income of the company was ₹11,829.1 crore for Q3 FY21 as against ₹11,607.2 crore
for Q3 FY20.
• Investment income increased by 30% to ₹2,624 crore in Q3 FY21 from ₹2,018.0 crore in Q3 FY20.
• Net worth of the company (including fair value change account) was recorded at ₹45,952.2 crore as
on 31st December, 2020, as compared to ₹35,425.9 crore as on 31st March, 2020, and ₹46,382.2 as
on 31st December, 2019.
• Incurred Claims Ratio reduced from 99.1% in 9M FY20 to 94.9% in 9M FY21. Incurred claims ratio for
the quarter stood at 89.6%.
• Combined ratio for the quarter stood at 108.5% and adjusted combined was 89.0%.
• Solvency ratio stood at 1.53 as on 31st December, 2020.
• Total assets were ₹1,33,931.0 crore as on 31st December, 2020, as compared to ₹1,28,509.8 crore as
• Domestic premiums received in Q3 FY21 stood at ₹7,428.0 crore while international premiums stood
at ₹4,240.0 crore.
BUSINESS HIGHLIGHTS
• Domestic premium de-grew by ~3% YoY, while international premium saw a growth of ~9% YoY.
• Fire portfolio witnessed a decline due to halt in construction activities during the pandemic. It is
expected to pick up in the coming quarters.
• Investments income included interest income of ~₹907 crore, profit on sale of investments of
~₹1515.0 crore and dividend income of ~₹126.0 crore.
91
Concall Summary
GIC OF INDIA LIMITED
FUTURE OUTLOOK
• The company expects underwriting performance to improve in the coming quarters.
• It shall continue to invest ~₹50-₹75 crore every year for improvement of its digital infrastructure.
• Combined ratio is expected to improve in the upcoming quarters.
Disclaimer:
92
ICICI PRUDENTIAL LIFE INSURANCE LTD

• The net premium income for Q3 FY21 increased by 10.3% to ₹8,970.8 crore from ₹8,131 crore in Q3
FY20.
• Net profit for the quarter stood at ₹304.3 crore v/s 301.8 crore in Q3 FY21, i.e., an increase of 0.8%.
• Profit before tax for 9M FY21 was ₹965.0 crore as against ₹896.1 crore in 9M FY20. This was on
account of higher contribution of underwriting profits, i.e., the net surplus generated from policies
underwritten and transferred to shareholders account during the period.
• Asset under management (AUM) during the quarter crossed the ₹2 trillion mark and stood at
₹2,04,872 crore as of 31st December, 2020. This was on account of growth in the new business
premium, good persistency levels, low surrenders and robust fund management.
• Solvency ratio improved to 226.1% as on 31st December, 2020 v/s 194.1% as on 31st March, 2020.
• During the quarter, non-par guaranteed return products constituted 0.7% of the liabilities.
• On the credit risk front, 0.6% of the fixed income portfolio was invested in bonds below AA and the
company continued to have zero non-performing assets (NPA) in this quarter as well.
PREMIUM
• New business premium grew by 14% YoY in Q3 FY21 to ₹3,443 crore.
• In terms of annualized premium equivalent (APE), while the linked segment registered a decline YoY,
the non-linked savings business reported a strong growth of 36.2% on a YoY basis in Q3 FY21.
• The overall APE segment grew by 13.7% sequentially.
• The company maintained a diversified product mix during the quarter with 48% linked, 46% non-
linked and 6% group savings for 9M FY21.
• From a channel perspective, APE from channels other than ICICI Bank, grew by 9% during the quarter
as compared to the same period last year.
PROTECTION
• With an APE of ₹703 crore in 9M FY21, the Protection business accounted for ~18% of the overall
APE.
93
Concall Summary
ICICI PRU LIFE INSURANCE LTD
• Within the protection business, while retail protection continued to dominate the company’s
protection product mix, a strong growth in the group term business was witnessed during the
period.
• Based on the total new business sum assured (which includes both savings and protection), it
continued to be the private market leader. The new business sum assured market share increased
from 11.8% in FY20 to 12.5% in H1 FY21 and 13% in 9M FY21.
• On a YoY basis, the new business sum assured grew by 22% and 2.1% in Q3 FY21 and 9M FY21,
respectively.
PRESISTENCY
• Its 13th and 61st month persistency ratio for retail business excluding single premium in 8M FY21
stood at 82.7% and 58%, respectively. Within this, the 13th month persistency of the non-linked
savings business is at similar levels as last year and the persistency of the protection business
improved.
• Retail linked surrender in 9M FY21 reduced by 6.9% YoY.
PRODUCTIVITY
• The cost to total weighted received premium (TWRP) ratio stood at 14.6% in 9M FY21 compared to
16.6% in 9M FY20.
• The cost to TWRP for the savings business stood at 9.3% in 9M FY21 compared to 11.1% in 9M FY20.
A reduction in discretionary expenses, infrastructure-related expenses and employee cost was
registered during the quarter.
• Significant improvement in the cost ratio was witnessed.
VALUE OF NEW BUSINESS (VNB)

• VNB stood at ₹1,030 crore in 9M FY21 v/s ₹1,135 crore in 9M FY20. VNB for Q3 FY21 stood at ₹428
crore. VNB growth has been well ahead of APE growth.
• VNB margin for 9M FY21 stood at 26% against 21% in 9M FY20.
BUSINESS HIGHLIGHTS
• Mortality experience (including Covid claims) during the quarter continued to be in line with the
liability provisions. As of December, 2020, the company continued to hold additional reserves of
~₹100 crore towards potential Covid-related claims. It has not been utilized so far.
• Total claims on account of Covid for 9M FY21 was ₹344 crore. The net claim of reinsurance was ₹154
crore.
• ICICI Prudential Pension Fund Management Company Limited, a wholly owned subsidiary, had an
AUM growth of 52% at ₹6,620 crore as on 31st December, 2020 compared to ₹4,350 crore as on 31st
March, 2020. It had a market share of ~16% in the private sector on an AUM basis as of December,
2020.
94
Concall Summary
ICICI PRU LIFE INSURANCE LTD
DISTRIBUTION AND PARTERSHIPS

• Sequential momentum was witnessed across channels. The agency channel grew sequentially by
25.9%. Its direct channel also grew by 24.2%.
• In the distribution front, the company actively engaged in establishing partnerships with various
banks from large private sector banks to new-age small finance banks as well as payment banks. It
partnered with RBL Bank and AU Small Finance Bank.
• It continued to deepen its presence across emerging channels as well. It partnered with PhonePe.
• With the new partnerships, the bancassurance distribution catered to 16.2 crore customers. The
bancassurance branch networks also increased to 12,038.
• During 9M FY21, the company continued to have a diversified distribution mix with distribution
channel other that ICICI Bank contributing ~66% of APEs.
• It launched an instant term insurance plan with a premium as low as ₹149 per annum.
• During the quarter, it partnered with BSE Ebix Insurance Broking Private Limited, a joint venture of
Bombay Stock Exchange (BSE) for launching a term insurance product in their platform.
FUTURE OUTLOOK
• ICICI PLI expects to double the FY19 VNB in 4 years.
Disclaimer:
95
 Net premium earned increased by 6.3% YoY to ₹2,611.4 crore in Q3 FY21.
 Profit after tax grew by 6.6% YoY to ₹313.5 crore in Q3 FY21.
 Return on average equity (ROAE) was 22.4% in 9M FY21 as against 21.8% in 9M FY20. It was 17.6% in
Q3 FY21 compared to 20.3% in Q3 FY20. This included upfront expensing of acquisition cost relative
to the growth of 9.2% in gross direct premium income (GDPI) for Q3 FY21, whereas the full benefit of
earned premium shall be realized over the policy period.
 Capital gains were at ₹292 crore in 9M FY21 v/s ₹224 crore in 9M FY20. It was ₹108 crore in the quarter
as against ₹17 crore in the same quarter last year.
 GDPI increased to ₹10,525 crore in 9M FY21 v/s ₹10,132 crore in 9M FY20, registering a growth of
3.9%. It grew by 9.2% YoY to ₹4,034 crore in Q3 FY21.
 Combined ratio was 99.1% in 9M FY21 vis-a-vis 100.5% in 9M FY20. It improved to 97.9% in Q3 FY21
v/s 98.7% in Q3 FY20.
 Excluding the impact of cyclone and flood losses, the combined ratio was 96.6% and 97.7% for Q3
FY21 and 9M FY21, respectively while for Q3 FY20 & 9M FY20, it was 98.7% & 99.5%, respectively.
 Solvency ratio for 9M FY21 was 2.76x as against 2.18x in 9M FY20.
 The fire segment portfolio registered a rise of 44.8% GDPI growth in 9M FY21, thereby catalysed the
growth of 22.0% in property and casualty (P&C) segment.
 The motor segment was higher by 2.1% YoY in 9M FY21. Advance premium was ₹3,197 crore as on
31st December, 2020 as against ₹3,160 crore as on 30th September, 2020.
 Individual health indemnity business grew by 25.7% YoY for 9M FY21.
 Investment assets stood at ₹29,892 crore on 31st December, 2020. Investment leverage net of
borrowings was 4.05x as compared to 4.13x at 30th September, 2020.
 97.5% of the policies were issued electronically during the nine-month period ended December, 2020.
 Under small and medium enterprise (SME) segment, ~91% of the business sourced were through the
digital solutions. It also launched a website dedicated for the SME businesses.
 63.1% of group health insurance were cashless authorization through artificial intelligence in
December, 2020 compared to 31.0% in March, 2020.
96
HUMAN RESOURCE
 The company introduced a revised human resource policy wherein employees can work from
anywhere post the pandemic.
 Individual agents including point of sales distribution increased to 55,615 as on 31 st December, 2020.
FUTURE OUTLOOK
 Property and casualty segment is expected to normalise in the future.
Disclaimer:
97
POWER FINANCE CORPORATION LTD

• The revenue from operations increased by 16.1% to ₹18,434.9 crore in Q3 FY21 from ₹15,872.6
crore in Q3 FY20.
17.0% YoY.
• Loan asset book registered 13% YoY growth as on 31st December, 2020.
• Due to resolution of stressed assets in both PFC (Power Finance Corporation Limited) and REC Ltd.,
consolidated net non-performing asset (NPA) ratio was declining on a QoQ basis and is currently at
2.12%.
• In Q3 FY21, it recorded a profit of ₹2,332.8 crore, an increase of 38.8% from the corresponding
quarter last year. For 9M FY21, it grew by 45% YoY to ₹6,117.4 crore.
• Driven by efficiency in yield and cost of funds, the interest spread on earning asset for the quarter
was 3.2%. Net interest margin was 3.63%.
• In Q3 FY21, the capital adequacy ratio (CRAR) increased by 89 bps YoY to 20.21% and PFC’s net
worth reached ₹52,015 crore.
• Yield on earning assets for the quarter stood at 10.68%. It remained in the similar range on a YoY
basis.
• The company had been focused on reducing its cost of funds. For the quarter, it was 7.48%, a
reduction of 27 bps YoY.
SECTORAL UPDATES
• As the economic activities are reviving, the power demand is witnessing an improvement. In
December, 2020, it touched an all-time high of 59.6 giga watt. The negative impact of the pandemic
on the power demand is gradually witnessing a reversing trend.
• The recent budget announced by the Finance Minister brought series of supportive measures for the
power sector.
98
Concall Summary
• The Government announced a reform based result oriented scheme for the distribution sector. The
envisaged outlay of ₹3 trillion for 5 years. It would help in strengthening the distribution space and
benefit the entire power sector value chain, going forward.
BUSINESS HIGHLIGHTS
• PFC is in discussion with the Government for dividend declaration.
• The hedging ratio for exchange risk for portfolio with residual maturity of up to 5 years stood at 74%.
• Under the Atmanirbhar discount scheme, PFC sanctioned ₹65,793 crore and disbursed ₹21,870 crore
towards tranche 1. With the subsidiary, REC Ltd combined, the sanctions and disbursements stood at
₹1,31,726 crore and ₹46,074 crore, respectively. The base of disbursement slowed down
momentarily but it is expected to pick up as the disbursements for tranche 2 are in pipeline.
ASSET QUALITY
• The gross NPA levels reduced to 5.85% as on 31st December, 2020, compared to 8.34% as on 31st
December, 2019.
• The net NPA as on 31st December, 2020 was 2.30% as against 3.94% on 31st December, 2019.
• RKM Powergen loan of ₹5,105 crore, has been successfully resolved outside NCLT (National
Company Law Tribunal) and was moved out of stage 3, i.e., the non-performing assets category.
Sufficient provisioning was available for the project and the company does not foresee any major
impact on its P&L. A 10% provision would be maintained by the company against the loan asset.
• Post the RKM resolution, a total of 24 projects were under stress. Of this, currently 14 projects of
₹16,185 crore are being resolved through NCLT and remaining 7 projects of ₹5,161 crore are being
resolved outside NCLT.
• Provisioning against stage 3 assets was enhanced from 53% in 9M FY20 to 61% in 9M FY21.
• For one of its stage 1 borrowers, the rating was shifted from category B to category C.
• PFC adopted rating issued by the Ministry of Power which is being done via an external agency. An
additional provisioning of ~₹600 crore was created against the borrowers. This is line with the Ind AS
guidelines for provisioning on ECL (expected credit loss) model and it led to a major increase in the
provisioning levels.
BORROWING PORTFOLIO
• In January, 2021, PFC successfully raised funding from retail investors through a public issue of
taxable bonds. It witnessed a good response from investors with issue being oversubscribed by 9
times over the base issue size of ₹500 crore.
• It mobilized ₹4,429 crore under the issue for a tenor ranging from 3-10 years for a competitive cost
ranging from 4.40% to 7.15%.
99
Concall Summary
• In January, 2021, the company successfully raised USD 500 million through USD denominated bonds
under Reg S route with a fixed coupon of 3.35% p.a. and a maturity of more than 10 years. This issue
had a base size of USD 300 million and it was oversubscribed by 5.1x.
FUTURE OUTLOOK
• In sync with the objective for clean energy, the Government announced plans to set up a large solar
power capacity alongside rail tracks and on land owned by the Railways. These measures are
expected to provide new lending avenues to PFC.
Disclaimer:
100
REC LIMITED
crore in Q3 FY20.
 During the quarter, the net profit stood at ₹2,258.0 crore v/s ₹1,666.8 crore in Q3 FY20, an increase
of 35.5% YoY.
 The net worth stood at ₹41,749 crore for the quarter ended, 2020 with return on net worth at 21.8%
for 9M FY21.
 The net interest income was recorded at ₹3,379 crore for Q3 FY21.
 The debt to equity ratio was reported at 7.31 times for 9M FY21.
 During Q3, the capital adequacy ratio stood at 19.27% with tier – I at 15.78% & tier – II at 3.49%.
 The earning per share (annualised) stood at ₹42.48 for 9M FY21.
BUSINESS HIGHLIGHTS
 During the quarter, it implemented a restructuring plan of one of the borrowers with an outstanding
loan amount of ₹2,302.0 crore. According to the restructuring agreement, the outstanding loan was
converted into a fresh term loan of ₹1,396.6 crore along with allotment of equity/debt instruments
and balance amount of ₹905.4 crore was written off with the reversal of the corresponding provision
thereof.
 The company had an available limit of over ₹7,000 crore towards working capital/ term loans from
various banks apart from high quality liquid assets of more than ₹1,000 crore as on 31 st January
2021.
 For 9M FY21, the total sanction stood at ₹1,37,526 crore and total disbursement was ₹62,795 crore.
There was 17% YoY growth in total disbursements on a nine-month basis.
 The outstanding loan as on 31st December, 2020, was ₹3,57,067 crore which comprised of 83% loan
from State, 6% from Joint and 11% from Private.
 In its asset portfolio, the top 10 borrowers accounted for ~40%. No single borrower group accounted
for more than 8% of the total loan book and there were no slippages in the top 10 accounts.
ASSET QUALITY
 The gross and net credit impaired assets as of December, 2020, was 5.10% and 1.95%, respectively.
101
Concall Summary
REC LIMITED
 As on 31st December, 2020, the loan assets of stage 1 and stage 2 stood at ₹3,38,846.4 crore with a
provision coverage of 0.38% and Stage 3 loan assets was ₹18,220.6 crore with a provision coverage
of 61.9%.
 The total outstanding borrowing as on 31st December, 2020, was ₹3,07,197 crore with average
annualized cost of funds at 7.31%.
 Its borrowing profile consisted of 56% Corporate Bonds, 14% Foreign currency borrowings, 2%
Foreign currency Non-Resident account loans, 7% Capital gain bonds, 4% tax free bonds, 17% loans
from Banks, Foreign Institutions, National Small Saving Funds, etc. It had ~72% of foreign currency
exposure with 5 years residual maturity hedged.
 The long term funds raised for 9M FY21 was 59,389 crore with an annualized cost of funds at 6.74%
and the short term funds raising at 19,021 crore.
 The yield on loan assets for Q3 FY21 and 9M FY21 was 10.61% and 10.71%, respectively. The interest
spread for 9M FY21 was 3.42%.
UPDATES
 The company doesn’t expect new NPA (non-performing asset) and GNPA (gross non-performing
asset) and asset quality is expected to improve, going forward.
 The Government, as a part of its Covid relief package, had announced liquidity injection to the State
Discoms in the form of State Government guaranteed loans through REC and PFC (Power Finance
Corporation Ltd.) to clear the outstanding dues of Power Generation and Transmission Companies.
As on 27th January 2021, the company sanctioned and disbursed a sum of ₹65,932 crore and ₹24,204
crore, respectively, to the discoms as part of this liquidity package.
Disclaimer:
102
INDIAN RAILWAY FINANCE CORP LTD

Revenue: ₹3,932.4 cr (▼8.0%) Net Profit: ₹1,046.7 cr (▲15.4%)
• Revenue from operations for Q3 FY21 de-grew by 8.0% to ₹3,932.4 crore as against ₹3640.7 crore in
Q3 FY20.
• The net profit increased by 15.4% to ₹1,046.7 crore in Q3 FY21 v/s ₹907.0 crore in Q3 FY20.
• The net worth of the company was ₹32,734.3 crore as on 31st December, 2020. The return on net
worth for 9M FY21 was 9.31%.
• The finance cost for Q3 FY21 was ₹2,878.2 crore
• The return on equity and return on asset for 9M FY21 are 9.31% and 1.01%, respectively.
• The total debt as on 31st December, 2020, was ₹2,57,465.7 crore.
• The company declared an interim dividend of ₹1.05 per share in Q3.
KEY HIGHLIGHTS
• The asset under management (AUM) as on 31st December, 2020, was ₹2,96,904.2 crore with a CAGR
(compounded annual growth rate) of 26.8%.
• The company had no tax liability and gross non-performing assets till date.
• The net gearing ratio was 7.86x with the capital adequacy ratio of 433.35%.
• The interest coverage ratio and debt-to-equity ratio was 1.23x and 7.87x, respectively.
• It had a net interest margin of 1.06%.
• The total value of the rolling assets financed to the Indian Railways by Indian Railway Finance
Corporation (IRFC) as on 31st March, 2020, was ₹2,23,810.8 crore.
IPO UPDATE
• In January, 2021, the company was listed on BSE (Bombay Stock Exchange) and NSE (National Stock
Exchange of India) at a discount of ~4% on its issue price of ₹26.
• The share price of the company as of 22nd February, 2020, was ₹25 with a market capitalisation of
₹33,128.7 crore.
• The company issued 20-year bonds in the domestic capital market, worth ₹10,643.2 crore with an
annual coupon of 6.85%.
103
Concall Summary
INDIAN RAILWAY FINANCE CORP LTD
UPDATES
• It raised $750 million in February, 2021, by issuing bonds in the overseas market under the global
medium-term note (GMTN) programme for a tenor of 10 years. It has a fixed semi-annual coupon of
2.8%.
• It raised ₹31,550 crore through long term rupee loans with amortization period of 15 years.
• The Union Budget’s capital expenditure (capex) was revised for Railway Ministry to ₹2,408 billion with
a borrowing target of ₹1,136 billion (~47%) from IRFC for FY21.
• The Union Budget’s expected capex for FY22 stands at ₹2,148 billion with a borrowing target of ₹652
billion from IRFC.
• It would continue to focus on the railway sector and play a critical role in development, modernisation
and growth of the Indian Railways.
Disclaimer:
104
BAJAJ FINANCE LIMITED

Revenue: ₹6,656.1 cr (▼5.2%) Net Profit: ₹1,146.0 cr (▼29.0%)
• The revenue from operations decreased by 5.2% YoY from ₹7,019.6 crore in Q3 FY20 to ₹6,656.1
crore in Q3 FY21.
• The profit after tax declined by 29% on a YoY basis from ₹1,614.1 crore in Q3 FY20 to ₹1,146 crore in
Q3 FY21.
• Profit before tax for Q3 contracted by 28.4% YoY to ₹1,554.5 crore due to increase in loan loss
provisions by ₹520 crore, interest reversals by ₹367 crore and cost of additional liquidity by ₹130
crore against Q3 FY20.
• The assets under management (AUM) de-grew by 1.1% YoY and stood at ₹1,43,550 crore in Q3 FY21.
• Opex to Net Interest Income (NII) improved to 32.3% in Q3 FY21 from 33.8% in Q3 FY20.
• Return on Equity was 3.3% (not annualised).
FINANCIAL POSITION
• As of 31st December, 2020, the consolidated liquidity buffer stood at ₹14,347 crore, representing
11.6% of its total borrowing.
• Deposits book stood at ₹23,777 crore, a growth of 18% YoY. Its contribution to consolidated balance
sheet was 19% as of 31st December, 2020. The retail-corporate mix was at 76:24 in Q3 FY21 as
against 61:39 in Q3 FY20.
• The company experienced continued improvement in portfolio quality in Q3. In Q3, collection
efficiencies in bucket 0 was back to pre-COVID levels and in early buckets (1 and 2), it was
significantly better than pre-Covid levels.
• The company reported capital adequacy ratio of 28.18% as of 31st December, 2020. Tier-1 capital
was 24.73%.
• The company offered resolution plan to its customers pursuant to the RBI resolution framework for
Covid related stress dated 6th August, 2020. Stage 1 receivables under resolution plan was ₹2,040
crore (mortgages - ₹930 crore , unsecured - ₹523 crore, B2B (business to business) including retailer
account - ₹407 crore and auto finance - ₹179 crore) as of 31st December, 2020 against which the
company held a provision of ₹397 crore.
• Gross non-performing assets (NPA) & net NPA for the quarter stood at 0.55% & 0.19% respectively.
Adjusted Gross NPA and Net NPA stood at 2.86% and 1.22% respectively.
• The consolidated cost of funds for Q3 FY21 was 7.78%.
105
Concall Summary
• The company acquired 2.19 million new customers in the current quarter v/s 2.46 million in Q3 FY20.
Total customer franchise grew by 15% YoY and stood at 46.31 million as of 31 st December, 2020.
Cross sell franchise also grew by 8% YoY and stood at 25.25 million.
• Existing customers contributed to 64% of new loans booked during Q3 FY21 v/s 68% in Q3 FY20.
• For the quarter, urban consumption businesses (B2B) was at 86%, rural consumption business (B2B)
at 100%, credit card origination at 102%, e-commerce at 107% and auto finance business was at 62%
of last year’s volume.
• In value terms, urban consumption businesses (B2B) was at 92%-93%, rural consumption business
(B2B) was at 103%-104% of last year.
• In Q3, loan disbursements in the business to customer (B2C), small and medium enterprises (SME),
rural B2C and mortgages segments was at 81% of last year’s disbursements.
• Despite ₹58 crore increase in recovery costs, operating expenses (opex) for Q3 FY21 reduced by 9%
YoY to ₹1,389 crore.
• During the quarter, AUM growth recovered across all businesses except the auto finance business.
Core AUM was ~₹8,000 crore after adjusting for IPO receivable of ₹987 crore and higher expected
credit loss (ECL) of ₹520 crore.
• The company booked 6.04 million new loans in Q3 FY21 as against 7.67 million in Q3 FY20.
• In Q3 FY21, mortgage disbursements was at 90% of Q3 FY20. The AUM growth for the quarter was
₹770 crore as against ₹3,700 crore in Q3 FY20 due to significant portfolio attrition caused by pricing
pressure between its top four lenders.
• In Q3 FY21, commercial business grew by 15% and the loan against securities (LAS) business de-grew
by 22%.
• Overall margin profile in all lines of businesses was at pre-Covid levels except mortgages.
• Net interest income (NII) for Q3 FY21 was ₹4,296 crore as against ₹4,535 crore in Q3 FY20.
• In the liability mix front, deposits stood at 24% and external commercial borrowings (ECB) at 6% as
of December, 2020.
CREDIT COSTS
• Loan losses and provisions for Q3 FY21 was ₹1,352 crore as against ₹831 crore in Q3 FY20. During
the quarter, there was a one-time principal write-off of ₹1,970 crore on account of Covid related
stress. As of 31st December, 2020, the company holds management overlay provision of ₹800 crore.
• From FY22, loan losses and provisions are expected to revert to pre-Covid levels of 160-170 bps of
average assets.
• After the provisioning of ₹1,352 crore in the current quarter, the residual credit cost for Q4 FY21 is
estimated at ₹1,200-₹1,250 crore.
106
Concall Summary
UPDATES
• It received the RBI approval for issuance of cobranded credit card in association with DBS Bank
(India) Limited. It is expected to continue as its strategic partner.
• The company accelerated its business transformation by creating an omnichannel framework. This
process is expected to complete by May, 2021.
• The company is in the process of launching ‘Bajaj Pay for consumers’ in Q4. It is also looking forward
to launch ‘Bajaj Pay for merchants’ for its 1,03,000 merchants.
• With the help of its group companies, it is working on five proprietary marketplaces which would
provide customers with an option to review, compare and buy host of financial products and
services across electronics, insurance, investments and health.
• It plans to roll out the first phase of its business transformation by mid-July, second phase by August
and third phase by the end of September, 2021.
FUTURE OUTLOOK
• The company expects core AUM growth to be at pre-Covid levels by Q4 FY21.
• The company would return to its liquidity buffer of 7%-8% of its borrowings and also reduce its cost
of funds to 7.5% by March, 2021. As part of this strategy, in the last 45 days, the company made pre-
payments of ~₹6,600 crore.
• By the end of FY21, the deposits are expected to be ~₹25,000-₹25,500 crore.
• Business transformation shall lead to structural reductions in call centre cost, travel cost, advertising
& promotion cost and employee training cost.
Disclaimer:
107
SHRIRAM TRANSPORT FINANCE CO LTD

 The revenue from operations was ₹4,438.4 crore in Q3 FY21 v/s ₹4,218.9 crore in Q3 FY20, which
increased by 5.2% YoY.
 During the quarter, the net profit de-grew by 17.2% YoY to ₹727.7 crore as against ₹879.2 crore in
Q3 FY20.
 The net interest income (NII) for Q3 FY21 was ₹2,148.2 crore as against ₹2,113.8 crore in Q3 FY20,
with net interest margin expansion of 20 bps on a QoQ basis.
 The company had raised ~₹12,000 crore (through various instruments) with an interest cost at
~8.5%-9%. It raised ~₹10,000 crore in Q2.
 The liquidity buffer and statutory liquidity investments was ₹13,430 crore and ₹1,812 crore,
respectively.
 Earnings per share was ₹29.80 in Q3.
 Cost to income ratio was 22% in Q3 FY21 as against 22.92% in Q3 FY20.
 Commercial vehicles sales were at pre-Covid levels to ~1,93,043 units in Q3 FY21 as against
~1,93,211 units in Q3 FY20. Heavy vehicles sales increased by 26% on a QoQ basis.
 The gross stage 3 assets were ₹8,170.4 crore, that de-grew by 13% YoY and net stage 3 assets
reported a decrease of 24.6% YoY to ₹4,804.2 crore.
 The probability of default in stage 1 assets was 7.4% in Q3 FY21 v/s 7.48% in Q2 FY21, whereas for
stage 2 assets it was 23.12% in Q3 FY21 v/s 23.19% in Q2 FY21.
 The borrowers who did not pay any single instalment since March, 2020 stood at ~9,600 with an
exposure amount of ~₹120 crore.
 The bank term loan stood at 16% of capital market instruments (domestic), overseas bonds were
13% of liabilities and overseas loans were was ~4.2% of liabilities. Its total liabilities was ~₹26,000
crore.
 Post moratorium, the collections for the month of September, October, November and December,
2020 was 95 %, 97%, 97% and 104% of the demand, respectively.
BRANCH & AUM DISTRIBUTION

 It added 85 new branches during Q3.
108
Concall Summary
SHRIRAM TRANSPORT FIN CO LTD
 Total asset under management (AUM) was ~₹1,14,932.1 crore in Q3 FY21, with rural AUM at
₹55,910 crore, urban at ₹17,900 crore and semi-urban at ₹41,120 crore.
ASSET QUALITY & PROVISION

 As on 31st December, 2020, additional expected credit loss (ECL) provision on loans on account of
Covid stood at ₹2,507.3 crore.
 It considered an additional ECL provision on loan of ₹224.8 crores and ₹1,597.6 crore on account of
the pandemic during the quarter and 9M FY21, respectively.
 Gross non-performing asset (NPA) and net NPA as on 31st December, 2020 stood at 5.33% and 3.22%
respectively, as against 8.71% and 6.09% as of 31st December 2019. However, such accounts had
been classified as stage 3 and provisioned accordingly. Had the company classified these borrower
accounts as NPA after 31st August, 2020, its gross NPA and net NPA ratio would have been 7.11%
and 4.31% respectively.
 The coverage ratio (stage 3 assets) during Q3 FY21 was 41.2% as against 32.13% in Q3 FY20.
UPDATES
 Most of its restructuring in Q2 was towards cab aggregators, office and school transportations, of
which cab aggregators repaid ~50%-70% of the dues.
 The demand of second hand trucks were robust with sale value at 20% premium.
 Presently, all its vehicles are engaged. The impact of rise in freight rates had been passed on to its
end customers.
 Overall credit cost as on 31st December, 2020 was 2.59%.
 Going forward, it expects its credit cost to be in the long term average range of ~2%.
 It started fresh recruitment during the quarter initiated under apprenticeship scheme, due to which
employee expenses does not get reflected in financial immediately, and would start getting reflected
from FY22.
 It received Reserve Bank of India’s proposal of ₹310 crore for 11,570 borrowers.
 It had expanded in overseas segment with a dollar bond raise of $500 million. Order book was over
~$1 billion, which would further add to company’s liquidity.
 The rights issue would be maintained at 4.7% level going forward.
Disclaimer:
109
MUTHOOT FINANCE LIMITED

crore in Q3 FY20.
 During the quarter, the net profit stood at ₹1,006.6 crore v/s ₹861.0 crore in Q3 FY20, an increase of
16.9% YoY.
 The consolidated gross loan assets of the group grew by 28.5% YoY to ₹55,800 crore for 9M FY21 as
against ₹43,436 crore for last year.
 The CAR (capital adequacy ratio) stood at 26.4% in Q3 FY21.
 During the month of November, it completed the issue of non-convertible debentures and raised
₹2,000 crore.
 During the quarter, the return on average loan assets and return on average equity was 8.1% and
29%, respectively.
 The standalone loan assets of Muthoot Finance Limited crossed the landmark of ₹50,000 crore
during Q3 with active customers having a loan account also crossed the landmark of 50 lakhs.
 It disbursed fresh loans to 3.88 lakh new customers amounting to ₹2,976 crore and to 4.38 lakh
inactive customers amounting to ₹2,960 crore in Q3.
 The gross loan assets under management of the company for 9M FY21 was ₹50,390.7 crore.
 The total number of branches during Q3 FY21 was 4,632 and the company plans to add 150-200
branches in the coming year.
 The average monthly disbursements and average monthly collection for Q3 FY21 stood at ₹10,200
crore and ₹9,000 crore, respectively.
 The outstanding gold loan for 9M FY21 was ₹49,622 crore.
 The average gold loan per branch was ₹10.7 crore for 9M FY21 with an average loan ticket size of
₹61,858.
 For 9M FY21, the total weight of pledged gold jewellery stood at 166 tonnes.
110
Concall Summary
MUTHOOT FINANCE LIMITED
SUBSIDIARIES HIGHLIGHTS
Muthoot Insurance Brokers Private Limited
 During Q3 FY21, it insured more than 10,31,000 lives with a first year premium collection of ₹73.4
crore.
Muthoot Homefin (India) Limited

 It had a revenue of ₹50.8 crore in Q3 FY21, a de-growth of 11% on a QoQ basis.
 The stage III loan assets stood at ₹29.3 crore with ECL (expected credit loss) provision of ₹11.1 crore
in Q3 FY21. The ECL provision as a percentage of gross loan asset was 2.1%.
Belstar Microfinance Limited

 Its gross loan portfolio stood at ₹2,885.6 crore as on 31st December, 2020.
Asia Asset Finance (AAF) PLC, Sri Lanka

 As on 31st December, 2020, total holding in AAF by Muthoot Finance stood at 9.1 crore equity shares
representing 72.92% of their total capital.
Muthoot Money Limited

 As on 31st December, 2020, it had a total loan portfolio of ₹421 crore.
UPDATES
 The company had a growth of 22% in gold loan portfolio for 9M FY21 and it expects to end the year
with ~25% growth as against the previous year’s growth of 22%.
 It did not undergo any restructuring during the quarter. The collection efficiency for Home Finance,
Micro-Finance and Vehicle Finance stood at 88%, 98% and 83.8%, respectively.
 The loan to value ratio in the month of December, 2020, was 67% including accrued interest and
65% excluding accrued interest.
Disclaimer:
111
M & M FINANCIAL SERVICES LIMITED

• The revenue from operations de-grew by 2.9% to ₹2,958.0 crore in Q3 FY21 from ₹3,046.1 crore in
Q3 FY20.
• Net loss for the quarter stood at ₹223.2 crore as against a net profit of ₹474.9 crore.
• Volumes during the quarter remained subdued on account of non-availability of vehicles and
increase in cash transactions for the purchase of tractors.
• The company experienced competition in the personal vehicle segment for the salaried customers,
which led to decline in volumes.
• With multiple sources of funds available to the company, cost of borrowing improved.
• Operating expenses reduced on a YoY basis. It closed some of its regional offices, thereby
contributing to this reduction.
BUSINESS HIGHLIGHTS
• Collection efficiency improved on a MoM basis and stood at 82% in October, 84% in November and
96% in December. This was on account of stability in the earnings of its customers.
• The total value of disbursement for 9M FY21 was ₹13,031 crore. The disbursement mix included
~45% to the Mahindra & Mahindra customers, the volumes from which were impacted during the
quarter due to supply-related constraints and increased cash purchases.
• The company did a write-off of ~₹300 crore in Q3 FY21.
ASSET QUALITY
• Gross non-performing asset (NPA) stood at 9.99% in 9M FY21 v/s 8.49% in 9M FY20.
• Net NPA stood at 6.57% in 9M FY21 v/s 6.67% in 9M FY20.
• The stage 3 provisioning coverage ratio stood at 36.6% as on 31st December, 2020.
• The company did not restructure any of its accounts during the quarter. The customers didn’t opt for
the same as they expected the cash flows to improve in Q4.
112
Concall Summary
M & M FINANCIAL SERVICES LTD
• Of the total number of contracts in the stage 2 accounts, 6% didn’t pay any instalment during the
quarter. Out of this 6%, 50% were in the tractors segment, the collection from which is expected to
revive in Q4.
FUTURE OUTLOOK
• In Q4 FY21, volumes are expected to be at similar levels of Q4 FY20.
• Margins are expected to improve in the upcoming quarters on account of improved liquidity
management.
• Overheads would be impacted with increase in volume and operations picking up. It is expected to
be in the range of 2.4%-2.5%.
• It is focused on improving the gross NPA to 6%-7% levels.
• The company intends to maintain the provision coverage ratio at similar levels.
Disclaimer:
113
SBI CARDS & PAYMENT SERVICES LTD

 Revenue from operations during Q3 FY21 was ₹2,403.2 crore as against ₹2,479.1 crore in Q3 FY20.
 The net profit declined by 51.8% YoY to ₹209.7 crore in Q3 FY21 v/s ₹434.7 crore in Q3 FY20.
 Return on average assets (ROAA) was at 3.3% and return on average equity (ROAE) at 13.8% during
Q3.
 Capital adequacy ratio stood at 23.7% and for tier 1 it was 19.8% as of 31st December, 2020.
 The total management overlay provision was ₹1,113 crore for the quarter.
KEY SEGMENTS
 The card-in-force grew by 15% to ₹1.15 crore in Q3 FY21 v/s ₹1 crore in Q3 FY20. Market share for
card-in-force during Q3 FY21 was 18.8%.
 Its spends grew by 8% to ₹37,797 crore for the quarter as against ₹35,135 crore in the same quarter
last year. Market share for spends stood at 20.2% in Q3 FY21 and 20.1% for 9M FY21.
 Receivables grew by 4% to ₹25,749 crore in Q3 FY21 as compared to ₹24,776 crore in Q3 FY20.
 New accounts volume increased by 8.3% YoY to 9,18,000 accounts during Q3 FY21 v/s 8,48,000
accounts in Q3 FY20. It added ~3,40,000 accounts during December, 2020.
 The cost to income was at 52.1% in 9M FY21.
 The online spend for 9M FY21 was at 53.4% with highest growth from apparel & jewellery category
at 539% followed by 53% from consumer durables, furnishing and hardware and 43% from
departmental stores, fuel, health etc., and a de-growth of 55% in travel and hotel segment.
 The retail spends crossed the pre-Covid levels with daily average at ~125% in Q3 FY21, while the
Corporate spends increased to ₹6,718 crore in Q3 FY21 from ₹4,728 crore in Q2 FY21.
 Gross non-performing asset (NPA) was at 1.61% (proforma at 4.51%) and Net NPA at 0.56%
(proforma at 1.58%).
 The channel-wise split from new accounts was as follows: SBI sourcing at 51.9% and open market
sourcing at 48.1%. Cards-in-force channel-wise split was: 43.4% from SBI sourcing and 56.6% from
open market sourcing.
 The RBI revenue expenditure (RE) walk paid/closed stood at ₹377 crore with total value at ₹2,344
crore as in December, 2020.
 The spend per average card was ₹1,34,000 with 30 day spend active rate of 50.6% in Q3.
 The receivables per card was ₹22,409 in Q3 FY21 v/s ₹21,781 in Q2 FY21.
114
Concall Summary
SBI CARDS & PAYMENT SERVICES
RECENT DEVELOPMENTS
 SBI Card partnered with Paytm to launch Paytm SBI Card and Paytm SBI Card SELECT. It was
launched in November, 2020.
 It tied up with Bharat Petroleum Corporation Limited (BPCL) to launch BPCL SBI Card OCTANE and it
was launched in December, 2020.
 The company tied up with Delhi Metro Rail Corporation Limited (DMRC) to launch Delhi Metro SBI
Card and it was launched in the month of October, 2020.
UPDATES
 Equated monthly instalments (EMI) conversion remained strong. Going forward, EMI trend is
expected to return towards ~32% from 29% presently.
 There was a rise in operational cost on a QoQ basis, on account of campaigns held during festive
season, cash back offers and costs involved towards marketing.
 There was a reduction in NPA during Q3, on account of a write-off done by the company.
 The collection cost was higher during Q2 and Q3 FY21 and is likely to decline from the upcoming
quarters.
 The Google Pay platform witnessed good traction with 50,000 transactions on a monthly basis.
 The customer acquisition cost from open market was higher.
Disclaimer:
115
EDELWEISS FINANCIAL SERVICES LTD

• Revenue from operations for Q3 FY21 de-grew by 17.5% to ₹2,178.5 crore from ₹2,639.7 crore in Q3
FY20.
• The net loss for the quarter decreased by 278.5% to ₹63.0 crore in Q3 FY21 as against a net profit of
₹35.3 in Q3 FY20.
• Fee income was ₹477 crore as on 31st December, 2020.
• The net worth was ₹8,095 crore on year-to-date basis and debt-to-equity ratio at 3.0x.
• For Q3 FY21, the liquidity levels were at 21% of borrowings and ₹650 crore of debt was bought back
on a year-to date basis.
• It raised ~$82 million and bought back bonds worth $89 million in Q3 FY21.
ECL Finance Limited & Edelweiss Retail Finance Ltd (ERFL)
• The net worth was ₹3,708 crore with a capital adequacy of 25.2%.
• The profit after tax (PAT) stood at ₹14 crore.
• The net interest margin and net non-performing assets was 1.8% and 2.8%, respectively.
• Collection efficiency for the quarter was at 94% with total retail collections of ~₹600 crore.
• Going forward, it would focus on MSMEs (micro small and medium enterprises) book to build an asset
light, digitally enabled and data-led organisation.
Edelweiss Housing Finance Ltd (EHFL)

• The net worth was ₹782 crore with a capital adequacy of 23.7%.
• There was a net loss of ₹1 crore in Q3 FY21.
• The net interest margin and net non-performing assets was 3.3% and 1.4%, respectively.
• During the quarter, the company disbursed ~₹150 crore in selective areas.
• The incremental cost of borrowing improved by ~100 bps.
• It raised ~₹100 Cr under PCG (private client group) and bought back bonds worth ~₹120 Cr during Q3
FY21.
116
Concall Summary
Edelweiss Wealth Management (EWM)

• The net worth was ₹1,392 crore and revenue yields were within the range of 70-80 bps.
• The profit after tax (PAT) stood at ₹39 crore.
• The AUA (asset under administration) grew by 30% YoY to ₹1,45,100 crore.
• During the quarter, it started rebuilding the loan book for wealth clients and closed 15 deals across
debt capital markets, equity capital markets and merger and acquisitions.
Edelweiss Asset Management (Mutual Fund and Alternative Asset Under

Management)
• The net worth for mutual funds was ₹161 crore, with a net revenue of ₹30 crore in Q3.
• The asset under management was ₹49,000 crore.
• The PAT was ₹1 crore in Q3 FY21.
• The net equity inflows were ~1,000 crore as against industry outflows of ~₹46,000 crore in Q3 FY21.
• Under alternative asset management, the net worth was ₹32 crore for Q3 FY21 with a net revenue of
₹47 crore.
Asset Reconstruction (EARC)

• The net worth during the quarter was ₹2,177 crore, with a net revenue of ₹101 crore.
• The asset under management was ₹40,800 crore as on 31st December, 2020.
• It recovered ~₹2,200 crore in Q3 FY21 from 103 borrowers.
• It had a liquidity position of ~₹620 crore as on 31st December, 2020.
Edelweiss Life Insurance

• In Q3FY21 the individual annual premium equivalent (APE) witnessed a growth of 11% YoY.
• On year-to-date basis, the market share of APE increased by 15 bps YoY to 0.9%.
• During the quarter, two new products "Covid Shield” and “Income Assure”, were launched.
• The embedded value as on 31st December, 2020, was ₹1,239 crore.
General Insurance
• The gross direct premium income (GDPI) grew by 50% YoY against the industry growth of 5%.
• The company is expanding its digital partnership base through addition of new-age tech players &
OEMs (original equipment manufacturers) like Okinawa.
• In Q3 FY21, the adoption of video-based remote survey app (BOLT) for motors claims stood at 54%.
117
Concall Summary
Insurance Broking (Edelweiss Gallagher Insurance Brokers Ltd.)

• Insurance broking partnered with corporates and insurance companies to facilitate insurance products
for the informal sector and frontline workers during the pandemic and placed premiums of ₹318 crore
as on 31st December, 2020.
UPDATES
• The demerger and listing of wealth management is expected by Q1 FY23.
• It reduced the cost to 27% in Q3 FY21 and has a target to further reduce it to ~25%-30% in the coming
years.
Disclaimer:
118
MANAPPURAM FINANCE LIMITED

FY20.
• The return on equity (ROE) stood at 29% in Q3 FY21.
• The net worth of the company stood at ₹6,869.6 crore as on 31st December, 2020.
• The board announced a dividend of ₹0.65 per equity share.
• Number of live customers were more than 51.1 lakh as on 31st December, 2020.
• Assets under management (AUM) stood at ₹27,642.5 crore in Q3 FY21, an increase of 2.7% QoQ and
14.7% YoY.
• Gold loan AUM increased by 24% YoY and 3% QoQ in Q3 FY21 and constituted 73% of the total book.
• Asirvad Microfinance AUM stood at ₹5,358.0 crore, which increased by 7.8% QoQ and 6.7% YoY. For
the microfinance (MFI) segment, collection efficiency stood at 99% in December and 93% in
November, 2020.
• For the vehicle finance segment, collection efficiency stood at 112% for December and 110% for
November, 2020.
• For home loans segment, collection efficiency stood at 97% for December and 94% for November,
2020.
• The company raised non-convertible debentures (NCD’s) and bank loans worth ₹1,925.0 crore on a
standalone basis in Q3 FY21.
• Gold loan disbursements stood at ₹57,445.0 crore in Q3 FY21.
• The average loan to value (LTV) stood at 63% in Q3 FY21.
• The auction number stood at ₹3.61 crore and write-offs at ₹68.0 crore in Q3 FY21.
ASSET QUALITY
• Capital adequacy ratio stood at 25.8% in Q3 FY21.
• Gross non-performing assets (GNPA) stood at 1.3% and net non-performing assets (NNPA) 0.8% in
Q3 FY21.
119
Concall Summary
MANAPPURAM FINANCE LIMITED
FUTURE OUTLOOK
• Going forward, the company expects MFI customers to start paying their loans as normalcy returns
in the overall setting. The company’s exposure to West Bengal was at 12% of the MFI book and
₹38.0 crore to Assam.
• Gold loans are expected to remain the key driver of growth for the company.
• Banks have witnessed higher growth in gold loans on account of higher LTV limits compared to non-
banking finance companies (NBFCs). The growth levels are expected to coincide with that of the
NBFCs, once the limits are decreased.
Disclaimer:
120
 Revenue from operations increased by 48.0% to ₹947.6 crore in Q3 FY21 from ₹640.2 crore in Q3
FY20.
 Net profit increased by 99.9% to ₹336.9 crore in Q3 FY21 from ₹168.5 crore in Q3 FY20.
 Consolidated group return on equity (ROE) stood at 34% in 9M FY21.
 The group net worth stood at ~₹3,930.0 crore as on 31st December, 2020.
 Consolidated net debt of the group stood at ~₹3,700.0 crore in Q3 FY21. Debt excluding the housing
finance business stood at ~₹1,130.0 crore at the end of the quarter.
 The company completed buyback of equity shares worth ₹150.0 crore during the quarter.
 The Board declared a dividend of ₹5 per equity share.
SEGMENT HIGHLIGHTS
BROKING AND DISTRIBUTION
 The company’s market share improved by 20 bps to 2.8% as on 31 st December, 2020, in the broking
business. Market share in cash segment increased by 30 bps QoQ.
 Broking revenues stood at ₹430.7 crore in Q3 FY21.
 It saw new client additions at 3.95 lakh in 9M FY21, up 220% YoY.
 Cash and cash equivalents for capital markets company stood at ~₹740.0 crore as on 31st December,
2020 with unutilized banking lines of ~₹1,500.0 crore.
 The company’s overall average daily turnover (ADTO) grew 98% YoY to Rs 49,700.0 crore in Q3FY21.
 Distribution business assets under management (AUM) grew by 7% QoQ at ₹11,900.0 crore. Current
penetration of the business stood at ~13% on total client base. The company had started Insurance
broking business a year back and registered strong premium collection in first year of business.
 Margin funding segment of the broking business had a loan book size of ~₹680.0 crore.
ASSET MANAGEMENT
 The asset management company’s (AMC) asset under management stood at ₹43,900 crore in Q3
FY21, a rise of 14% QoQ. During the quarter, the revenue was ₹129.1 crore, which declined by 10.3%
YoY.
 AMC gross sales increased by 15% YoY in 9M FY21.
121
 The company’s committed investments to its private equity (PE) and real estate assets under
management stood at ₹6,500.0 as on 31st December, 2020.
 The wealth management business AUM stood at ~₹22,700 crore as on 31st December, 2020.
 Net sales for the wealth management business stood at ~₹1,810 crore at the end of 9M FY21.
HOUSING FINANCE
 Net interest margin (NIM) stood at 5.8% for 9M FY21 and 6.4% for Q3 FY21.
 Net interest income (NII) stood at ₹62.9 crore in Q3 FY21, an increase of 19.6% YoY.
 Profit after tax (PAT) in Q3 FY21 was ₹4.7 crore.
 The housing finance company had total liquidity of ₹210.0 crore as on Q3 FY21.
 Gross non-performing assets (GNPA) stood at 2.9% and net non-performing assets (NNPA) stood at
2.3% in Q3 FY21.
 Collection efficiency in December, 2020, stood at 94%.
 Average loan to value (LTV) of advances stood at 59% in 9M FY21.
 Capital adequacy stood at 51% in 9M FY21.
FUNDS-BASED INVESTMENTS
 Strong traction in fund-based revenues was primarily on account of positive mark to market (MTM)
gains during the quarter.
 Total equity investment including alternate funds was at ~₹2,600 crore as on 31st December, 2020.
MTM of these gains were included in earnings under Ind-AS reporting.
 Cumulative internal rate of return (IRR) on quoted equity investments stood at ~16.3% since
inception and IRR on alternative investments stood at 26%.
FUTURE OUTLOOK
 The company’s subsidiary, Motilal Oswal Real Estate, aims to raise ₹800.0 crore for a real estate
fund, India Realty Excellence Fund V (IREF-V).
Disclaimer:
122
CREDITACCESS GRAMEEN LIMITED

Revenue: ₹541.5 cr (▲19.5%) Net Profit: ₹-79.1 cr (▼173.2%)
FY20.
• Net loss of ₹79.1 crore was reported in Q3 FY21 against a net profit of ₹108.0 crore in Q3 FY20.
CREDITACCESS GRAMEEN LIMITED (CAGL)
• Collection efficiency improved from 88% in September, 2020 to 91% (excluding arrears) in
December, 2020. Including arrears, the same stood at 96% in December, 2020.
• Collection efficiency in Maharashtra improved from 80% in September, 2020 to 86% in December,
2020.
• Share of portfolio on account of full paying customers increased from 81% in September, 2020 to
88% in December, 2020.
• Partially paying customers decreased from 11% in September, 2020 to 7% in December, 2020 and
the non-paying customers also decreased from 11% in September, 2020 to 5% in December, 2020.
• In line with the improved collection strength, there was a significant improvement in PAR 0
(portfolio at risk) from 18.8% in October, 2020 to 11.8% in December, 2020. This recovery trend was
similar to the demonetisation period.
• PAR 60 and PAR 90 excluding Maharashtra was at 4.9% and 3.4%, respectively in December, 2020.
• Disbursements reached to pre-Covid levels growing by 184% QoQ and 35% YoY to ₹4,032 crore in
Q3.
• Strong disbursements helped in expanding the gross loan portfolio (GLP) by 15% YoY and 11% QoQ
to ₹10,203 crore.
• It added 1,65,194 new borrowers in Q3 FY21 v/s 18,447 in Q2 FY21.
• It maintained an expected credit loss (ECL) of 5.94% against a proforma gross non-performing asset
(NPA) of 6.84%.
• During the quarter, It wrote-off ₹111.9 crore (including the accelerated write-off of ₹84.7 crore) and
de-recognized ₹61.2 crore of interest income on its stage 3 portfolio.
• Capital adequacy ratio stood at 31.4% as on 31st December, 2020.
123
Concall Summary
CREDITACCESS GRAMEEN LIMITED
MADHURA MICROFINANCE LIMITED (MMFL)

• Collection efficiency improved from 83% in September, 2020 to 86% in December, 2020.
• While PAR 0 stood at 14.8%, PAR 60 was at 5.5% and PAR 90 at 2.9%.
• Disbursements grew by 144% QoQ and 9% YoY to ₹558 crore.
• It added 70,120 new borrowers in Q3 FY21 v/s 9,794 in Q2 FY21.
• GLP grew by 7% QoQ and stood at ₹2,118 crore.
• It maintained an ECL of 4.6% against a proforma gross NPA of 2.79%. It had written-off ₹19.9 crore
and de-recognized ₹7.3 crore of interest income on its stage 3 portfolio.
• The share of new disbursements from June, 2020 to December, 2020 stood at ~49% of the GLP.
• Consolidated liquidity position remained strong with continued support from its lenders. The cash
and cash equivalent stood at ₹1,586.9 crore as on 31st December, 2020. It had ₹1,599 crore undrawn
sanctions and ₹4,113 crore of sanctions in pipeline.
FUTURE OUTLOOK
• Maharashtra business is expected to reach normalcy in Q4.
• The ECL and write-off is expected to reduce going forward.
• Going forward, as the cost of borrowings have declined significantly, the management intends to
pass on this benefit to its customers.
Disclaimer:
124
CDSL
• Revenue from operations increased by 59.1% to ₹86.1 crore in Q3 FY21 from ₹54.1 crore in Q3 FY20.
• Net profit for the quarter increased by 150.0% to ₹54.0 crore in Q3 FY21 from ₹21.6 crore in Q3
FY20.
• EBITDA for the quarter stood at ₹73.1 crore in Q3 FY21 as against ₹30.5 crore in Q3 FY20. EBITDA
margin was 71% in Q3 FY21.
• During the quarter, annual issuer charges income stood at ₹21.7 crore, other non-market driven
income stood at ₹26.2 crore, market driven income stood at ₹38.3 crore and investment income
stood at ₹16.4 crore.
• The company had ~2.9 crore investor accounts in ~20,500 locations in India as on 31st December,
2020.
• Its market share stood at ~58% in Q3 FY21.
• CIRL (CDSL Insurance Repository Limited) had ~5.9 lakh e-insurance accounts as on 31st December,
2020.
• CCRL (CDSL Commodity Repository Limited) had ~2,980 registered warehouses as on 31st December,
2020.
• Number of securities in demat custody stood at ~46,747.6 crore as on 31st December, 2020. Value of
these securities stood at ~₹25,04,687.4 crore.
• Number of live companies and depository participants as on 31 st December, 2020, stood at 15,992
and 589 respectively.
• ~28.0 lakh new accounts were opened in Q3 FY21.
CDSL VENTURES (SUBSIDIARY)

• Revenue from operations stood at ₹58.9 crore and profit after tax stood at ₹29.3 crore in the
quarter.
• The company added 42.7 lakh KYC (know your customer) accounts in Q3 FY21.
• In the RTA (registrar and transfer agents) business, it added 193 companies in the quarter taking the
total to 625 companies.
125
Concall Summary
CDSL
BUSINESS UPDATES
• The company has initiated new services in-line with transformation and requirements of the current
times including services to hold annual general meetings (AGMs) and external general meetings
(EGMs).
• CDSL remained the only depository to have an international branch in the international finance
center.
FUTURE OUTLOOK
• Going forward, the company expects individual and corporate investors to continue to start availing
digital solutions and online solutions to grow.
• EBITDA margins are expected to remain stable in the coming quarters.
• It remained focused on automating KRA (KYC registration agency) services.
• The company does not plan to make changes to its dividend policy in the near future.
Disclaimer:
126
BAJAJ FINSERV LIMITED

• The revenue from operations grew by 9.6% YoY to ₹15,958.5 crore in Q3 FY21 from ₹14,558.9 crore
in Q3 FY20.
• Profit after tax (PAT) for the quarter stood at ₹2,081.9 crore v/s ₹1,978.1 crore in Q3 FY20.
• Under Ind AS, the insurance subsidiaries have chosen to hold equity securities as fair value through
profit and loss account which resulted in an increase of ₹384 crore and ₹896 crore in consolidated
profit after tax for Q3 FY21 and 9M FY21, respectively.

BAJAJ ALLIANZ GENERAL INSURANCE (BAGIC)
• Profit for the quarter stood at ₹330 crore as against ₹191 crore in Q3 FY20, i.e., a growth of 72.8%. In
9M FY21 it was at ₹1,057 crore.
• Overall, BAGIC growth has been slightly lower than industry but is now back on track. It reported a
sequential growth of 11% in Q3 FY21 against the industry growth of 2% and private players growth
of 8.6%.
• It adopted a calibrated approach to growth. It is focusing to grow in the private cars, 2-wheeler,
commercial lines like property and engineering and retail health, thereby remaining cautious in
group health.
• During the quarter, the 4-wheeler and 2-wheeler segment reported a growth of 9.6% and 13.1%,
respectively while there was a 19% contraction in the commercial vehicle segment.
• Availability of vaccine and recent price hikes for retail health policies by BAGIC and some of its peers
has led to slowdown in demand for retail health insurance. It reported a 3.4% growth in Q3 FY21 and
a 19.4% growth in 9M FY21.
• Given the company’s cautious stance on employer-employee group health due to high loss ratios,
group health de-grew by 8.2% in 9M FY21.
• Its property business grew by 33% in Q3 FY21 and by 39.8% in 9M FY21.
• The engineering business grew by 22.3% in Q3 FY21 and 38.5% in 9M FY21.
• Combined ratio improved to 96.1% in Q3 FY21 v/s 103.6% in Q3 FY20.
• Underwriting result improved significantly with a profit of ₹27 crore for Q3 FY21 v/s a loss of ₹87
crore in Q3 FY20. The higher underwriting profit was due to the lower claim and expense ratios.
• Motor own damage (OD) & retail health non-Covid claims gradually came to pre-Covid levels.
127
Concall Summary
• BAGIC’s Covid claims proportion was in line with its health market share, i.e., around 4%.
• As on 31st December, 2020, the solvency ratio was at 330%.
BAJAJ ALLIANZ LIFE INSURANCE (BALIC)

• Profit for the quarter stood at ₹118 crore as against ₹143 crore in Q3 FY20.
• The industry reported a strong growth in the month of October and de-grew in November as the
spending shifted to consumer goods and durable goods due to the festive season. The growth
momentum thereby recovered in December.
• While guaranteed products witnessed strong preference in H1 FY21 because of uncertainty due to
the pandemic & market volatility, demand for United Linked Insurance Plans (ULIPs) improved in Q3
FY21 on the back of recovery in the equity markets.
• Despite Covid, BALIC had a market beating individual rated premium growth of 14% in Q3 FY21
compared to the industry reporting a de-growth of 9%. Private sector grew by 3%.
• Assets under management (AUM) as on 31st December, 2020 stood at ₹70,295 crore v/s ₹60,789
crore as on 31st December, 2019, i.e., an increase of 15.6%.
• New business premium for Q3 FY21 grew by 20.9% YoY to ₹1,706 crore. The performance was aided
by institutional business bank as bancassurance partners: Axis Bank, IDFC First Bank, RBL Bank and
India Post Payments Bank (IPPB).
• Excluding fund business, Group Protection business de–grew by 12% primarily on account of lower
credit off-take by banks, NBFCs (non-banking financial companies) and mutual fund institutions
(MFIs) improving sequentially each quarter.
• Renewal premiums registered a growth of 26% in Q3 FY21.
• Solvency ratio stood at 708% as on 31st December, 2020.
BAJAJ FINANCE LIMITED (BFL)

• The consolidated profit after tax for Q3 FY21 stood at ₹1,146 crore against ₹1,614 crore in Q3 FY20.
• Q3 was marked by granular business recovery, significant improvement in risk metrics and tracking
implementation on business transformation plan.
• Loan losses and provisions for Q3 FY21 was ₹1,352 crore v/s ₹831 crore in Q3 FY20.
• The company experienced continued improvement in portfolio quality in Q3.
• Net non-performing assets (NNPA) for the quarter stood at 0.19% and the adjusted NNPA stood at
1.22%.
• st
Given the stable market conditions, it started dialling down its liquidity buffer. As of 31 December,
2020, the consolidated liquidity buffer stood at ₹14,347 crore v/s ₹24,775 crore as of 20th October,
2020.
• Core AUM growth is expected to be at pre-Covid levels by Q4 FY21.
• BFL continues to hold a management overlay of ₹800 crore in provisions. On account of this, the
overall credit costs for BFL were higher by ₹521 crore and ₹2,762 crore for Q3 FY21 and 9M FY21,
respectively.
128
Concall Summary
• The company reported capital adequacy ratio of 28.18% as of 31st December, 2020. Tier-1 capital
was 24.73%.
• For Bajaj Housing Finance Limited (BHFL), a 100% mortgage subsidiary of BFL, the capital adequacy
ratio (including Tier-II capital) stood at 24.94%.
KEY HIGHLIGHTS
• Digital penetration in several parts of the distribution service chain was witnessed for both BAGIC
and BALIC.
FUTURE OUTLOOK
• There was an increase in the property price on account of the increase in the Insurance Information
Bureau (IIB) rates from Q4 FY21 and going forward, these rates are not expected to be at such high
levels.
Disclaimer:
129
HDFC AMC LIMITED

Revenue: ₹481.9 cr (▼8.2%) Net Profit: ₹369.3 cr (▲4.7%)
• Revenue from operations stood at ₹481.9 crore in Q3 FY21, which declined by 8.2% from ₹524.7 crore
in Q3 FY20.
• The net profit was at ₹369.3 crore in Q3 FY21, which increased by 4.7% from ₹352.6 crore in Q3 FY20.
• The operating profit stood at ₹369.7 crore in Q3 FY21, which decreased by 7.3% from ₹398.7 crore in
Q3 FY20.
• The total expenses in Q3 FY21 stood at ₹112.3 crore, which decreased 10.9% from ₹126 crore in Q3
FY20.
• The other income stood at ₹113.1 crore in Q3 FY21.
• The company has over 65,000 empanelled distribution partners. More than half of its equity business
comes from various distribution channel partners.
• As on 31st December, 2020, the number of employees stood at 1,163 and the number of branches at
224.
• In debt-oriented funds, the company increased its market share, and the inflows were more stable in
fixed-income instruments.
• 72% of the revenues came from equity-oriented schemes, which outperformed its peers during the
quarter.
AUM PERFORMANCE
• The quarterly average assets under management (QAAUM) stood at ₹3,895 billion as at Q3 FY21,
which comprised of 39.6% equity-oriented funds valued at ₹1,542 billion and 60.4% non-equity-
oriented funds valued at ₹2,353 billion. The market share (based on QAAUM) was at 13.1% of HDFC
Mutual Fund (MF).
• The closing AUM stood at ₹4,068 billion as at Q3 FY21, which comprised of 40% equity-oriented funds
valued at ₹1,646 billion and 60% non-equity-oriented funds valued at ₹2,422 billion. The market share
(based on closing AUM) was at 13.1% of HDFC MF.
• The actively managed equity-oriented QAAUM stood at ₹1,505 billion in Q3 FY21, a decline of 9.7%
YoY. Its closing AUM stood at ₹1,605 billion in Q3 FY21, a decline of 5.3%.
130
Concall Summary
HDFC AMC LIMITED
• The debt QAAUM stood at ₹1,453 billion in Q3 FY21, as compared to ₹1,085 billion in Q3 FY20, an
increase of 34%. Its closing debt AUM stood at ₹1,553 billion in Q3 FY21 from ₹1,110 billion in Q3
FY20, which increased by 40%.
• The liquid QAAUM stood at ₹821 billion in Q3 FY21 as compared to ₹989 billion in Q3 FY20, a decline
of 17%. Its closing AUM stood at ₹788 billion, which was marginally lower than ₹791 billion in Q3 FY20.
• The QAAUM of HDFC MF for Q3 FY21 was as follows- equity at 39.6%, debt at 37.3%, liquid at 21.1%,
while others at 2%. The industry wise AUM was as- equity at 37.8%, debt at 35.4%, liquid at 16.1% and
others at 10.7%.
• The ratio of equity-oriented AUM and non-equity-oriented AUM was 40:60 compared to the industry
ratio of 38:62.
• The inflow from systematic transactions stood at ₹9.1 billion.
• The total AUM from its distribution channel was as follows: direct was at 49.2%, mutual fund
distribution (MFDs) at 24.4%, national distributors at 16.8%, banks at 9.6% and HDFC bank at 5.3%.
• Its total monthly average AUM (MAAUM) from T30 cities stood at 85.6% and from B30 cities at 14.4%.
DIGITAL PRESENCE
• 18% of the transactions till date were through its online portal and mobile application.
• There were over 50,000 logins per day on MF online portal and more than 40 new user registrations
every hour.
BUSINESS UPDATE
• The new MD & CEO Navneet Munot will be inducted to the board on 16th February 2021.
FUTURE OUTLOOK
• Going forward, the company plans on adopting a diversified style of management of its funds in order
to reduce the high overlaps among the portfolios of different funds.
Disclaimer:
131
UTI AMC LIMITED

• The revenue from operations for Q3 FY21 increased by 39.8% to ₹341.9 crore from ₹244.5 crore in
Q3 FY20.
• The net profit for the quarter stood at ₹140.2 crore v/s ₹89.8 crore, reporting a growth of 56.1%
YoY. It stood at ₹360.7 crore for 9M FY21 as against ₹302.5 crore in 9M FY20.
ASSET UNDER MANAGEMENT

• The quarterly average asset under management (AUM) stood at ₹1,65,359 crore as on 31st
December, 2020 v/s ₹1,55,190 crore in September, 2020, i.e., an increase of 6.6%.
• The quarterly average AUM in equity and hybrid category increased to ₹64,940 crore in December,
2020 from ₹59,765 crore in September, 2020.
• As of 31st December, 2020, the share of equity and hybrid as a percentage of overall quarterly AUM
increased to 39.27% v/s 38.51% in September, 2020.
• Its market share in the actively-managed equity and hybrid category of funds increased in
December, 2020.
• Its closing AUM as on 31st December, 2020 was ₹1,73,708 crore as against ₹1,51,439 crore in Q2
FY21.
• During the quarter, the gross inflow mobilized through SIP (systematic investment plan) was ₹819.5
crore.
• As of December, 2020, the other AUM grew by ~24% YoY to ₹9,32,719 crore.
• The growth during the quarter was on the back of strong cost control measures taken by the
company. In 9M FY21, it saved ₹13 crore in administrative expenses.
• It witnessed a net inflow of ₹2,236 crore in its categories, thereby improving the AUM for the
quarter.
• In the fixed income category, there was gross sales of ₹5,621 crore during the quarter as compared
to ₹4,036 crore in the previous quarter.
• The contribution of B-30 (beyond 30) locations to the total monthly average AUM for 31 st December,
2020 was ~24% as against 68% for the industry.
132
Concall Summary
UTI AMC LIMITED
• In the quarter ended 31st December, 2020, 95% of the transactions were carried out digitally, of
which ~35% of the transaction was for the equity and hybrid schemes.
KEY HIGHLIGHTS
• It was engaged with PSU (public sector undertakings) banks including Punjab National Bank, Bank of
Baroda and Bank of India. The equity and hybrid gross sales market share with Punjab National Bank
was over 19%.
• UTI MF (mutual fund) continued to focus on growing in the tier-1 and tier-2 cities.
FUTURE OUTLOOK
• In Q4 FY21, it plans to open 4 new branch offices.
• Given the company continues with its cost control measures, it expects to save ~₹20 crore for FY21
as compared to the previous year.
Disclaimer:
133
NIPPON LIFE INDIA AMC LIMITED

• The net revenue from operations stood at ₹268.5 crore in Q3 FY21, which declined by 11.4% from
₹303.1 crore in Q3 FY20.
• The net profit was at ₹212.0 crore in Q3 FY21 v/s ₹149.3 crore in Q3 FY20, an increase of 42% YoY.
• The operating expense stood at ₹130.3 crore in Q3 FY21, which declined by 22% YoY.
• The other income stood at ₹130.4 crore in Q3 FY21 v/s ₹57.5 crore in Q3 FY20.
• The Board declared an interim dividend of ₹3 per share during January, 2021.
• Nippon Asset Management (NAM) India’s assets under management (AUM) was at ₹3,52,360 crore
as on 31st December, 2020. The Nippon India Mutual Funds (NIMFs) average assets under
management stood at ₹2,13,033 crore in Q3 FY21.
• The share of equity assets increased to 39.1% of NIMFs AUM in Q3 FY21.
• NIMF had the largest retail assets in the industry, which was at ₹58,642 crore in Q3 FY21. The retail
assets contributed 26% to NIMFs AUM.
• NIMF is one of the largest ETF players with an AUM of ₹33,939 crore and a market share of 13%.
• As on 31st December, 2020, NIMF had approximately 92 lakh investor folios, with an annualised
systematic book of over ₹8,000 crore.
• The individual AUM was at ₹1,08,182 crore and contributed 49% to NIMFs AUM.
• Nippon India alternative investment funds (AIFs) has Category 2 and Category 3 AIFs which had a
total commitment of ₹3,500 crore across various schemes.
• NIMF had a geographical presence at approximately 290 locations pan India.
• It added 1,50,000 ETF folios during Q3 FY21.
• There were 4 lakh digital transactions in Q3 FY21, which increased by 39% YoY. Digital channel
contributed 52% to total new purchase transactions.
• On a quarterly average asset under management (QAAUM) basis, NIMF ETFs managed assets worth
more than ₹31,200 crore in Q3 FY21.
• The company had 20 ETFs in major asset classes including equities, debt and commodities (gold).
• As on 31st December, 2020, the company had retail average assets under management (AAUM) of
~₹58,600 crore.
134
Concall Summary
NIPPON LIFE INDIA AMC LIMITED
• The monthly systematic investment plan (SIP) flows were ~₹660 crore as on December, 2020.
• The offshore business had an AUM of ~₹10,200 crore as on 31st December, 2020.
FUTURE OUTLOOK
• Going forward, the company plans to enter international markets in the asset management industry.
• The company continued to work with the Government of India for the Central Public Sector
Enterprises (CPSE) ETF.
Disclaimer:
135
ICICI SECURITIES LIMITED

• Revenue from operations increased by 46.9% at ₹620.1 crore in Q3 FY21 from ₹422.2 crore in Q3
FY20.
• Net profit for the quarter increased by 94.6% at ₹267 crore from ₹137.2 crore in Q3 FY20.
• Annualised return on equity (ROE) was at 71% in Q3 FY21 v/s 51% in Q3 FY20.
• Equities and allied business revenue stood at ₹428 crore, an increase of 66% YoY in Q3 FY21.
Brokerage revenue grew by 65% YoY in the quarter but declined sequentially due to lower trading
days in Q3 FY21.
• Issuer services and advisory business (investment banking) revenue increased by 33% YoY to ₹23
crore in Q3 FY21.
• The private wealth management (PWM) business reported ₹114 crore of revenue in Q3 FY21 up 86%
YoY. Assets under management (AUM) of the private wealth management business increased by
45% YoY at ₹1.47 lakh crore.
• The company’s portfolio management services (PMS) AUM stood at ₹170 crore as on 31st December,
2020.
• Distribution revenue increased to ₹108 crore in Q3 FY21.
BUSINESS HIGHLIGHTS
• As of 31st December, 2020, the company had a total client base of over 5.07 million, of which
1,39,000 were added in the quarter. 38,000 clients were added through digital sourcing.
• The company’s equity market share expanded by 160 bps YoY to 10.5% in Q3 FY21.
• In the derivatives segment, its market share contracted due to decline in share of leveraged
products.
• Active client base increased by 17% YoY to 1.63 million.
• Prime customers contributed 56% to the equities revenue in Q3 FY21.
• Total client assets stood at ₹3.4 lakh crore as of 31st December, 2020.
• One third of the new accounts opened during the quarter were by non-ICICI Bank customers.
136
Concall Summary
ICICI SECURITIES LIMITED
• The company had a nationwide network of more than 15,200 business partners, consisting of sub-
brokers, authorized persons, individual financial advisors (IFA) and individual advisors (IA), whose
processes have been digitized as of Q3 FY21.
• 99% of equity transactions and 95% of mutual fund transactions were performed online in 9M FY21.
• The company executed 10 investment banking deals during the quarter, against 7 in the
• The investment banking business as on 31st December, 2020, had an IPO pipeline of 10 deals
amounting to over ₹13,800 crore, as per Securities Exchange Board of India (SEBI) filings.
LAUNCHES
• The company launched ICICI Neo during the quarter which offers zero brokerage on futures trades
and flat ₹20 on intraday and options trades.
• ICICI Securities also launched ICICIDirect Money app to offer services related to mutual fund
investments, redemptions, systematic investment plan (SIP) mandates, research recommendations,
etc.
• The company reduced the number of physical branch network to 151 in Q3 FY21 v/s 178 in Q3 FY20.
• Cost to income ratio stood at 42% in Q3 FY21, against 56% in Q3 FY20.
• 3.2 million new demat accounts were opened during the quarter.
• Cross sell ratio stood at 1.7 in Q3 FY21 v/s 1.55 in Q3 FY20.
• The new margin rules had an impact on intraday volumes but impact on revenues was lesser as a
large chunk of revenues came from delivery volumes.
• Employee costs declined QoQ on account of lower provisioning for variable pays.
FUTURE OUTLOOK
• The company plans on increasing its digital presence and has been making investments in
digitisation and technology. It expects to acquire more customers through its digital sourcing
channels.
Disclaimer:
137
ANGEL BROKING LIMITED

• Revenue from operations increased by 71.7% to ₹306.8 crore in Q3 FY21 from ₹178.7 crore in Q3
FY20.
• Total revenue for 9M FY21 increased by 60.8% to ₹855.1 crore from ₹531.9 crore in 9M FY20.
• EBDAT (earnings before depreciation, amortisation and taxes) stood at ₹109.3 crore in Q3 FY21 v/s
• The average daily turnover (ADTO) for equity segment stood at ~₹2,26,100 crore in Q3 FY21, an
increase of 76% QoQ from ~₹1,28,100.0 crore in Q2 FY21.
• ADTO for futures and options (F&O) increased by 88% sequentially and ADTO for cash segment saw
a decrease of 12% sequentially.
• ADTO for commodity segment stood at ₹6,000.0 crore in Q3 FY21 v/s 6,700.0 crore in Q2 FY21.
• Market share for overall equity segment improved to 16.1% from 12.3% QoQ. Market share for F&O
stood at 16.1% and for cash segment stood at 17.6%.
• The number of clients acquired during Q3 FY21 stood at 4,92,131. Total number of clients as on 31st
December, 2020, stood at ~31.9 lakh.
BUSINESS HIGHLIGHTS
• The Angel Broking mobile app and Angel Bee saw over ~80 lakh downloads as on 31st December,
2020. Angel Broking was the 4th fastest growing app in the finance category.
• Average time taken to on board clients stood at 5 minutes. 100% of the new clients were acquired
digitally.
• 75% of all orders placed during the quarter were through the mobile app.
• More than 99% of the orders were executed online by direct clients.
• The company handled a peak of 3.7 million trades in a single day during Q3 FY21.
FUTURE OUTLOOK
• The company expects to grow through a digital and client centric approach.
138
Concall Summary
ANGEL BROKING LIMITED
Disclaimer:
139
MCX INDIA LIMITED

• Revenue from operations stood at ₹100.9 crore in Q3 FY21, which increased by 7.2% from ₹94.1
crore in Q3 FY20.
• Net profit stood at ₹71.8 crore in Q3 FY21, which increased by 29.1% from ₹55.6 crore in Q3 FY20.
• EBITDA in Q3 FY21 stood at ₹73.5 crore v/s ₹62.7 crore in Q3 FY20.
• The company’s market share in commodity derivatives stood at 96.5% in 9M FY21.
• Average daily turnover including index futures contracts stood at ₹32,181 crore in Q3 FY21.
• As of 9M FY21, MCX’s turnover in commodity segments stood as follows: precious metals and stones
contracts at 58.7%, energy contracts at 21.6%, base metals contracts at 18.7% and agri-commodities
at 1%.
• The company has designated warehouses in Bhiwandi (Thane) and Chennai.
• Since base metals contracts were converted into delivery-based contracts in the last fiscal, the
company has witnessed 1,11,000 tonnes of base metals.
• Base metals deliveries in 9M FY21 stood at 47,976 tonnes v/s 51,658 tonnes in 9M FY20.
• Gold mini options contracts and trading in BULLDEX and METLDEX index futures were launched.
• The company had 666 members during Q3 FY21.
• Average realisation during Q3 FY21 was ₹2.05 per transaction worth ₹1 lakh.
• The volume of contracts stood at 156 million lots during 9M FY21.
MCX CLEARING CORPORATION LIMITED

• The settlement guarantee fund (SGF) of the clearing corporation stood at ₹458.4 crore as on 31st
December, 2020.
• The number of clearing counterparties for trades carried out at MCX stood at 197 during Q3 FY21.
• 11 clearing banks were empanelled for fund settlement during Q3 FY21.
140
Concall Summary
MCX INDIA LIMITED
Disclaimer:
141
CAN FIN HOMES LIMITED

• The revenue from operations increased by 2.7% YoY and stood at ₹502.8 crore as compared to ₹516.8
crore in the previous year same quarter.
• The net profit for the quarter increased by 23.7% YoY and stood at ₹131.9 crore v/s ₹106.6 crore in
Q3 FY20.
• Net interest margin stood at 3.97% in December, 2020. Cost to income ratio was at 13.14%.
• Gross non-performing assets (NPA) in Q3 FY21 was at ₹141.9 crore and in percentage terms it was
0.68%. The net NPA was at ₹86.3 crore and in percentage terms it was 0.41%.
• The spread and yield as of Q3 FY21 was 2.91% and 9.78%, respectively.
• The cost of funds for the quarter was 6.87%.
• Capital adequacy ratio fell from 24.52% in Q2 FY21 to 24.37% in Q3 FY21.
• Disbursements in Q3 FY21 de-grew by 25.1% YoY to ₹1,106 crore due to the lockdown in Telangana.
• The liquidity position remained high during the quarter.
• The company continued to focus on its key parameters of growth, liquidity, asset quality and business.
• In December, the collection efficiency was 93%. This included both regular and moratorium
customers.
• During the quarter the company had no write-offs.
BUSINESS HIGHLIGHTS
• The loan book as of Q3 FY21 was ₹21,004 crore. 72% of the outstanding loan book as of Q3 FY21 was
from salaried individuals and professionals.
• The company has maintained ₹13 crore in the form of additional contingency provision in Q3 FY21.
• The company is primarily focusing on lending to salaried individuals and non-salaried individuals only
in safe geographies.
142
Concall Summary
CAN FIN HOMES LIMITED
FUTURE OUTLOOK
• The company is planning to maintain its spread between 2.4%-2.9% in the next 4-5 quarters and
improve its book retention percentage.
• In the coming quarters, the company expects a slight increase in the average ticket size.
• There can be an increase in cost of funds by 25 bps.
• Every year, it plans to open ~15 branches across the country.
• In the next 2-3 quarters, the profile mix of salaried and self-employed is anticipated to return to 70%-
30%.
• Net interest margin and spread are expected to be at ~3% and ~2.4%, respectively in the long run.
• In the next 7-8 quarters, the company expects a normal growth of ~17%-18% in both the book and
loan disbursements.
• The company’s target customers will be in tier II, tier III and metro cities with high ticket size for the
upcoming quarters.
Disclaimer:
143
WESTLIFE DEVELOPMENT LIMITED

• Revenue from operations stood at ₹325.1 crore in Q3 FY21, which decreased by 24.9% from ₹432.9
crore in Q3 FY20.
• Net profit was at ₹0.1 crore in Q3 FY21, which decreased by 99.3% from ₹14.4 crore in Q3 FY20.
• Operating EBITDA for the quarter stood at ₹33.1 crore as against ₹52.1 crore in the corresponding
quarter last year.
• EBITDA margin increased to 10.2% in in Q3 FY21 from -4.9% in Q2 FY21.
• Sales volumes stood at 97% of pre-Covid levels in December, 2020. Sales volumes during the quarter
stood at 85%-90% of pre-Covid levels.
• Fixed costs were reduced by 25%-30% during the quarter.
• The company’s net debt was almost nil as on 31st December, 2020.
• Cash profit during the quarter stood at ~₹34.6 crore.
BUSINESS HIGHLIGHTS
• Dine-in sales stood at ~75% of pre-Covid levels.
• Tier 1 and tier 2 cities witnessed strong recovery in dine-in segment.
• In the second half of the quarter, almost all of its highway stores exceeded pre-Covid sales with the
trend being similar for its stores in smaller cities such as Bharuch, Kolhapur, Nellore and Tirupati.
• The company opened 3 new McDonald’s restaurants and 3 new McCafe’s in the quarter.
• Total number of McDonald’s restaurants stood at 304 and McCafe’s stood at 227 across 43 cities as
• The company’s strong sales performance in the quarter was driven by its omni-channel strategy.
• The company launched its new packaging innovation called EatQual to foster inclusion across
restaurants.
• McCafe sales in Q3 FY21 stood at ~80%-85% of pre-Covid levels and ~70%-75% of the corresponding
quarter last year.
144
Concall Summary
WESTLIFE DEVELOPMENT LIMITED
CONVENIENCE PLATFORMS
• Convenience platforms saw a recovery in sales and were at ~120% of pre-Covid levels.
• 255 on the go (OTG) stores were operational during the quarter.
• McDelivery’s sales in December, 2020, stood at ~110% of pre-Covid levels.
• Drive thru sales in December, 2020, were more than double of pre-Covid levels.
FUTURE OUTLOOK
• The company expects strong growth in both dine-in as well as convenience channels in the coming
quarters.
• It plans to open 25-30 new restaurants in FY22.
Disclaimer:
145
146
TATA STEEL LIMITED

crore in Q3 FY20.
 During the quarter, the net profit stood at ₹4,010.9 crore v/s a net loss of ₹1,228.5 crore in Q3 FY20.
 The consolidated EBITDA increased 53% QoQ and 2.6x YoY to ₹9,540 crore with improved realization
across key entities.
 For Indian operations, its EBITDA stood at ₹8,811 crore with 46% QoQ and 2.14x YoY growth on
account of higher prices, better product mix and lower exports. The EBITDA per tonne was ₹18,931
and an EBITDA margin of 34.9%.
 The net debt reduction for 9M FY21 was ₹18,609 crore and for the quarter it was ₹10,325 crore. In
Q3 FY21 and 9M FY21, the gross debt reduced by ₹5,640 crore and ₹7,649 crore, respectively.
 The consolidated free cash flow was ₹12,078 crore during Q3 FY21 and ₹20,588 crore for 9M FY21.
 The Tata Steel BSL and Tata Steel Long Products generated an EBITDA of ₹1,634 crore and ₹440
crore during the quarter, that translated into an EBITDA/tonne of ₹14,223 and ₹26,471, respectively.
 It spent ₹1,394 crore towards capex during Q3. It restarted its work on pellet plant and cold roll mill
complex at Tata Steel Kalinganagar.
 The crude steel production (India) stood at 4.6 million tonne, registering a 3% YoY growth during Q3,
while the consolidated production stood at 7.2 million tonne.
 The domestic deliveries (India) de-grew by 7.8% QoQ and by 4.1% YoY to 4.7 million tonne. Exports
declined below 11% of overall deliveries. The sales witnessed strong momentum but was
constrained by lower opening inventory. The consolidated deliveries stood at 6.9 million tonne.
 The digital platform Aashiyana scaled up rapidly with gross revenue at more than ₹200 crore, up
40% QoQ and 134% YoY.
 Automotive & Special Product segment deliveries grew by 48% QoQ on account of higher production
by auto original equipment manufacturers (OEMs) and the increased presence with new product
approvals. The Branded products & Retail segment deliveries grew by 5% on a QoQ basis.
147
Concall Summary
TATA STEEL LIMITED
SEGMENTAL HIGHLIGHTS
 In Automotive & Special product segment received approval for High tensile DP590 grade (CR & GA)
from 2 new OEMs.
 The Branded products and retail segment its B2C (business to consumer) brands Tata Shaktee and
Tata Tiscon achieved quarterly sales of more than 1.5 lakh and 5.5 lakh consumers, respectively.
 A new coated brand “Galvanova” was launched to cater to the demand of ECA (electronic compact
actuator) customers with applications in appliances, false-ceiling and solar segments.
 In the Industrial products and projects segment there was deliveries in high-end areas like oil & gas,
pre-engineered building, lifting & excavation & solar and it registered a growth of 33% QoQ and
100% YoY.
 For its Downstream divisions, the Tubes division achieved quarterly deliveries with growth of 14%
QoQ and 13% YoY enabled by strong customer’s engagement and higher rural penetration. The
Wires division achieved quarterly deliveries with growth of 7% QoQ and 6% YoY.
UPDATES
 TSBSL (Tata Steel Bhushan Steel Limited) merger with Tata Steel is progressing ahead. The merger of
Tata Metaliks and Indian Steel and Wire Products with Tata Steel Long Products was also underway.
 The process to separate Tata Steel Netherlands and Tata Steel UK was currently underway.
 The demand from Automotive sector was improving in EU (European Union) and UK (United
Kingdom) while demand from Packaging and Construction sectors are expected to remain strong.
Disclaimer:
148
JSW STEEL LIMITED

 The revenue from operations grew by 21.1% YoY to ₹21,859 crore in Q3 FY21 as against ₹18,055
crore in Q3 FY20.
 There was an increase of 1327.3% YoY in net profit to ₹2,669 crore in Q3 FY21 v/s ₹187 crore in Q3
FY20.
 Operating EBITDA during Q3 was ₹5,946 crore.
 Net debt as on December, 2020 was ₹51,793 crore, which reduced by ₹1,099 crore on a QoQ basis.
 Net debt to EBITDA was 3.53x during December, 2020.
 Cash and cash equivalents as on 31st December, 2021 was ₹13,904 crore.
 The domestic sales were 3.48 million tonnes up by 13% YoY and 16% QoQ.
 The automotive steel sales demand increased by 57% YoY. Overall value added and special products
sales grew by 12% YoY on account of increased offtake from Industrial and Engineering, Solar and
Appliances segment.
 The retail segment had a volume of 1.18 million tonne, which grew by 14% YoY and by 35% on a
QoQ basis.
 The crude steel production during Q3 FY21 was 4.08 million tonnes. The steel sales were 3.90 million
tonnes during the quarter.
 The monthly iron ore production stood at 2 million tonnes.
 The capacity utilisation during the quarter was at 91% as against 86% in the previous quarter.
 The production ramp-up from Orissa mines took place during November, 2020. The production from
it was between ~1.8 million tonnes - 2 million tonnes.
PROJECTS
 Its Dolvi project, Orissa is nearing completion, with majority of units to be commissioned from the
current quarter. Full integrated operations and stabilization to take place in Q1 FY22.
 The Vijayanagar project had two continuous galvanizing lines (CGL) of 0.45 mtpa each with one line
commissioned and another to be commissioned from Q1 FY22.
149
Concall Summary
JSW STEEL LIMITED
 The expansion of its downstream projects, Vasind & Tarapur are under commissioning phase. It is to
be fully commissioned by March, 2021.
UPDATES
 The company completed its acquisition of Asian Color Coated Ispat Limited for a total consideration
of ₹1,550 crore as on 19th October, 2020. The revenue from the acquired business has already
started to contribute to the financial performance of JSW Steel.
 The realisation on steel prices had increased on account of good recovery from auto sector, traction
in real estate and rise in infrastructural demand from government.
 ~35% of long product steel comes from primary sector and ~65% from secondary sector. The prices
of long products rose during the year with some moderation in prices during the quarter due to
improvement in availability from secondary sector. Price of long product steel are expected to
remain range bound with strong demand from consumer durables and automotive sector.
 The demand for premium coking coal from Australia increased during the quarter.
 The company procures iron-ore domestically, while all the other raw materials are imported.
 The company did a price hike of ₹2,000 per tonne on flat steel and ₹2,500 per tonne on long product
steel on a spot price basis.
 The price of iron-ore increased by 135.2% to ₹4,610 during December, 2020 from ₹1,960 previous
quarter and further increased the price by ₹200 during January, 2021.
 The logistics constraints improved as against last quarter.
 The value added capacity from its recently acquired business would be ~4 million tonnes.
TARGET ACHIEVEMENTS
 Total capex utilisation during 9M FY21 was ~₹6,318 crore. The capex guidance for FY21 was ₹~9,000
crore.
 The guidance for production during FY21 was 16 million tonnes of which 10.89 million tonnes had
been achieved. Due to shortages of iron-ore, the company would be able to achieve ~95% of its
guidance for the year.
 The guidance for volume of sales during FY21 was 15 million tonnes in volume, of which 9.5 million
tonne volume has been achieved and the company is confident of achieving 100% target for it.
Disclaimer:
150
 Revenue from operations stood at ₹3,584.6 crore in Q3 FY21, which increased by 8.5% from ₹3,302.4
crore in Q3 FY20. Revenue for 9M FY21 stood at ₹8,274.8 crore v/s ₹9,856.8 crore in 9M FY20.
 Net profit was at ₹170.2 crore in Q3 FY21, which increased by 229.2% from ₹51.7 crore in Q3 FY20.
Net profit for 9M FY21 stood at ₹126.9 crore v/s ₹138.8 crore in 9M FY20.
 EBITDA for the quarter stood at ₹445.0 crore, a rise of 26.4% QoQ and 47.4% YoY. EBITDA for 9M FY21
declined by 6.3% YoY to ₹874.0 crore.
 EBITDA margin during the quarter was 13.2% v/s 9.1% in the corresponding quarter last year.
 EBITDA per tonne stood at ₹18,884.0 during the quarter, an increase of 50.8% YoY. EBITDA per tonne
during 9M FY21 was ₹15,481, an increase of 17.2% YoY.
 Sales volumes for the quarter stood at 2,51,000 MT (metric tonnes) as compared to 2,39,000 MT in
the corresponding quarter last year. 9M FY21 sales volumes were 5,70,000 MT v/s 6,95,000 MT in 9M
FY20, a decline of 18% YoY.
 Domestic sales constituted 85% of total sales and exports constituted 15% in Q3 FY21. In 9M FY21,
domestic sales was 79% of total sales and exports was 21%.
 Average nickel prices stood at $15,930.0 per MT and average FE chrome prices stood at ₹68,775.0 per
tonne in Q3 FY21.
BUSINESS HIGHLIGHTS
 The company witnessed a V-shaped recovery in stainless steel demand and higher sales volumes
during the quarter.
 Pipers & tubes, automotive, industrial fabrication and other end-user segments saw traction during
the quarter.
 Raw material prices saw a sharp rise during the quarter and resulted in positive inventory valuation.
 Stores & spares and power & fuel costs declined by 9% each on a YoY basis during Q3 FY21.
 Due to declining interest rates and repayment of debt, interest costs reduced by 16% YoY to ₹117.0
crore in Q3 FY21.
 Net debt was reduced by ₹890.0 crore during the quarter and stood at ₹2,615.0 crore as on 31st
December, 2020.
151
 Net debt to equity (D/E) ratio stood at 0.9x as on 31st December, 2020.
JINDAL STAINLESS AND JINDAL STAINLESS (HISAR) MERGER

 The Board approved the merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited.
 Shareholders of Jindal Stainless (Hisar) Limited shall be issued equity shares of Jindal Stainless Limited
in the ratio of 1: 1.95.
 The merged entity is expected to have a debt of ~₹3,500.0 crore as on 31st March, 2021.
 The Hisar plant has a capacity of 0.8 million tonnes and is mainly involved in niche stainless steel
products.
FUTURE OUTLOOK
 The company aims to focus on improving its debt position going forward.
 It plans to implement capex (capital expenditure) of ₹2,000-₹3,000 crore in the next 2-3 years and
double the capacity of its Odisha plant. The entire capex will be funded via internal accruals.
 EBITDA per tonne is expected to be ~₹14,000-₹16,000 in FY22.
 Demand is expected to remain strong in the domestic market in the upcoming years due to the
Government’s focus on infrastructure.
Disclaimer:
152
JINDAL SAW LIMITED

• The revenue from operations contracted by 4.1% to ₹2,864.7 crore in Q3 FY21 from ₹2,988.0 crore
in Q3 FY20.
• The net profit for the quarter stood at ₹88.1 crore v/s ₹65.5 crore in Q3 FY20, i.e., a growth of 34.5%
YoY.
• EBITDA for 9M FY21 on a consolidated basis stood at ~₹928 crore.
• The total income on a standalone basis was higher by 10.9% QoQ and stood at ₹2,240.4 crore in Q3
FY21 with an EBITDA of ₹291.9 crore and profit before tax (PBT) of ₹105.4 crore.
• On a standalone basis, the EBITDA margin stood at 13.0% in Q3 FY21 v/s 15.1% in Q3 FY20.
BUSINESS HIGHLIGHTS
• The sale of pipes in 9M FY20 was 9,19,000 MT and pellets was 10,70,000 MT and for 9M FY21, it was
at 7,17,000 MT and 9,10,000 MT, respectively. This resulted to an EBITDA of ~₹798 crore in 9M FY21.
• In 9M FY21, the subsidiaries contributed significantly to the performance of the company as
compared to the last year. It contributed ~₹130 crore to the EBITDA as against ~₹14-₹15 crore in 9M
FY20.
• The overall debt positions improved during the quarter. The standalone debt stood at ₹3,306.7 crore
as on 31st December, 2020. It further reduced to ~₹3,100.0 crore as on date. The consolidated debt
stood at ₹4,239.5 crore. The weighted average cost of capital was below 7%.
• The receivables position improved significantly in comparison to March, 2020 levels.
• It was a supplier to organisations including ONGC (Oil and Natural Gas Corporation Limited).
• The order book of the company improved during the quarter.
• The Abu Dhabi operations contributed ~₹60 crore to the EBITDA in Q3 FY21. This was on account of
improvement in the operations & demand and de-bottlenecking of capacity. This trend is expected
to continue going forward.
RAW MATERIALS
• The increase in steel prices contributed to a slower growth during the quarter due to temporary
delay in its projects.
153
Concall Summary
JINDAL SAW LIMITED
• Due to the spike in the raw material prices (i.e., iron ore lump), margins in the Ductile Iron (DI)
business was temporarily under pressure. It was one of the factors that impacted the EBITDA
margin.
UPDATES
• Jindal ITF Ltd. v/s NTPC case proceedings are still going on. Due to the pandemic, there was no
hearing in the matter. However, Hon’ble High Court now blocked a period of 4 days in April, 2021 to
close the hearing from both sides.
• The promoter holding is at 63% and it is not expected to increase in the near term.
FUTURE OUTLOOK
• On account of increased spending by the Government in the infrastructure segment, the company is
confident to benefit from it going forward.
• The Atmanirbhar Bharat initiative is expected to be beneficial for the pipe manufacturing sector.
• The demand in the upcoming quarter is expected to improve on account of the pent-up demand and
softening of prices of the raw materials.
Disclaimer:
154
APL APOLLO TUBES LIMITED

 Revenue from operations stood at ₹2,600.9 crore in Q3 FY21 as against ₹2,115.9 crore in Q3 FY20,
which increased by 22.9% YoY.
 The net profit increased by 78.6% YoY to ₹148.8 crore in Q3 FY21 v/s ₹83.3 crore in Q3 FY20.
 EBITDA stood at ₹230 crore with a 43% YoY increase in Q3 FY21. EBITDA per ton stood at ₹4,780
with an increase of 45% on a YoY basis.
 Net debt reduced to ₹200 crore in Q3, which stood at ₹790 crore during March, 2020.
 Return on equity (ROE) and return on capital employed (ROCE) for 9M FY21 was 23.2% and 24.8%,
respectively.
 Sales grew by 1% to 4,86,000 tonnes in Q3 FY21.
 The company had structural steel capacity of 2.6 million tons at 75% utilization level.
 Net working capital for 9M FY21 was 8 days as against 25 days during FY20. The company has
changed its business model to cash and carry from May, 2020 onwards to improve its working
capital.
 The operating cash flow was ₹850 crore during Q3 FY21 v/s ₹510 crore in FY20.
 It has ~50% market share in structural steel tubes.
 The company has added two warehouses in Delhi NCR region and Raipur and plans to open more in
South and West India. The warehouse expansion was done to reduce freight costs.
NEW PRODUCT LINE

 The company plans to launch colour coated tubes.
 It would be launching 500 square heavy structural tubes for 16 storey buildings.
 It doesn’t plan to add new capacity on new product lines for at least two years and would outsource
resources if required based on demand.
UPDATES
 ~85% of sales are led by distribution. The distributors days in inventory is usually at 15-17 days.
155
Concall Summary
APL APOLLO TUBES LIMITED
 The steel prices had increased by 20%-30% during the past few months, due to steel shortage in the
country, which led to shortage of tubes in Q3.
 It purchased a machinery of ~₹1.5 crore from China for zinc coating, which had led to a cost
reduction from ₹35 earlier to ₹8 presently.
 All its plants are solar power based which had led to cost control of ~₹200 crore and it saved ~₹500-
₹600 per ton from its value added product segment.
FUTURE OUTLOOK
 It added two galvanizing pipe capacity in Mumbai and Raipur and one cold rolling plant would be
started in Hyderabad from March, 2021 onwards.
 The company would do a capex of ~₹200 crore to maintain EBITDA margin growth at ~25%. The
capex would be utilized through internal accruals.
 It expects EBITDA at ₹4,000-₹4,500 per ton from its value-added products segment in the upcoming
years.
 The door-frame solutions of tricoat business had been set up in Uttaranchal and it expects to expand
more based on demand.
 The tricoat business would be a non-capex business, company expects to do capacity expansion
from 2,50,000 ton presently to ~3,00,000-3,25,000 ton in near future.
 Going forward, the new additions and capacity expansion from the distribution standpoint, would be
in eastern regions.
 The capacity utilization expansion is expected from FY22 onwards.
Disclaimer:
156
MISHRA DHATU NIGAM LIMITED

• Revenue from operations decreased by 8.1% to ₹190.1 crore in Q3 FY21 from ₹206.9 crore in Q3
FY20. Revenue from operations in 9M FY21 stood at ₹467.4 crore v/s ₹509.2 crore in the
corresponding period last year.
• Net profit decreased by 0.5% and stood at ₹60.1 crore in Q3 FY21 from ₹60.4 crore in Q3 FY20.
• Profit before tax during Q3 FY21 stood at ₹80.7 crore as against ₹58.4 crore recorded in the
corresponding period last year.
• EBITDA for the quarter stood at ₹86.4 crore in Q3 FY21. EBITDA margin stood at 45.4% during the
quarter.
BUSINESS HIGHLIGHTS
• Operations continued to remain muted during the quarter on account of the pandemic but
witnessed strong sequential improvement.
• Cobalt prices witnessed reduction which benefited the company’s EBITDA margins.
• Recycling of raw materials was implemented and being tried and tested by the company which
would lead to cost cutting.
• The company and Hindustan Aeronautics Limited (HAL) signed a Memorandum of Understanding
(MoU) for development and production of composite raw materials during the Aero India 2021 in
Bengaluru.
• According to the MoU, HAL would implement production of frontline aircrafts and arrange for the
raw materials.
• The company and HAL would collaborate in the area of composite raw materials which are used in
platforms Light Combat Aircraft (LCA), Advanced Light Helicopter (ALH), Light Combat Helicopter
(LCH) and Light Utility Helicopter (LUH), which are currently imported.
ORDERS
• The company’s order book position as on 1st January, 2021, stood at ₹1,601.0 crore.
• ~60% of the company’s orders came from the space sector.
157
Concall Summary
MISHRA DHATU NIGAM LIMITED
FUTURE OUTLOOK
• The company continued to monitor changes in future economic conditions while taking steps to
improve the operational efficiencies.
• Further sequential recovery is expected in the company’s operations in Q4 FY21.
• Order book is expected to remain stable in the next year.
• The Government plans to sell its 10% stake in the company via offer for sale (OFS) in the near future.
• Contribution of defence sector to the order book may go up to 40% in the coming years.
Disclaimer:
158
JINDAL STEEL & POWER LIMITED

Revenue: ₹10,533.5 cr (▲40.0%) Net Profit: ₹2,566.7 cr (▲1,274.2%)
• Revenue from operations for Q3 FY21 increased by 40.0% YoY to ₹10,533.5 crore.
• EBITDA stood at ₹4,252 crore in Q3 FY21 as against ₹1,574 crore in Q3 FY20. It was ₹9,157 crore in 9M
FY21, up by 80%.
• Net profit from continuing operations stood at ₹2,432.2 crore in Q3 FY21 compared to a net loss of
• Net profit stood at ₹2,566.7 crore in Q3 FY21 v/s net loss of ₹218.6 crore in Q3 FY20.
• JSPL repaid ₹3,289 crore of debt to the banks during the quarter. In 9M FY21, it reduced its debt by
~₹10,298 crore to ₹25,621 crore.
• Net debt to EBITDA (trailing) was 2.35x as on 31st December, 2020.
• A provision of ₹327 crore was made during the quarter.
• On standalone basis, steel production was 1.93 million tonnes (MT) in Q3 FY21 v/s 1.84 MT in Q2 FY21
and 1.61 MT in Q3 FY20.
• The sale of steel was higher by 12% YoY to 1.87 MT during the quarter. As domestic demand continued
to recover, the company increased its sales within India. This was reflected in declining share of
exports for JSPL, which declined to 21% v/s 38% in Q2 FY21.
• In 9M FY21, steel production grew by 14.1% to 5.43 MT and sales by 14.8% to 5.36 MT.
• During the quarter, pellet production increased 2.8% YoY while external sales of pellets reduced by
38.5% YoY to 0.40 MT on account of higher internal consumption.
• The company did not sign any power purchase agreement (PPA) during the quarter, which remained
a challenge.
• The power plant load factor (PLF) was at 56%-58%.
• Jindal Power Limited (JPL) reported an EBITDA of ₹303 crore during the quarter, up by 18% YoY. This
was partially offset by lower realizations.
• Chirodzi (Mozambique) mine produced 872 KT ROM (kilo tonne run of mine), up by 36% YoY in Q3
FY21. It reported an EBITDA of $0.38 million.
• Kiepersol (South Africa) mine produced 146 KT ROM, higher by 42% YoY. It reported an EBITDA of $1.8
million during the quarter.
• Both Wongawilli & Russell Vale (Australia) mines continued to remain under care and maintenance.
159
Concall Summary
JINDAL STEEL AND POWER LIMITED
UPDATE
• JPL decided to issue redeemable preference shares worth ₹7,000 crore which shall be done in two
tranches.
• In the month of December, 2020, the development application for the Russell Vale Revised Preferred
Underground Expansion Project (UEP) was approved by the Independent Planning Commission of
NSW, subject to certain conditions.
FUTURE OUTLOOK
• The company does not expect any shortage of iron ore in the upcoming 2-2.5 years.
• Some provision might be created in Q4 FY21.
• The management aims at ‘15-15-50’: ₹15,000 crore of EBITDA, ₹15,000 crore of debt and ₹50,000 crore of s
turnover by FY22.
Disclaimer:
160
161
HDFC BANK LIMITED

NII: ₹17,328.9 cr (▲14.6%) Net Profit: ₹8,760.2 cr (▲14.4%)
• Consolidated net interest income (NII) increased by 14.6% YoY to ₹17,328.9 crore in Q3 FY21.
Standalone NII was ₹16,317.6 crore, up by 15.1% YoY and 3.4% QoQ.
• Standalone net revenue (NII plus other income) rose to ₹23,760.8 crore in the quarter from ₹20,842.2
crore in Q3 FY20. Core net interest margin for the quarter was 4.2%.
• Fees and commissions (94% retail and 6% wholesale) of ₹4,974.9 crore was higher by 9.9% YoY and
26.0% QoQ.
• Cost to income ratio was 36.1% as against 37.9% in Q3 FY20.
• Pre-provisioning operating profit (PPOP) stood at ₹15,186.0 crore, higher by 17.3% YoY.
• Standalone profit before tax saw an increase of 18.9% YoY to ₹11,771.9 crore.
• Consolidated net profit grew by 14.4% YoY to ₹8,760.2 crore in Q3 FY21.
LOANS AND DEPOSITS

• The disbursements in retail advances, aided by the festive season, surpassed pre-Covid run rate with
40% QoQ growth.
• Retail advances grew by 5% YoY and 4.3% QoQ while wholesale advances rose by 26.0% YoY and 3.8%
QoQ.
• In two-wheeler loans, the bank was ahead of the pre-Covid level while business loans lagged behind.
• Total advances stood at ₹10,82,324 crore, a growth of 15.6% YoY and 4.2% sequentially.
• The merchant acquisition volume was sequentially up by 20% in Q3.
• Overall, the bank opened 2 million accounts in the quarter, an increase of 18% YoY and 9% QoQ.
• Under Emergency Credit Line Guarantee Scheme (ECLGS) 1.0, the bank disbursed ₹22,102.68 crore
across 1,19,599 customers. Under ECLGS 2.0, it disbursed ₹579.16 crore across 58 customers.
• Total deposits amounted to ₹12,71,124 crore as on 31 December, 2020, a growth of 19.1% YoY.
• Current Account Savings Account (CASA) deposit comprised 43.0% of total deposit as on 31 December,
2020.
• CASA deposit grew by 29.6% on a YoY basis with savings account deposit at ₹3,74,639 crore and
current account deposit at ₹1,72,108 crore. Time deposit were at ₹7,24,377 crore, rising by 12.2% YoY.
• Retail constituted 80% of total deposit.
162
Concall Summary
HDFC BANK LIMITED
ASSET QUALITY AND CAPITAL ADEQUACY

• The gross and net non-performing asset (NPA) were at 0.81% of gross advances and 0.09% of net
advances, respectively, as on 31 December, 2020.
• On a proforma basis, gross and net NPA were 1.38% and 0.40%, respectively.
• The proforma annualized slippage ratio for the quarter was at 1.86% v/s 2.31% last year and 1.98% in
Q2 FY21.
• The specific credit cost ratio was at 0.25% of advances. The total credit cost ratio stood at 1.25% as
compared to 1.41% in Q2 FY21 and 1.29% in Q3 FY20.
• Average liquidity coverage ratio (LCR) stood at 146% for the quarter and common equity tier-1 (CET1)
ratio was at 16.8%.
• Capital adequacy ratio (CAR) was 18.9% as per Basel III guidelines. It was 18.5% in the same period last
year.
• Tier 1 CAR stood at 17.6% in Q3 FY21 v/s 17.1% in Q3 FY20.
• Provisions and contingencies for the quarter amounted to ₹3,414.1 crore consisting of specific loan
provisions of ₹691.2 crore and general and other provisions of ₹2,722.9 crore.
• The reported specific provision coverage ratio stood at 78% compared to 84% in the previous quarter
and 67% in the prior year.
• For month-on-month recoveries, the bank is over 15% of its pre-Covid level.
NETWORK AND HUMAN RESOURCE

• The bank added 282 branches in the last 12 months and 55 branches during the quarter. It expects to
open another 100 branches in Q4 FY21.
• It added 1,008 ATMs cash deposits and withdrawal machine since last year and 249 during the quarter.
• The staff count grew by 3,579 YoY to 1,17,560.
HDB FINANCIAL SERVICES (SUBSIDIARY)

• The total loan book was ₹57,710 crore as on 31 December, 2020 as against ₹56,748 crore as on 31
December, 2019.
• LCR was 285.5% for the quarter. Provision and contingencies amounted to ₹818.8 crore.
• NII stood at ₹1,010.4 crore v/s ₹995.3 crore last year. PPOP grew by 7.5% YoY and 9.6% QoQ to ₹748.7
crore.
• The loss for the period was ₹44.3 crore as against a profit of ₹216.7 in the same period last year.
• The gross and net NPA were at 2.7% of gross advances and 1.7% of net advances, respectively.
• Total CAR was at 19.5% with Tier-1 CAR at 13.9% as on 31 December, 2020.
163
Concall Summary
HDFC BANK LIMITED
Disclaimer:
164
ICICI BANK LIMITED

• Net Interest Income (NII) for the quarter stood at ₹11,801.8 crore as against ₹10,325.8 crore in Q3
FY20, registering a growth of 14.3% YoY.
• The net profit for the quarter increased by 17.7% to ₹5,498.2 crore from ₹4,670.1 crore in Q3 FY20.
• Net interest margin (NIM) was 3.67% in Q3 FY21 as against 3.57% in Q2 FY21 and 3.77% in Q3 FY20.
• Domestic NIM was at 3.78% in Q3 FY21 compared to 3.72% in Q2 and 4.04% in Q3 FY20. Overseas
margins were at 0.34%.
• Non-interest income (excluding treasury income) declined by 3% YoY and stood at ₹3,921 crore in
Q3 FY21.
• Fee income for the quarter increased by 0.1% and stood at ₹3,601 crore. Dividend income from
subsidiary was ₹356 crore.
• The core operating profit (profit before provisions and tax excluding treasury income) grew by 14.8%
YoY to ₹8,054 crore in Q3 FY21.
• Interest on income tax refund was ₹196 crore in Q3 FY21 v/s ₹26 crore in Q2 FY21 and ₹16 crore in
Q3 FY20.
• Capital adequacy ratio (including the 9M FY21 profits) as on 31st December, 2020 was 19.51% and
tier-1 capital adequacy at 18.12%.
• Consolidated return on investments was 14.6% in Q3 FY21.
• The continued pick-up in economic activity, tails wins from the festive season, bank’s digital
initiatives and extensive franchise helped in improving disbursements across retail products during
the quarter.
• Disbursements in the retail portfolio improved sequentially. Disbursements in auto loans crossed
pre-Covid levels for Q3 FY21.
• Disbursements in the commercial vehicle and commercial loans portfolio also increased on QoQ
basis. They were below pre-Covid levels.
• Credit card spends reached pre-Covid levels in December led by increase in spends in categories
such as health and wellness, electronics and e-commerce.
• The SME (small and medium enterprises) business grew by 24.6% YoY to ₹27,093 crore as on 31st
December, 2020.
165
Concall Summary
ICICI BANK LIMITED
• Till 27th January, 2021, the bank disbursed ~₹12,000 crore under the ECLGS (emergency credit line
guarantee scheme) 1.0 scheme ~₹600 crore under the ECLGS 2.0 scheme.
• Treasury income included profit of ₹329 crore from sale of 2.2% shareholding in ICICI Securities.
• The growth of the performing domestic corporate portfolio was 9.6% YoY and 8.5% QoQ. This was
driven by disbursements to high-rated corporates to meet their working capital and capital
expenditure requirements. Some focus segments contributing to this growth included PSUs (public
sector undertakings) and large established corporate groups.
• During the quarter, the tax expenses declined due to lower effective tax in Q3 mainly due to higher
gain from sale of stakes in subsidiaries in FY21.
• Proportion of the NBFC (non-banking financial companies) and HFC (housing finance company)
portfolio internally rated BB and below or non- performing at 31st December, 2020 was about 1%.
DEPOSITS
• Total deposits grew by 22.1% YoY to ₹8,74,348 crore as on 31st December, 2020.
• Cost of deposits was 3.97% in Q3 FY21 v/s 4.22% in Q2 FY21.
• During the quarter, average current account deposits increased by 26.5% YoY and average savings
account by 15.9% YoY. Total term deposits grew by 26.1% YoY.
• The liquidity coverage ratio for the quarter was 146%, reflecting significant surplus liquidity.
LOANS
• The overall loan portfolio grew by 10% YoY on 31st December, 2020. The domestic loan portfolio
grew by 13.3% YoY and 7.5% sequentially.
• During the quarter, the retail portfolio grew by 15.4% YoY and 6.8% sequentially. Within the retail
portfolio on a YoY basis, the mortgage loan portfolio grew by 15%, business banking by 39.4%, rural
lending by 24.6%, commercial vehicle and equipment loans by 8.1% and auto loans by 6.9%.
• Growth in personal loan and credit cards portfolio was 9.1%. This portfolio was ₹63,656 crore or
9.1% of the overall loan book as on 31st December, 2020.
• The overseas loan portfolio declined by 25.7% YoY in US dollar terms on 31 st December, 2020. It was
6.2% of the overall loan book. The non-India linked corporate portfolio declined by 48% YoY and
14.1% sequentially.
DIGITAL
• During the quarter, it expanded its state-of-the-art mobile banking app, iMobile to iMobile Pay
which offers payment and banking services to customers of any bank. iMobile can be used for
making payments using UPI (unified payments interface) and offers instant banking services. It
witnessed ~50.000 million activations of iMobile Pay from non-ICICI bank customers.
• The Bank launched an online platform, Infinite India to offer not only banking solutions but also
value-added services to foreign companies looking to establish or expand their business.
166
Concall Summary
ICICI BANK LIMITED
ASSET QUALITY
• Reported gross non-performing assets (NPA) additions during the quarter was ₹471 crore.
Recoveries and upgrades (excluding write-offs) were worth ₹1,776 crore of which ₹933 crore was
from the retail portfolio and ₹843 crore was from the corporate and SME portfolio.
• Gross NPAs and net NPAs during the quarter was ₹2,736 crore and ₹4,861 crore, respectively.
• The gross NPA ratio and net NPA ratio stood at 4.38% and 0.63%, respectively as on 31 st December,
2020. On a proforma basis, net NPA ratio stood at 1.26%.
• Loans amounting to ₹8,280 crore as on 31st December, 2020 were not classified as NPA pursuant to
the Supreme Court’s interim order. Of the ₹8,280 crore, ₹7,520 crore was from the retail portfolio
and ₹759 crore was from the corporate and SME portfolio.
• During the quarter the bank made contingency provision amounting to ₹3,012 crore for borrowers
account not classified as NPA. It utilized ₹1,800 crore of Covid-related provisions that were made in
the earlier quarters.
• Excluding proforma NPAs, the total fund-based outstanding to all borrowers under resolution as per
RBI framework was ₹2,546 crore or ~0.4% of the total loan portfolio at 31st December, 2020. Of this
amount, ₹837 crore was from the retail loan portfolio. The bank held ₹385 crore as provisions for
these borrowers.
• The bank held aggregate Covid-related provisions of ₹9,984 crore as on 31st December, 2020. This
included contingency provision for proforma NPAs amounting to ₹3,509 crore.
• On a proforma basis, the provision coverage ratio was at 77.6% on 31st December, 2020.
• The provisions during the quarter were higher by ~₹2,100 crore due the conservative approach
adopted by the bank.
FUTURE OUTLOOK
• Based on the current economic activity and portfolio trends, the management expects the credit
cost to normalise in 2022.
• The employee count is expected to increase in Q4.
• Business related expenses are expected to increase as well as business volumes increase.
Disclaimer:
167
AXIS BANK LIMITED

NII: ₹7,505.1 cr (▲14.2%) Net Profit: ₹1,334.8 cr (▼29.1%)
• Net interest income (NII) grew by 14.2% YoY to ₹7,505.1 crore in Q3 FY21. Reported net interest
margin (NIM) stood at 3.59%.
• NII before interest reversals grew 19% YoY and 8% sequentially to ₹7,987 crore. NIM before interest
reversals stood at 3.89%, up by 17 bps YoY and 27 bps QoQ.
• Interest reversal for the quarter was ₹614 crore, representing 30 bps impact on NIM.
• Cost to assets stood at 1.96% compared to 2.07% last year.
• Operating profit was up by 6% YoY to ₹6,096 crore. Core operating profit grew by 10% YoY to ₹5,754
crore.
• Profit after tax (PAT) stood at ₹1,334.8 crore in Q3 FY21 as against ₹1,884.0 crore in Q3 FY20.
LOANS AND DEPOSITS

• Including targeted long-term repo operations (TLTRO), the loan book grew by 9% YoY and 1%
sequentially. Retail disbursements were at all time high during the quarter which grew by 7% YoY and
34% QoQ and 11% YoY growth in corporate advances.
• Disbursements in secured segments like home loan (HL), loan against property (LAP) & small business
banking (SBB) grew 23%, 11% and 35%, respectively, on a YoY basis. Wholesale disbursements rose by
34% YoY and 13% QoQ.
• Credit cards spend were up by 31% QoQ, led by retail spends that were up 26% QoQ.
• 81% of the retail book was secured. Retail unsecured portfolio was ~10% of the bank’s portfolio and
19% of retail portfolio.
• Total deposits on a quarterly average balance (QAB) basis increased by 8% YoY.
• CASA ratio stood at 42% which saw a growth of 232 bps YoY and 158 bps QoQ. Retail term deposits
(RTDs) grew 17% YoY.
• CASA and RTD put together on QAB basis, recorded a growth of 16% YoY. The share of CASA and RTD
in the total deposits on QAB basis was up 574 bps YoY and 175 bps QoQ to 86% as of 31st December,
2020.
• The savings and current account acquisition grew by 11% and 9% on a QoQ basis. The bank witnessed
a growth of 15% YoY and 4% QoQ on QAB basis in current account (CA).
• The savings account (SA) deposits saw a rise of 14% YoY and 4% QoQ, within which retail SA deposits
grew by 20% YoY. Retail SA witnessed broad based growth of 19% YOY led by focus on deepening and
premiumisation.
168
Concall Summary
AXIS BANK LIMITED
• The bank opened 1.7 million new liability accounts during the quarter, taking the total to 4.8 million
in 9M FY21.
• Operating expenses increased by 12% YoY to ₹5,053 crore in Q3 and 5% YoY to ₹13,017 crore in 9M
FY21.
• Credit cost for the quarter was 0.65% as compared to 2% for the same quarter last year, representing
a 135 bps decline in credit cost.
• Fee income before and after interest reversal for Q3 FY21 stood at ₹3,040 crore and ₹2,906 crore,
respectively.
• In retail segment, third party products distribution fees grew by 28% YoY and 6% QoQ.
• During the quarter, it collected ₹1,130 crore from BB and below pool and upgraded ₹612 crore.
• In corporate and commercial banking segment, share of transaction banking and forex fees stood at
60% of total fees. Current account (CA) and cash management services (CMS) fees within transaction
banking grew 25% and 74% YoY, respectively. Forex related fee saw a rise of 18% YoY.
• Recoveries from written-off accounts increased by 70% as compared to pre-Covid levels.
• Under the government’s Emergency Credit Line Guarantee Scheme (ECLGS), the bank sanctioned
funding to over 25,000 customers with a value of ₹10,583 crore and disbursements of ₹8,875 crore to
SMEs, individuals and small business owners.
• It disbursed ₹8,289 crore under ECLGS 1.0 and ₹586 crore under ECLGS 2.0.
• Burgundy, its wealth management business had assets under management (AUM) of ₹1.95 trillion
across the regular and alternate investment solutions. Burgundy Private Limited continued to scale up
with combined AUM of ₹43,579 crore.
• The head count increased by 6,425 YoY and 804 QoQ to 77,015 as on 31 st December, 2020. The
increase in staff cost was driven by increments rolled out during the quarter, effective from 1 st
October, 2020.
• It has 19% market share in the UPI ecosystem and 17% market share in mobile banking.

• The restructured loans as at 31st December, 2020 stood at ₹2,709 crore that translates to 0.42% of
the gross customer assets.
• Gross non-performing asset (GNPA) stood at 3.44% and net NPA stood at 0.74% as compared to 5.00%
and 2.09% as on 31st December, 2019, respectively.
• The cumulative non-NPA provision at 31st December, 2020 was ₹11,856 crore, of which ₹5,012 crore
was related to Covid-19.
• The reported gross slippages for the quarter were almost nil since the entire quarter was subject to
the standstill benefit, pursuant to the Supreme Court decision. Gross slippages during the quarter as
169
Concall Summary
AXIS BANK LIMITED
per IRAC norms were ₹6,736 crore. Net slippages in NPAs as per IRAC (before write-offs) for the
quarter was ₹5,831 crore.
• Provisioning coverage ratio (PCR) improved to 75% from 60% last year. It improved 243 bps QoQ. On
an aggregate basis (specific provisions, standard provisions, additional provisions and Covid
provisions), PCR stood at 116% of GNPA on 31st December, 2020 as against 74% on 31st December,
2019.
• Total provisions and contingencies saw a rise of 33% YoY to ₹4,604 crore while it was almost flat
sequentially.
• Capital adequacy ratio (CAR) and common equity tier-1 (CET1) ratio for 9M FY21 stood at 19.31% and
15.36%, respectively, improving 59 bps and 103 bps, respectively, on a YoY basis.
• Average liquidity coverage ratio (LCR) for Q3 FY21 was 106%. Excess statutory liquidity ratio was
₹51,886 crore.
• It had provision for 90+ dpd (days past due) accounts not classified as NPA.
SUBSIDIARIES
• The bank’s total investment stood at ₹1,815 crore while the combined net worth and PAT grew at a
CAGR of 14% and 64%, respectively.
• Axis Capital completed 37 transactions in 9M FY21 comprising 31 equity capital market transactions.
Its PAT stood at ₹88 crore during 9M FY21.
• In Axis Securities, customer acquisition for the quarter was up 99% YoY to 2,33,763 customers. Broking
revenue in Q3 stood at ₹111 crore. PAT stood at ₹118 crore in 9M FY21, over 7x of its FY20 PAT.
• In Axis AMC (asset management company), the average AUM growth was 44% in the last 12 months.
PAT was at ₹164 crore in 9M FY21, higher by 140% YoY.
• In Axis Finance, the non-banking financial company, the CAR remained at 21.7% with GNPA and NNPA
of 3.8% and 1.7%, respectively. Cost to income ratio stood at 27.5% in 9M FY21 with PAT at ₹139 crore.
Return on equity (ROE) was at 17.5%.
Disclaimer:
170
KOTAK MAHINDRA BANK LIMITED

• Net Interest Income (NII) grew to ₹5,160.2 crore in Q3 FY21 from ₹4,441.6 crore in Q3 FY20,
registering a growth of 16.2%.
• Profit before tax grew by 19.6% YoY to ₹3,455 crore in Q3 FY21.
• The net profit for the quarter increased by 10.8% to ₹2,601.7 crore from ₹2,348.7 crore in Q3 FY20.
The difference in the growth of PBT and profit after tax (PAT) was on account of favourable tax order
received by the bank in the corresponding quarter last year.
• The total capital & reserves during the quarter was at ₹82,116.5 crore.
• The capital adequacy ratio was at 24.9% and at 24.3% for tier-1.
• Book value per share stood at ₹412.
• NII in Q3 FY21 stood at ₹4,006.8 crore v/s ₹3,429.5 crore in Q3 FY20, i.e., a growth of 16.8%.
• Net profit for the quarter was ₹1,853.5 crore v/s ₹1,595.9 crore in Q3 FY20.
• Fees and service in Q3 FY21 stood at ₹1,170 crore, registering a growth of 3% YoY and 10.6% QoQ. It
largely comprised of distribution of mutual funds, insurance and other investment products.
• The part of other income which comprised of treasury and related areas, stood at ₹164 crore in Q3
FY21 against ₹394 crore in Q2 FY21.
• The employee cost in Q3 FY20 and Q2 FY21 had a one-time pension cost which was not included in
Q3 FY21. It stood at ₹959.3 crore.
• During the quarter, other operating expenses increased to ₹1,298.6 crore on account of increase in
promotional expenses, brokerage and collection on recovery cost.
• The capital adequacy ratio was at 23.6% and at 23.0% for tier-1.
• Net interest margin (NIM) for the quarter stood at 4.51%.
DEPOSITS
• Cash transaction volume in the month of December, 2020 was at pre-Covid levels.
• Average savings account deposit (YTD) grew by 29.3% YoY and average current account (YTD) by
12.9% YoY.
171
Concall Summary
• Current account saving account (CASA) ratio as during Q3 FY21 was at 58.9% as compared to 53.7%
in Q3 FY20.
• CASA and term deposits (TDs) below ₹5 crore was 92% of the total deposits.
• TD sweep deposits was 8.1% of the total deposits. The cost of savings account was 3.81% in Q3 FY21
v/s 5.27% in Q3 FY20.
CUSTOMER ASSETS
• The loan growth increased by ~4.5% QoQ, i.e., 18% on an annualized basis. The unsecured retail
consumer was 6% of the total loan portfolio.
• In the mortgages and home loans segment, the disbursements improved on a MoM basis and the
focus was on increasing penetration in the salaried segment. Momentum in this segment is expected
to continue.
• Demand for construction equipment was driven by infrastructure projects funded by Government
agencies.
• The loan book witnessed an increase in demand and the new acquisitions grew on a MoM basis.
• Volumes for the loan against property (LAP) was back to pre-Covid levels in December, 2020.
• Collection efficiencies improved MoM and were back to pre-Covid level for secured assets and
nearly at pre-Covid levels for unsecured assets.
• The bank grew its exposure in the NBFC (non-banking financial company) sector, largely led by
growth in the HFC (housing finance companies) sector.
• Consolidated customer asset (including advances and credit substitutes) stood at ₹2,55,786 crore as
ASSET QUALITY AND PROVISION

• As on 31st December, 2020, gross non-performing asset (NPA) stood at 2.26% and net NPA at 0.50%.
If the bank classified the borrowers that were more than 90 days overdue on 31st December, 2020 as
NPA, the gross NPA and net NPA would have been 3.27% and 1.24%, respectively.
• The provision on advances/receivables (net) for the quarter stood at ₹641 crore as against ₹345
crore in Q2 FY21.
• Proforma net NPA stood at ₹2,646 crore and the provisions (including standards, unhedged foreign
currency exposure and Covid-related) at ₹2,262 crore.
• SMA (special mention accounts) 2 was ₹654 crore, i.e., 0.31% of net advances.
• The total approved restructuring as on 31st December, 2020 was 0.28% of net advances. It is
expected to increase going forward.
172
Concall Summary
BUSINESS VERTICALS
• Among subsidiaries, Kotak Securities contributed ₹184 crore to the consolidated PAT as against ₹128
crore in Q3 FY20. Kotak Mahindra Life Insurance had a PAT of ₹167 crore.
• Kotak Mahindra Prime saw 20.3% YoY decline in PAT at ₹149 crore, Kotak Mahindra Investments saw
an increase of 6.3% in PAT at ₹68 crore and Kotak Mahindra Capital had a PAT of ₹38 crore
• Kotak Mahindra Asset Management & Trustee Co had a PAT of ₹91 crore
• Disbursal in the Emergency Credit Line Guarantee (ECLG) scheme till 31st December, 2020 was
~₹9,400 crore. It crossed ₹9,700 crore in January, 2021.
DIGITAL BANKING
• A surge in the customer usage of the digital channels was witnessed with mobile as the preferred
one.
• The bank enabled new digital journey to help customers transact. This included Digi Home Loans 2.0,
Digi Personal loans and 811 Credit Card.
• In its mobile banking it had 5% share of transaction value and transaction volume was up 73%.
• A new net banking version was launched in which all frequently used services were simplified.
• Its mobile banking and net banking had over 180 features and 250 features, respectively.
• In December, 2020, it launched Amazon in KayMall.
• In digital payments transactions, unified payment interface (UPI) was extensively used in customer
and merchant transaction.
FUTURE OUTLOOK
• The management believes that going forward, the consumer reach would improve through
technology and digital means instead of opening new branches.
• The bank is focused on growing its loan book on the secured loan portfolio segment.
• Volume of disbursements are expected to improve in the upcoming quarters.
Disclaimer:
173
INDUSIND BANK LIMITED

NII: ₹3,406.1 cr (▲10.8%) Net Profit: ₹830.4 cr (▼36.6%)
 The net interest income (NII) grew by 10.8% YoY to ₹3,406.1 crore in Q3 FY21 v/s ₹3,074.2 crore in
Q3 FY20.
 During the quarter, the net profit stood at ₹830.4 crore as against ₹1,309.4 crore in Q3 FY20,
reporting a YoY decline of 36.6%.
 During Q3, the return on assets and return on equity was 1.05% and 8.35%, respectively.
 The cost to income ratio was reported at 41.3% in Q3.
 The capital adequacy ratio was 16.3% and tier 1 and tier 2 at 15.62% and 0.7%, respectively.
 Core equity tier 1 capital funds stood at ₹37,962 crore as on 31 st December, 2020.
 The liquidity coverage ratio stood at 156% during Q3.
ADVANCES & DEPOSITS

 The advances and deposits were ₹2,07,128 crore & ₹2,39,135 crore, respectively.
 The current account saving account (CASA) stood at ₹96,646 crore which grew by 5% YoY. Current
account & savings account was 13.5% and 26.9% of deposits respectively.
 Term deposit (TD) and borrowing was ₹1,42,489 crore and 48,622 crore. The TD grew by 14% YoY
while the borrowings increased by 4% YoY.
 The total advances in corporate banking was ₹88,482 crore (43% of loan book) as on December,
2020, while the total advances in consumer finance was ₹1,18,646 crore (57% of loan book).
ASSET QUALITY
 The Covid related provision was ₹1,106 crore in Q3.
 Total provision of ₹3,261 crore related to Covid was as follows: counter-cyclical at ₹760 crore
towards provision coverage ratio (PCR) for reported gross non-performing assets (GNPA), contingent
provision of ₹1,535 crore (towards PCR for proforma GNPA) and balance standard provision of ₹966
crore.
 Standard asset provision was ₹1,015 crore excluding Covid related provisions.
 Proforma GNPA & net non-performing asset NNPA for Q3 FY21 was 2.93% and 0.7%, respectively
and proforma provision coverage ratio (PCR) was 77%
 Total loan related provisions was at 188% of GNPA and 111% of proforma GNPA.
174
Concall Summary
 Loan related provisions was 3.31% of the loans.

 During Q3, NPA and GNPA was 0.22% and 1.74% respectively.
 The real estate segment witnessed resilience in collection and the bank did not restructure any real
estate projects during Q3. Gems & jewellery had no restructuring or slippages for the quarter.
KEY HIGHLIGHTS
 The collection efficiency from vehicle finance and micro-finance was 96.9% & 95.5%, respectively,
during December, 2020.
 The pre-provision operating profit (PPOP) was ₹2,964 crore, which grew by 7% YoY. The PPOP/Assets
was at 3.74%.
 The non-resident Indian (NRI) liabilities account grew by 12% on a QoQ basis to ₹23,500 crore
during Q3. It acquired 55,000 merchants and is presently operating at over 70 locations.
 Cost to income ratio was 41.34% in Q3.
 The diversified and granular fee streams in Q3 FY21 was: corporate banking at 29%, consumer
banking at 56% and trading & other income at 15%.
 The yield per cost was: yield on assets at 8.86%, yield on advances at 11.67%, cost of deposits at
5.34% and cost of funds at 4.74%.
 The segment-wise yield (outstanding) stood as: corporate bank at ₹88,482 crore, consumer finance
at ₹1,18,646 crore.
DIGITAL PLATFORM
 The digital sourcing during Q3 FY21 was as follows: savings at 95%, non-resident at 40%, fixed-
deposits at 91%, current account at 69%, systematic investment plans (IndusSmart) at 92%, personal
loans at 37%, Indus Forex at 43% and credit cards at 38%.
 The digital transaction mix continued to grow with 89% transactions occurring digitally and 70%
service requests processing done digitally.
 The mobile-application user base increased by 37% YoY and average monthly mobile banking
transactions grew by 73% YoY.
 The Whatsapp banking user base increased to 4.75x.
 Average monthly debit card spends recovered beyond pre-Covid level at ₹538.8 crore in Q3 FY21.
PLANNING CYCLE 5 STRATEGY (PC 5) (2020-23)

 The PC-5 strategy is to scale with sustainability.
 The priorities under this scheme includes: retail liabilities surge, fine-tuning corporate bank
approach, holistic rural banking, scaling up domains, new growth boosters underpinned by
digitization and stability.
175
Concall Summary
 The expected outcomes from PC 5 (2020-23) strategy was: loan growth at 15%-18%, CASA ratio at
40%, revenue growth to exceed balance sheet growth, PPOP/loans to be greater than 5%, branch
network at 2,500 and customer base to expand by more than 45 million.
UPDATES
 During the quarter, it launched its first metal credit card ‘PIONEER Heritage’ for the ultra-high net
worth customers.
 Its client base stood at 27 million. It had 2,721 ATMs as on December, 2020.
 The disbursements in retail segment was close to pre-Covid levels.
Disclaimer:
176
YES BANK LIMITED

NII: ₹2,560.9 cr (▲141.2%) Net Profit: ₹147.7 cr (▲100.8%)
 Net interest income (NII) increased by 141.2% YoY and 29.7% QoQ to ₹2,560.9 crore in Q3 FY21. Net
interest margin (NIM) expanded by ~30 bps QoQ to 3.4%.
 Non-interest income for the quarter was at ₹1,197 crore, up by 69.4% QoQ with significant increase
in retail fees.
 Cost-to-income ratio stood at ~43% in Q3 FY21 v/s ~49% in Q2 FY21.
 Operating profit was higher by 68.1% QoQ to ₹2,286 crore in the quarter.
 Profit after tax stood at ₹147.7 crore in Q3 FY21 v/s a net loss of ₹18,564.2 crore in Q3 FY20.
LOANS AND DEPOSITS

 The bank witnessed traction in retail and micro, small and medium enterprises (MSMEs) portfolio in
which it disbursed ₹11,917 crore during the quarter. Corporate disbursements were at ~₹2,000 crore.
 Retail advances mix was at 28% in Q3 FY21, up ~400 bps QoQ.
 Total disbursement under Emergency Credit Line Guarantee Scheme (ECLGS) 2.0 was ~₹1,000 crore
during the quarter and cumulative disbursement was ~₹3,200 crore.
 Deposits grew by 7.7% QoQ and 38.8% in 9M FY21 to ₹1,46,233 crore on 31st December, 2020.
 CASA ratio was at 26.0% in Q3 FY21. The bank opened ~2.2 lakh CASA accounts during Q3 FY21
compared to 1.5 lakh CASA accounts in Q2 FY21.
 Credit-deposit ratio improved to ~116% during the quarter from ~123% last quarter.

 Gross and net non-performing asset (NPA) were at 15.36% and 4.04%, respectively in Q3 FY21.
 Provisioning coverage ratio (PCR) of NPA and non-performing investment (NPI) stood at 76.8% and
~78%, respectively on 31st December, 2020.
 Total provisions of ₹2,935 crore consists of additional ₹765 crore towards Covid-19 related
provisioning (aggregate at ₹2,683 crore) and balance majorly towards increasing PCR of both NPA and
NPI.
 Collection efficiency was at 96% at the end of the quarter.
 There was a cash recovery of ₹1,512 crore during the quarter and ₹2,973 crore during 9M FY21. The
benefit of ₹1,283 crore in Q3 and ₹2,456 crore in 9M FY21 is reflected in the profit and loss account.
177
Concall Summary
YES BANK LIMITED
 Restructuring, worth ₹8,062 crore as on 31st December, 2020, was invoked but not implemented.
Advances to borrowers not classified as NPA since 31st August, 2020 stood at ₹7,058 crore and overdue
advances between 61-90 days stood at ₹3,432 crore.
FUTURE OUTLOOK
 The management expects further recovery and business growth in Q4 FY21.
Disclaimer:
178
 The Net interest income (NII) for Q3 FY21 stood at ₹2,071.7 crore as compared to ₹1,540.3 crore in
the previous year same quarter, which increased by 35.4% YoY.
 The net profit for the quarter stood at ₹632.6 crore v/s ₹731.0 crore in Q3 FY20, which declined by
13.5% YoY.
 The operating profit for the quarter was ₹1,941 crore, which grew by 51.4% YoY.
 The annualised net interest margin stood at 8.3% during Q3.
 The annualised return on assets and return of equity for the quarter was 2.4% and 14.6%,
respectively.
 The company had asset under management worth ₹1,50,000 crore as of 31st December, 2020.
 The company made an additional provision of ₹1,000 crore for Covid.
 The gross non-performing assets (GNPA) and net NPA during December, 2020, was 1.1% and 0.3%,
respectively.
 The total advances for 31st December, 2020, grew by 22.6% YoY to ₹80,255.2 crore.
 The total deposit increased by 29.6% YoY to ₹71,188.3 crore as on 31st December, 2020.
 Current account and savings account (CASA) grew by 62% YoY and the CASA ratio stood at 42.9%
during Q3.
 The company added ~17 lakh customers with total customer base at 2.25 crore as on 31st December,
2020.
 The banking outlets during Q3 FY21 was 5,197.
 The top-up loan disbursements for the quarter was ₹920 crore.
 The capital adequacy ratio (CRAR) for the quarter was at 26.2% and for tier 1 cities at 21.4%.
COLLECTION EFFICIENCY
 The Emerging Entrepreneurs Business (EEB) collection efficiency from top states (West Bengal,
Assam, Rest of India) in value terms stood at 92% during December, 2020.
179
FUTURE OUTLOOK
 The credit cost is expected to be ~5% in Q4 FY21.
Disclaimer:
180
IDBI BANK LIMITED

• Net interest income (NII) increased by 17.8% to ₹1,816.3 crore in Q3 FY21 from ₹1,542.5 crore in Q3
FY20.
• The net profit for the quarter stood at ₹393.2 crore as against a loss of ₹5,728.7 crore in Q3 FY20.
• Profit before tax improved by 11.8% YoY to ₹869.9 crore.
• The operating profit grew by 28% YoY and stood at ₹1,639 crore for the quarter.
• Net interest margin improved by 60 bps on a YoY basis and was 2.87% for Q3 FY21. This was on
account of reduced cost of deposits.
• Capital adequacy ratio as on 31st December, 2020 was 14.77% and common equity tier 1 (CET 1)
ratio (including capital conversion buffer ratio) was 12.22%.
• Return on assets (ROA) and return on equity (ROE) for the quarter was 0.51% and 11.04%,
respectively (annualized).
• CASA (current account saving account) ratio in Q3 FY21 was 48.97%, an increase of 132 bps YoY.
• The cost of deposits improved by 84 bps to 4.18% for Q3 FY21 as compared to 5.02% for Q3 FY20.
This was on account of reduction in bulk deposits and reorganisation of the deposit portfolio.
• The company maintained its collection efficiency ratio of ~94%.
ASSET QUALITY
• Proforma slippages as on 31st December, 2020, was ₹1,294 crore.
• The gross non-performing assets (NPA) and net NPA as on 31st December, 2020 was 23.52% and
1.94%, respectively.
• Proforma gross NPA and net NPA was 24.33% and 2.75%, respectively.
• The provision coverage ratio (PCR) improved to 97.08% as on 31 st December, 2020. The proforma
PCR was 95.9%.
• Total restructuring of the bank was ₹2,960 crore, i.e., less than 2.5% of the standard asset portfolio.
₹1,160 crore was for retail and ₹1,800 crore for corporate. The bank completed the restructuring of
~₹700 crore as on 31st December, 2020.
181
Concall Summary
IDBI BANK LIMITED
RECENT DEVELOPMENTS
• During the quarter, the bank raised equity capital by way of QIP (qualified institutional placement)
and received an amount of ₹1,435.2 crore. A total of 44 investors participated in this QIP, including
12 FIIs (foreign institutional investors).
• In Q3, the bank completed the transaction for sale of 23% stake in its joint venture, IDBI Federal Life
Insurance Company Limited to Ageas Federal Life Insurance Company Limited. The post-sale holding
in the joint venture is 25% as on 31st December, 2020.
FUTURE OUTLOOK
• The slippages are expected to be in a similar range. It intends to maintain it below 2% in the
upcoming quarter.
• The company is focused on improving its net interest income and looking forward to maintain the
corporate retail mix at 45:55.
• ROA of 0.4% is expected for FY21 and it shall be in the range of 0.65% - 0.7% for FY22.
• Net NPA level is anticipated to be less than 3.5% and for FY22, less than 3% and less than 2.5% for
FY23.
• The restructuring of ₹2,256 crore was invoked and is expected to complete in the upcoming quarter.
Disclaimer:
182
THE FEDERAL BANK LIMITED

NII: ₹1,528.4 cr (▲26.5%) Net Profit: ₹419.7 cr (▼7.1%)
• The Net Interest Income (NII) increased by 26.5% to ₹1,528.4 crore in Q3 FY21, from ₹1,208.4 crore in
Q3 FY20.
• The net nrofit decreased by 7.1% to ₹419.7 crore in Q3 FY21, from ₹451.7 crore in Q3 FY20 due to
higher provisions.
• Net interest margin (NIM) stood at 3.2%.
• Gross non-performing assets (GNPA) stood at 2.71% down from 2.99% in the previous year and net
non-performing assets (NNPA) stood at 0.6% down from 1.63% in the previous year.
• Total advances grew by 6% YoY. Gold loans grew by 16% QoQ and 67% YoY.
• Current account and savings account (CASA) deposits grew by 23% YoY and the CASA ratio stood at
34.5%.
• The bank crossed ₹1,000 crore in credit card spends and became the fifth largest private bank in terms
of debit card spends.
• Cost to income ratio stood at 49.82%.
• The capital adequacy ratio of the bank stood at 14.31%.
• Loans applicable for restructuring stood at ₹1,067 crore as of 9M FY21 with most of the restructuring
coming from the retail housing finance business.
• The non-banking financial company (NBFC) book will require minimal restructuring.
• The bank has exposure to only the top non-banking financial companies and housing finance
companies which constitute about 11.5% of the total loan book.
• The current mix of retail and wholesale book in advances stands at 54% and 46% of total advances,
respectively. The bank aims to increase it to 55% retail advances and 45% wholesale advances in the
quarters to come.
ASSET QUALITY
• Including the proforma slippages, GNPA and NNPA would stand at 3.38% and 1.14%, respectively.
• The provision coverage ratio (PCR) improved to 77.1% from 64.65% QoQ. It is expected to stay
between 65%-70% in the upcoming quarters.
183
Concall Summary
THE FEDERAL BANK LIMITED
FUTURE OUTLOOK
• The bank has not raised any capital via preferential issue as it did not get the terms in which they
would like to raise capital. The bank would assess raising capital only in the second half of CY21.
• The bank shall launch credit cards in a phased manner and expects it to be a major driver for growth
ahead.
• 8%-10% credit growth is expected in the next fiscal.
• CASA ratio is expected to be between 33.5%-34%.
Disclaimer:
184
RBL BANK LIMITED

NII: ₹990.5 cr (▲0.1%) Net Profit: ₹146.9 cr (▲120.9%)
• The Net Interest Income (NII) for the quarter stood at ₹990.5 crore as against ₹989.1 crore in Q3
FY20, i.e., a growth of 0.1%.
• Net profit for the quarter increased by 120.9% to ₹146.9 crore from ₹66.5 crore in Q3 FY20.
• NII and other income was impacted on account of interest in fee reversals in Q2 and Q3 on the
proforma slippages. As a result, the net interest margin (NIM) remained subdued at 4.19%.
• Operating profit was ₹805 crore, up by 12% YoY.
• The capital adequacy ratio as on 31st December, 2020 stood at 17.9% with common equity tier (CET)
1 at 17.1%.
• Total deposits grew by 4% sequentially to ₹67,184 crore.
• The retail deposits also registered a growth of 24% YoY and 10% QoQ and stood at ₹24,413 crore.
This was 36.3% of the total deposits.
• Liquidity position continued to be strong with an average liquidity coverage ratio at 164% in Q3
FY21.
• Cost of deposits for the quarter was 5.71%, i.e., 100 bps lower on a YoY basis.
• Current account and savings account (CASA) deposits in Q3 FY21 grew 24% YoY and 4% QoQ. CASA
ratio was 31.1% v/s 26.8% in Q3 FY20.
• Incremental savings from its branches were 2.5 times higher in 9M FY21 as compared to 9M FY20.
• Customer acquisitions, both through digital and physical channels was 2x on a YoY basis.
• Debit card spends increased 30% QoQ. Insurance business was up 22% YoY.
• During the quarter, while the wholesale advances remained flat, retail advances grew by 16% YoY
and 2% sequentially. The wholesale: retail mix was at 42:58.
CREDIT CARD
• The market share of cards increased by 40 bps YoY to 4.8% in November, 2020. The card spends also
crossed the pre-Covid levels.
• The per card spends was at ₹10,400 per month. The spends per active card was better than pre-
Covid levels at ₹21,173.
185
Concall Summary
RBL BANK LIMITED
• For 9M FY21, credit cost was ~7.4%. the entry rate into delinquency was better than pre-Covid levels
and the collection efficiency also improved during the quarter.
MICRO BANKING
• The collection efficiency remained stable at 92%. Going forward, the focus would be on collections
and new disbursements were taken in a conservative manner.
• The percentage of Assam in the total portfolio was 2.4% in Q3 FY21 v/s 4% in Q3 FY20. Collection
efficiency in Assam was at 60%.
• In West Bengal, disbursements were healthy among the existing customers and is expected to
continue going forward.
• Post June, 2020, it added ~₹2,200 crore to the micro finance book, which is ~36% of the portfolio.
This book continued to have a collection efficiency at 99%.
BUSINESS LOAN
• The bank disbursed ~₹655 crore as ECLGS (emergency credit line guarantee scheme) loans by 31st
December, 2020. ~₹500 crore was towards MSMEs (micro, small and medium enterprises) in the
retail segment.
• As of 31st December, 2020, ~₹50 crore of the loans were restructured.
• The collection efficiency in this segment was at 96% of the pre-Covid levels.
ASSET QUALITY
• Reported slippages during the quarter was nil.
• Reported gross non-performing asset (NPA) for the quarter stood at 1.84% v/s 3.34% in Q2 FY21 and
the net NPA was at 0.71% v/s 1.38% in Q2 FY21.
• On a proforma basis, gross NPA and net NPA was at 4.57% and 2.37%, respectively in Q3 FY21.
• The reported provision coverage ratio (PCR) including write-offs was at 86.4% in Q3 FY21 as against
74.8% in Q2 FY21 and 58.1% in Q3 FY20.
• Total restructuring till date was ~₹550 crore for the bank, primarily in the retail segment.
• It restructured 4% of its books across 53,000 customers, most of which happened in the month of
November and December, 2020.
DISTRIBUTION NETWORK
• With 5 additional branches in this quarter, the total number of branches as of 31st December, 2020
was 403. The number of ATMs (automated teller machines) were 412.
• It also had 1,344 business correspondent branches of which 259 were banking outlets.
186
Concall Summary
RBL BANK LIMITED
FUTURE OUTLOOK
• It plans to open 70-80 branches in 2021.
• Going forward, the bank expects growth in deposits to continue and an improvement in retail
deposits.
• Cost of funds during the quarter was reduced significantly and the management is optimistic for it to
improve further.
Disclaimer:
187
AU SMALL FINANCE BANK LIMITED

• The net interest income (NII) grew by 24.9% YoY from ₹506.8 crore in Q3 FY20 to ₹633.1 crore in Q3
FY21.
• The net profit for the quarter grew by 151.9% and stood at ₹479.0 crore v/s ₹190.2 crore in Q3 FY20.
• The current and savings account (CASA) ratio increased to 22% v/s 16% in Q3 FY20.
• The asset under management (AUM) was at ₹33,222 crore, i.e., a growth of 11% YoY. The retail AUM
remained dominant at ~91%.
• Gross non-performing assets (NPA) stood at 1.0% and net NPA at 0.2% in Q3 FY21.
• Disbursements grew by 34% YoY during the quarter and stood at ₹6,519 crore. This growth was
primarily driven by increase in demand across most key segments.
• The capital adequacy ratio for the quarter was 22.9% including the nine months interim profit.
KEY HIGHLIGHTS
• Of the total disbursements, over 89% were towards retail and 11% to corporate.
• The bus and taxi segment in Wheels, schools, retail garments and rentals in SBL were
disproportionately impacted but now the demand is improving.
• The bank restructured ₹251 crore mainly in buses and taxis within Wheels, schools and apparels within
secured business loans (SBL) during the quarter.
• Individual Driven Banking contributed ~60% of branch deposits as on Q3 FY21 v/s 36% in Q3 FY20.
• The company added branch footprints in 16 new locations including Bhubaneshwar, Hyderabad,
Kolkata and Lucknow.
• It engaged with large partners like Amazon, Flipkart, Myntra, Swiggy, Zomato, Dominos, etc. with
attractive merchant offers leading to higher customer engagement and balances build up.
• CRISIL awarded “FAA+/Stable” rating to AU Bank’s Fixed Deposits in Q3 FY21.
• AUM spreads remained stable at 7.6% and the incremental spreads improved from 8% in Q3 FY20 to
8.1% in Q3 FY21.
• The collection efficiency and activation rates experienced growth and achieved pre-Covid levels. In Q3
FY21, the collection efficiency stood at 97%.
• During the quarter, the bank used a part of Aavas sales proceeds (₹480 crore) to make an additional
provision.
188
Concall Summary
AU SMALL FINANCE BANK LIMITED
• In Q3 FY21, the bank entered into partnerships with Care Health Insurance and ICICI Prudential Life
Insurance to enhance its 3rd party product range.
TREASURY
• The cost of funds for 9M FY21 was 6.95%, a reduction of 74 bps since FY20.
• The liquidity coverage ratio and credit deposit ratio stood at 111% and at 102% as of 31st December,
2020.
OPERATING ENVIROMENT
• The loan book as of Q3 FY21 was ₹21,004 crore. 72% of the outstanding loan book as of Q3 FY21 was
from salaried individuals and professionals.
• The company has maintained ₹13 crore in the form of additional contingency provision in Q3 FY21.
DIGITAL BANKING
• The company launched new mobile banking/internet banking for retail customers and credit cards
internally for its employees.
• The bank executed 1.6 crore transactions worth ~₹6,000 crore on unified payment interface (UPI)
platform and ₹172 crore payments were executed through aadhaar enabled payment system (AePS)
during the quarter.
• During the quarter, ~1,000 savings and fixed deposits accounts were opened using video banking.
• The bank invested towards National Payment Corporation of India (NPCI) to strengthen its digital
platform.
FUTURE OUTLOOK
• The company will continue to focus on restructuring and overall restructured advances would stabilize
at ~1.5% of gross advances including fresh restructuring that the bank might undertake in Q4 FY21.
• The bank expects a significant growth in demand during Q4 FY21 along with reduction in credit costs.
Disclaimer:
189
THE KARNATAKA BANK LIMITED

• Net interest income (NII) increased by 20.94% YoY to ₹614.05 crore in Q3 FY21. It grew by 14.85% YoY
to ₹1,724.04 crore in 9M FY21.
• Net interest margin (NIM) was 3.26% in the current quarter v/s 2.83% in Q3 FY20. It was 3.07% for 9M
FY21 as compared to 2.82% for 9M FY20.
• Operating profit in Q3 FY21 declined by 12.72% YoY to ₹437.96 crore. For 9M FY21, it grew by 27.67%
YoY to ₹1,615.34 crore. The decrease in Q3 was due to lower trading profits and higher
superannuation benefits.
• Net profit grew by 9.93% YoY to ₹135.37 crore in Q3 FY21. For the 9M FY21, it was ₹451.10 crore as
against ₹404.47 crore for 9M FY20, an YoY growth of 11.53%.
• Return on assets (ROA) stood at 0.64% in the quarter as against 0.60% same quarter last year. For the
nine-month period ended in December, it was 0.71% in FY21 while 0.67% in FY20.
• Return on equity (ROE) witnessed an upward traction with 8.28% in Q3 FY21 as compared to 8.15% in
Q3 FY20. It was 9.56% in 9M FY21 vis-à-vis 9.05% in 9M FY20.
• The business turnover of the bank was flat at ₹1,27,013.55 crore with a growth of 0.59% YoY. While
the advances decreased by 3.14% YoY to ₹53,188 crore, the deposits increased by 3.46% YoY to
₹73,826 crore.
• The total expenditure was down to ₹1,430.65 crore in Q3 FY21 from ₹1491.89 crore in Q2 FY21. During
9M FY21, it decreased to ₹4,321.43 crore from ₹4,425.19 crore in 9M FY20. This was mainly on account
of lower interest expense.
• The credit cost of non-performing assets (NPAs) for the quarter and nine-month period was 0.32% and
1.30%, respectively.
• Cost to income ratio stood at 50.63% and 43.24% in Q3 and 9M FY21, respectively.
• The migration to digital channel reached 88.77% in the quarter.
LOANS AND DEPOSITS

• The retail, mid-corporate and large corporate advances constituted 51.43%, 33.10% and 15.47% of
the total advances, respectively, v/s 46.56%, 28.25% and 25.19%, respectively during the last year.
190
Concall Summary
THE KARNATAKA BANK LIMITED
• The large corporate advances declined by 40.41% while the retail and mid-corporate advances saw a
rise of 9.75% on a YoY basis.
• The yield on advances stood at 9.38% in Q3 FY21 vis-à-vis 9.49% in Q3 FY20. The interest spread was
3.98% as compared to 3.43% last year.
• Restructured loan stood at ₹689.80 crore as on 31 December, 2020.
• The growth in gold loan (4.57% of the total advances) was 32.40%, home loan was 7.96%, micro, small
and medium enterprises (MSME) was 18.46% and agriculture loan was 12.25%.
• A YoY growth of 13.57% was observed in current account savings account (CASA) deposits. It stood at
30.07% of total deposits.
• Current account and savings bank account grew by 14.21% YoY and 13.37% YoY, respectively.

• The gross NPA and net NPA came down to 3.16% and 1.74%, respectively.
• Recoveries in technically written off accounts were ₹26.86 crore during the quarter and ₹55.46 crore
during the nine-month period. Total recovery stood at ₹90.90 crore during Q3 FY21.
• Capital adequacy ratio improved to 13.83% on account of reduction in risk weighted assets and a slight
improvement in tier I and tier II capital.
• The special mention account (SMA) 2 stood at ₹342 crore. The one-time restructuring amount was
₹1,029.93 crore.
• Provision coverage ratio (PCR) was 80.51%. It was 59.34% in Q3 FY20 and 64.70% at the end of March,
2020.
FUTURE OUTLOOK
• Further realignment of the loan book is expected in Q4 FY21 which would increase the share of retail
and mid-corporate advances and a decline in the share of large corporate advances. The retail
advances shall be 50%-52%, mid-corporate shall be 32%-33% and large corporate shall be below 15%
in the future.
• The migration to digital channel is expected to be 90% by March, 2021.
• A double-digit growth in advances and a NIM of above 3% are expected in FY22. The management
expects a double-digit ROE and ~1% ROA in the short term.
• The management expects CASA ratio to be 31%-32% of the total deposits within a year.
Disclaimer:
191
SOUTH INDIAN BANK LIMITED

NII: ₹596.4 cr (▼0.9%) Net Profit: ₹-91.6 cr (▼201.2%)
• The net interest income (NII) decreased by 0.9% to ₹596.4 crore in Q3 FY21, from ₹601.8 crore in Q3
FY20.
• The net loss stood at ₹91.6 crore in Q3 FY21 v/s a profit of ₹90.5 crore in Q3 FY20.
• The capital adequacy ratio of the bank stood at 14.47% as on 31st December, 2020.
• Total advances stood at ₹63,353 crore in Q3 FY21 v/s ₹65,334 crore in Q3 FY20.
• Current account and savings account (CASA) deposits grew by 8.9% YoY to ₹23,332 crore in Q3 FY21
from ₹21,422 crore in Q3 FY20.
• The cost to income ratio stood at 54.8% in 9M FY21.
• Gold loan advances increased by 20.2% YoY to ₹8,823 crore in Q3 FY21, from ₹7,342 crore in Q3 FY20.
The gold loan to value ratio (LTV) stood at 66% as on 31st December, 2020.
• CASA ratio stood at 27.93% in Q3 FY21 v/s 25.24% in Q3 FY20.
ASSET QUALITY
• Gross non-performing assets (GNPA) as on 31st December, 2020, stood at 4.90% down from 4.96% in
the previous year.
• Net non-performing assets (NNPA) as on 31st December, 2020, stood at 2.12% down from 3.44% in
the previous year.
• Total proforma NPA stood at ₹1,507 crore during 9M FY21. Collection efficiency, excluding proforma
NPA, stood at 89% in Q3 FY21.
• Provision coverage ratio (PCR) stood at 72% in Q3 FY21 v/s 50.4% in Q3 FY20.
LOAN BOOK
• The total loan book constituted of the following: 24% corporate loans, 23% personal loans, 37%
business loans and 16% agriculture loans as on 31st December, 2020.
192
Concall Summary
SOUTH INDIAN BANK LIMITED
• The segment wise total loan amounts as on 31st December, 2020, were as follows: corporate loans at
₹15,227 crore, personal loans at ₹14,393 crore, business loans at ₹23,368 and agricultural loans at
₹10,365 crore.
FUTURE OUTLOOK
• The bank expects to recover ₹400 crore in Q4 FY21 from two corporate accounts in which the bank
has an exposure of ₹544 crore.
• Going forward, gold loans are expected to be a growth driver for the bank.
• The bank is exploring opportunities to raise capital via rights issue in the near future.
Disclaimer:
193
EQUITAS SMALL FINANCE BANK LIMITED

FY21.
• The net profit for the quarter grew by 17.7% and stood at ₹110.9 crore v/s ₹94.1 crore in Q3 FY20.
• The current and savings account (CASA) ratio increased to 25% at ₹3,967 crore in Q3 FY21.
• The cost to income ratio improved to 56.4% v/s 66.2% in Q3 FY20.
• Capital efficiency improved and recovered back to the pre-Covid levels for all the major segments.
• The return on assets (ROA) and return on equity (ROE) for the quarter stood at 1.83% and 14.32%,
respectively.
ADVANCES
• During the quarter, the advances grew by 19% YoY and stood at ₹17,373 crore. 79.2% of the advances
were secured loans.
• Disbursements in Q3 FY21 was ₹2,461 crore which was at 80% of the pre-Covid levels.
• Collection and billing efficiency for December, 2020, were 105.4% and 88.7%, respectively.
DEPOSITS
• The total deposits excluding the current deposits grew by 62% YoY and stood at ₹15,691 crore.
• The retail term deposits grew by 79% YoY to ₹5,500 crore.
• The savings account deposits witnessed a growth of 96% YoY and stood at ₹3,524 crore.
• The bank acquired and boarded ~1,28,000 savings account through digital marketing in Q3 FY21.
TREASURY
• The liquidity coverage ratio (LCR) as on 31st December, 2020, was 196%.
• During the quarter, the bank repaid targeted long-term repo operations (TLTRO) borrowings of ₹124
crore to the Reserve Bank of India (RBI).
• The bank sold statutory liquidity ratio (SLR) securities from held to maturity (HTM) and booked a profit
of ₹34 crore in Q3 FY21.
194
Concall Summary
EQUITAS SMALL FINANCE BANK LTD
• Income from sale of priority sector lending certificates (PSLCs) was ₹17.4 crore.
ASSET QUALITY & RESTRUCTURING

• As of December 2020, the Covid related provisions stood at ₹57.0 crore, after the adjustment of
₹113.6 crore against the actual provisioning requirements for slippages with respect to specific loan
accounts.
• In accordance with the resolution framework for Covid announced by RBI, the bank approved one-
time restructuring of 1.97% of advances for certain eligible borrowers.
• The gross non-performing assets (NPA) and net NPA stood at 2.23% and 0.65%, respectively, in Q3
FY21.
NEW LAUNCH
• A new exclusive women’s account, Equitas Eva, was launched during the quarter and received good
response from the customers.
NEW APPOINTMENTS
• Rohit Padhke was appointed as the head of mortgages and vehicle finance along with Siby Sebastin,
as the head of employee value proposition (EVP) – Operations.
• During the quarter, Chief Digital Officer (CDO) and Deputy Chief Technology Officer (CTO) were
appointed to strengthen the banks digital transformation.
FUTURE OUTLOOK
• The bank would take adequate measures to bring the LCR ratio to ~130%.
• The provision coverage ratio (PCR) would improve as the bank accelerated its income recognition and
asset classification (IRAC) provision norms across days past due (DPD) buckets.
Disclaimer:
195
UJJIVAN SMALL FINANCE BANK LTD

NII: ₹432.3 cr (▲1.4%) Net Profit: ₹-278.8 cr (▼410.8%)
FY21.
• The net loss for the quarter stood at ₹278.8 crore as compared to a net profit of ₹89.7 crore in Q3
FY20. The loss incurred was on account of accelerated credit provisioning.
• The net interest margin was 9.7% in Q3 FY21 as against 10.9% in Q3 FY20.
• The cost to income ratio was at 62% in Q3 FY21 v/s 71% in Q3 FY20.
• The return on assets and return on equity was -5.8% and -34.7% in Q3 FY21.
• The capital adequacy ratio was 27% with tier-1 capital at 26% with a liquidity coverage ratio of 179%
• The cost of funds further reduced to 7.1% in Q3 FY21 from 8.1% during the same period last year.
KEY HIGHLIGHTS
• There was a customer acquisition of 1.7 lakh during the quarter.
• It restructured ₹852 crore (8.5% of the book as on December, 2020) of portfolio in micro banking on
the basis of discussion with borrowers, analysis of repayment behaviour and current cash-flows.
• Disbursement for Q3 FY21 stood at ₹2,184 crore v/s ₹3,403 crore in Q3 FY20.
• Retail other than micro banking portfolio contributed 27% of total portfolio as against 22% in
December, 2019 and secured advances stood at 25% of the total portfolio as on December, 2020 as
against 21% during the same period last year.
• During the quarter, the treasury income was ₹93 crore as against ₹39 crore in Q3 FY20.
ADVANCES & DEPOSITS

• The gross advances as on 31st December 2020, was ₹13,638 crore.
• Deposits was ₹11,617 crore as on 31st December, 2020, that witnessed a growth of 9% YoY, which was
85% of the total advances. Out of the total deposits 48% were retail deposits.
• The current account savings account (CASA) ratio was 18% as on 31st December, 2020 v/s 12% during
the same period last year.
196
Concall Summary
ASSET QUALITY
• An additional provision of ₹547 crore was created in Q3. The total provision stood at ₹1,029 crore.
• The gross non-performing assets (NPA) and net NPA as on 31st December, 2020 was 1% and 0.05%,
respectively.
MICRO BANKING
• Collections efficiency improved and stood at 94% in December, 2020 v/s 83% during the same period
last year.
• As on 31st December, 2020, disbursements stood at ₹892 crore v/s ₹878 crore during the same period
last year.
• Over seven thousand transaction points were added during the quarter along with a tie-up with Airtel
Payments bank.
• The Gold Loan product operated strongly in 5 branches and 36 loans worth ₹0.18 crore was disbursed
since October, 2020.
AFFORDABLE HOUSING
• The collection efficiency was 94% in December, 2020 as against 92% in September, 2020.
• Disbursements were ₹209 crore in Q3 FY21 up 80.2%, from ₹116 crore in Q2 FY21.
• It continued to focus on semi-formal segment with deeper penetration in tier 3-4 markets.
MICRO & SMALL ENTERPRISES (MSE)

• The collection efficiency was 90% in December, 2020 as against 81% in September, 2020.
• Disbursements was ₹136 crore in Q3 FY21 up 47.8%, from ₹92 crore in Q2 FY21.
• It disbursed 1,650 cases worth ₹55 crore under MSE Navnirman Loan (NNL) backed by ECLGS
(Emergency Credit Line Guarantee Scheme).
FINANCIAL INSTITUTIONS GROUP

• Collections continued to be at 100% since August, 2020, with no overdue in any account.
• Disbursements grew by 19.3% YoY and stood at ₹105 crore in Q3 FY21.
PERSONAL
• Collection efficiency was at 89% in December, 2020, from 79% as on September, 2020.
• The disbursement stood at ₹30 crore in Q3 FY21.
VEHICLES
• Collection efficiency was 97% in December, 2020, from 92% as on September, 2020.
• The disbursement stood at ₹21 crore in Q3 FY21 v/s ₹3 crore in Q3 FY20.
197
Concall Summary
FUTURE OUTLOOK
• The company expects the collections to improve, going forward.
• It would strengthen its processes, technology platforms and focus on improving productivity across its
business verticals.
• It would continue to expand its reach through strategic tie-ups and provide better services to its
customers.
Disclaimer:
198
DCB BANK LIMITED

NII: ₹334.8 cr (▲3.6%) Net Profit: ₹96.2 cr (▼0.5%)
• The net interest income (NII) increased by 3.6% to ₹334.8 crore in Q3 FY21 from ₹323.1 crore in Q3
FY20.
• The net profit decreased by 0.5% to ₹96.2 crore in Q3 FY21 from ₹96.7 crore in Q3 FY20.
• Net advances stood at ₹25,300.1 crore in Q3 FY21 v/s ₹25,438.2 crore in Q3 FY20.
• Current account and savings account (CASA) deposits degrew by 4% YoY to ₹6,657.6 crore in Q3
FY21 from ₹6,941.3 crore in Q3 FY20.
• CASA ratio stood at 23% in Q3 FY21.
• Cost to income ratio stood at 43.3% in the quarter.
• The total loan book constituted of the following: 42% mortgage loans, 11% micro small and medium
enterprises (MSME) and SME loans, 11% corporate loans, 21% agri and inclusive banking (AIB) loans,
5% gold loans, 6% commercial vehicle loans and 4% other loans as on 31st December, 2020.

• Gross non-performing assets (GNPA) stood at 1.96% as on 31st December, 2020, down from 2.15% in
the previous year.
• GNPA stood at ₹502.3 crore at the end of the quarter.
• Net non-performing assets (NNPA) stood at 0.59% as on 31st December, 2020, down from 1.03% in
the previous year.
• Provision coverage ratio (PCR) stood at 84.25% in Q3 FY21 as against 71.98% in Q3 FY20.
• The capital adequacy ratio of the bank stood at 18.3% as on 31st December, 2020.
DIGITAL INITIATIVES
• The bank deployed blockchain solution which is an automated process for ATM cash replenishment.
• Positive pay system safety was applied for cheque-based transactions.
• Payments via internet banking were integrated with Razorpay.
199
Concall Summary
DCB BANK LIMITED
FUTURE OUTLOOK
• The bank expects gold loans to be a major driver for growth.
• Housing loans and commercial vehicle loans have seen improvement and the bank expects
disbursals to increase going forward.
Disclaimer:
200
BANK OF BARODA LIMITED

• Net interest income (NII) increased by 10.8% YoY to ₹8,508.2 crore in Q3 FY21. Domestic net interest
margin (NIM) rose to 3.07% in Q3 FY21 compared to 2.96% in Q2 FY21. Global NIM stood at 2.87% v/s
2.86% in the previous quarter.
• Consolidated operating profit for the quarter was higher by 21.96% YoY to ₹6,410 crore.
• Net profit stood at ₹1,196 crore in Q3 FY21 v/s a net loss of ₹1,219 crore in Q3 FY20.
• Cost to income ratio for 9M FY21 declined to 47.74% from 48.21% in 9M FY20.

• Reported goss non-performing asset (GNPA) was at 8.48% while proforma GNPA stood at 9.63% as of
• Reported net non-performing asset (NNPA) stood at 2.39% whereas proforma NNPA was at 3.36% as
• The total restructuring advances stood at 1.39% of standard advances.
• Provisioning coverage ratio (PCR), including technical written-off accounts, was 85.46% as at the end
of the quarter. The National Company Law Tribunal (NCLT) loans were provided for up to 92.87% and
the bank held total Covid provision of ₹1,709.35 crore.
• Collection efficiency stood at 93% v/s 91% last quarter. Liquidity coverage ratio (LCR) was 160%-170%.
• Capital adequacy ratio (CAR) and common equity tier-1 (CET1) were at 13.60% and 9.76%,
respectively.
• Slippages on a proforma basis stood at ₹8,637 crore consisting of ₹682 crore from agriculture book,
₹5,669 crore from corporate book, ₹1,054 crore from micro, small and medium enterprises (MSMEs)
book, ₹1,103 crore from Retail and ₹129 crore from others.
LOANS AND DEPOSITS

• Domestic advances increased by 8.31% led by organic retail and agriculture loans at 13.78% YoY and
14.08% YoY, respectively.
• Within retail, home loans saw a growth of 11.99% and auto loans of 22.56% on a YoY basis.
• The growth in agriculture loans was driven by gold loans which was 20%-21% of the agriculture loans.
• Growth in MSME was led by government guaranteed schemes and digital loan products.
201
Concall Summary
BANK OF BARODA LIMITED
• Disbursements under Emergency Credit Line Guarantee Scheme (ECLGS) were more than ₹8,000
crore.
• Domestic CASA ratio increased to 41.20%, up by 240 bps YoY. Domestic cost of deposits in Q3 FY21
was lower at 4.27%, a decline of 15 bps QoQ.
• Domestic current account and savings account grew by 18.29% and 12.27%, respectively, on a YoY
basis.
UPDATES
• The merger of all the branches of Bank of Baroda, Dena Bank and Vijaya Bank was completed in all
respects during the quarter.
• The bank closed 1,300 branches of the combined entity and 1,000 low performing ATMs leading to
significant cost savings.
• The bank has an exposure of ~₹2,000 crore towards Dewan Housing Finance Corporation (DHFL) and
expects a recovery of ~₹800 crore.
FUTURE OUTLOOK
• The management expects cost savings of ~₹1,300 crore on account of the merger in this year. Over
the next five years, an aggregate saving of ~₹10,000 crore is expected.
• The bank is looking forward to raise equity of ₹2,000-₹4,000 crore through Qualified Institutional
Placement during Q4 FY21.
• It expects some capital release from certain loans carrying risk weight of 150% in 3-4 months.
• In employee cost, the run rate is anticipated to be same in Q4 FY21 while a decline is expected
thereafter.
• The management expects a restructuring in the international slippage of ₹2,900 crore from a chemical
company.
Disclaimer:
202
PUNJAB NATIONAL BANK

 The net interest income (NII) grew by 89.4% YoY to ₹8,463.4 crore in Q3 FY21 as against ₹4,468.1
crore in Q3 FY20.
 During the quarter, the net profit stood at ₹585.8 crore v/s a net loss of ₹501.9 crore in Q3 FY20.
 Capital adequacy ratio (standalone) increased to 13.88% as on 31st December, 2020, from 12.84% as
on 30th September, 2020.
 It raised ₹3,000 crore through tier-II bonds in Q3 and ₹495 crore through AT-1 bonds in the month of
January, 2021.
 Global NIM (net interest margin) increased to 3.1% in Q3 FY21 against 2.5% in Q3 FY20.
 The global business of the bank stood at ₹18,09,587 crore during December, 2020, as against
₹17,90,640 crore during December, 2019, a YoY growth of 1.1%.
 The global deposit stood at ₹10,82,156 crore as on 31st December, 2020 as against ₹10,74,157 crore
on 31st December, 2019, a YoY growth of 0.7%. The savings deposit grew by 8.4% YoY to ₹3,99,418
crore December, 2020.
 The domestic advances stood at ₹7,04,979 crore as on 31 st December, 2020 as against ₹7,00,164
crore in the corresponding period last year. The domestic deposit was ₹10,52,844 crore as on 31st
December, 2020.
 Domestic CASA (current account saving account) ratio improved by 277 bps YoY to 44.7% in Q3.
CASA deposits grew by 6.4% YoY to ₹4,70,282 crore in Q3.
 Housing loan grew by 6.5% YoY to ₹83,071 crore as on 31st December, 2020.
 Gross global credit was ₹7,27,432 crore as on 31st December, 2020 as against ₹7,16,483 crore in 31st
December, 2019, registering a growth of 1.5% YoY.
 Net accounts where Covid benefit was given as on 31st December, 2020 was ₹6,807 crore, out of
which provision would be made for ₹4,460 crore.
 Cost to income ratio improved to 43.4% in Q3 FY21 as compared to 47.9% in Q2 FY21.
203
Concall Summary
PUNJAB NATIONAL BANK
ASSET QUALITY
 GNPA (gross non-performing asset) ratio stood at 12.99% in Q3 FY21 a decline of 44 bps from
13.43% in Q2 FY21. The GNPA declined to ₹94,479 crore in Q3 FY21 as compared to ₹96,314 crore in
Q2 FY21.
 NNPA (net non-performing asset) ratio was 4.03% in Q3 v/s 4.75% in Q2. The NNPA declined to
₹26,598 crore in Q3 FY21 from ₹30,920 crore in Q2 FY21.
 The total proforma NPA for 9M FY21 stood at ₹12,919 crore which included: agriculture and allied
NPA of ₹2,182 crore, MSME (micro small and medium enterprises) of ₹6,049 crore, Retail of ₹2,798
crore and others at ₹1,890 crore.
 The collection efficiency in November, 2020 was ~91%-92% and ~88%-89% in December, 2020. It
improved during January, 2021 and is expected to be in the range of ~94% for the month of February
and March, 2021.
 The standard restructured advances stood at ₹2,267 crore as on 31 st December, 2020.
UPDATES
 The bank had opted for license rationalization of 500 branches. Of which 275 branches were
approved for rationalization and remaining is expected to be approved by March and July, 2021. The
rationalization would mostly be in the southern and western parts of India.
 Out of the 17 accounts marked (excluding DHFL) under NCLT (National Company Law Tribunal), the
cash recovery is expected to be ~3,727 crore and debt reduction of ₹9,450 crore in Q4 FY21.
 It sold 3% stake of UTI AMC (Asset Management Company) and realised ~₹167 crore. ~₹500 crore is
expected to be received in June, 2021 from the sale of NAM estates, for which the course of action
had been completed.
 It witnessed muted investments from Corporate Credit segment. ~4% YoY growth is expected from
March, 2021, onwards.
 On the amalgamation front, integration of all major applications/systems like CBS (core banking
solutions), ATM switch, internet banking, mobile banking was completed.
Disclaimer:
204
CANARA BANK LIMITED

• The net interest income (NII) increased by 71.3% to ₹6,323.6 crore in Q3 FY21 from ₹3,691.4 crore in
Q3 FY20.
• The net profit increased by 81.9% to ₹739.2 crore in Q3 FY21 from ₹406.4 crore in Q3 FY20.
• Fee based income for the quarter increased by 25.2% YoY and stood at ₹1,323.0 crore.
• Operating profit for the quarter increased by 46.7% YoY and stood at ₹5,382.0 crore.
• Net interest margin (NIM) stood at 2.8% in Q3 FY21.
• Cost to income ratio stood at 48.0% in Q3 FY21.
• Current account savings account (CASA) deposits stood at ₹3,10,156.0 crore as on 31st December,
2020. Domestic CASA ratio stood at 33.41% at the end of the quarter.
• The total global deposits stood at ₹9,73,021.0 crore as on 31st December, 2020, an increase of 7.8%
YoY.
• The total global gross advances stood at ₹6,67,561.0 crore as on 31st December, 2020, an increase of
5.8% YoY.
• Term deposits stood at ₹6,18,169.0 crore and retail term deposits stood at ₹4,16,938.0 crore as on
• Bulk deposits decreased by 10.6% at ₹2,01,231.0 crore as on 31st December, 2020.
• Corporate and other advances increased by 1.9% at ₹2,89,356.0 crore as on 31st December, 2020.
• Retail loans increased by 9.3% YoY at ₹1,13,835.0 crore and constituted of: housing loans at
₹62,074.0 crore, vehicle loans at ₹13,537.0 crore, education loans at ₹12,957.0 crore and other
personal loans at ~₹25,267.0 crore.
• Retail, agriculture and medium, small and micro enterprises (RAM) advances stood at ₹3,78,205.
crore, an increase of 9.01% YoY.
• Total non-statutory liquidity ratio (SLR) investments stood at ₹43,901.0 crore at the end of the
quarter.
• The total special mention accounts (SMA) 1 and 2 advances stood at ₹17,355.0 crore.
205
Concall Summary
CANARA BANK LIMITED
BUSINESS HIGHLIGHTS
• The number of domestic branches stood at 10,491 as on 31st December, 2020.
• The number of automated teller machines (ATM) stood at 12,973 as on 31st December, 2020.
UPDATES
• The bank raised ₹2,000.0 crore via qualified institutional placement (QIP) during the quarter. It also
raised ₹1,635.0 crore via AT-1 bonds in Q3 FY21.
ASSET QUALITY
• Gross non-performing assets (GNPA) stood at 7.46% during Q3 FY21. Net non-performing assets
(NNPA) stood at 2.64% during Q3 FY21.
• Pro forma GNPA stood at 8.95% during Q3 FY21 and pro forma NNPA stood at 3.93% during Q3
FY21.
• Provision coverage ratio (PCR) stood at 84.9% and pro forma PCR stood at 79.5% during the quarter.
• Slippages stood at 0.07% and pro forma slippages stood at 1.74% during the quarter.
• ~₹10,000.0 crore of NPA was already factored in from the restructuring book in Q3 FY21.
FUTURE OUTLOOK
• Going forward, the bank expects to maintain GNPA at less than 9% and NNPA at less than 4%.
• It expects PCR to be between 80%-81% in Q4 FY21.
• The bank plans to retain its stake in Can Fin Homes Limited.
Disclaimer:
206
207
HINDALCO INDUSTRIES LIMITED

Q3 FY20.
• EBITDA increased by 40.4% YoY and stood at ₹5,242.0 crore in the quarter.
• Consolidated net debt stood at ₹53,802.0 crore as on 31st December, 2020.
• Cash and cash equivalents stood at ₹18,194.0 crore as on 31st December, 2020.
• Consolidated net debt to EBITDA ratio stood at 3.1x as on 31st December, 2020 v/s 3.8x as on 30th
June, 2020.
BUSINESS HIGHLIGHTS
• Alumina production stood at 675 KT (kilo tonnes) in Q3 FY21 and 2,002 KT in 9M FY21. Production
was lower on account of maintenance shutdown at Utkal during the quarter.
• The company was ranked as the most sustainable aluminium company by Dow Jones Sustainability
Index. Its ESG (Environmental Social Governance) rating was improved to BBB from BB in the MSCI
Index.
NOVELIS
• Novelis recorded quarterly shipments of 933 KT, an increase of 17.0% YoY, driven by strong demand
across product end markets.
• EBITDA increased by 46.0% YoY and stood at $501.0 million. Growth in EBITDA was on account of
higher volumes and increased margins.
• EBITDA per ton was $537.0 and increased by 25.0% YoY.
• Net income stood at $209.0 million and increased by 58.0% YoY.
• Integration work with the Aleris acquisition continued with $54.0 million run rate combination cost
synergies achieved as on 31st December, 2020. Potential combination synergies are estimated at
$120.0 million.
• Can, automotive and specialties shipments saw improved demand both YoY and sequentially.
• The company had an arbitration underway to collect €100.0 million from the European Union.
208
Concall Summary
HINDALCO INDUSTRIES LIMITED
ALUMINIUM
• Hindalco reported aluminium segment EBITDA of ₹1,323.0 crore in Q3 FY21, which increased by
27.0% YoY on account of lower input costs.
• EBITDA margins increased by 593 bps YoY to 25.0% in Q3 FY21. Margins were supported by increase
in operational efficiencies.
• Sales for the quarter stood at 315 KT.
• Aluminium VAP (value added products) sales stood at 80 KT during the quarter on account of sharp
revival in domestic demand. VAP sales were 25.0% of the total metal sales in Q3 FY21.
• Utkal alumina capacity expansion of 500 KT is expected to be commissioned in Q1 FY22.
• Domestic sales stood at 41.0% of total metal sales in Q3 FY21 v/s 36.0% in Q2 FY21.
COPPER
• EBITDA from the copper segment stood at ₹202.0 crore in Q3 FY21.
• Cathode production was low at 51 KT in Q3 FY21, due to planned maintenance shutdown in one of
the smelters.
• CC (continuous cast) rods sales increased by 12.0% YoY to 65KT. Total metal sales stood at 73 KT.
• Fertilizer sales increased by 135.0% YoY to 156 KT on account of robust demand.
FUTURE OUTLOOK
• Going forward, the company aims to deleverage its balance sheet.
• It plans to invest ₹7,000.0 crore in the next few years to double its downstream capacity to 6 lakh
tonnes per annum.
• Consolidated net debt to EBITDA ratio is expected to go below 3x in FY22.
• The company would invest ₹730.0 crore on a 34,000 tonnes extrusion plant at Silvassa.
Disclaimer:
209
VEDANTA LIMITED
• Revenue from operations increased by 6.4% YoY to ₹22,735 crore in Q3 FY21.
• EBITDA for the quarter was higher by 18% YoY and QoQ to ₹7,695 crore with a margin of 39%.
• Net profit stood at ₹4,224 crore in Q3 FY21 v/s ₹2,665 crore in Q3 FY20.
• Net debt was ₹ 35,357 crore as on 31st December, 2020 with net debt to EBITDA ratio of 1.5x.
• Cash and cash equivalents were at ₹27,055 crore at the end of the quarter.
• Return on capital employed stood at 13% at the end of Q3 FY21.
ALUMINIUM
• During the quarter, aluminium cost of production (COP) was lower by 18% YoY to $1,387/t (per tonne)
with an EBITDA margin of 28%. Alumina COP was down by 14.5% YoY to $249/t.
• The COP was lower due to excellence in Lanjigarh operations and optimized local and global bauxite
source mix.
• During 9M FY21, aluminium COP at $1,315/t, down by 26% YoY.
• EBITDA for aluminium was $565/t in Q3 FY21.
• Aluminium production stood at 503 thousand tonnes (kt) including trial run, up by 5% YoY and 6%
QoQ. Alumina production was 407 kt during the quarter, lower by 12% sequentially.
OIL & GAS

• New gas facility was commissioned during the quarter with increase in gas production by ~15,000
barrels per day (kboepd). Sales shall commence from Q4 FY21.
• Gross production during the quarter was 160 kboepd v/s 165 kboepd last quarter. 249 wells were
drilled and 131 wells were hooked-up so far.
• Operating cost was $7.7/boe in Q3 FY21 as against $7.0/boe in Q2 FY21, up by 10% due to increase in
workover activities.
• Surface facility at Aishwarya Barmer Hill and liquid handling upgradation projects, which are expected
to complete in Q4 FY21, shall increase the volumes by ~12 kboepd.
• Under Open Acreage Licensing Policy (OALP), oil discovery in Rajasthan was notified in the first well
and evaluation was going-on to establish the potential.
210
Concall Summary
VEDANTA LIMITED
IRON ORE
• Pig iron margin was up to $129/t while the production was 145 kt because of temporary shutdown
taken for maintenance and efficiency improvement during the quarter.
• The company capitalized the opportunity to increase Goa sales to 0.6 million tonnes (MT). Total sales
were 1.3 MT during 9M FY21 with mobilization of existing inventory of 1.1 MT.
• It strategically sourced 0.5 MT of iron ore through government auctions in November, 2020.
• Under the value-added business, the margin during Q3 saw a rise of 54% sequentially to $129/t,
benefitting by domestic steel prices and international coal prices.
• Iron ore production in Karnataka rose by 21% YoY and fell by 1% QoQ to 1.4 MT in Q3 FY21.
ESL STEEL AND FACOR

• Hot metal production was at 372 kt since the acquisition of electrosteel business. It achieved ~1.5 MT
designed run rate of hot metal production in the quarter.
• Total steel sales were at 333 kt, a growth of 5% YoY and 23% QoQ with higher deliveries of value-
added products (VAP). VPA mix increased to 85% in Q3 FY21 vs 71% in Q2 FY21.
• EBITDA stood at ₹570 crore compared to ₹256 crore last quarter. EBITDA margin was $111/t (22%), a
growth of 101.8% YoY and 18.1% QoQ.
• Since the acquisition of Ferro Alloys Corporation Limited (FACOR), the company has operationalized
and enhanced production in 2 mines.
• The production increased by 38% with margin improvement of 2.5x post acquisition. There was full
utilization of captive ore as against 50% prior to acquisition.
• The domestic market share in iron ore increased to 75% in Q3 v/s 35% in H1 FY21. It also introduced
e-auction of ferro chrome.
ZINC
• Zinc India recorded a 4% YoY growth in its MIC production which amounted to 244 kt while a 7% YoY
growth in integrated metal production amounting to 235 kt.
• The company produced 4 MT of Hindustan Zinc with mine development of 27 km in the quarter. COP
saw a decrease of 10% YoY to $958/t for 9M FY21 since transition to underground (UG).
• Overall COP decreased by 17% YoY to $1,317/MT.
• Refined saleable silver production stood at 183 tonnes, higher by 23% YoY. During 9M FY21, it
achieved a production of 503 tonnes.
• Gamsberg recorded a production growth of 39% YoY and 23% QoQ to 43 kt during the quarter with a
COP of $1,264/t in 9M FY21.
• Black Mountain Mining (BMM) registered a de-growth of 13% YoY and flat sequentially to 16 kt.
211
Concall Summary
VEDANTA LIMITED
UPDATES
• The flagship corporate social responsibility projects, 2,000th Nand Ghar, became operational in
transforming lives of India’s women and children.
• The company launched Project Pratham, a move towards digital transformation. Project Disha is an
integrated data and decision platform to enable analytics-led decisions and monetizing wealth of
group-wide data.
FUTURE OUTLOOK
• The management expects aluminium production of 2.2 MT by March, 2021. A capacity expansion in
Lanjigarh from ~2 MT per annum to 5 MT per annum is expected in the next 2-3 years.
• The company expects to operationalize its coal blocks and excellence across power plants and
smelters in the upcoming years.
• Gamsberg is ramping up achieve full potential in Q4 FY21 with an average production of 600 tonnes
per day.
• Free cash flow of $750-1,000 million is expected during Q4 FY21 which shall lower the net debt.
• It is looking forward to produce refined saleable silver of 650 tonnes in FY21 and 800 tonnes
thereafter.
• In oil & gas, it plans to exit Q4 with a gross production of 185 kboepd and 220 kboepd in FY22. Under
OALP, drilling in Assam and Cambay is expected to commence in Q4 FY21 to evaluate block potential.
• In pig iron, the management is looking forward to expand its margin by $10-$15/t in the near term
once the enhancement activities are completed.
• It aims to achieve a COP of $900/t in zinc production.
Disclaimer:
212
HINDUSTAN ZINC LIMITED

 Revenue from operations in Q3 FY21 increased by 27.9% YoY to ₹5,915.0 crore from ₹4,626.0 crore in
Q3 FY20. This was led by higher metal volumes, higher zinc & silver prices and rupee depreciation
partly offset by lower lead prices.
 Net profit for the quarter was ₹2,200 crore, up 35.8% YoY from ₹1,620 core in Q3 FY20 and 13.4%
sequentially driven by recovery in metal prices and strict cost discipline.
 EBITDA for the quarter rose by 44.8% YoY to ₹3,314 crore and 12.3% sequentially on account of higher
revenue and well managed operating costs.
 Zinc sales volume increased 6% YoY and lead by 30% YoY in line with higher production and robust
demand. Zinc London Metal Exchange prices were sequentially up 13%, while lead prices were up 1%.
 Zinc cost of production before royalty (COP) was $946 (₹69,744) per metric tonne (mt) for the quarter,
lower by 12% YoY and higher 3% sequentially. COP for the quarter was impacted by one-time
employee pay-outs equivalent to $20 per mt. 9M FY21 COP was $958, down 10% YoY. The COP for the
quarter and 9M benefitted from ongoing structural cost reduction initiatives partly offset by
sequential increase in mine development in Q3.
 The company's net cash and cash equivalents as at the end of 31st December, 2020 was ₹10,987 crore
as compared to ₹17,832 crore at the end of September, 2020 and was invested in high quality debt
instruments.
 The company reported highest ever quarterly ore production and the lowest 9M cost of production
since transition to UG operations.
 The company reported: mined metal production of 244 kt (kilo tonne), refined metal production of
235 kt and saleable silver production of 183 mt.
 Integrated metal production was 235 kt for the quarter, up 7% from a year ago. Integrated zinc
production was 182 kt, up 2% YoY, while integrated lead production was up 28% YoY to 52 kt on
account of dedicated pyro-lead smelter operation. Integrated silver production was 183 mt, up 23%
YoY on account of higher lead production.
 9M FY21 refined metal production was up 4% at 674 kt in line with mined metal availability, while 9M
silver production was 14% higher on a YoY basis at 503 mt in line with higher lead production and
higher metal grades.
213
Concall Summary
HINDUSTAN ZINC LIMITED
EXPANSION PROJECTS
 Environment Clearance (EC) was received from Ministry of Environment & Forest (MoEF) for Zawar
mine expansion from current 4 million mt per annum to 4.8 million mt per annum.
 Chanderiya zinc smelter also received EC for expansion from current 0.42 million mt per annum to
0.50 million mt per annum.
 During the quarter, both back-fill plants were commissioned at Zawar mines to make production
process more consistent and disciplined. These plants would de-risk operations and provide
opportunity to mine left-out high-grade ore in pillars.
 Covid-19 restrictions including stringent visa guidelines for Chinese nationals continued during the
quarter which resulted in delay in commissioning of Fumer plant at Chanderiya. It is expected to be
operational by April.
ENVIRONMENTAL ACHIEVEMENTS
 Hindustan Zinc is now included in the list of A rated companies for Climate Change Carbon Disclosure
Project.
 It is now one of the two companies in the metal and mining sector across the globe to achieve A rating
in climate change.
 It is also now a part of business leaders group COP-26.
FUTURE OUTLOOK
 The company had previously aimed to achieve mined metal and finished metal production of 925-950
kt each and saleable silver production of 650 mt in FY21.
 It also guided zinc cost of production to remain below $1,000 per mt and project capex to be between
$100 million and $140 million for the year.
 According to the management, driven by its continued strong performance, it will achieve its mined
metal and refined metal volume guidance, while it is likely to exceed its guidance on silver production
and cost of production for FY21.
Disclaimer:
214
215
SUN PHARMACEUTICAL IND LIMITED

• Revenue from operations increased by 8.4% YoY and 3.3% QoQ to ₹8,836.8 crore in Q3 FY21.
• For 9M FY21, revenue from operations was higher by 1.3% YoY to ₹24,975.2 crore. Sales for 9M FY20
included a one-time contribution from the special business in US and hence the numbers were not
strictly comparable.
• EBITDA for the quarter was up by 36.3% YoY and 12.0% sequentially to ₹2,351 crore with a margin of
26.8%.
• EBITDA for 9M FY21 stood at ₹6,176 crore, a growth of 18.3% YoY with a margin of 25%.
• Net profit stood at ₹1,852.5 crore in Q3 FY21 as against ₹913.5 crore in Q3 FY20. Excluding the
exceptional items, adjusted net profit for 9M FY21 was at ₹4,589 crore, a growth of 36.4% YoY, with a
net profit margin of 18.6%. Reported net profit for the period was at ₹2,009.7 crore.
• Reported earnings per share stood at ₹7.72 for the quarter.
• There was a forex gain of ~₹72 crore as against forex loss of ~₹116 crore in the previous quarter.
• The company repaid debt of about ~$490 million in 9M FY21. Ex-Taro consolidated net debt was ~$250
million.
• The Board of Directors proposed an interim dividend of ₹5.50 per share for the year FY21.
• Material cost was at 26.6% of sales, lower than Q3 FY20 due to improvement in product mix and other
efficiencies. It stood at 26.1% in 9M FY21.
• Other expenditure stood at 27.9% of sales, lower than last year due to decline in marketing and
travelling spend in US, India and other markets. It was at 28.1% for the nine-month period ended
December, 2020.
• Global specialty business reported a revenue of ~$148 million across all markets. Global Ilumya sales
for 9M FY21 crossed FY20 sales.
BUSINESS DIVISION
TARO PERFORMANCE
• It posted sales of $140 million, down by 5.1% YoY and 2.1% QoQ in Q3 FY21. For 9M FY21, it declined
by 14.7% YoY to $401 million.
216
Concall Summary
SUN PHARMACEUTICAL IND LTD
• Net profit for Q3 was $33 million, down by 51.2% YoY and 26.7% QoQ. Adjusted net profit for 9M FY21
was lower by 43.7% YoY to $107 million.
US FORMULATIONS (INCLUDING TARO)

• Sales in the US were $374 million, up by 7% on a YoY basis, accounting for about 31% of total
consolidated sales. This was mainly driven by ramp-up in sales of specialty products and ex-Taro
Generic business.
• The specialty revenue saw a significant sequential increase and crossed pre-Covid levels, driven by
Ilumya, Cequa and Absorica.
INDIA BUSINESS
• Sale of branded formulations in India for Q3 FY21 was higher by 9.4% YoY and 8.8% QoQ to ₹2,753
crore, accounting for 31% of consolidated sales.
• As per AIOCD (All Indian Origin Chemists & Distributors Limited) AWACS, the company’s market share
was 8.2% v/s 7.8% in the prior quarter.
• Growth was led by chronic portfolio. The semi-chronic segment saw a recovery while the acute
segment faced challenges due to lower incidence of infections.
• 90%-95% of the doctors restarted their practices while the patient footfall (70%-75%) was not yet
normalized.
• During the quarter, the company launched 27 new products in the Indian market.
OTHERS
• Sales in emerging markets were at $204 million for Q3, a growth of 4.7% YoY. The underlying growth
in constant currency terms was ~11% YoY. Emerging markets accounted for about 17% of total sales
for Q3.
• Formulation sales in rest of world (ROW) markets, excluding US and emerging markets, were $173
million in Q3 FY21, up by 11.7% on a YoY basis, accounting for approximately 15% of total consolidated
sales.
• In Q3 FY21, external sales of API were at ₹450 crore, a de-growth of 10.5% YoY.
RESEARCH & DEVELOPMENT (R&D) AND UPDATES

• R&D spend in specialty business accounted for ~27% of the total R&D spend during the quarter.
• Consolidated R&D investment for Q3 FY21 was ₹560 crore (6.4% of sales).
• It initiated Phase 2 clinical trial for SCD-044 in patients with moderate to severe plaque psoriasis.
• The pipeline of US Generic market awaits 90 abbreviated new drug applications (ANDAs) and 8 new
drug applications (NDAs) from US Food and Drug Administration (FDA).
217
Concall Summary
SUN PHARMACEUTICAL IND LTD
FUTURE OUTLOOK
• Travelling and other expenses are expected to increase in the upcoming quarters.
• Sub-chronic portfolio is expected to improve in Q4 FY21 while the acute portfolio shall take some time
to recover.
Disclaimer:
218
AUROBINDO PHARMA LIMITED

crore in Q3 FY20.
 During the quarter, the net profit (after joint venture share and minority interest) stood at ₹2,946.3
crore v/s ₹705.3 crore in Q3 FY20, an increase of 317.7% YoY. The net profit after JV share, minority
interest excluding exceptional items (net of tax) for the quarter stood at ₹836.6 crore.
 EBIDTA (before forex and other income) stood at ₹1,368.6 crore in Q3 FY21 v/s ₹1,208.0 crore in Q3
FY20, a growth of 13.3% YoY. The EBITDA margin for the quarter was 21.5%.
 The Research & Development (R&D) spend was ₹390.5 crore i.e., 6.1% of revenue.
 It declared an interim dividend of ₹1.5 per share in Q3.
BUSINESS PERFORMANC
 US formulation revenue stood at ₹3,171.6 crore in Q3 FY21 v/s ₹2,969.4 crore in Q3 FY20, registering
a growth of 6.8% YoY. It launched 11 products during the quarter including 4 Injectables. The Natrol
business was divested during the quarter.
 During the quarter, the revenue from Europe formulation business was ₹1,671.2 crore, an increase
of 13.2% YoY.
 The Growth Markets revenue increased by 14.6% YoY to ₹396.2 crore in Q3.
 The ARV revenue stood at ₹443.4 crore in Q3 FY21 v/s. ₹313.4 crore in Q3 FY20, an increase of
41.5% YoY. The increased conversion from TLE (tenofovir, lamivudine, and efavirenz) to TLD
(tenofovir, lamivudine, and dolutegravi) across the geographies led to the growth.
 The API (active pharmaceutical ingredient) revenue for the quarter was ₹682.5 crore (11% of
revenue) as against ₹789.8 crore in Q3 FY20. The company filed 2 DMFs (Drug Master Files) with US
FDA (Foods and Drug Administration) during the quarter.
 The global Generic Injectable sales for Q3 FY21 was $109 million and 9MFY21 was $283 million.
 It entered into an exclusive license agreement with COVAXX, a US based company to develop,
commercialize and manufacture UB-612, the first Multitope Peptide-based vaccine for Covid in
Indian market and to United Nations Children's Fund (UNICEF). It plans to double its capacity from
current 220 million doses in multi-dose presentation to a capacity of 480 million doses by June,
2021.
 It received the final approval for 13 ANDAs (abbreviated new drug applications) from US FDA
including 9 Injectables.
219
Concall Summary
AUROBINDO PHARMA LIMITED
 The formulation business (overall) revenue stood at ₹5,682.4 crore (89.3% of total revenue).
UPDATE
 The company filed for 141 Injectables as on 31st December, 2020, of which 87 received final
approvals.
 The current run rate from global Injectables business was $380 million and is expected to cross
$650-$700 million over the next 3 years.
 The capex spends going forward would be in the range of $200-$225 million which would be utilised
mainly towards APIs.
 The oral solid dosage manufacturing plant would be set up in China in the coming years, for which 28
products were filed and 8-10 approvals (including Injectables) are expected going forward.
 The PLI (product linked incentive) received by the company would be utilised for capital
consumption as well as for sales.
 The working capital and creditors declined during the quarter.
 It would take 15 months for Vizag plant to be completed.
Disclaimer:
220
CIPLA LIMITED
• Gross margin stood at 61.4% in Q3 FY21, a decline of 93 bps YoY and flat sequentially.
• EBITDA for the quarter stood at ₹1,281 crore, up by 69% YoY. EBITDA margin was 24.8% in Q3 FY21.
This includes one-time income from Lenalidomide settlement with Celgene.
• Net profit stood at ₹751.6 crore in Q3 FY21 v/s ₹339.4 crore in Q3 FY20.
• Effective tax rate was 26.3% for the quarter and 27.5% for the full year.
• The company repaid $137.5 million InvaGen loan during the quarter. Long term debt as on 31st
December, 2020 stood at $138 million towards US acquisition and $720 million towards Mirren
acquisition in South Africa.
• Return on invested capital expanded by ~900 bps in 9M FY21.
BUSINESS HIGHLIGHTS
• Total expenses, including employee cost and other expenses, were higher by 2% QoQ to ₹1,944 crore.
Employee cost stood at ₹844 crore for the quarter, up by 2.9% sequentially which was largely due to
increments.
• Research and development spend was at ₹221 crore.
• The company divested its manufacturing facility at Satara, India with an agreement to ensure that
there was no disruption in the supply chain.
• It commissioned an open access 30 MW solar power plant under group captive scheme in
Maharashtra.
• The Board of Directors approved the scheme of arrangement to simplify its group structure with
subsidiarization of its India based US undertaking and transfer of consumer business undertaking to
Cipla Health Limited.
INDIA
• The prescription business grew 25% on a YoY basis supported by growth in the Covid portfolio,
continued traction in respiratory & chronic therapies, recovery of the hospital portfolio & acute
business and opening of outpatient departments (OPDs).
• Trade generics business delivered 7% YoY growth adjusted for brands transitioned to consumer health
business. It witnessed healthy seasonal demand across regions.
221
Concall Summary
CIPLA LIMITED
• In consumer health business, revenue stood at more than ₹250 crore in 9M FY21. This was led by
demand for organic products and continued traction in its consumer brands post transfer from trade
generics business.
• As per IQVIA report, Cipla delivered a growth of 14% in respiratory therapy (market degrowth of 4%),
15% in derma therapy (market growth of 8%), 8% in urology therapy (market growth of 7%) and 9% in
cardiology therapy (market growth of 15%).
• It was ranked 2nd in overall chronic therapy with a market share of 8.1% and a growth of 6%.
• The company repaid ₹300 crore working capital loan during the period.
SOUTH AFRICA, SUB-SAHARAN AFRICA (SSA) & GLOBAL ACCESS (SAGA)

• South Africa business witnessed a growth of 11% on a YoY basis in local currency in 9M FY21.
• Overall, SAGA grew by 6% in US$ terms with a YoY growth of 15% and 63% in SSA and Cipla Global
Access, respectively.
• As per IQVIA, Cipla maintained 7.1% market share in the private market in South Africa.
• As per IQVIA, over-the-counter (OTC) market share stood at 7.2% with a growth of 6.4% (market
growth of 3.3%).
• It entered into strategic partnership with Alvogen for 4 oncology products to enhance its oncology
presence in the long term.
NORTH AMERICA
• US generics delivered a revenue increase of 6% YoY to $141 million supported by continued traction
in the new launches as well as institutional channels supporting the business.
• It was ranked 1st in the gProventil market with 84.6% market share.
EMERGING MARKETS, EUROPE & API

• The emerging markets business saw a rise of 46% YoY in US$ terms. It was the largest Indian exporter
to emerging markets as per IntelliMax.
• The European operations grew 28% YoY in US$ terms.
• Active pharmaceutical ingredients (APIs) revenue saw an increase of 18% YoY to $27 million.
FUTURE OUTLOOK
• The management is looking forward to launch a number of products in the upcoming 12-18 months.
• The contribution from Covid portfolio is expected to decline going forward.
• It is moving forward to gain 14% market share in the overall Albuterol portfolio.
Disclaimer:
222
DR. REDDY’S LABORATORIES LIMITED

 The revenue from operation stood at ₹4,929.6 crore in Q3 FY21, as against ₹4,383.8 crore in Q3
FY20, which grew by 12.5% YoY.
 During the quarter, the net profit grew by 103.5% YoY to ₹19.8 crore v/s a net loss of ₹569.7 crore in
Q3 FY20. The net profit was impacted on account of recognition of an impairment charge of ~₹597.2
crore on three product related intangibles.
 EBITDA stood at ₹1,185 crore and the margin at 24.0% during Q3.
 The net cash surplus of the company was ₹83.9 crore as on 31st December, 2020.
 The diluted earnings per share was ₹1.19.
 During the quarter, the gross profit margin was at 53.8%, a decline of 30 bps over previous year and
10 bps sequentially. This was due to price erosion and lower export benefits partially offset by the
income received for the compound AUR102.
 Sales, general & administrative expenses during Q3 was ₹1,440 crore that increased by 14% YoY due
to incremental costs after the integration of the acquired portfolio from Wockhardt during the year
and an increased freight expenses. It increased by 10% sequentially on account of pick-up in sales &
marketing activities in branded markets.
 It spent ~₹287 crore during Q3 towards capex. The research and development expenses (R&D) stood
at ₹411 crore (8.3% of sales).
GLOBAL GENERICS
 The total revenue from this segment stood at ₹4,075.1 crore in Q3 FY21 as against ₹3,592.7 crore in
Q3 FY20, growing by 13.4% YoY.
NORTH AMERICA
 The revenue from North America was ₹1,739.4 crore, a YoY growth of 9%, driven by new product
launches, increase in volume of its base business and favourable forex rate.
 It launched four new products during the quarter. This included Cinacalcet Tablets, Sapropterin
Dihydrochloride Tablets and Succinylcholine Chloride Injection in the US along with Daptomycin
Injection in Canada and re-launched one product in US - OTC Famotidine.
223
Concall Summary
DR. REDDY’S LABORATORIES LTD
 The company filed two abbreviated new drug applications (ANDAs) during the quarter. As on 31st
December 2020, cumulatively 89 generic filings (87 ANDAs and 2 NDAs) were pending for approval
with the US Food and Drug Administration.
EUROPE
 The revenue stood at ₹414.3 crore during the quarter. It launched three new products in Germany
and one new product in Italy, France & Spain.
 During the quarter, it also entered into an agreement to acquire selective anti-allergy brands of
Glenmark Pharmaceuticals Limited in Russia, Ukraine, Kazakhstan and Uzbekistan.
INDIA
 The revenue from India was ₹959.1 crore, a YoY growth of 25.6% and sequential growth of 5.1%. YoY
growth was on account of revenue from the acquired portfolio of Wockhardt and contribution from
new product launches. QoQ growth was driven by volume traction.
 Excluding Wockhardt portfolio, India’s base business grew by 8% during Q3 and for 9M FY21, it grew
in single digits. It successfully integrated Wockhardt in its business operations and no carry forward
of one-off expenses was made.
EMERGING MARKETS
 The revenue from Emerging Markets stood at ₹962.3 crore in Q3, which grew by 4.6% YoY.
 Revenue from Russia was ₹450 crore with a YoY decline of 8% due to weakening of Ruble and from
Commonwealth of Independent States (CIS) countries and Romania, it was ₹210 crore, a YoY growth
of 18% and sequential growth of 8%, driven by base business and new product launches.
 The revenue from rest of the world (RoW) territories stood at ₹300 crore with a growth of 20% YoY
10% QoQ.
PSAI AND PROPRIETARY PRODUCTS & OTHERS

 The revenue from Pharmaceutical Services and Active Ingredients (PSAI) segment stood at ₹700.9
crore with a YoY growth of 1.5%. During the quarter it filed a drug master file (DMF) for five products
in the US.
 The revenue from Proprietary Products and other segments stood at ₹153.6 crore with a YoY growth
of 52.8%.
UPDATE
 The company would be expanding in Injectable category going forward.
Disclaimer:
224
LUPIN LIMITED
• Gross profit stood at ₹2,542.3 crore with a margin expansion of 140 bps QoQ to 64.9% in the quarter.
• EBITDA for the quarter was ₹799.9 crore with a margin of 20.4%. Excluding forex loss of ₹28 crore and
a one-off income, it was at 18.6%.
• Net profit stood at ₹441.4 crore in Q3 FY21 compared to a net loss of ₹840.4 crore in Q3 FY20.
• Effective tax rate for the quarter stood at 15.9%
BUSINESS HIGHLIGHTS
• The improvement in margins was led by lower freight costs and cost optimization measures taken
during the quarter.
• Domestic formulations business saw a growth of 5.4% YoY and 2.6% QoQ to ₹1,366.9 crore. Branded
formulations business was up by 8.8% YoY in Q3 FY21.
• Sales in North America rose by 1.1% on a YoY basis and 4.4% sequentially to $188 million.
• It launched 3 products during the quarter in the US market and now has 169 products in the US
generics market.
• Sales in branded business stood at $2 million with 40 people in the sales force.
• Global active pharmaceutical ingredients (API) sales for the quarter were ₹343.8 crore, up by 8.4% YoY
and down by 8.1% QoQ.
• Albuterol ramped up to 8%+ generic market share for Q3 FY21 where the capacity utilization stood at
100%.
• The biosimilar product, Nepexto (bEtanercept) which was launched in Germany, witnessed a slow
ramp-up during the quarter.
• There were a one-time restructuring charges and increments provided in the employee cost during
Q3.
• Investment in research and development (R&D) was ₹347.9 crore accounting for 8.9% of sales.
• The company filed 1 abbreviated new drug application (ANDA) during the quarter and received 5
ANDA approvals from the US Food and Drug Administration (FDA).
225
Concall Summary
LUPIN LIMITED
FUTURE OUTLOOK
• The company expects to maintain 20%-22% of EBITDA margin by adjusting all the cost line items as
required.
• The effective tax rate is expected to be around 30% for the full year.
• R&D expense as a percentage of sales is anticipated to be 9% in Q4 FY21.
• The management is looking forward to achieve 20%+ market share in Albuterol in the couple of
quarters.
• Nepexto (bEtanercept) is expected to roll out in 12-24 months in key markets. Spiriva is expected to
be launched in FY23.
• The management expects India business to grow in double-digits and rest of the world to perform
better in the upcoming quarters.
Disclaimer:
226
CADILA HEALTHCARE LIMITED

FY20.
• Net profit stood at ₹527.2 crore in Q3 FY21, an increase of 41.0% from ₹373.9 crore in Q3 FY20.
• EBITDA increased by 16% YoY and stood at ₹807.0 crore in the quarter.
• The company’s business in India which comprises human health formulations business, consumer
wellness business and animal health business, posted a growth of 20% YoY and registered a revenue
of ₹1,643.0 crore.
• Human health formulations business in India grew by 21% YoY and posted sales of ₹1,104.0 crore
during the quarter.
• Consumer wellness business revenues grew by 16% YoY and saw double-digit volume growth.
• Animal health business grew by 17% YoY and posted a revenue of ~₹163.0 crore during the quarter.
• US formulations business registered a revenue of ₹1,603.0 crore during the quarter, down 4% YoY.
• Branded generics business revenues grew by 24% YoY.
BUSINESS HIGHLIGHTS
• The company filed 10 additional ANDAs (abbreviated new drug applications) with the US FDA
(United States Food and Drug Administration) taking the cumulative number of filings to 410 and
received 9 new product approvals (including 4 tentative approvals) from the US FDA.
• It received the approval for Saroglitazar Mg to be used in the treatment of non-alcoholic fatty liver
disease (NAFLD). With this, Saroglitazar Mg was indicated for both NAFLD and Non-Alcoholic
Steatohepatitis (NASH).
• IND (Investigational New Drug) was filed by the company for the NLRP3 (NLR pyrin 3) inflammasome
inhibitor, ZYIL1, and upon receiving the approval, it started phase 1 clinical trials during the quarter.
• The company launched 7 new products in the quarter including doxorubicin liposomal injection.
• It gained market share in pain management, anti-infectives and anti-diabetic segments in Q3 FY21.
• The company maintained its market ranking in the gynecology, pain management and respiratory
segments.
227
Concall Summary
CADILA HEALTHCARE LIMITED
COVID-19 VACCINE
• It received approvals to start phase 3 clinical trials of Pegylated Interferon Alpha-2b in India and
phase 3 clinical trials of its vaccine ZyCoV-D. The trials for the vaccine are underway and will be
tested across 60 locations on 30,000 healthy adult volunteers in India.
• A plant is being constructed for production of ZyCoV-D vaccine which will be completed by Q1 FY22
with a designated capacity of 120 million doses.
LAUNCHES
• During the quarter, the company launched the oral anti-diabetic agent, Dapaglyn (Dapagliflozin) in
India for patients suffering from Chronic Obstructive Pulmonary Disorder (COPD).
• Forglyn, the pressurised metered dose inhaler with a combination of Long Acting Muscarinic
Antagonist (LAMA) and Long Acting Beta Agonist (LABA) was launched by the company during the
quarter.
Disclaimer:
228
PIRAMAL ENTERPRISES LIMITED

• The revenue from operations contracted by 3.1% to ₹3,168.6 crore in Q3 FY21 from ₹3,270.0 crore
in Q3 FY20. For 9M FY21 it stood at ₹9,407.8 crore.
10.4% YoY and 27.2% QoQ. For 9M FY21, it stood at ₹1,923.3 crore.
• Total equity stood at ₹35,467 crore as on 31st December, 2020, an increase of 30% from March,
2019.
• It reduced the net debt by ₹24,072 crore since March, 2019 and stood at ₹31,050 crore as on 31st
December, 2020. Net debt to equity was 0.9x.
BUSINESS HIGHLIGHTS
FINANCIAL SERVICES
• The capital adequacy ratio stood at 37% as on December, 2020, as compared to 22% in December,
2018.
• The net debt to equity ratio was 1.9x as on 31st December, 2020 v/s 4.4x in 31st December, 2018.
• It moved from concentrated exposure to granular exposure in the existing lending book. The top 10
exposure declined 27% since March, 2019.
• The total provision as a percentage of gross non-performing assets (GNPA) was at 172%.
• Provision against stage 1 and 2 loans increased to ₹2,027 crore in December, 2020 from ₹700 crore
in December, 2019.
• In Q3, the company initiated a one-time restructuring for loans worth ₹1,741 crore, accounting for
3.8% of the loan book.
• The GNPA ratio (proforma) stood at 3.7% as on 31st December, 2020. The QoQ increase in the GNPA
ratio was due to movement of one account from stage 2 to stage 3.
• The net NPA ratio stood at 1.8% as on 31st December, 2020.
• It maintained a total provision of ₹2,935 crore, i.e., 6.3% of the overall loan book. Provision against
wholesale book was higher at 6.8%.
• Significant improvement in the performance across developer clients was witnessed partially due to
Government initiatives in boosting the overall performance of the Real Estate.
• Sale of the developer clients improved 82% YoY and the collections from the homebuyers grew by
49% YoY in Q3 FY21. Construction activities were back to pre-Covid levels.
229
Concall Summary
PIRAMAL ENTERPRISES LIMITED
PHARMA BUSINESS
• The revenue grew by 5.1% YoY to ₹1,373.6 crore, thereby contributing 43% to the overall revenue.
EBITDA for the quarter stood at ₹296 crore with the margin at 22%.
• Contract development and manufacturing organization (CDMO) revenue grew by 16% YoY and the
India consumer products revenue by 14% YoY in Q3 FY21.
• Complex hospital generics revenue was impacted by volatility in the demand of products used in
surgeries globally. It is expected to normalize in the upcoming quarter.
• During the quarter, it received ₹3,523.4 crore on closure of the transaction for 20% strategic growth
investment from the Carlyle Group Inc.
• The company witnessed a strong growth in CDMO order book.
• It announced $32 million expansion of Riverview, Michigan facility. It also announced the acquisition
of 49% remaining stake in Convergence Chemicals.
• It launched over 15 new products and 35+ SKUs (stock keeping units) during the quarter.
UPDATES
• The company is looking forward to change its business model for financial services from a wholesale-
led NBFC (non-banking financial companies) mostly focused on real estate to a well-diversified one.
This included the acquisition of DHFL. It intends to create a balanced portfolio with retail lending
being 50% of the total lending book in the near term.
• It built a fin-tech led digital platform having an ability to add modular products.
• It plans on moving from a high leveraged ratio to a high capital adequacy ratio.
• It is also planning to transform its pharma business into a differentiated listed Pharma company,
post the capital raise from The Carlyle Group.
Disclaimer:
230
GLENMARK PHARMACEUTICALS LTD

• Revenue from operations for Q3 FY21 grew by 1.9% to ₹2,786.8 crore from ₹2,735.6 crore in Q3 FY20.
• The net profit increased by 30.1% to ₹248.2 crore in Q3 FY21 v/s ₹190.8 in Q3 FY20.
• EBITDA witnessed a growth of 20.5% and stood at ₹530.1 crore in Q3 FY21 v/s ₹440.1 crore in Q3
FY20.
• In January and February, 2021, the company redeemed the 4.5% senior notes, worth USD 200 million
and paid the redemption premium of 101.1% as well as accrued and unpaid interest. These notes were
also delisted from the Singapore stock exchange.
• The forex loss for the quarter was ₹53 crore and EBDITA after adding back to forex loss was ₹583 crore
in Q3 FY21.
• The gross and net debt for Q3 FY21 was ₹4,690 crore and ₹3,641 crore, respectively.
• The research and development expenditure during the quarter was ₹298 crore.
INDIA
• The sales of the formulations business grew 11.8% for Q3 FY21 and stood at ₹882.2 crore as against
• On a MAT (moving annual total) December, 2020 basis, the company registered a growth of 15.8% as
compared to IPM (Indian Pharma market) growth of 6.12%.
• It had an increase in market share in its core therapy areas. The Cardiac segment market share
increased to 4.72%; the Respiratory segment to 5.07%; the Anti-diabetic segment to 1.86%; the
Antiviral segment to 18.5%. The Derma segment market share declined from 8.92% to 8.66%.
• The Glenmark Consumer Care business recorded a sales growth of 29% (excluding VWash sales) and
stood at ₹26.6 crore in Q3 FY21.
• Sales growth of Candid Powder and Scalpe Plus was over 30% and 25% in Q3 FY21, respectively.
NORTH AMERICA
• The revenue from the sale of finished dosage formulations was ₹780.4 crore in Q3 FY21, which
declined by 2.4% YoY.
231
Concall Summary
• During the quarter, the company received final approval for Dimethyl Fumarate Delayed-Release
Capsules and Tadalafil Tablets, USP (United States Pharmacopeia) and Topiramate Extended-Release
Capsules, 25 mg, 50 mg, 100 mg, 150 mg, and 200 mg, the generic version of Qudexy®1 XR Capsules,
of Upsher-Smith Laboratories, LLC. Also, tentative approvals were received for Apremilast Tablets,
Axitinib Tablets, Dabigatran Etexilate Capsules, and Gabapentin Enacarbil Extended-Release Tablets.
• It also received final approval and launched Sirolimus Tablets and Tacrolimus Capsules, USP.
• It would file ~15 ANDAs (abbreviated new drug application) in FY21.
AFRICA, ASIA AND COMMON WEALTH INDEPENDENT STATES REGION (ROW)

• The revenue for the quarter decreased by 1.6% YoY and stood at ₹336.0 crore.
• In the Middle East and Africa region, the secondary sales recorded a growth over 20% in Q3 FY20 due
to the easing of lockdown measures.
LATIN AMERICA
• Revenue from its Latin America & Caribbean operations was at ₹128.6 crore in Q3 FY21 as against
₹156.2 crore in Q3 FY20, recording revenue decline of 17.7%.
GLENMARK LIFE SCIENCES (GLS)

• Revenue including captive sale grew 22.3% YoY from ₹409.2 crore in Q3 FY20 as against ₹500.6 crore
in Q3 FY21. The external sales were at ₹320.1 crore in Q3 FY21, a growth of 22.1% YoY.
• The EBITDA margin for 9M FY21 was 29.8%.
• GLS submitted nine new DMFs (drug master files) across various operating markets. The company is
going to file at least 10 -12 DMFs in Q4 FY21.
ICHNOS SCIENCES
• The company invested ₹171.3 crore in Q3 FY21 as against ₹210.8 crore in Q3 FY20.
EUROPE
• Revenue from operations from this region witnessed growth of 1.4% YoY and was at ₹313.3 crore in
Q3 FY21 as against ₹308.9 crore in Q3 FY20. The demand remained subdued due to further lockdown
measures in the key markets.
• In FY21, it signed 12 major contracts in the European region for in-licensing products from various
companies across its operating markets.
• The Czech and Slovak subsidiaries launched three products during the quarter. The German subsidiary
launched two products and the Spain unit launched one product in Q3 FY21.
232
Concall Summary
GPL SPECIALTY/INNOVATIVE R&D PIPELINE

• The company entered into an Exclusive Licensing Agreement with Menarini, for commercializing
Ryaltris™ Nasal Spray across numerous markets throughout Europe which will be effective in 33
countries including France, Italy, and Spain.
• Glenmark’s partner in China, Grand Pharmaceutical (China) Co. Ltd., received feedback from the CDE
(Center of Drug Evaluation) on the Pre-IND (Pre-Investigational New Drug) meeting application
outlining the development and registration strategy for Ryaltris™ in China.
UPDATES
• Its current portfolio consists of 169 products authorized for distribution in the United States (US)
marketplace and 43 ANDA’s pending approval with the US FDA (Food and Drug Administration).
• The company continued to identify and explore external development partnerships to supplement
and accelerate the growth of its existing pipeline and portfolio.
Disclaimer:
233
ALKEM LABORATORIES LIMITED

 The revenue from operations stood at ₹2,318.1 crore in Q3 FY21 as against ₹2,181.8 crore in Q3
FY20, an increase of 6.2% YoY.
 During the quarter, the net profit increased by 18.9% YoY to ₹463.9 crore v/s ₹390 crore in Q3 FY20.
 EBITDA stood at ₹529.1 crore with a margin of 22.8% in Q3.
 It declared an interim dividend of ₹25 per share during Q3.
 It had a net cash position of ₹780 crore as on 31st December, 2020.
 The company spent ₹133.5 crore in Q3 FY21 towards its research and development (R&D) expenses
as compared to ₹120.5 crore in Q3 FY20.
DOMESTIC BUSINESS
 Its sales grew by 6.3% YoY to ₹1,514 crore in Q3 FY21 v/s ₹1,423.9 crore in Q3 FY20. India’s sales
contributed 66.2% to total sales in Q3FY21.
 The overall key therapy segment (secondary sale) grew by 5.4% YoY with highest YoY growth in
Vitamins/Minerals/Nutrient segment at 39.6% followed by 21.2% in Anti-Diabetic, 17.6% in Cardiac
and 12.5% in Gastro Intestinal.
 The company gained market share in most of its domestic business brands during the quarter.
 It received approval from Drugs Controller General of India (DCGI) to launch bio-similar lab.
 The company’s international sales grew by 6.7% YoY to ₹773.9 crore during the quarter, as against
 The US sales for Q3 FY21 was ₹615.6 crore with a YoY growth of 5.5%.
 The other international market sales grew by 11.7% YoY to ₹158.2 crore in Q3.
KEY HIGHLIGHTS
 During the quarter, the company received 10 approvals (including 2 tentative approvals) from the US
Food and Drugs Administration (FDA). For 9MFY21, the Company filed 5 abbreviated new drug
applications (ANDAs) with the US FDA and received 16 approvals (including 4 tentative approvals).
234
Concall Summary
ALKEM LABORATORIES LIMITED
 As on 31st December, 2020, the company filed a total of 147 ANDAs and 2 new drug application
(NDA) with the US FDA of which it received approvals for 100 ANDAs (including 14 tentative
approvals) and 2 NDA.
UPDATES
 The company plans to restructure and expand its acute therapeutic business in FY22.
 The trade generic business outperformed branded business segment.
 Overall margin expansion is expected in the coming quarters. The margins were higher during Q3 on
account of lower advertisement expenses.
Disclaimer:
235
TORRENT PHARMACEUTICALS LIMITED

 The revenue from operations grew by 1.5% YoY to ₹1,995 crore in Q3 FY21 as against ₹1,966 crore in
Q3 FY20.
 During the quarter, the net profit stood at ₹297 crore v/s ₹251 crore in Q3 FY20, an increase of
18.3% YoY.
 The gross margin was at 72% and operating EBITDA margin at 30% during Q3.
 Operating EBITDA stood at ₹607 crore, up by 12% YoY.
 The research and development expenditure was reported at ₹112 crore during the quarter.
 It declared an interim dividend of ₹20 per share in Q3.
 The cash position as on 31st December, 2020 was ₹1,200 crore.
GEOGRAPHY WISE PERFORMANCE

INDIA
 The revenue stood at ₹930 crore and grew by 7% on a YoY basis. The growth was on account of
market recovery, continued momentum in chronic brands & strong recovery in sub‐chronic brands.
 Post portfolio restructuring, MR (medical representative) strength stood at 3,800 and PCPM (per
capita sales per month) for the quarter was ₹8.1 lakhs. The MR strength at the beginning of Q4 was
3,600.
 It launched two new products during the quarter. The new products contributed ~2.9% towards
sales.
UNITED STATES
 It witnessed a YoY de-growth of 24% in revenue to ₹292 crore in Q3. The sales were impacted due to
price erosion in base business and discontinuation of Sartan portfolio.
 Constant currency sales were $39 million.
 As on 31st December, 2020, 47 ANDAs (active pharmaceutical drug applications) were pending for
approval and 6 tentative approvals were received. It filed 1 ANDA during the quarter.
BRAZIL
 In Q3, the revenue stood at ₹173 crore, a YoY decline of 8%.
236
Concall Summary
TORRENT PHARMA LIMITED
 Constant currency sales were Brazillian Real Dollar 125 million, which was up by 16% on a YoY basis.
 Two new products were launched during the quarter. The generic business segment grew strongly in
Brazil.
GERMANY
 It had a revenue growth of 21% YoY to ₹265 crore in Q3.
 Constant currency sales were €30 million which grew by 10% YoY.
 It launched six new products till date and expects to launch two new products by the end of this
fiscal.
UPDATES
 The impact of restructuring would be witnessed during Q4.
 The company launched 17 products till date and plans to launch 4-5 products in the upcoming
quarter.
 Going forward, Brazil is expected to perform better in constant currency terms as well as in Indian
rupee terms.
Disclaimer:
237
BIOCON LIMITED
 Revenue from operations increased by 7.8% YoY to ₹1,851.0 crore in Q3 FY21 v/s ₹1,716.8 crore in
Q3 FY20.
 The net profit during the quarter stood at ₹186.6 crore as against ₹230.3 crore in Q3 FY20, which
 EBITDA was at ₹427 crore and core EBITDA margin stood at 31% in Q3.
 Foreign exchange gain during the quarter was ₹6 crore.
 For the Generics segment, the revenue stood at ₹561 crore in Q3 and declined by 6.3% QoQ. During
the quarter, it received an anti-diabetic Drug Master File (DMF) approval in China for Sitagliptin
active pharmaceutical ingredient (API) and launched Tacrolimus capsules for the treatment of organ
transplant patients in the US.
 The Biosimilar segment had a growth in revenue of 13.8% QoQ to ₹769 crore in Q3.
 The Research Services increased by 12.5% QoQ to ₹585 crore during the quarter. Syngene entered
into collaboration with 3DC (Deerfield Discovery and Development) and expanded Hyderabad facility
by adding capacity for additional scientists.
 In Novel Biologics segment, Equillium, its US-based partner made steady progress in the Phase 1b
clinical trials for Itolizumab in the first-line treatment of acute graft-versus-host disease (aGVHD).
The overall Phase 1b, is expected to contribute towards the revenue from H1 FY21.
RECENT APPROVALS
 It received approval from the National Pharmaceutical Regulatory Agency (NPRA), Malaysia, for
Insulin Aspart and Bevacizumab.
 Biosimilars Trastuzumab and Insulin Glargine were approved in two additional MoW (most of the
world) countries.
 European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP)
recommended approval of the company’s biosimilar Insulin Aspart for the treatment of type 1 and
type 2 diabetes.
238
Concall Summary
BIOCON LIMITED
 Over 100 patients, out of a total of 300, were enrolled in Phase 4 clinical studies for Itolizumab in
treating CRS (cytokine release syndrome) in moderate to severe ARDS (acute respiratory distress
syndrome) due to Covid.
INVESTMENTS
 Abu-Dhabi based, Abu Dhabi Developmental Holding Company (ADQ) would invest ₹555 crore for a
minority stake of 1.8% in Biocon Biologics. The valuation of Biocon Biologics post investment would
be $4.17 billion.
 Goldman Sachs did a capital injection of $150 million in exchange for optionally convertible
debentures of Biocon Biologics.
UPDATES
 The company had an expense of ~₹183 crore on account of research & development and employee
costs during the quarter.
 The company might not be able to achieve its planned target of $1 billion in 2022, due to the
problems faced during pandemic.
 In Malaysia, the company received a year’s extension for its off-take agreement (OTA) for Insulins.
 There was a delay in shipment of finished products due to the pandemic and it is even facing issues
on the logistics and supply chain front.
 The manufacturing capacity of Insulin in India & Malaysia has the dimension to support demand of
developing as well as emerging market segments. Its entry into countries like Japan and Russia was
impacted by Covid-related challenges, such as delays in good manufacturing practice (GMP) audits.
 Its products continued to perform well in Canada & Australia.
 It is planning to make investments at Phase-II plant in Malaysia in the near future.
Disclaimer:
239
DIVIS LABORATORIES LIMITED

crore in Q3 FY20.
31.0% YoY.
 Staff cost for the quarter included an incentive of ₹34 crore.
 It did a capitalisation of assets worth ~₹1,011 crore for 9M FY21 of which, ₹181 crore was done
during Q3.
 As on 31st December, 2020, the cash position and receivables stood at ₹2,064 crore & ₹1,499 crore,
respectively.
 There was a forex gain of ₹3 crore in Q3 FY21 and a loss of ₹4 crore in 9M FY21.
 It had a constant currency growth of 11% in Q3 and 22% in 9M FY21.
BUSINESS HIGHLIGHTS
 The company had ~85% exports sales during the quarter. It derived ~68% revenue from US & Europe
business segments. The domestic sales improved during Q3 with a contribution of ~15% towards
revenue.
 Its operations, supply chain and recoverability of carrying amounts of financial and non-financial
assets were not significantly impacted due to the pandemic.
 Of the total capex outlay program initiated by the company in 2018, ~₹1,000 crore was utilised
during 9M FY21 and the balance ~₹500-₹600 crore would be utilised soon.
 The product mix for the company stood at 40:60 for Custom Synthesis business and Generic API
(active pharmaceutical ingredient) business, respectively.
 Going forward, the company would be having a green chemistry concept which would involve
conserving materials for re-use, higher conservation of energy and atom-efficient technologies for
minimal wastage.
 In December, 2020, it announced the commencement of the construction of Divi’s Laboratories Unit-
III facility near Kakinada in Andhra Pradesh. The first phase operations would commence in the next
12-18 months.
 It had 10 molecules in target for its Generic API business for which it is continuously investing on its
development processes.
240
Concall Summary
DIVIS LABORATORIES LIMITED
 There was an increase in inventory of ~₹167 crore on account of reduced stock maintenance by US &
Europe business segments and new capitalisation made during the quarter.
UPDATES
 It witnessed a decrease in its manufacturing costs. It has a manufacturing block for all its upcoming
molecules, thereby reducing its import dependency from China.
 The company had a gross margin improvement on account of backward integration processes, new
technological developments and research & execution process implementation adopted in the
previous years.
Disclaimer:
241
IPCA LABORATORIES LIMITED

in Q3 FY20.
35.5% YoY.
• EBITDA margin during the quarter improved by 291 bps to 26.5% from 23.6% in Q3 FY20.
• Net cash position as on 31st December, 2020 was ~₹850 crore.
• The reduced travelling cost and marketing costs helped in margin expansion during the quarter. This
is expected to normalise going forward.
• The margin was impacted during the quarter on account of higher material costs on certain key
intermediates and increased freight cost by ~40%-45%.
• The active pharmaceutical ingredients (API) business reported an overall growth of 23.4% YoY in Q3
FY21.
• The formulations business registered a growth of 13.7% YoY in Q3 FY21.
DOMESTIC BUSINESS
• The business and margin growth in Q3 FY21 was largely driven by domestic formulation business.
• The domestic business grew by 7.7% YoY.
• The anti-malarial segment, anti-bacterial segment and cough preparations segment continued to
decline during the quarter.
• The pain management and cardiovascular segment (which accounts for 70% of the domestic
business) grew by 16% and 8%, respectively in Q3 FY21.
• The pain management segment recorded a business of ~₹266 crore in Q3 FY21 as against ₹229 crore
in Q3 FY20.
• The cardiovascular segment reported a revenue of ₹94 crore in Q3 FY21 v/s ₹87 crore in Q3 FY20.
• Other segments including Dermatology, registered a positive growth during the quarter.
242
Concall Summary
IPCA LABORATORIES LIMITED
• The institutional business recorded a revenue of ₹138.6 crore in Q3 FY21 as against ₹47.8 crore in
Q3 FY20. Of this, ~₹34 crore was an exceptional business in the anti-malarial segment.
• For the nine-month ended, the institutional business registered a revenue of ₹309.1 crore as against
₹136.6 crore in 9M FY20. This was offset partially by unavailability of ~₹12 crore of the MEIS
(Merchandise Exports from India Scheme) benefit.
• UK business in Q3 FY21 grew by 48.7% to ₹113 crore from ₹76 crore in Q3 FY20.
• Other markets including Australia and New Zealand grew by 13%. Canada witnessed a growth of
37%. South Africa business was impacted during the quarter and reported a revenue of ~₹17 crore
as against ₹43 crore in Q3 FY20.
• The shipment to Russia was impacted due to the ongoing pandemic. Latin America witnessed a
decline of 5%-6% which is expected to recover in the upcoming quarter.
SUBSIDIARIES AND ASSOCIATES

• Bayshore Pharmaceuticals LLC, USA registered a profit of ~₹9-₹10 crore in Q3 FY21.
• Pisgah Labs Inc., USA reported losses due to the continued FDA (Food and Drug Administration)
issues. It is expected to incur losses in FY21 and FY22.
• Krebs Biochemicals Industries Limited, India incurred losses during the quarter but is expected to
revive in FY22.
UPDATES
• Additional capacities of ~₹100 crore is being built at the Ratlam site for the API. It will be operational
by Q2 FY22. It is expected to add 10% to the capacity.
• Civil work for two plants in Dewas project had already started. The installation is expected to finish
by the month of October. It is expected to be operational by Q4 FY22. The capital expenditure for
the same will be around ₹300 crore. It is expected to add 20%-25% to the capacity.
FUTURE ROADMAP
• The impact on the material costs are expected to normalise by Q1 FY22.
• Branded business in the rest of the world is expected to grow ~10%-12% for FY21.
• Capital expenditure for FY22 it will be around ₹300-₹350 crore.
• Domestic business is expected to record a growth of 8%-10% in Q4 FY21 and 13%-14% in FY22.
• EBITDA margins are expected to be in the range of 25%- 27% going forward.
Disclaimer:
243
ALEMBIC PHARMACEUTICALS LIMITED

• Revenue from operations in Q3 FY21 increased by 8.7% YoY to ₹1,314.3 crore and in 9M FY21, it rose
by 21.0% YoY to ₹4,112.7 crore.
• EBITDA for the quarter was higher by 20.8% YoY to ₹401 crore with a margin expansion of 300 bps YoY
to 30.5%. It witnessed a growth of 40.3% YoY to ₹1,272 crore in 9M FY21 with a margin of 30.9%.
• Profit after tax in Q3 FY21 grew by 13.8% YoY to ₹259.2 crore and in 9M FY21, it increased by 46.9%
YoY to ₹877.4 crore.
• Earnings per share (basic and diluted) stood at ₹14.88 for Q3 and ₹48.10 year to date (YTD).
• Gross and net borrowings as on 31st December, 2020 were ₹600 crore and ₹300 crore, respectively.
• Net debt to equity ratio stood at 0.08 as on 31st December, 2020.
• International Formulations business grew by 3% YoY to ₹683 crore in the quarter and by 27% YoY to
₹2,233 crore in 9M FY21.
• US Generics de-grew by 1% YoY to ₹512 crore for Q3 FY21 and grew by 21% YoY to ₹1,689 crore in
YTD.
• Ex-US Generics saw a rise of 14% YoY to ₹171 crore in the quarter. It was up by 49% YoY to ₹544 crore
in 9M FY21.
• Active pharmaceutical ingredients (APIs) grew by 21% YoY to ₹214 crore and 34% YoY to ₹741 crore
for Q3 and 9M FY21, respectively.
• India’s Branded business increased by 14% on a YoY basis for the quarter.
• Growth in India was driven by revenue contribution from old products.
RESEARCH & DEVELOPMENT (R&D)

• R&D expense for the quarter was ₹147.95 crore (11% of sales). It is expected to be ₹630-650 crore in
FY21 and ₹700-750 crore in FY22.
• The company received 8 abbreviated new drug applications (ANDAs) approvals, including 2 tentative
approvals, during the quarter with cumulative 137 ANDAs approved, including 18 tentative approvals.
244
Concall Summary
ALEMBIC PHARMACEUTICALS LTD
CAPEX AND NEW LAUNCHES

• Capex for the quarter stood at ₹197 crore in Q3 FY21 and ₹509 crore in 9M FY21.
• Capex of ~₹400-500 crore in APIs and injectables is expected over the upcoming 2-3 years.
• Investments in Aleor Dermaceuticals Limited (joint venture) was ₹60 crore for the quarter and ₹125
crore for YTD.
• Alembic Pharmaceuticals launched 7 products during the quarter in US Generic.
FUTURE OUTLOOK
• A launch of 5-6 products in US Generic business is expected in Q4 FY21.
• Debt consists of non-convertible debentures of which ͅ₹100 crore shall be repaid in FY22 and the
remaining amount in FY23.
• The management expects ~$400 million sales from US by FY24.
Disclaimer:
245
LAURUS LABS LIMITED

• Revenue from operations increased by 76.6% YoY to ₹1,288.4 crore in Q3 FY21. In 9M FY21, it saw a
rise of 70.7% YoY to ₹3,401.6 crore.
• With better product mix, the gross margin improved from 51% in previous quarter to 55% in the
current quarter
• EBITDA for the quarter was higher by 189% YoY to ₹433 crore with a margin of 34% despite withdrawal
of export incentives by the government and higher cost of logistics.
• Net profit stood at ₹272.9 crore in Q3 FY21 as against ₹73.5 crore in Q3 FY20.
• Diluted earnings per share (not annualized) in Q3 and 9M FY21 stood at ₹5.07 and ₹12.78,
respectively.
• Return on capital employed (annualized) was at 40% due to operational leverage.
• The Board of Directors declared an interim dividend of ₹0.40 per equity share for the quarter.
BUSINESS SEGMENT
GENERIC ACTIVE PHARMACEUTICAL INGREDIENTS (APIs)
• Anti-Retroviral (ARV) segment recorded a growth of 165% YoY to ₹568 crore sales in the quarter. In
9M FY21, it almost surpassed the total sales in FY20.
• The company shall expand its capacity in this segment in the upcoming months and expects to
maintain the level of sales in the next quarters.
• Oncology API revenue was higher by 36% YoY and lower by 26% QoQ to ₹64 crore. It is expected to
grow in the upcoming quarters.
• Other API remained flat YoY in the quarter while it grew over 45% YoY during 9M FY21.
• Third party sales were higher than FDF division.
• It is expanding its capacity in non-ARV APIs, which contributed 40%-45% to the revenue. It shall
significantly diversify its non-ARV segment by FY23.
GENERIC FINISHED DOSAGE FORM (FDF)

• Revenue stood at ₹430 crore in Q3, registering a growth of 47% YoY and a de-growth of ~5% QoQ.
During 9M FY21, it was higher by 121% YoY to ₹1,234 crore.
246
Concall Summary
LAURUS LABS LIMITED
• The growth in this segment was led by higher sales from tender business in LMIC (lower middle-
income countries) market and increased volumes from North America and Europe.
• The segment contributed 36% to the overall revenue in 9M FY21 as against 29% in FY20. 75% was
contributed from LMIC market and 25% from the advanced market.
• It commenced marketing of in-licensed products in the US. Out of 5 in-licensed products, 2 were
launched and the remaining shall be launched in Q1 FY22.
• During the quarter, it received 9 final approvals and 8 tentative approvals out of 26 abbreviated new
drug applications (ANDAs) filed so far. It filed 9 dossiers in Europe, 8 with WHO, 2 in South Africa and
2 in India.
• In Canada, it had 6 approvals for products of which 4 were launched.
• In Europe, the company entered into a long-term partnership with a leading generic player for contract
manufacturing opportunities where 2 products were validated. These products are expected to gain
traction from FY23.
• It continues to invest in its FDF infrastructure. The debottlenecking of the existing capacities shall be
available for commercial manufacturing by the end of Q4 FY21.
• The brown field expansion is expected to operationalise in a phased manner from August, 2021 and
to be fully operational by the end of FY22.
• The company stood at 3rd position according to the market share in this division.
SYNTHESIS DIVISION
• During the quarter, the division recorded a revenue growth of 63% YoY to ₹127 crore. It registered a
revenue of ₹343 crore in 9M FY21.
• It had commercial supplies on-going for 4 products.
RESEARCH & DEVELOPMENT (R&D) AND CAPEX

• The company spent 4% of the overall revenue in R&D in 9M FY21.
• It incurred a capex of ~₹433 crore in 9M FY21. No additional capex is anticipated to meet the growth
apart from ₹1,200 crore for the next two years.
UPDATES
• The company incorporated Laurus Ingredients Private Limited, a wholly owned step-down subsidiary
of Laurus Synthesis Private Limited. The company shall focus on few core areas under its consideration
and look into certain special projects in the Synthesis business.
• It successfully completed acquisition of Richcore Lifesciences Private Limited, which now becomes a
subsidiary of Laurus Labs. It has been renamed as Laurus Bio.
• The management is acquiring further lands for Laurus Bio for expanding manufacturing capacities and
capabilities.
247
Concall Summary
LAURUS LABS LIMITED
• The company has invested in backward integration for one of its ARV products which became
operational in January, 2021.
• Every quarter, the company adds capacity in the form of backward integration of intermediates,
formulation debottlenecking or through commercialization.
FUTURE OUTLOOK
• The management is looking forward to acquire an additional site for its API and Synthesis divisions.
• EBITDA is expected to be at ~30% going forward.
• The revenue and profit of Richcore Lifesciences Private Limited shall be consolidated from Q4 FY21
onwards.
Disclaimer:
248
GLAND PHARMA LIMITED

Revenue: ₹859.4 cr (▲33.1%) Net Profit: ₹204.1 Cr (▲32.4%)
• Revenue from operations stood at ₹859.4 crore in Q3 FY21, which increased by 33.1% YoY from
• Net profit stood at ₹204.1 crore in Q3 FY21, which increased by 32.4% YoY from ₹154.1 crore in Q3
FY20.
• EBITDA margin was at 33% in Q3 FY21 v/s 35% in Q3 FY20.
• The company had net cash of ₹2,812.8 crore as on 31st December, 2020.
• Research and development (R&D) expenses as a percentage of revenue stood at 5% in Q3 FY21. R&D
expenses in the quarter was ₹43.4 crore.
• Net working capital was at ₹1,535.7 crore.
• The cash conversion cycle for 9M FY21 stood at 217 days.
• The company operated in more than 60 countries as on 31st December, 2020.
• The company has 7 manufacturing facilities including 4 finished formulation facilities with an annual
capacity of 767 million units and 3 API facilities with an annual capacity of 11,000 kilograms per year.
• The majority of the company’s revenues come from the business to business (B2B) model, with a
business to consumer (B2C) model being implemented only in the domestic market.
CORE MARKETS
• Revenue from core markets increased by 24.1% YoY at ₹602.1 crore in Q3 FY21.
• The revenue contribution from the core markets that is USA, Canada, Europe and Australia, as of 9M
FY21, constituted 68% of total revenue.
• As of 31st December, 2020, the company along with its partners had 282 abbreviated new drug
applications (ANDA) filings in the United States (USA), of which 226 were approved and 56 pending
approval.
• The company launched 6 product stock keeping units (SKU) (4 molecules) in Q3 FY21 and 31 product
SKUs (19 molecules) as of 9M FY21.
249
Concall Summary
GLAND PHARMA LIMITED
INDIAN MARKETS
• Revenue from the Indian market increased by 25.3% YoY to ₹149.5 crore in Q3 FY21.
• The revenue contribution from the Indian market, as of 9M FY21, constituted 17% of total revenue.
• The company launched 4 product stock keeping units (SKU) (2 molecules) in Q3 FY21 and 10 product
SKUs (4 molecules) as of 9M FY21 in the Indian market.
• The company had initiated manufacturing of Remdesivir for the Indian market from the
Pashamylaram facility.
REST OF THE WORLD MARKETS

• Revenue from the rest of the world markets increased by 161% YoY to ₹107.8 crore in Q3 FY21.
• Revenue contribution from the rest of the world markets, as of 9M FY21, constituted 16% of total
revenue.
• The company witnessed robust growth in Singapore, Thailand, Chile, Peru and Israel.
FUTURE OUTLOOK
• The company expects growth opportunities in the global injectables formulations market led by the
United States which is expected to grow at a compounded annual growth rate of 16%.
• The company plans to set up a new R&D building at Pashamylaram, Hyderabad.
• The company plans to leverage its strengths in manufacturing injectables and enter vaccine
manufacturing with an annual capacity of 40 million vials.
Disclaimer:
250
GRANULES INDIA LIMITED

 The revenue from operations increased by 20% to ₹844.5 crore in Q3 FY21 v/s ₹704 crore during Q3
FY20, driven by four new launches and an increase in market share of existing products across active
pharmaceutical ingredients (APIs), pharmaceutical formulation intermediates (PFIs) and finished
dosages (FDs).
 During the quarter, the net profit stood at ₹146.8 crore as against ₹64 crore in Q3 FY20, which
increased by 129.4%.
 The gross profit margin was 53.7% and EBITDA margin expanded by 190 bps YoY in Q3.
 Its net debt was down by 22% YoY and net debt to EBITDA stood at 0.7x in Q3.
 It spent ₹22.3 crore towards research and development (R&D) expenses during the quarter, with
total spending of ~₹62 crore during the fiscal.
 Return on capital employed (ROCE) stood at 32.4%, up significantly on account of higher capacity
utilization. Capacity increases came through addition of new modules and equipments.
 The FD segment had a revenue growth of 11.3% YoY to ₹422.1 crore during Q3.
 PFI segment revenue stood at ₹170.6 crore during Q3 FY21, which increased by 47.7% YoY and
witnessed an increase in revenue contribution from 16.4% in Q3 FY20 to 20.2% in Q3 FY21.
 API segment witnessed a growth of 20.4% YoY to ₹251.8 crore. The growth was on account of new
customer acquisitions.
 It widened its existing portfolio into several dosage forms: Paracetamol 500 mg, Paracetamol 650 mg
& Metformin XR.
 The company is expanding its core business (paracetamol, Ibuprofen, Metformin) to non-US
markets.
 It launched 7 products during the year. The Granules Pharmaceuticals Inc (GPI) had 16 approvals
pending, with 8 approvals received during 9M FY21.
 It received 2 abbreviated new drug application (ANDA) approvals during the quarter with 35 ANDA
approvals from US FDA (34 final approvals and 1 tentative approval).
 Four new launches were done in US during the quarter including Ramelteon, Dexmethylphenidate
HCI ER and Potassium Chloride ER tablets (Klor-Con) from GPI and Guaifenesin ER tablets from
Granules India Limited (GIL).
251
Concall Summary
GRANULES INDIA LIMITED
ACQUISITION
 During the quarter, it acquired land in Genome valley, Hyderabad, for the construction of PFI & FD
site for ~10 billion units of solid orals, other finished dosage forms and additional capacities for PFIs.
The facility would be operational from FY24. The expected capex of ₹400 crore to be spread over the
next 3 years. The cost of land stood at ~₹28 crore.
CAPEX
 It had initiated an investment of ₹96 crore for an API facility which would be operational from Q3
FY22. The APIs from this block will be primarily used for integration into finished dosages.
 Total capex spending plan is of ~₹800 crore till FY25.
UPDATES
 The rise in raw material costs had been passed on to its customers. It witnessed a hike in price in its
FD products.
 It is expanding its market to other regions by extending its filing footprints in UK, Europe and Canada
for core molecules.
 The company is expanding its manufacturing facilities across geographies to reduce its dependence
on China.
 It faced challenges on the supply chain front during the quarter.
 Towards FY22, it expects its gross margins to be ~50%-52% and EBITDA margin at ~25%-27%.
 It will invest ₹240 crore over FY21 to FY22 for its multi-unit pellet system (MUPS) technology which
would be funded entirely via internal accruals.
 Its MUPS block will have a capacity to manufacture 2.5-5 billion FDs per annum and will be
operational by Q3 FY22.
 It would spend ~₹150 crore towards R&D expenditure in the upcoming year.
Disclaimer:
252
AARTI DRUGS LIMITED

• The revenue from operations increased by 12% to ₹530.3 crore in Q3 FY21 from ₹473.5 crore in Q3
FY20.
• The net profit for the quarter increased by 144.6% at ₹68.0 crore in Q3 FY21 from ₹27.8 crore in Q3
FY20.
• The EBITDA for the quarter was reported as ₹107.8 crore.
• The debt to equity ratio of the company reduced to 0.39 as of 31st December, 2020 on a
consolidated basis due to internal accruals.

ACTIVE PHARMACEUTICAL INGREDIENTS (API)
• The API segment contributed ~87% to the total consolidated revenue. Within the API segment,
revenue from the domestic market constituted ~66.9% of the total revenue and the exports market
constituted ~33.1%.
• Domestic API sales grew by ~13.5% YoY and API exports by ~13.8% YoY.
• Around 66% of the growth in API business was on account of higher volumes and 34% due to price
hikes.
• For the quarter, the revenue from the API segment was classified into the following therapeutic
categories: antibiotic category at 44%, anti-protozoal category at 13%, anti-inflammatory category at
14%, anti-fungal category at 7%, anti-diabetic category at 10% and the rest from other categories.
• Compared to last year, the anti-inflammatory category grew from 10% to 13%, mainly on the
account of higher sales.
FORMULATIONS
• The formulations segment grew by ~5.2% YoY and contributed ~13% to the total consolidated
revenue.
BUSINESS HIGHLIGHTS
• The company converted two of its factories to zero organic effluent discharge category.
253
Concall Summary
AARTI DRUGS LIMITED
• It applied for the production-linked incentive (PLI) scheme for some of its products including one
product which has a revenue generating potential of ~₹65 crore.
• It continued with its previously announced capex plan of ~₹600 crore on 7 projects including 2
projects for intermediates manufacturing, 1 project for sulphuric acid manufacturing and 1 project
for skin treatment API development.
• During the quarter, since the spread of water borne diseases were less, lower demand was
witnessed in the anti-protozoal segment. Going forward, demand in this segment is expected to
revive.
FUTURE OUTLOOK
• The company is in the process of commissioning new anti-diabetic production line for a new product
launch.
• Sales growth is expected to be supported by traction in formulation exports.
• Going forward, the company plans to ramp up its research and development (R&D) facilities.
• The company aims to generate a revenue of ₹4,500 crore annually by 2025.
• Total capital expenditure for H2 FY21 is expected to be ~₹40 crore.
Disclaimer:
254
NATCO PHARMA LIMITED

 The revenue from operations de-grew by 26.3% YoY to ₹355.2 crore in Q3 FY21 as against ₹482.2
crore in Q3 FY20.
 During the quarter, the net profit declined by 39.3% YoY to ₹63.4 crore v/s ₹104.4 crore in Q3 FY20.
The decline was on account of lower sales in Oncology (Domestic) segment and weak realisation
from its anti-viral oseltamivir (generic of Tamiflu) in the US (United States).
 It declared an interim dividend of ₹1 per share in Q3.
 The API (active pharmaceutical ingredient) business revenue was ₹97.8 crore in Q3.
 In Formulations segment the revenue from Domestic & Export business was ₹95.3 and ₹162.1 crore,
respectively.
 For the quarter, the other operating and non-operating income stood at ₹30.8 crore.
 Combined sales for Domestic Oncology segment was ~₹95 crore.
 The foreign subsidiaries (Brazil and Canada) performed well during the quarter with an annual run
rate of ~₹160 crore. It expects the run-rate to reach at a level of ₹250-₹300 crore in FY22.
 The subsidiaries represented ~7%-8% of the company’s revenue during the quarter.
 It witnessed recovery in sale in the Cardiology segment, while the demand from Injectables segment
remained subdued. The off-take of Injectables in domestic markets was higher than export markets.
 The timeline for the launch of Revlimid is on-track (March, 2021) and the company expects to
receive approval for it soon.
 It has 10 launches lined up for FY22, majorly in Oncology and Cardiology segments, with 2 big
launches in the US markets.
RECENT APPROVAL
 The company received approval from Central Insecticide Board and Registration Committee
(CIB&RC) for indigeneous manufacture of Chlorantraniliprole (CTPR). It would be the first indigenous
manufacturer of this technical product.
 It would bring products based on CTPR shortly that would be affordable and accessible to farmers
across India.
255
Concall Summary
NATCO PHARMA LIMITED
 The sales generated from CTPR containing products in India would be inclusive of third-party
marketing companies, as per declaration given by FMC (Food Machinery & Chemical Corporation).
 According to the company, the current market size of CTPR containing products would be over
₹2,000 crore. It has a pending litigation against FMC for declaration of freedom to use CTPR.
UPDATES
 The company is bullish on its new launches. It plans to expand its Generic portfolio going forward. It
has ~30%-35% market share in the Generics business segment.
 The Oral Oncology segments performance was more stable than Chemotherapy segments in the
domestic markets.
 It hired 100 representatives for its upcoming Agro-chemical project.
 The company had no transplantation surgeries for bone-marrow for the H1 FY21. It witnessed
moderate-nil recovery in this segment during Q3. It expects improvement in the upcoming quarters.
Disclaimer:
256
CAPLIN POINT LABORATORIES LIMITED

 The revenue from operations grew by 20.2% YoY to ₹274.4 crore in Q3 FY21 as against ₹228.2 crore
in Q3 FY20.
12.2% YoY.
 The gross margin improved to 54.8% in Q3 FY21 from 53.1 % in Q3FY20.
 EBITDA was reported at ₹89.8 crore with a margin of 32% during the quarter.
 The research and development expenses stood at ₹15.2 crore in Q3.
 Cash and cash equivalents was ₹426.1 crore in Q3. The free cash flow stood at ₹157.5 crore as on
December, 2020.
KEY HIGHLIGHTS
 The emergency procurements at markets continued, with company receiving tender orders worth
~$10 million from 3 countries in Latin America. It faced raw material and container shortage for
these tender orders.
 It would shortly commence its first commercial export to Mexico, one of the target areas of
expansion for the short to mid-term.
 It initiated brand marketing (prescription sales) for psychiatric and neuropsychiatric products and
private hospital/clinic sales for complex injectables.
 It was working on a potential acquisition opportunity for an active pharmaceutical ingredient (API)
facility. If unsuccessful, construction would start immediately for its API plant, for which land
acquisition of 18.67 acres was completed last quarter.
 In US & regulated markets, it recently received3 abbreviated new drug application (ANDA) approvals
with two under its own name, taking the tally to 12 approvals. It is expecting 4 more ANDA approvals
in the next two quarters.
 It launched 7 products in US, and it plans to launch 5 more products within the next 4-5 months.
 It signed an agreement with JAMP Pharmaceuticals, Canada for 6 products. It expects to launch
these products by early 2022.
 Its pre-mix injectable bag line is ready for installation and the project would be completed by July,
2021. The pre-filled syringe line would be added by Q3 FY22.
257
Concall Summary
CAPLIN POINT LABORATORIES LTD
 With additional projects taken up (specifically in the pre-mixed bags and pre-filled syringes space),
its 45+ ANDA pipeline addressable market in US stood at $3.1 billion.
 It targets to be backward integrated with own APIs for 70% of its filings in US by 2024.
UPDATES
 It acquired land with four civil buildings in Chennai, which would be developed into oncology and
hormonal products plants in the near future.
 The company would not undertake any borrowings and all the expansions going forward would be
through internal accruals. The capital expenditure (capex) spend would be around ~₹275-₹300 crore
over next 24-30 months. The capex spends for 9M FY21 was ~₹56 crore.
 Presently, the asset turnover ratio was 1:1 and the company expects it to reach 3x in the medium
term.
 Power expenses are expected to increase in the coming quarters.
 The company continued to show strong growth in core business segments in Latin America, with
growth in both private and institutional sales.
Disclaimer:
258
ADVANCED ENZYMES TECH LIMITED

in Q3 FY20.
 During the quarter, the net profit stood at ₹44.3 crore v/s ₹34.6 crore in Q3 FY20, an increase of 28%
YoY. The growth was on account of improvement in gross margins.
 EBITDA for Q3 FY21 was ₹66.4 crore and for 9M FY21 it stood at ₹176.6 crore. The EBITDA margin for
Q3 FY21 was 48%.
 The research and development (R&D) cost was ~4.5% of the top-line for Q3 FY21.
 The cash position as on 31st December, 2020 was ~₹279 crore and days in receivables was 70 days.
 The Company allotted 45,450 equity shares during the quarter and nine months ended 31 st
December, 2020, to employees under the AETL Employee Stock Option Scheme 2015.
 On 11th January, 2021, it completed the acquisition of 51% of the paid-up equity share capital in
SciTech Specialties Private Limited (SSPL) for a total consideration of ₹31.6 crore. SSPL is a
technology based contract manufacturing company specialising in effervescent granules and tablets.
 During the quarter, the company concluded the transfer and assignment of its leasehold rights in the
property situated at Jalna (BT park), Maharashtra on a tripartite agreement with Maharashtra
Industrial Development Corporation (MIDC) and the transferees for its rights on leasehold property.
The gain on the transaction stood at ₹0.7 crore which was included under other income.
BUSINESS HIGHLIGHTS
 The domestic sale was up 21.9% YoY from ₹142.6 crore in Q3 FY20 to ₹173.8 crore in Q3 FY21. It
reported 1% increase in the revenue of its subsidiary company in United States (US).
 For 9M FY21, the Animal Healthcare witnessed a decline in revenue of 16.1% YoY to ₹34.4 crore. The
Human Health care segment had a revenue of ₹286.1 crore and Industrial Processing revenue was
₹48.1 crore on a nine-month basis, that increased by 17.3% YoY and declined by 1.2% YoY,
respectively.
 For 9M FY21, Evoxx Technologies (wholly-owned European subsidiary) had an EBITDA of €2,60,000
and revenue was €7,80,000 for Q3 FY21 and J C Biotech (subsidiary) reported a sale of ₹35.4 crore
for 9M FY21.
 Its enzymes for pharma industry stood at ₹85.4 crore for 9M FY21 v/s ₹76.2 crore for 9M FY20 and
₹36.5 crore in Q3 FY21 v/s ₹28.9 crore in Q3 FY20.
 The top 10 customers contributed ~47% of the total sales during Q3.
259
Concall Summary
ADVANCED ENZYMES TECH LTD
UPDATES
 The company expects to double its revenue in 5 years, on the back of its existing capacity and the
expansion of capacity would be made as per the requirement.
 It requires a ₹10-₹12 crore as a maintenance capital every year and whenever it reaches ~80%
capacity it would start its further capacity expansion.
 It witnessed demand majorly from its existing customers, during the quarter.
 It expects bio-catalyst and pro-biotic segments to be the growth drivers, going forward.
 Its new R&D facility is under development process.
 The effective tax rate is expected to be ~25%-26%, going forward.
 The logistics and supply chain issues was resolved during the quarter with manufacturing facilities
reviving and progressing towards normalcy.
 The company is planning to launch effervescent tablets for the bakery segment.
Disclaimer:
260
APOLLO HOSPITALS ENTERPRISE LTD

 The revenue from operations de-grew by 5.2% YoY to ₹2,759.8 crore in Q3 FY21 as against ₹2,911.7
crore in Q3 FY20.
 During the quarter, the net profit expanded by 49.1% YoY to ₹134.2 crore v/s ₹90.0 crore in Q3 FY20.
 In Q3, consolidated EBITDA (Pre Ind AS 116) stood at ₹349.8 crore with a margin of 12.7%.
 The consolidated net debt for YTD December 2020, was ₹2,704.2 crore, while on a standalone basis
it was ₹2,597.8 crore. The debt to equity ratio was 0.71x.
 The occupancy across the group in Q3 FY21 was 4,658 beds (63% occupancy) as compared to 4,119
beds (56% occupancy) in Q2 FY21. The Q3 FY21 occupancy in mature hospitals was at 3,243 beds
(62% occupancy). New hospitals had an occupancy of 1,415 beds (66% occupancy) in Q3 FY21
 Inpatient volumes across the group increased by 21% QoQ from 82,153 to 99,197.
 ARPOB (average revenue per occupied bed) registered a growth of 8.7% in Q3 FY21 as compared to
the previous year.
 The preventive health care and well-being facility has artificial intelligence and high-end technology
products built within itself. The company intends to scale this business to ~₹1,000 crore in 36
months.
 It had a savings of ₹40 crore in Q3, that included a saving ₹15-₹20 crore from man-power.
 Mature hospitals revenue (consolidated) de-grew by 9% from ₹1,104.4 crore in Q3 FY20 to ₹1,010.1
crore in Q3 FY21.
 The new hospitals (consolidated) revenues grew by 9% from ₹367.1 crore in Q3 FY20 to ₹398.7 crore
in Q3 FY21. ARPOB was ~₹36,000 during the quarter from ₹32,000 in the corresponding quarter last
year.
 The Pharmacy platform business on a like-to-like basis reported a revenue of ₹4,192.9 crore for 9M
FY21 v/s ₹3,462.1 crore for 9M FY20, a growth 21% YoY.
 The like-to-like EBITDA (Pre Ind AS 116) for 9M FY21 was ₹266 crore registering a growth of 30% YoY,
while the margin was higher by 40 bps at 6.3% in Q3FY21 as compared to 5.9% for 9M FY21.
261
Concall Summary
 The company expects its Diagnostics business to register a growth of~ 30%-35% in 3 years and
Digital platform business to register a revenue in the range of ~₹1800-₹2,000 crore with an EBITDA
margin of ~12%-14% in 3 years.
CAPACITY
 Of the 8,816 owned hospital beds capacity, 7,366 beds were operational and had an occupancy of
63% in Q3 FY21
 The total number of pharmacies as on 31st December, 2020, was 4,000. There was a net addition of
150 stores in Q3 FY21 & 234 stores on a YTD basis. It plans on adding over 300 stores, going forward.
COVID HIGHLIGHTS
 The Covid occupancy in Q3 was 73% and for the month of December, 2020, it was 48%. Non-Covid
occupancy for the month of December, 2020, was 67%.
 The Covid related beds was bought down to 1,600 beds in the month of December, 2020 and for Q3
it was 2,003 beds. The inventory of Covid beds for the month of January, 2021, was 800 beds, while
the occupied beds were lesser than the stated inventory.
 The Covid-related ARPOB stood at ~₹38,000 during Q3. The Covid patients contributed 15% towards
revenue.
UPDATES
 Pursuant to the demerger of the front-end pharmacy, AHEL’s ownership in the wholly-owned
subsidiary, AMPL (Apollo Medicals Private Limited) changed to 25.5%.
 In Q3, it witnessed good traction in the digital platform, Apollo 24/7 which was launched in
collaboration with HDFC Bank.
 It raised ₹1,170 crore via QIP (qualified institutional placement). The issue was oversubscribed by
12.5 times. The QIP was undertaken to acquire the remaining 50% stake in Apollo Hospitals, Kolkata,
to utilize ₹410 crore towards Apollo Gleneagles, ₹100 crore for 24/7 (digital platform), ₹150 crore for
its Apollo Diagnostics platform (Apollo Health and Lifestyle Limited) to expand its presence in
Southern and Eastern regions and some of it would also be utilized towards reduction of debt.
 The Group joined nation’s vaccination programme by vaccinating healthcare workers at Apollo
Vaccination Centre, Chennai. The Centre will vaccinate around 3 lakh healthcare workers.
 It continues to support Government’s efforts to fight Covid alongside battling the non-
communicable and lifestyle diseases challenge. Apollo Hospitals, TataMD collaborated to launch
'TataMD CHECK' test for Covid.
 The company expects margin expansion in 3 areas in the coming years- Kolkata hospitals, Medics
Lucknow, and Proton. It witnessed good run rate from Proton and expects good opportunities from
it, going forward.
262
Concall Summary
Disclaimer:
263
ASTER DM HEALTHCARE LIMITED

FY20. In 9M FY21, revenue from operations stood at ₹6,287.2 crore.
• In constant currency terms, revenue declined by ~7% YoY in 9M FY21.
• Net profit for the quarter decreased by 29.0% at ₹107.5 crore in Q3 FY21 from ₹151.4 crore in Q3
FY20.
• EBITDA (excluding other income) stood at ₹328.0 crore in Q3 FY21 v/s ₹385.0 crore in Q3 FY20.
• Net debt stood at ₹2,488.0 crore as on 31st December, 2020.
• Revenue from hospitals stood at ₹1,245.5 crore, clinics at ₹542.1 crore and retail pharmacies
(including opticals) at ₹468.4 crore in Q3 FY21.
• In 9M FY21, revenue from GCC (Gulf Cooperation Council) constituted 81% of total revenue and
revenue from India constituted 19%.
• In 9M FY21, revenue from hospitals constituted 54% of total revenue, clinics at 22% and pharmacies
at 24%.
• Number of hospitals stood at 26, clinics at 115 and pharmacies at 225 as on 31st December, 2020.
• Number of operational beds was 3,601 as on 31st December, 2020, including 2,656 in India and 945
in GCC.
• Number of capacity beds was 4,873 as on 31st December, 2020, including 3,708 in India and 1,165 in
GCC.
EXPANSION PIPELINE
• In India, the hospital pipeline included Aster Aadhar in Kolhapur, Aster Hospital in Chennai, Aster
Whitefield Women & Children’s Hospital (Phase 1 &2) in Bengaluru and Aster KLE in Bengaluru.
• In GCC, hospital pipeline included Aster Hospital in Sharjah, Aster Hospital in Muscat and Sanad
Hospital in Riyadh.
264
Concall Summary
ASTER DM HEALTHCARE LIMITED
BUSINESS HIGHLIGHTS
• Outpatient visits in 9M FY21 was ~2.01 million including ~1.06 million in GCC and ~0.95 million in
India.
• In-patient visits in 9M FY21 was ~1,62,700 including ~63,500 in GCC and ~99,200 in India.
• Human resources as on 31st December, 2020, stood at ~21,250.
• ALOS (average length of stay) was 3.2 in 9M FY21. ALOS was 2.1 in GCC and 3.9 in India.
• ARPOB (average revenue per occupied bed) stood at ~₹64,800 in 9M FY21. GCC ARPOB stood at
~₹1,66,500 and India ARPOB was ~₹29,400 in 9M FY21.
• Covid cases continued to remain high in Kerala which remained a cause of concern for the company
during the quarter.
• Revenue from GCC countries shrunk on a YoY basis due to the pandemic.
• Aster Labs saw traction during the quarter and conducted ~60,000 Covid tests as on 31st December,
2020.
FUTURE OUTLOOK
• The company plans to expand to the Caribbean, which it feels is a high potential market. It signed a
long-term agreement with the Cayman Islands Government to build Aster Cayman Medcity, a 150-
bed, multispecialty hospital in the next three years.
• Aster continued to evaluate various models to meet its ambitions of an asset light expansion.
Disclaimer:
265
NARAYANA HRUDALAYA LIMITED

• Revenue from operations for Q3 FY21 de-grew by 4.4% to ₹750.4 crore as against ₹785.2 crore in Q3
FY20.
• Profit after tax (PAT) increased by 29.9% to ₹40.8 crore in Q3 FY21 v/s ₹31.4 crore in Q3 FY20.
• EBITDA for the quarter stood at ₹109.5 crore and witnessed a growth of 1.2% YoY. This is as per the
new accounting treatment for leases as per IND AS 116 effective 1st April, 2019 which resulted in ₹12.7
crore increase in EBITDA and decrease of ₹1.6 crore in PAT for Q3 FY21 and ₹37.5 crore increase in
EBITDA and decrease of ₹6.7 crore in PAT for 9M FY21 on a like-to-like basis (pre-IND AS 116).
• The EBITDA margin was 14.6% in Q3 FY21.
• The net debt of the company was ₹532.6 crore as of 31st December, 2020, reflecting net debt to equity
ratio of 0.51.
• In India, the ARPOB (average revenue per occupied bed) was ₹1.02 crore in Q3 FY21 as against ₹0.96
crore in Q3 FY20. In HCCI (Health City Cayman Islands), the ARPOB stood at $2.0 million in Q3 FY21
and registered a growth of 42.9% YoY.
• The flagship centres of the company achieved 89% of the pre-Covid levels (i.e., February, 2020) in
December, 2020.
• First case of bifurcation aneurysm using endovascular contour device was operated in India in the
Mazumdar Shaw Medical Centre, Bengaluru (MSMC).
• Narayana SRCC Children’s Hospital, Mumbai started liver transplant program in December, 2020.
DIGITAL INITIATIVES
• During the quarter, the company implemented Rapid Artificial Intelligence (AI) for neurology in
healthy city, Bengaluru.
• It also rolled out AADI (Athma App for Doctors Insights) clinical care application to provide better
quality care and detailed information about patients electronically.
266
Concall Summary
NARAYANA HRUDALAYA LIMITED
• A blood bank module was initiated across the group which would help in managing the end-to-end
lifecycle of blood management.
ESG INITIATIVES
• The company implemented a renewable energy system at Health City at Bengaluru which is expected
to drive annual saving of ₹3.0 crore.
• It also completed fire safety audit at Mysore, Guwahati, Raipur and RTIICS (Rabindranath Tagore
International Institute of Cardiac Sciences) facilities.
• It installed a heat pump at MSMC, Bengaluru which is expected to drive an annual saving of ₹3.0 crore.
Disclaimer:
267
DR. LAL PATHLABS LIMITED

• The revenue from operations during the quarter increased by 38.0% to ₹452.4 crore from ₹327.9
crore in Q3 FY20. It was backed by growth in the non-Covid business.
• The net profit in Q3 FY21 stood at ₹95.9 crore v/s ₹54.9 crore in Q3 FY20, i.e., an increase of 74.7%.
• EBITDA (after adjusting for stock based compensation and CSR (corporate social responsibility)
expenditure) in Q3 FY21 grew by 62.7% YoY and stood at ₹144.6 crore.
• Profit before tax (PBT) for the quarter stood at ₹128.9 crore v/s ₹73.4 crore in Q3 FY20, up by 75.6%.
• Cash, fixed deposits and investments in mutual funds as on 31st December, 2020 stood at ₹932.6
crore.
• Basic earnings per share (EPS) for the quarter stood at ₹11.44 per share as compared to ₹6.56 per
share in Q3 FY20.
• The Board of Directors approved an interim dividend of ₹6 per equity share.
• Covid portfolio of tests including Interleukin-6 (IL-6), D-Dimer and Antibody apart from the RT-PCR
(reverse transcription polymerase chain reaction) tests contributed 21.6% to the revenue in Q3
FY21, i.e., ₹97.5 crore.
• Revenue realization per patient in Q3 FY21 was higher at ₹824 as against ₹688 in Q3 FY20. This was
aided by the Covid contribution.
• Contribution from rest of India, i.e., ex-Delhi National Capital Region (NCR) grew from 59% to 64% on
YTD (year to date) basis. It was primarily volume-led.
• In Q3 FY21, it conducted 5.27 lakh Covid RTPCR tests.
• The non-Covid business grew by 8.3% YoY in Q3 FY21 which was led by Swasthfit, its bundled test
portfolio.
• Its Delhi NCR non-Covid business was similar to last year’s revenue.
KEY HIGHLIGHTS
• While Covid tests continued to be a significant contributor to the revenue, it focused on growing its
non-Covid business through venue expansion, deeper penetration in existing markets and selective
inorganic expansions in newer markets.
268
Concall Summary
DR. LAL PATHLABS LIMITED
• It continued to strengthen the service delivery specially in the area of home collection through its
franchise partners. The company witnessed ~40% increase in pre to post-Covid era in home
collection for its non-Covid business. The non-Covid home collection was ~6% of the non-Covid
business
• Its initiative of acquiring small size labs through its subsidiary, Pathlab Unifiers Pvt. Ltd. gathered
momentum.
• The company’s wholly owned subsidiary, Pathlab Unifiers Pvt. Ltd. acquired 100% business in Bindish
Diagnostic Laboratory in Jamnagar and 70% stake in Chanre Diagnostics Laboratory in Bengaluru.
Both the deals have completed.
• As a strategic move, it expanded its geographical presence to southern and western regions of India.
It plans on increasing its footprints in these markets by rolling out full stack of infrastructure and
capability including two central labs in Mumbai and Bangalore. It shall continue to build a network of
collection centres and few satellite labs in the next 5-6 months.
• In Q3, October and November experienced a sharp rise in Covid testing. The trend has been
declining from December onwards. It was contributed by lower realisation per test as well as lower
patient volumes.
FUTURE OUTLOOK
• The contribution of the Covid tests to the revenue is expected to decline going forward.
• The company is looking forward to execute its geographic expansion plan, accelerating further
capability build-up around high interest portfolio and digital.
• Home collection business is expected to increase in the near future.
Disclaimer:
269
METROPOLIS HEALTHCARE LIMITED

FY20.
• PAT (profit after tax) margin was at 21.3% in Q3 FY21.
• EBITDA stood at ₹89.7 crore (before corporate social responsibility and employee stock option plans)
in Q3 FY21. EBITDA margins increased by 430 bps YoY to 32.6% in the quarter.
• The Board declared an interim dividend of ₹8.0 per equity share.
• The number of patient visits increased by 10% YoY and stood at ~2.7 million during the quarter.
• Revenue share in B2C (business to consumer) non-Covid business in focused cities increased by 700
bps to 61% in Q3 FY21.
• Revenue per patient stood at ₹1,029.0, including Covid revenue, in the quarter, i.e., an increase of
12.0% YoY.
• Number of tests in the quarter stood at ~5.1 million in the quarter.
• Revenue per test stood at ₹537.0, including Covid tests, during the quarter.
• Working capital days stood at 10 in December, 2020.
BUSINESS HIGHLIGHTS
• The company took various cost control initiatives to optimize its cost structure leading to enhanced
EBITDA margins in Q3FY21 as compared to Q3 FY20.
• Revenue growth in November, 2020, was muted on account of festivities.
• Laboratory (lab) network as on 31st December, 2020, stood at 125 which included 105 greenfield
labs and 20 labs on lease.
• Total service network stood at 2,477 as on 31st December, 2020.
• The company witnessed healthy growth in average revenue per centre in the third-party centre
segment.
• Service network reduced by ~10% between April and September, 2020, to optimise it.
270
Concall Summary
METROPOLIS HEALTHCARE LTD
• Rationalization exercise in service network was completed and is expected to enhance productivity
and efficiency as well as improve management bandwidth.
HITECH ACQUISITION
• The Board approved acquisition of 100% of the equity of Hitech Diagnostics Centre.
• Cash consideration would be ₹511.0 crore and Metropolis would issue up to 4,95,000 equity shares
on a preferential basis to the promoters and shareholders of Hitech.
• The cash consideration would be funded through internal accruals and a debt of up to ₹300.0 crore.
• Dr. Ganesan, the founder of Hitech would join the Metropolis leadership team to enable smooth
integration.
• The acquisition would increase Metropolis’ B2C business in Chennai and Bengaluru and improve
profitability through revenue and cost synergies.
• Metropolis would get access to 31 laboratories and 68 collection centres of Hitech.
• The company’s presence would be enhanced in the mid-segment of the market as Hitech primarily
caters to the mid-segment of the market.
FUTURE OUTLOOK
• Going ahead, the company expects non-Covid revenue to continue to gain traction while the Covid
revenue shall continue to moderate and eventually become one of the routine tests.
• Focus on specialized non-Covid tests is expected to lead to growth in revenue per patient and
revenue per test in the coming quarters.
• The company aspires to have a retail market share of 65% in key focus cities.
Disclaimer:
271
THYROCARE TECHNOLOGIES LIMITED

FY20.
• Net profit for the quarter grew by 17.8% to ₹32.4 crore in Q3 FY21 from ₹27.5 crore in Q3 FY20.
• Consolidated EBITDA for the quarter stood at ₹49.9 crore and increased by 13% YoY. EBITDA margins
stood at 36%.
• Radiology revenue stood at ₹6.2 crore in Q3 FY21, i.e., 78% of the corresponding year’s revenue.
• Preventive care business witnessed a volume growth of 24% QoQ.
• RT-PCR (Reverse Transcription Polymerase Chain Reaction) registered a volume growth of 6% QoQ
and revenue stood at ₹27.3 crore during the quarter.
• Non-RT-PCR pathology tests witnessed a revenue growth of 4% QoQ.
• Employee benefits expense rose by 4% sequentially due to additional marketing resources being
appointed for long term growth.
• Total PET-CT (Positron emission tomography–computed tomography) scans performed stood at
9,352 in 9M FY21 v/s 21,009 in 9M FY20.
• Nueclear scans performed during the quarter stood at 4,691 and generated a revenue of ₹5.7 crore.
TEST VOLUMES
• The company reported volumes of 6,53,229 RT-PCR tests in 9M FY21.
• Volumes of Covid-19 antibody tests stood at 4,84,689 in 9M FY21.
BUSINESS UDPATES
• Preventive care business saw strong revival during the quarter and the contribution of revenue from
the sale of Aarogyam profiles/ packages in the current quarter stood at 46% of total non–Covid
business.
• The company sustained its margins despite state imposed controlled prices of RT-PCR tests.
Revenues saw sequential decline in the quarter, but volumes grew sequentially.
272
Concall Summary
THYROCARE TECHNOLOGIES LTD
• Radiology business revived as most PE-CTC centres became fully functional and saw walk-in scans.
Number of scans performed grew sequential by more than 30%.
FUTURE OUTLOOK
• The company expects the healthcare industry in India to grow at a CAGR of ~20% in the upcoming
years.
• The non-Covid business is expected to show further recovery in the coming quarters due to rise in
consciousness among people about health.
Disclaimer:
273
SHALBY LIMITED
• Consolidated revenue from operations increased by 9.1% YoY and 14.0% QoQ to ₹131.8 crore in Q3
FY21. Standalone revenue from operations was up by 7.0% YoY and 17.8% QoQ to ₹129.3 crore.
• Standalone operating EBITDA grew by 2.9% QoQ to ₹32.3 crore with a margin of 24.5%. EBITDA margin
was 19.7% in Q3 FY20. The YoY margin improvement was due to higher occupancy from Covid-19
patients resulting in lower usage of materials and consumables.
• Consolidated net profit stood at ₹16.8 crore in Q3 FY21, a rise of 106.4% YoY and a fall of 31.4% QoQ.
Sequential de-growth was due to tax reversal in Q2 FY21. Standalone net profit was ₹16.3 crore with
a margin of 12.4%.
• Standalone net cash balance position stood at ₹59.8 crore at the end of December 2020, as compared
to ₹39.8 crore as on 31 March, 2020.
BUSINESS HIGHLIGHTS
• The Critical Care and General Medicine segment contributed 44% to the total revenue while
Arthroplasty contributed 17%.
• There was an increase in the in-patient count from 7,573 to 8,945 and the surgeries count from 1,622
to 1,840 on a QoQ basis. Over 2,700 Covid-19 patients were treated during the quarter.
• The occupancy level stood at 44.7% during the quarter with 537 beds as against 38.0% during Q3 FY20
with 456 beds. Covid patients occupied less than 5% of the beds.
• The occupancy growth was supported by an increase in both the number of Covid-19 patients and
elective surgeries. Covid occupancy was 35% and non-Covid occupancy was 65% in the quarter vis-à-
vis 45% and 55%, respectively, in the last quarter.
• The average revenue per occupied bed (ARPOB) increased from ₹24,837 in the last quarter to ₹26,660
in Q3 FY21 and the bed capacity remained unchanged at 2,012.
• The average length of stay (ALOS) decreased by 7.1% QoQ while increased by 29.5% YoY in Q3 FY21
to 5.52 days. Revenue saw a rise on a YoY basis majorly due to increase in ALOS.
• The day care patient count for the quarter was 5,050.
• The costs returned to the average level with an increase in the elective surgeries.
• During the quarter, joint replacement surgeries was at 70%-75% of the pre-Covid level.
274
Concall Summary
SHALBY LIMITED
UPDATE
• On information technology (IT) front, the company recently concluded the new Hospital Information
System (HIS) implementation across all its units.
FUTURE OUTLOOK
• Some of the upcoming IT projects include a brand-new website, a mobile application and a new cost
centre.
• The management expects to achieve a double digit return on capital employed (ROCE) and ~25%
EBITDA margin in FY22. A YoY growth of 15%-20% is expected for the next 4-5 years.
• Arthroplasty is expected to contribute 30%-40% in the overall revenue and joint replacement surgeries
to achieve pre-Covid level in Q4 FY21.
• The operating cost is expected to remain unchanged in the near future.
• The company is taking various initiatives to ramp up the current occupancy rate.
Disclaimer:
275
276
 Revenue from operations de-grew by 1.8% YoY to ₹35,596.4 crore in Q3 FY21 v/s ₹36,242.7 crore in
Q3 FY20.
 During the quarter, the net profit stood at ₹2,857.7 crore as against ₹2,751.7 crore in Q3 FY20,
registering a growth of 3.9% YoY.
 EBITDA margin was 10.5% for 9M FY21.
 The profit after tax from discontinued operations for the quarter and 9M FY21 included a gain on
divestment of ₹208.9 crore and ₹8,310.0 crore of its Electrical & Automation (E&A) business to
Schneider Electric India Private Limited. It also divested its marine control and automation systems
unit (part of E&A segment) to Rolls Royce Power Systems AG. The company expects final closure of
the divestment of E&A business in the quarter ending March, 2021.
 The revenue from the Infrastructure segment declined by 7% YoY to ₹15,828 crore during the
quarter.
 The Power segment revenue stood at ₹897 crore in Q3 FY21 with a growth of 29% on a YoY basis. It
did not procure any major order during the quarter ended December, 2020.
 The Heavy Engineering segment had a revenue of ₹733 crore on account of better capacity
utilization during the quarter.
 Defence Engineering segment (domestic & international) had a growth of 2% YoY to ₹1,022 crore
with multiple small value orders and final stages of large order execution from Q3.
 Hydrocarbon segment revenue stood at ₹4,407 crore with domestic order wins during the quarter.
 Developmental Project segment (Nabha and Hyderabad Metro) revenue stood at ₹814 crore. This
segment included Power Development business (Thermal and Hydro) and Hyderabad Metro
services.
 The Information Technology (IT) Services segment (Larsen and Toubro Infotech, Larsen and Toubro
Technology Services & Mindtree) revenue grew by 7% YoY to ₹6,505 crore. The revenue growth was
on account of better onshore & offshore mix and improvement in utilization efficiencies.
 Other segment comprising of Realty, Construction & Mining Equipment, Rubber Processing
Machinery, Industrial Valves, and Smart World & Communications had a revenue growth of 30.1%
YoY to ₹1,989 crore. Higher Q3 margin was due to sale of commercial space by Realty business.
277
 The Financial Services segment revenue de-grew by 4.2% YoY to ₹3,401 crore on account of
enhanced credit cost provisions.
ORDER BOOK
 The company had an order inflow of ₹1,24,846 crore during 9M FY21.
 The order book stood at ₹3,31,061 crore for 9M FY21 with domestic order at ~₹2,63,800 crore and
international order at ~₹67,300 crore. The segment wise order from domestic segment was as
follows: 12% from Central Government, 37% from State Government, 41% from public sector
undertakings (PSUs) and ~10%-15% from private sector.
UPDATES
 The company received an interest free advance of ~₹450 crore from high speed rail order
corporation during the quarter.
 The residential Real Estate segment would continue to improve in the next 2-3 quarters. It has a
healthy order pipeline from Infrastructure segment for Q4 FY21. It witnessed strong domestic order
from Infrastructure & Hydrocarbon segment during the quarter.
 The gross collections in Q3 stood at ~₹32,000 crore.
Disclaimer:
278
KEC INTERNATIONAL LIMITED

• EBITDA for the quarter stood at ₹299 crore as against ₹319 crore last year.
• EBITDA margin was 9.1% in Q3 FY21 v/s 10.4% in Q3 FY20. It was lower due to significant cost
escalations in Brazil and increase in commodity prices globally.
• Profit before tax (PBT) stood at ₹198.8 crore with a margin of 6.0% in Q3 FY21.
• Net profit for the quarter was ₹145.1 crore with margin of 4.4% compared to 4.7% in the previous
year.
• Net debt position stood at ₹2,644 crore on 31st December, 2020.
• Interest cost as a percentage of sales was down by 60 bps YoY to 2% and in absolute terms, it was
lower by 19%.
BUSINESS HIGHLIGHTS
• Year-to-date (YTD) order intake stood at ₹6,827 crore led by growth in T&D business in the
international market.
• The order book as on 31st December, 2020 stood at ₹17,918 crore with an order book + L1 pipeline of
~₹24,000 crore.
• In international transmission and distribution (T&D), there were intermittent challenges due to Covid
which led to a delay in start-up execution of some projects. The overall tender pipeline continued to
be strong, especially in SAARC (South Asian Association for Regional Cooperation), Middle East and
Africa.
• In domestic T&D, the revised bidding for the Green Energy Corridor Phase 2 tender was concluded.
The bidding process is expected to conclude within few weeks.
• In SAE Towers, there was a delay in executing engineering, procurement and construction (EPC)
projects due to shortage in supply of raw materials. New EPC projects secured recently were
commenced. The management expects to complete 2 previous EPC projects in Q1 and Q2 FY22.
• Railway business sale stood at ₹866 crore, higher by 44.1% YoY. KEC secured orders worth more than
₹500 crore in technologically enabled growth areas of metro, dedicated freight corridor (DFCC) and
high-speed trains.
• KEC expanded its client portfolio by securing its first private order for composite project which includes
track-linking, signalling & telecommunication and electrification works.
279
Concall Summary
KEC INTERNATIONAL LIMITED
• In the civil business, it reported a 3x growth in the revenue on a YoY basis. It received breakthrough
orders in chemicals and water pipeline segments.
• In the cables segment, it registered a growth of 22.5% YoY with a revenue of ₹305 crore. It is expected
to commercialize a few new railway products in Q4 FY21.
• In the solar business, it secured an order for a 13.6 MW rooftop solar project from a corporate client.
FUTURE OUTLOOK
• In the Green Energy Corridor, the management expects orders worth ₹1,000-₹2,000 crore to flow in.
• Railway business is expected to deliver good growth in terms of revenue and margins and civil business
to contribute more than 10% to the overall revenue for the next 2 years.
• The ratio of T&D business in the revenue is anticipated to decline going forward. Margins in the cable
business are expected to remain under pressure in Q4 FY21.
• The management expects an interest cost of 1.8%-2% of sales to sustain.
Disclaimer:
280
NCC LIMITED
FY20.
• Net profit decreased by 24.0% to ₹77.9 crore in Q3 FY21 from ₹102.5 crore in Q3 FY20.
• EBITDA for the quarter stood at ₹256.2 crore v/s ₹262.8 crore in the corresponding quarter last year.
• EBITDA margins stood at 12.4% in the quarter v/s 11.8% in Q3 FY20.
• Finance costs stood at ₹112.2 crore in Q3 FY21.
• Cash and cash equivalents was ~₹400.0 crore as on 31st December, 2020.
• The Board approved an issue of 1,80,00,000 convertible warrants to its promoter group at a price
determined in accordance with Chapter V of Securities and Exchange Board of India regulations.
BUSINESS HIGHLIGHTS
• Execution levels were back to normal as on 31st January and the momentum is expected to continue
in the upcoming quarter.
• Payment from Government orders came on time without any delays.
• The company was in a comfortable position in terms of liquidity and witnessed no working capital
tightness.
• Net working capital days stood at 227.
• Inventory stood at ₹449.7 crore as on 31st December, 2020.
• Execution of orders picked up during the quarter. 60%-65% levels of pre-Covid execution were
witnessed during the quarter.
ORDER UPDATES
• As on 31st December, 2020, the total order book stood at ₹39,182.0 crore.
• It witnessed strong accretion of orders in the quarter and received orders of ₹11,861.0 crore in Q3
FY21.
• Orders of ~₹20,000.0 crore were received in 9M FY21.
281
Concall Summary
NCC LIMITED
• In Government projects, the company is constructing various projects including AIIMS (All India
Institute of Medical Sciences), 4 medical campuses of ~₹1,000.0 crore each and various defense
projects.
• Nagpur-Mumbai expressway is also being constructed by the company for an order value of ₹2,850.0
crore.
• The company was involved in the construction of Lucknow and Patna airport.
• In January, 2021, the company received orders of ₹1,200.0 crore.
• National Infrastructure Pipeline is being sped up and orders have increased. NHAI (National Highways
Authority of India) had tendered projects worth ₹7,200.0 crore and the company aims to win
substantial portion of the orders.
• The company had orders worth ~₹6,000.0 crore in the Jal Jiva Project. It expects to receive more such
orders in the near future due to emerging need for clean potable water.
FUTURE OUTLOOK
• Order book was increasing consistently and FY22 is expected to record increased order wins for the
company.
• Going forward, it aims to improve its execution capabilities and administrative efficiencies.
Disclaimer:
282
PNC INFRATECH LIMITED

 The revenue from operations stood at ₹1,582.0 crore in Q3 FY21 v/s ₹1,390.4 crore in Q3 FY20, an
increase of 13.8% YoY.
 During the quarter, the net profit increased by 163.2% YoY to ₹176.1 crore as against ₹66.9 crore in
Q3 FY20.
 EBITDA stood at ₹407.1 crore in Q3 FY21 v/s ₹297.4 crore in Q3 FY20. The EBITDA margin stood at
25.7%.
 The net working capital days were 67 days in Q3 as compared to 85 days during 30th September,
2020.
 The net debt to equity (consolidated) was 1.31x during Q3.
BUSINESS HIGHLIGHTS
 The value of contracts that are under execution as on 31 st December, 2020, was ₹9,852 crore. After
considering the engineering, procurement and construction (EPC) value of the contract under
execution, its order book stood at ₹18,000 crore.
 The orders that were not included in order book as on December, 2020, were: Challakere Hariyur
hybrid annuity model (HAM) project in the state of Karnataka, HAM project for four laning of
Meerut, two EPC projects of Delhi, Vadodara, irrigation project from water resources department,
Government of Andhra Pradesh, water supply project from Government of Uttar Pradesh.
 The road EPC constituted 99% of order book of the company.
 The company had a mobilisation advance of ~₹160 crore during December, 2020. The cost of debt
was at 4.2% and it repaid all its mobilisation advances related to Nagpur-Mumbai Expressway last
year.
 The segmental revenue break-up for EPC and Toll/Annuity in Q3 FY21 stood at ₹1,320 crore and
₹255 crore, respectively.
 Equity requirement of the company over the next 2-3 years would be ~₹306 crore for six HAM
projects which are under construction phase.
 The toll collection was as follows: Ghaziabad Aligarh highway at ~₹62.9 crore, MP highway at ~₹13.3
crore, Kanpur at ~₹124.14 crore, Kanpur highway at ~₹25 crore, Bareilly Almora highway at ~₹13.97
crore and from Narela it stood at ~₹9.93 crore.
283
Concall Summary
PNC INFRATECH LIMITED
UPDATES
 The company had a total capex requirement of ₹1,148 crore of which ~₹542 crore had already been
invested towards its business operations and balance would be utilised in 2-3 years.
 There would be no additional capex spending towards water supply and irrigation projects.
 It announced that its subsidiary, PNC Unnao Highways had received communication from National
Highways Authority of India (NHAI) confirming the achievement of financial closure for one of the
highway projects in Uttar Pradesh.
 It expects two BOT (built, operate and transfer projects) roads to be completed by 2025.
 The company’s bidding process comprised of mostly road projects (40% EPC and 60% HAM).
 The labour availability returned to pre-Covid levels in Q3.
Disclaimer:
284
KNR CONSTRUCTIONS LIMITED

 The revenue from operations grew by 21.7% YoY to ₹734.7 crore as against ₹603.7 crore in Q3 FY20.
For 9M FY21 it stood at ₹1,913.1 crore a growth of 11.1% YoY.
 During the quarter, the net profit stood at ₹91.0 crore v/s ₹50.0 crore in Q3 FY20, an increase of 82%
YoY and for 9M FY21 it was ₹288.1 crore and expanded by 69.6% YoY.
 EBITDA for Q3 FY21 was ₹176.6 crore with margin at 24% and for nine month ended, it stood at
₹477.8 crore and 25%, respectively.
 For the quarter ended 30th September, 2020 and 9M FY21, the company had transferred its 100%
shareholding in one of its subsidiary i.e., KNR Walayar Tollways Private Limited to Cube Highways
and Infrastructure III Private Limited for an enterprise value of ₹511.8 crore.
 The debt (standalone) stood at ₹214.1 crore as on 31st December, 2020, and the debt to equity ratio
was 0.13x.
 The working capital days was 54 for 9M FY21.
KEY HIGHLIGHTS
 It received new order for upgrading Cheyyur–Vandavasi Polur road including East Coast Road link
(ODR) Cheyyur –Panayur Rroad to two laning in the state of Tamil Nadu on EPC (Engineering
Procurement and Construction) mode aggregating to ₹538.9 crore. The project would be completed
in 39 months.
 The portfolio of BOT (build, operate and transfer) and HAM (hybrid annuity model) projects
consisted of 778 lane km (kilometre) projects in the state of Telangana, Karnataka & Bihar, 2 Annuity
based projects & 1 toll based project and 5 HAM projects with total bid project cost of ₹6,049.2
crore which is under construction/development phase.
 It had an EPC order book of ₹7,663.7 crore with ₹4,198.1 crore order from roads sector and ₹3,465.6
crore from irrigations sector.
 The order book break-up was as follows: 30% captive (HAM) projects, 54% from State Government,
13% others and 3% from Central Government.
 The revenue-wise break up of its project segments for Q3 FY21 was: 49% for HAM, 29% for Irrigation
and 22% from EPC.
 The gross block of plant and machinery as on 31st December, 2020, was ₹1,131.5 crore.
 The toll collection from Muzaffarpur Barauni Tollway Private Limited stood at ₹11.4 crore for Q3
FY21 and ₹33.7 crore for 9M FY21.
285
Concall Summary
KNR CONSTRUCTIONS LIMITED
 For its HAM portfolio, the Trichy to Kallagam project had a physical progress of 58.9% followed by
Chittor to Mallavaram at 72.1%, Ramsanpalle to Mangloor at 64.2%, Magadi to Somwarpeth at
22.4% and Oddanchataram to Madathukulam at 14%.
 The equity invested for its HAM projects was ₹345.6 crore till date, for which it received a grant of
₹1,267.9 crore.
UPDATES
 It utilized a capex of ₹60 crore for 9M FY21 and expects to spend ₹100 crore by the end of FY21. The
capex guidance for FY22 would be in the range of ₹100-₹120 crore.
 The company made a bid for 15 projects worth over ₹20,000 crore including one HAM project, of
which it expects order approvals by March, 2021.
 2-3 of its ongoing HAM projects would be completed by June, 2021.
Disclaimer:
286
KALPATARU POWER TRANSMISSION LTD

crore in Q3 FY20.
131.6% YoY.
 The consolidated net debt for Q3 FY21 was ₹2,343 crore as against ₹3,442 crore in Q2 FY21. The
reduction of ~₹1,100 crore was initiated in following ways: ~₹700 crore through transfer of BOOT
assets, ~₹300 crore from KPTL standalone business, ~₹100 crore from JMC standalone.
 Core EBITDA stood at ₹383 crore with margin at 10.9% in Q3 FY21.
 PBT (profit before tax) after exceptional items grew by 138% YoY to ₹410 crore with a margin of
11.7% during the quarter.
 Exceptional items for Q3 FY21 included a gain on sale of Alipurduar Transmission Ltd. (ATL) and
Jhajjar KT Transco Private Ltd. (JKTPL). In ATL, the company had recognized the entire gain (net of
expenses) of ₹147 crore, representing gain on transfer of 49% stake and fair value gain on the
balance 51% stake.
 In JKTPL, the company had completed the sale of its entire stake and recognized a gain (net of
expenses) of ₹7 crore.
 In Q3, it did a share buy-back of ~₹180 crore. Post the buyback, the equity stake of promoter and
promoter group increased to 56.5% from 54.4% earlier.
 Its receivables was ~₹900 crore in Q3 FY21 v/s ~₹953 crore in Q3 FY20.
 It declared an interim dividend of ₹8.5 per share in Q3.
SUBSIDIARIES PERFORMANCE
 There was an improvement in SSL (Shree Shubham Logistics Limited) operations with revenue
growth of 17% YoY, EBITDA margin of 35% and PAT (profit after tax) of ₹9 crore for 9MFY21.
 Linjemontage revenue growth was over 100% for 9M FY21 and order book value was ₹1,097 crore.
 It witnessed strong improvement in toll revenue of road BOOT SPVs (Special Purpose Vehicles). The
per day average collection of all four SPVs stood at ~₹61 lakh in Q3 FY21, with cash level break-even
at operating level of ₹59 lakh per day.
287
Concall Summary
KALPATARU POWER TRANS LTD
ORDER BOOK
 The consolidated order book (including L1) stood at 31,382 crore as on 31st December, 2020.
 For KPTL, the order book stood at ₹13,329 crore (including Linjemontage Sweden) as on 31st
December, 2020. It received new orders of ₹835 crore for Q4 FY21 till date The L1 position was
~₹3,100 crore. The YTD FY21 order inflow (including L1) was ₹9,360 crore.
 For JMC, the new order value during Q3 was ₹760 crore. The L1 position was ₹750 Crore. The YTD
FY21 order inflow was ₹7,484 crore and order book stood at ₹14,203 crore as on 31 st December
2020.
 The geography-wise consolidated order book as on 31st December, 2020, stood as follows: 73% in
Domestic and 27% in International. The client-wise order book was 75% from Government / PSUs
(public sector undertakings) and 25% from Private.
 Business-wise order book break-up as on 31st December, 2020 was: 28% from T&D (transmission &
distribution), 31% from B&F (buildings & factories), 20% from Urban Infra & Water, 12% from
Railways and 9% from Oil and Gas segments.
 The total JMC investment in road BOT assets as on 31st December, 2020, was ₹821 crore. It availed
moratorium for all the four assets.
RECENT ACQUISITION
 The acquisition of Fasttel in Brazil was in line with the company’s strategy to strengthen its core EPC
(engineering procurement construction) business and in becoming local in few geographies. Fasttel
would help it enter into the high growth Brazilian power transmission and distribution market.
 KPTL through its wholly owned subsidiary Kalpataru Power Do Brasil Participacoes Ltd (Kalpataru
Brazil) signed definitive agreements to acquire controlling stake of 51% in Fasttel Engenharia Ltd,
Brazil (Fasttel) for around $8.80 million.
 Out of the total investment by Kalpataru Brazil, $4.7 million will be paid for acquiring shares from
existing shareholders and $4.1 million will be infused into Fasttel for issuance of new equity shares
to Kalpataru Brazil.
 Fasttel had a revenue growth of over 25% CAGR (compounded annual growth rate) for last 5 years.
Kalpataru Brazil shall have an option to buy additional 29% shares after 3 years. The transaction
would be funded through KPTL’s internal accruals and expected to close by the end of Q1 FY22.
UPDATES
 It received proceeds on sale of Alipurduar Transmission Limited (ATL during the quarter.
 The company achieved full commissioning of Kohima-Mariani Transmission Limited and is awaiting
approvals for transfer/ sale from relevant authorities. The deal closure is expected in Q4 FY21 or Q1
FY22.
288
Concall Summary
KALPATARU POWER TRANS LTD
 Restructuring of KEPL (Kurukshetra Expressway Private Limited) and WEPL (Wainganaga Expressway
Private Limited) road assets were in final stages and is expected to be completed in Q4 FY21 or Q1
FY22.
 It completed sale and transfer of JKTPL to India Grid Trust for an enterprise value of ₹310 crore, the
sale proceeds was received in Q2 FY21.
 It achieved transfer of ATL to Adani Transmission Limited for an enterprise value (EV) of ₹1,286
crore, the cash from sale was received in Q3.
 It sold ~35% of units of Indore real estate (total 129 units, sold 46 units). The project is in completion
phase with 5% of units sold in Q3. It is expected to be completely sold over the period of next 12
months.
 It witnessed headwinds due to inflation in commodity prices (steel and cement) & labour expenses.
The commodity price increase in Q3 was ₹9 crore and for labour it was ₹13 crore.
 The net working capital days stood at 105 in Q3.
 It had 331 warehouses with ~82% capacity utilisation.
 The company is witnessing bottlenecks in delivery front from neighbouring countries which included
container shortages and road-blockages.
 The company expects double-digit growth in revenue and EBITDA from KPTL and JMC, going
forward.
 It is getting tender offers for railway electrification and widening of tracks.
 It plans to expand and be local in markets of geographies like Latin America and Nordic regions.
Disclaimer:
289
290
BHARTI AIRTEL LIMITED

• The revenue from operations stood at ₹26,517.8 crore in Q3 FY21 as against ₹21,343.6 crore in Q3
FY20, registering a growth of 24.2% YoY. It grew by 5.8% on a sequential basis.
• Net profit for the quarter was ₹1,350.1 crore as against a net loss of ₹464.9 crore in Q3 FY20.
• EBITDA margins stood at 45.9%, an improvement of 464 bps YoY.
BUSINESS DIVISIONS
AIRTEL BUSINESS
• The EBITDA margin stood at 38.7% in the quarter ended 31st December, 2020.
• It signed a MoU (memorandum of understanding) with the Maharashtra Industrial Development
Corporation (MIDC) for setting up two new data centre campuses in Mumbai and Pune to serve the
growing demand for secure data centre services.
• Airtel IQ, a cloud-based omni-channel communications platform, acquired over 45 large customers.
• Airtel Secure and Airtel Cloud witnessed substantial growth in order book during the quarter.
HOMES SERVICES
• Broadband category was adopted very well by its customers. It believes to scale-up this business in
the next few years.
• It added 1.4 million fibre home passes during the quarter.
• Through its LCO (local cable operator) model, it is operational in 120+ cities and expects to expand to
1,000 cities in approximately a year.
• Customer additions during the quarter was 2,15,000. This was on account of the flow through
impact of the pricing decisions taken in the last quarter.
DIGITAL TV SERVICES
• It added 4,85,000 customers in the Direct-To-Home (DTH) platform and registered a revenue growth
of 5.8% YoY.
• The DTH industry appeared to be attractive in the medium-to-long term to the management based
on the following factors: cheaper price structure in India for linear entertainment and shift in
consumer base from cable.
291
Concall Summary
BHARTI AIRTEL LIMITED
MOBILE SERVICES (INDIA)

• The revenues grew by 6.8% sequentially and stood at ₹14,778.8 crore.
• It added 14.2 million customers during the quarter and the average revenue per user (ARPU) grew to
₹166 from ₹162 on a QoQ basis. Net addition of customers in the 4G segment stood at 12.9 million
and the monthly churn stood at 1.9%.
• A strong performance on postpaid was sustained with 7,00,000 customer additions during the
quarter.
• In Q3 FY21, average data usage per data customer stood at 16.4 GB/month while voice usage was at
1,027 mins/customer/month.
• During the quarter, the company added 7,414 sites.
KEY HIGHLIGHTS
• It expects to shut down its copper infrastructure and add fiber to the home business in a year’s time
which would eventually lower their cost.
• It is consistently growing its share of business online (both in payments and acquisitions) which
would help in lowering the costs.
• A growth of over 190 million active users was witnessed across its key digital assets. Wynk had 67
million active users and Airtel Xtreme had ~40 million active users.
• It entered into a partnership with Amazon for the first roll-out of Prime Video mobile edition.
• In Q3 FY21, it launched Airtel Safe Pay, a medium for safe online payment.
• Dividend receipts from its subsidiaries and joint ventures would be used to reduce leverage.
UPDATES
• Pursuant to the IPO (initial public offering) of Robi Axiata Limited, its Bangladesh joint venture, the
company held 28.18% stake, w.e.f. 10th December, 2020.
• Post the merger of Bharti Infratel Limited and Indus Towers Limited on 19th November, 2020, the
combined entity is not a subsidiary of Bharti Airtel and is treated as a joint venture in accordance to
the accounting standards.
• The company believes that their networks are 5G ready which was attested using the existing
spectrum bands in Hyderabad.
• With an introduction of 5G introduction, the company doesn’t expect any material change towards
its capital expenditure (capex).
Disclaimer:
292
VODAFONE IDEA LIMITED

Revenue: ₹10,894.1 cr (▼1.8%) Net Profit: ₹-4,532.1 cr (▲29.6%)
• The revenue from operations contracted by 1.8% to ₹10,894.1 crore in Q3 FY21 from ₹11,089.4
crore in Q3 FY20. It registered a growth of 1% QoQ aided by higher 4G additions during the quarter.
• The net loss for the quarter stood at ₹4,532.1 crore v/s ₹6,438.8 crore in Q3 FY20.
• EBITDA (excluding Ind AS 116) for the quarter stood at ₹2,110 crore and was positively impacted due
to the amortisation of subscriber acquisition cost over the average expected customer life.
Additionally, EBITDA improvement was driven by higher revenue as well as incremental opex
(operating expense) savings from the cost optimization initiatives.
• The company targets to achieve ₹4,000 crore of annualized cost savings by the end of this calendar
year and it achieved ~50% of the targeted annualized savings on a run rate basis in Q3 FY21.
• The subscriber base for Q3 FY21 stood at 26.98 crore, a QoQ decline of 2 million.
• During the quarter, gross additions improved and subscriber churn reduced to 2.3%.
• At the end of the quarter, the 4G subscriber base of the company was 109.7 million, an increase of
3.6 million in Q3. It would remain the company’s key focus area going forward.
• ARPU (average revenue per user) for Q3 FY21 improved to ₹121 compared to ₹119 in Q2 FY21.
BUSINESS HIGHLIGHTS
• Capital expenditure (capex) in Q3 FY21 was ₹9,700 crore v/s ₹10,400 crore in Q2 FY21.
• Net debt stood at ₹1,17,080 crore as on 31st December, 2020 as against ₹1,14,510 crore on 30th
September, 2020. This included the debt of ₹23,170 crore from banks and financial institutions and
the remaining amount is owed to the Government for deferred spectrum payment obligations.
UPDATES
• It continued to add 4G capacity through spectrum reforming which covers over 1 billion of the Indian
population.
• The overall broadband site count stood at 4,47,936 as of Q3 FY21, lower compared to 4,57,386 in Q2
FY21, as the company aggressively started to refarm its 3G sites to 4G.
293
Concall Summary
VODAFONE IDEA LIMITED
• It launched several customer awareness campaigns during IPL (Indian Premier League) across TV,
digital as well outdoor media, which led to stronger network perception, improving customer
engagement as well as brand affinity.
• The cloud services remained central to the growth strategy for the company.
• The company extended its leadership in IoT (internet of things) offerings in connected vehicles
segment.
• Through the application Vi Movies and TV, the company tied up with various content creators and
OTT (over-the-top) applications including Voot Select and Fireworks.
• It entered into strategic partnerships with key players in the area of learning and upskilling; health
and wellness; and business. It forged partnerships with upGrad, Udemy, Pedagogy, cure.fit, 1mg,
Mfine, Eunimart, Hubbler and Fiskl.
• VIL sold its 11.15% stake in Indus Towers on completion of the merger on 19th November, 2020 for a
cash consideration of ₹3,764.2 crore. Of this, ₹2,400 was made as a prepayment to the merged
tower entity which would be adjusted in line with the terms of the agreement.
• The company is in active discussion with potential investors for the approved fund raising of ₹25,000
crore by the Board of Directors.
• The spectrum auction is expected to take place in March, 2021 and the company is looking forward
to participate in it.
Disclaimer:
294
TATA COMMUNICATIONS LIMITED

FINANCIAL HIGHLIGHTS
 The revenue from operations was ₹4,222.8 crore in Q3 FY21 v/s ₹4,228.7 crore in Q3 FY20.
 The net profit stood at ₹309.4 crore during the quarter, as against ₹58.9 crore in the same quarter
last year, while for 9M FY21 it was at ₹952.3 crore.
 The earnings per share (EPS) was ₹33.38 for 9M FY21.
 EBITDA for Q3 FY21 was at ₹1,046 crore, which grew by 37.5% YoY. EBITDA margin expanded by 680
bps to 24.8% led by growth in Data business and cost efficiency initiatives.
 Net debt at the end of the quarter was ₹7,972 crore, which decreased by ₹659 crore from Q2 FY21.
 Net debt to EBITDA was at 1.9x during the quarter v/s 2.9x in the same quarter last year.
 The free cash flow during Q3 FY21 was ₹707 crore, which de-grew by 15.8% on a QoQ basis.
SEGMENT-WISE BUSINESS PERFORMANCE

 The Data business witnessed steady growth across all its segments with gross revenue at ₹3,549
crore. Its sequential revenue was impacted on account of slower deal conversion due to Covid and
lower-usage based revenue in Growth services.
 The Data revenue by geography was- India at 54% and 46% from rest of the world (ROW).
 The revenue from Traditional services stood at ₹2,288 crore on account of growth from Over-the-
Top (OTT) and Enterprise segments.
 Growth services had an increase in revenue of 2.6% YoY to ₹806 crore. The segment witnessed
slower conversion of deals on account of Covid.
 Its Transformation business revenue for Q3 was ₹322 crore, which declined by 1.8% YoY. Despite
good order book, the company faced lag in execution due to Covid related restrictions.
 The Payment solutions witnessed a 32.4% decline in revenue to ₹59 crore. The segment was
severely impacted due to lockdown in certain areas and average transactions were 77 in Q3 FY21 as
compared to 89 transactions in Q3 FY20.
ACQUISITION
 The company acquired 58.1% stake in Oasis Smart SIM Europe SAS (Oasis), a France-headquartered
embedded-SIM (e-SIM) technology provider. Through this, it would offer transformation IoT
(internet of things) and connectivity of solutions across 200 countries and territories backed by its
relationship with more than 600 mobile network operators worldwide.
295
Concall Summary
TATA COMMUNICATIONS LIMITED
CAPEX
 The capex for Q3 was ₹339 crore as compared to ₹490 crore in Q3 FY20. The company intends to be
conservative in its approach going forward.
UPDATES
 The company had a sequential decline in EBITDA due to one-off gain of ₹43 crore in Q2 FY21. Q3
EBITDA was affected by the Voice business for one of its deals of which revenue was recognized in
previous quarters whereas the associated one-off cost was recognized during Q3 FY21 due to timing
difference. The impact on EBITDA was ₹31 crore.
 The Government recently cut down its holdings from the company, which would not impact the day-
to-day operations of the business.
 The effective tax rate for the upcoming quarters would be ~20%-25%.
Disclaimer:
296
AFFLE (INDIA) LIMITED

FY20. This was driven by broad-based growth across total cost per converted users (CPCU) business
and non-CPCU business in Indian & International markets
• Profit after tax (PAT) for the quarter stood at ₹30.7 crore v/s ₹21.5 crore in Q3 FY20, i.e., a growth of
42.8% YoY. A sharp spike in employee costs as well as inventory & data costs led to profit growth
being slower than the top-line growth.
• PAT margins tapered from 22.3% in Q3 FY20 to 20.2% in Q3 FY21.
• EBITDA for the quarter was at ₹38.4 crores, an increase of 40.7% YoY with a margin of 25.5%.
• Inventory & Data cost was at 57.9% of revenues.
• Employee expenses during the quarter was higher on a YoY basis as well as sequentially. This was on
account of the acquired businesses, incremental hiring and the annual increments announced in the
quarter.
• Other expenses remained at similar levels as Q2 FY21.
• The company remained focused on working capital management and the collections remained
robust during the quarter.
• Cash flow from operations stood at ₹78.7 crore in 9M FY21, i.e., 103.2% of PAT.
BUSINESS HIGHLIGHTS
• The average CPCU rate remained flat at ₹41.0 in Q3 FY21 and ~95% of the conversions were from
the emerging markets, where these rates are comparatively lower.
• The top 10 industry verticals for the company continued to be Covid resilient, helping it register a
robust growth in this quarter both on a YoY and QoQ basis.
• The CPCU business noted strong momentum delivering 3.1 crore of converted users in Q3 FY21, an
increase of 46.1% YoY and taking the total converted users delivered in 9M FY21 to 7.6 crores.
• On a nine-month basis, Indian and International revenue percentage was 49.3% and 50.7%,
respectively.
• The company globally launched, Appnext Out of Box Experience (OOBE) powered by the acquisition
of DiscoverTech.
297
Concall Summary
AFFLE (INDIA) LIMITED
• Mediasmart and Appnext Pte. Ltd. contributed ~11% to the consolidated PAT.
FUTURE OUTLOOK
• Going forward, the company’s conservative approach towards M&A (mergers and acquisitions) is
expected to be retained.
• It is focused on expanding in the emerging markets through its vernacular affinity.
• The international markets on an industrial perspective is expected to grow at a CAGR of 20%-25%
and the Indian markets to grow at a CAGR of 30% in a 5 year span. The company expects to maintain
a 50-50 balance among them in the long term.
• With the increase in the percentage of digital advertising as a percentage of the total advertising, the
company believes that there is room for growth going forward.
• Effective tax rate is expected to be at ~10%-11% in the near term and ~12% in the long term.
Disclaimer:
298
299
NTPC LIMITED
• Revenue from operations increased by 4.0% and stood at ₹27,526.0 crore in Q3 FY21 from ₹26,478.3
crore in Q3 FY20.
• The net profit was ₹3,876.4 crore in Q3 FY21 v/s ₹3,351.3 crore in Q3 FY20, and witnessed a growth
of 15.7% YoY.
• The Board had approved buyback of up to 2% of paid-up equity shares of the company at ₹115.0 per
share, which was successfully settled on 30th December, 2020.
• The consolidated gross generation stood at 76.5 billion units in Q3 FY21 v/s 68.9 billion units in Q3
FY20. 9M FY21 consolidated gross generation stood at 222.4 billion units v/s 214.2 billion units in 9M
FY20.
• The company added 865 MW (megawatts) in commercial capacity in Q3 FY21. The total commercial
capacity of NTPC on a standalone basis stood at 51,170 MW and on a consolidated basis stood at
62,975 MW as on 31st December, 2020.
• The company suffered losses due to grid restrictions and fuel supply. Generation loss due coal-based
stations was 84.1 billion units, loss due gas-based stations was 20.2 billion units and loss due to fuel
supply constraints 0.2 billion units in 9M FY21.
• NTPC hydro and renewable energy stations recorded generation of 0.7 billion units and 4.1 billion
units in Q3 FY21 and 9M FY21 respectively.
• During 9M FY21, plant load factor (PLF) of coal stations was 62.3% as against the national average of
51.5%.
KEY HIGHLIGHTS
• During 9M FY21, dividend income of ₹520.7 crore was received from its subsidiaries and joint
venture companies.
• NTPC had incorporated a wholly-owned subsidiary NTPC Renewable Energy Ltd. on 7th October,
2020 to undertake the renewable energy business.
300
Concall Summary
NTPC LIMITED
FUND MOBILISATION
• During Q3 FY21, the company signed term loan agreements of ₹5,200.0 crore and ₹2000.0 crore
with Bank of India and ICICI Bank respectively.
• The company bought back and repurchased Masala bonds of 2021 and 2022.
• Notes issued worth ₹1,075.0 crore were bought back by the company.
FUEL SUPPLY
• During 9M FY21, materialisation of coal against annual contracted quantity (ACQ) was 88.6% as
against 92.4% in 9M FY20.
• Coal supply during 9M FY21 was 124.7 million metric tonne (MMT), comprising of 123.9 MMT of
domestic coal and 0.8 MMT of imported coal. Coal supply during the corresponding previous year
was 125.8 MMT, comprising of 123.7 MMT of domestic coal and 2.2 MMT of imported coal.
• Cumulatively, 28.5 MMT of coal has been excavated from Pakri Barwadih, Dulanga and Talaipalli till
• Cumulative expenditure of ₹7,513.7 crore has been incurred on the development of coal mines till
• During the quarter, it had tendered for the EPC (Engineering, Procurement and Construction) work
along with land for the development up to 1,070 MW of solar power projects in Rajasthan and won
470 MW with the second lowest bid of ₹2.0 per kilowatt hour.
• The company participated in 500 MW auction conducted by Gujarat distribution company and won
200 MW at a tariff of ₹2.0 per kilowatt hour.
NTPC VIDYUT VYAPAR NIGAM LIMITED (NVVN)

• NVVN transacted 12.7 billion units in 9M FY21.
• NVVN signed a memorandum of understanding (MoU) with Airport Authority of India Limited under
renewable energy services company model.
• Andaman and Nicobar Islands public transport system received a fleet of 14 electric busses provided
by NVVN.
• It is working in a pilot project for adoption of hydrogen fuel cell based electric busses.
• NVVN would build charging stations to support the Government’s initiative of electric vehicle
adoption.
CAPITAL EXPENDITURE
• The total group capex for 9M FY21 was ₹21,255.1 crore.
• Capital outlay for FY21 has been estimated at ₹21,000.0 crore for the company.
301
Concall Summary
NTPC LIMITED
ENVIRONMENTAL MANAGEMENT
• Flue gas desulfurization (FGD) systems are under various stages of implementation in 64.9 gigawatts
(GW) of group capacity. FGD systems have already been commissioned for 1,340 MW capacity. FGD
system packages for 58.9 GW are under implementation and FGD system packages for 4.6 GW
capacity are under various stages of development.
• For compliance with oxides of nitrogen (NOx) control, combustion modification has already been
implemented at 7 units with 3.5 GW of thermal power capacity. Award for supply and installation of
low NOx combustion system for 18 GW of capacity have been awarded. Awards of De-NOx systems
packages for 43 GW are under process.
FUTURE OUTLOOK
• The company is exploring opportunities for setting up energy intensive industries at NTPC’s power
stations.
Disclaimer:
302
TATA POWER COMPANY LIMITED

• The revenue from operations grew by 7.5% to ₹7,597.9 crore in Q3 FY21 from ₹7,071.0 crore in Q3
FY20.
22.4% YoY.
• Consolidated EBITDA for the quarter stood at ₹1,997 crore v/s ₹1,970 crore in Q3 FY20, i.e., a growth
of 1.4%.
• Net external debt reduced by ₹7,552 crore in Q3 FY21 and stood at ₹36,363 crore.
• Net debt-to-equity ratio in Q3 FY21 stood at 1.49x, down from 2.12x in Q3 FY20. The net debt to
underlying EBITDA (on a rolling 12 month basis) was 4.11x.
BUSINESS HIGHLIGHTS
• The company witnessed a sharp recovery in demand with increased sales in the distribution circles
of Delhi, Ajmer and Mumbai.
• Collections improved with distribution overdues reduced during the quarter. It was ~100% in both its
existing distribution license areas and Odisha.
• Using the improved credit ratings and lower interest rate regimes, the company refinanced few
loans at a lower rate including the 3 year non-convertible debentures of ₹1,000 crore @6% interest
rate. This helped the company in reducing the interest cost to 7.8% in Q3 FY21 from 8.6% in Q3
FY20.
• In its consumer oriented business, it won an order to set-up e-Bus charging infrastructure in
Ahmedabad and BEST (Brihanmumbai Electricity Supply and Transport) buses in Mumbai.
• It installed 2,750 solar pumps during the quarter.
• The order received from rooftop solar business in 9M FY21 was ₹450 crore.
• Its Microgrid business also progressed during the quarter. It had 128 microgrids installed till date and
another 62 are under the stage of installation. It also commissioned 2 bio-gas plants.
• The availability percentage for the Prayagraj plant improved to 92% during the quarter.
303
Concall Summary
TATA POWER COMPANY LIMITED
SUBSIDIARY AND JOINT VENTURE

TATA POWER SOLAR LIMITED
• In solar engineering, procurement, and construction (EPC) business, the order book continued to
grow and stood at ₹8,694 crore as on 31st December, 2020. It had won order worth ₹1,869 crore in
January, 2021.
• The total revenue during the quarter increased from ₹495 crore in Q3 FY20 to ₹923 crore in Q3 FY21.
The current order book is expected to be executed in the next 12-18 months.
COASTAL GUJARAT POWER LIMITED (CGPL)

• In Coastal Gujarat Power Limited (CGPL), it completed a repayment of ₹4,150 crore of term loans.
This helped in reducing the finance cost.
• CGPL under-recoveries reduced with the falling coal prices, better sourcing and logistics
management. The fuel FOB under recovery reduced from ₹0.4/unit in Q3 FY20 to ₹0.32/unit in Q3
FY21.
• CGPL and Coal-related business generated a combined profit of ₹16 crore despite the fall in FOB
prices of coal companies coupled with one-time penalty of ₹31 crore in Kaltim Prima Coal (KPC) and
write-off of product expenditure relating to the Russian coal mines of ₹29 crore.
RECENT DEVELOPMENTS
• It was awarded two additional distribution licenses in Odisha: SOUTHCO and WESCO, which was
taken over from 1st January, 2021. Since then, it was also awarded the letter of intent for the last
distribution license in Odisha, NESCO and the company is working on its takeover process.
• With these licenses, Tata Power Company Limited grew from a customer base of ~2.7 million to ~12
million in less than a year.
• The sale of defence business, Strategic Engineering Division (SED) was completed during the quarter
at an enterprise value of ₹ 1,076 crore. Tata Power received cash of ₹539 crore (net of debt) of SED.
• Majority of the work of 300 MW (megawatt) expansion of the manufacturing line in Bangalore was
completed. This plant is expected to open by the end of February, 2021.
• Its renewable development portfolio won a bid of 110 MW solar project from Kerala State Electricity
Board Limited (KSEB) in January, 2021. The total portfolio is expected to grow to 4.4 GW (gigawatt).
Disclaimer:
304
 Revenue from operations for Q3 FY21 decreased by 4.1% from ₹3,079.0 crore in Q3 FY20 to ₹2,952.8
crore. On year-to-date (YTD) basis, the revenue from operations de-grew by 14.7% from ₹10,657.1
crore in last year to ₹9,088.5 crore.
 The net profit for the quarter stood at ₹321.7 crore v/s ₹420.6 crore in Q3 FY20, i.e., a de-growth of
23.5%. On YTD basis, it de-grew by 38.2% to ₹897.8 crore v/s ₹1,452.8 crore last year.
 The profit before tax (PBT) registered a growth of 26.5% and stood at ₹398.7 crore in Q3 FY21 as
compared to ₹315.2 crore in Q3 FY20. This was primarily led by improved collection efficiency in
franchised distribution business, increase in contribution from renewable generation due to capacity
addition and decrease in interest cost on account of lower debt and reduction in interest rates.
 The total comprehensive income for Q3 FY21 witnessed a de-growth of 23.2% and stood at ₹319.7
crore as compared to ₹416.3 crore in Q3 FY20. This was on account of one-off tax gain recognised in
Q3 FY20 on account of reduction in MAT (minimum alternate tax) rate. On YTD basis, the
comprehensive income decreased by 38.1% YoY and was ₹891.7 crore for 9M FY21.
 The finance cost was lower to ₹190 crore in Q3 FY21 as compared to ₹234.9 crore in Q3 FY20 on
account of lower interest rate by 140 bps on YoY basis. The current interest rate stood at 7.5% as of
 The debt-to-equity ratio as of 31st December, 2020, stood at 0.79.
 The Board has approved an interim dividend of ₹5.5 per share.
BUSINESS HIGHLIGHTS
 In Q3 FY21, the demand for electricity in Torrent's distribution areas increased and it almost reached
the level of comparable quarter of last year in all the distribution areas.
 The debt levels as of 31st December, 2020, stood at ~8,400 crore as compared to ~₹8,600 crore as of
30th September, 2020.
 The EBITDA breakup for the quarter was as follows:
Renewable generation was ₹129 crore v/s ₹110 crore in Q3 FY20.
Licensed distribution segment was ₹327 crore v/s ₹322 crore in Q3 FY20.
Franchised distribution network was ₹197 crore v/s ₹197 crore in Q3 FY20.
305
NON-RECURRING ITEMS
 The net non-recurring items during the quarter was registered as ₹36.0 crore which includes the
following:
Improved collection efficiency in franchised distribution business led to the recovery of past overdue
of ₹31 crore in Q3 FY21 out of the total ~₹140 crore bad debt provision.
The ₹42 crore fuel under recovery in Q2 FY21 was reversed in this quarter. There has been an under
recovery of ₹37 crore, which will be reversed in Q4 FY21. Therefore, the net amount recovered in this
quarter was ₹5 crore.
FUTURE OUTLOOK
 The company would continue to participate in the new opportunities in renewable generation,
transmission and privatisation of state-owned distribution circles.
 It expects to recover a significant portion of the remaining bad debt provision in the next three
quarters.
Disclaimer:
306
JSW ENERGY LIMITED

 The revenue from operations de-grew by 17.4% to ₹1,608.9 crore in Q3 FY21 v/s ₹1,948.6 crore in
Q3 FY20.
 During the quarter, the net profit stood at ₹142.1 crore as against ₹404.3 crore in Q3 FY20, which
 In Q3, EBITDA was ₹655 core, down by 7.2% YoY with a margin of 39%.
 The receivables declined by 21.8% YoY to ₹1,693 crore during 31st December, 2020.
 It reduced its debt by ₹952 crore during the quarter and by ₹2,226 crore for 9M FY21. As on 31st
December, 2020 its net debt stood at ₹6,719 crore with a weighted average interest cost of 8.29%.
 Net debt to equity was 0.48x and net debt to EBITDA was 2.17x at the end of Q3.
 Cash and cash equivalent was ₹1,595 crore at the end of Q3 FY21.
 The power demand grew by 6.4% YoY to 313 billion units. Overall recovery in economic activity
along with a low base effect, led to a strong power demand growth during the quarter. Demand for
9MFY21 de-grew at ~4% YoY.
 The power generation increased by 6.3% YoY led by renewable energy and thermal segments. For
9M FY21, the total power generation (thermal, hydro, renewable, and nuclear & import) was 1,017
billion units.
 The net generation of power from its various plants (Vijayanagar, Ratnagiri, Barmer, Himachal
Pradesh, Nandyal, Solar) was 4,612 million units during Q3 FY21 as against 4,580 million units in Q3
FY20.
 In Q3 FY21, its installed capacity increased by ~2.3 giga-watt (GW), driven by renewable energy:
solar +1.4 GW and wind +0.5 GW segments.
 It aims to double its present portfolio of 4.6 GW to 10 GW, with 70% Renewable and Hydro energy,
in the medium term.
PROJECTS
 JSW Solar Limited its subsidiary, received Letter of Awards for setting up a total blended wind
capacity of 810 MW from Solar Energy Corporation Limited (SECI). The total project outlay stood at
307
Concall Summary
JSW ENERGY LIMITED
₹4,700-₹4,800 crore with a construction period of ~24 months, from the date of signing of the
power purchase agreements (PPA).
 Haryana Electricity Regulatory Commission approved the power procurement offer of JSW Energy
(Kutehr) Limited for supply of 240 MW hydro power. The total project outlay stood at ₹2,750 crore
with financial closure expected in Q4 FY21. The project construction was commenced.
UPDATES
 It received approvals from the Board for selling its 18 mega-watt (MW) thermal power plant at
Salboni to JSW Cement Limited or its special purpose vehicle (SPV). Sales proceeds from it are
expected to be received before 31st March, 2021.
 The Jindal Steel & Power Limited loan was settled during the quarter with no outstanding loan going
forward. It was a 100% cash deal.
 The Ind-Barath Energy’s resolution plan was pending as approval from National Company Law
Tribunal (NCLT) was being awaited by the company.
Disclaimer:
308
INDIAN ENERGY EXCHANGE LIMITED

• The revenue from operations for the quarter was ₹85.2 crore, witnessing an increase of 42.7% YoY
and 20.2% QoQ.
• The net profit for Q3 FY21 grew by 39.3% YoY to ₹58.1 crore with a margin of 60.5%.
• The company announced an interim dividend of ₹2.5 per equity share for the quarter.
• The revenue from operations for the quarter was ₹85.0 crore, witnessing a growth of 42.4% YoY.
• The net profit for Q3 FY21 grew by 42.1% YoY to ₹60.1 crore with a margin of 62.8%.
• The electricity volumes increased from 12,472 meter unit (MU) in Q3 FY20 to 20,175 MU in Q3 FY21.
• There was no trade in the renewable energy certificate (REC) market during the quarter due to delay
in resolution of impending matter with Appellate Tribunal for Electricity (APTEL).
• The real-time electricity registered a monthly volume of 1,129 MU in December with a total market
trading of 2,837.2 MU.
• The cumulative trading in the green market for the quarter was 473 MU.
• The annual fees for the quarter was ₹4.2 crore.
NEW ACHIEVEMENTS
• The Indian Gas Exchange secured the Petroleum and Natural Gas Regulatory Board (PNGRB)
authorisation to become the India’s first delivery-based gas exchange. The approval tenure is for 25
years.
• During the quarter, Adani Total Gas and Torrent Gas acquired 5% equity stake each in Indian Gas
Exchange.
309
Concall Summary
INDIAN ENERGY EXCHANGE LTD
FUTURE OUTLOOK
• The partnership with the two gas players will help the company to further develop the Indian gas
markets with competitive gas pricing which shall help in securing equitable distribution of natural gas
in the country.
Disclaimer:
310
311
HINDUSTAN UNILEVER LIMITED

 The revenue from operations grew by 20.6% YoY to ₹12,181 crore in Q3 FY21 as against ₹10,103
crore in Q3 FY20.
 The net profit stood at ₹1,938 crore in Q3 FY21 v/s ₹1,631 crore in Q3 FY20, which increased by
18.8% YoY.
 EBITDA was ₹2,854 crore with margin at 24% during Q3.
 The growth in turnover was reported at 20% YoY, with domestic consumer growth at 7% YoY as of
Q3 FY21.
 Health, Hygiene and Nutrition had a stable growth with recovery from Discretionary segment.
 It witnessed a 2x growth in e-commerce with rise in market share.
 On its electronic application Shikhar (partnership with State Bank of India) it onboarded 3.4 lakh
outlets with average order at 6x per month during December, 2020.
HOME CARE
 It had a 1.4% YoY de-growth in revenue to ₹3,409 crore with margin at 19%.
 The Fabric Wash performance improved sequentially during the quarter. The Household Care
segment had a strong performance across segments with double-digit growth.
 The Purifiers had a stable performance led by execution in e-commerce.
BEAUTY & PERSONAL CARE

 The revenue from this segment grew by 10% YoY to ₹4,841 crore and margins at 29%.
 It had double-digit growth in Skin Cleansing, Hair Care & Oral Care. Skin Cleansing performance was
led by Lifebuoy, double-digit growth in its premium segment (Dove & Pears) and a steady growth
momentum from Lux. Vaseline witnessed a good demand pick-up during winter.
 The Color Cosmetics had a demand pull-back post lockdown and witnessed MoM recovery.
 Oral Care had strong double-digit growth from its product, Close-Up.
FOODS & REFRESHMENT

 During the quarter, the revenue stood at ₹3,356 crore and grew by 79.9% YoY with margins at 14%.
312
Concall Summary
 In-home consumption from Foods segment witnessed double-digit growth in Ketchups & Soups.
 Tea continued to perform well with double-digit growth across brands and Coffee too had a good
growth.
 Nutrition had a double-digit growth in domestic business, as the supply chain issues were improved
as compared to the last quarter.
 Ice-creams, Food Solutions & Vending improved progressively as out-of-home consumption
occasions increased.
NEW LAUNCHES
 It launched Nature Protect & Vim Matic in Household Care category and Surf Excel Smart Spray and
Active Hygiene in Fabric Wash category.
 Bru Veda was launched in South in the beverages category. In Horlicks segment, it launched Protein
Plus, Mother plus and Womens Plus.
 Kissan peanut butter, Knorr chicken-cube was launched for in-home consumption category.
 In Lifebuoy segment, it launched Lifebuoy Laundry Sanitizer, Lifebuoy Germ kill spray & Lifebuoy wet
wipes.
 Vaseline anti-bacterial hand cream, Clinic Plus strength and shine with egg protein and Tresemme
Keratin smooth deep smoothing serum & mask were launched in care category.
NEW APPOINTMENT
 The company announced the appointment of Ritesh Tiwari as Executive Director, Finance & Chief
Financial Officer and a member of the Board, Hindustan Unilever with effect from 1st May, 2021,
subject to necessary government approvals. He would also be the Vice President Finance, South
Asia, Unilever.
 Ritesh Tiwari would succeed Srinivas Phatak who will move as EVP Financial Control and Risk
Management, based out of Unilever’s headquarters in London and be part of the Finance Leadership
Executive Team.
UPDATES
 It did a ~2.5% price hike during Q3.
 The company is witnessing growth in 500 grams product segments. It is planning to launch low-
priced sachets for Horlicks & Boost to expand its growth in this segment.
 There was a price inflation in commodities like palm oil, tea and crude oil.
 The company is operating at pre-Covid levels with rural areas and small cities being the growth-
drivers. Urban demand is expected to recover going forward.
313
Concall Summary
Disclaimer:
314
GODREJ CONSUMER PRODUCTS LTD

 The revenue from operations grew by 10% YoY to ₹3,055.4 crore in Q3 FY21 as against ₹2,778.1
crore in Q3 FY20.
12.8% YoY.
 The cash and cash equivalents was ₹972 crore as on 31st December, 2020.
 EBITDA grew by 13% YoY and consolidated EBITDA margins expanded by 60 bps to 23.5% in Q3.
 The net debt to equity stood at 0.14x as on 31st December, 2020.
BUSINESS SEGMENTS
HOUSEHOLD INSECTICIDES
 This segment grew by 7% in India and 5% globally.
 The company expects multiple growth opportunities in the category for penetration, innovation in
burning formats and in scaling up non-mosquito portfolio.
 It witnessed strong growth in aerosols, electric formats and non-mosquito portfolio. The
performance was muted in burning formats and personal repellent.
 The launches planned for the medium term are Good knight Gold Flash, Good knight Smart Spray
and Good knight Natural Neem products.
HYGIENE
 The company witnessed a strong growth momentum of 19% in the Hygiene segment (including
soaps) during Q3.
 It continued to gain market share in this segment with increased focus on micro marketing
initiatives.
 Godrej Protekt scaled up into full Hygiene portfolio.
VALUE FOR MONEY

 This segment grew by 22% during the quarter.
 Godrej Expert Rich Crème continued to perform well and Godrej Expert Easy 5 Minute Shampoo Hair
Colour started to recover post lockdown.
315
Concall Summary
GODREJ CONSUMER PRODUCTS LTD
INTERNATIONAL BUSINESS PERFORMANCE

INDONESIA
 The sales growth witnessed a decline of 2% YoY (in constant currency).
 It gained market share in Household Insecticides segment and launched Saniter Health Soap during
the quarter.
 There was a recovery in Air-Fresheners (discretionary category).
AFRICA, USA & MIDDLE EAST

 There was a 17% YoY growth in sales (in constant currency).
 It had strong sales growth in South and West Africa with improved performance in Dry Hair product
category.
 It is in the test piloting stage for launching Good knight Power Shots in Lagos, Nigeria.
 It plans to launch the Darling range of hair extensions in USA with Walmart.
LATIN AMERICA & SAARC

 Sales grew by 35% YoY (in constant currency).
 In Latin America, it expects to have cross-pollination opportunities in the Hair Colour formulation
segments.
UPDATES
 81% of its global portfolio comprises of Household Insecticides, Hygiene and Value for Money
products that delivered a growth of 14%.
 The gross margins were impacted on account of pharma-derivative price, higher input costs and
lower demand from end consumer base.
 During the quarter, there was a recovery in the modern trade segment and scaling up of sales in e-
commerce segments continued.
Disclaimer:
316
DABUR INDIA LIMITED

• The revenue from operations was at ₹2,728.8 crore in Q3 FY21 v/s ₹2,353.0 crore in Q3 FY20, an
increase of 16.0% YoY.
• The net profit stood at ₹493.5 crore in Q3 FY21 as against ₹398.9 crore in Q3 FY20, which grew by
23.7% YoY.
• The operating profit saw a growth of 16.5% YoY to ₹574.2 crore.
BUSINESS HIGHLIGHTS
• During the quarter, e-commerce outperformed all the channels and witnessed a growth of 150%.
HEALTHCARE
• During the quarter, healthcare portfolio recorded a growth of 27.9% YoY and stood at ₹866 crore,
primarily driven by strong momentum in power brands, creative market campaigns and localised sales
activation.
• The health supplements portfolio grew by 34.7% led by double digit growth in Chyawanprash and
Dabur Honey.
• Market share in Chyawanprash and Dabur Honey categories increased by ~120 bps and ~700 bps,
respectively.
• The over the counter (OTC) business witnessed an increase of 34.1% led by strong growth in Honitus,
Lal Tail and Shilajit portfolio and new product developments like Dabur health juices and other
immunity boosting products.
• The Ethical business recorded a growth of 23.2% due to distribution expansion, visibility initiatives and
activations.
HOME AND PERSONAL CARE

• The oral care portfolio recorded a massive growth of 28% YoY in Q3 FY21.
• Red toothpaste witnessed an increase in demand and Meswak & Babool franchise reported double-
digit growth.
• The toothpaste market share improved by ~120 bps. Dabur Lal Dant Manjan witnessed a 20% growth
in demand during the quarter.
• Hair Oils portfolio recorded a growth of 11.6% and the market share improved by ~20 bps.
317
Concall Summary
DABUR INDIA LIMITED
• The shampoo portfolio recorded a growth of 27.1% with a ~50 bps improvement in market share.
• Homecare products declined by 1.0%. The Air freshener category and Mosquito repellant creams
continued to be under pressure during the quarter.
• In Air freshener, Odonil’s market share improved by ~210 bps and in Mosquito repellant creams,
Odomos’s market share increased by ~250 bps during the quarter.
• Skin and Salon product portfolio recorded a growth of 9.1% which was on account of strong growth in
Fem Handwashes.
FOODS
• The food business recorded a growth of 4.7% in Q3 FY21 despite the subdued demand in hotel
restaurant and canteen (HORECA) and canteen stores department (CSD).
• The market share in Real (beverage) category increased by ~20 bps during the quarter.
• The Homemade brand recorded a growth of 16.1% and excluding the HORECA business, the Culinary
business grew by 43%.
• The recent launches of chutneys & pickles, Dabur Amla Plus and Real Frappe showed good traction
during the quarter.
• During the quarter, the international business reported a growth of 14.1% in constant currency terms.
• The Middle East/North Africa (MENA) and Turkey business posted a growth of 11.6% and 33%,
respectively.
PRODUCT LAUNCHES
• The company launched Badam Amla, Amla Aloevera and Dant Rakshak during the quarter.
• On its e-commerce platform it launched baby care portfolio, apple cider vinegar and mustard oil.
• The company added Dabur Red Pulling oil, Dabur Herbal Toothpaste and Vatika Enriched Hair Oils in
the health product category during the quarter.
• All the new product launches during the last three quarters contributed ~4%-5% towards the revenue.
FUTURE OUTLOOK
• The company would continue to invest strongly in the brands, distribution infrastructure, digitisation
and automation to build a robust manufacturing backbone and increase its supply chain operations.
• Going forward, the company would take necessary steps like cost optimisation, reduction in consumer
promotion & advertising expenses to keep the prices of all its products under control.
318
Concall Summary
DABUR INDIA LIMITED
Disclaimer:
319
EMAMI LIMITED
• The revenue from operations stood at ₹933.6 crore in Q3 FY21 as against ₹812.6 crore in Q3 FY20,
i.e., a growth of 14.9%.
• The net profit for the quarter increased by 44.7% from ₹144.4 crore in Q3 FY20 to ₹209.0 crore.
• During the quarter, EBITDA grew by 28.9% YoY to ₹340.2 crore and the EBITDA margin grew by 390
bps YoY to 36.4%.
• Gross margins grew by 210 bps and stood at 70.4%. Profit after tax (PAT) margin stood at 22.4%, i.e.,
an increase of 460 bps.
• Cash profits (PAT plus depreciation and amortization) grew by 31.9% YoY to ₹303.3 crore in Q3 FY21
and cash profit margin stood at 32.5%.
BUSINESS HIGHLIGHTS
• Stringent cost control and benign raw material prices helped the company to improve its margins
during the quarter.
• While rural markets continued to perform better, growth in urban market also picked up. The
company is mapping potential of villages to increase its direct coverage in the rural markets.
• Advertising and promotion (A&P) expenses grew by 12.4% YoY to ₹155.4 crore in Q3 FY21.
• The pledge percentage by the end of the quarter reduced on account of increase in its share prices
and change in the management team.
BUSINESS WISE PERFORMANCE

• The domestic business grew by 16% with 13% growth in volumes across brands and channels.
• During the quarter, the e-commerce channel grew by 3.5x thereby increasing its contribution by 210
bps to 3.1% of domestic business.
• The modern trade channel registered a growth of 51% in Q3 increasing its contribution by 200 bps to
~9% of the domestic business.
• The new launches contributed 3% to the domestic sales in Q3 and 4% in 9M FY21.
• The company’s international business grew by 26% during the quarter, led by MENAP (Middle East,
North Africa & Pakistan) and SAARC (South Asian Association for Regional Cooperation) regions.
Special focus on immunity boosting products & launch of hygiene range during the ongoing
pandemic helped in boosting sales.
320
Concall Summary
EMAMI LIMITED
• The strategy of identifying & tapping opportunities in markets with high hair oil usage with brands
like Kesh King & 7 Oils in One helped in the growth in international markets during the quarter.
• In the international business, Crème 21 range reported a growth of ~82% in Q3.
• Canteen store department (CSD) business declined by 27% during the quarter.
BRAND WISE PERFORMANCE

• During the quarter, Healthcare range grew by 38%, BoroPlus by 21%, Kesh King by 16%, Pain
Management range by 12%, Male Grooming range by 5% and 7 Oils in one by 32%.
• The current pandemic caused a heightened awareness and relevance of healthcare categories,
thereby causing increased consumer household penetration.
• In the Zandu Healthcare range, Chyavanprash portfolio grew by 24%, Zandu Honey by 2.5x and
Zandu Pancharishta by 19%.
• Navratna range declined by 12% during the quarter due to strong winter season.
• Fair and Handsome was back on its growth trajectory after its relaunch with fresh packaging,
communication and strategy as Fair and Handsome Radiance Cream and Fair and Handsome Instant
Radiance Face Wash in the month of November, 2020.
• During the quarter, the company launched a new brand, EMASOL which offered a complete range
for home hygiene products. It also launched Zandu Ortho Vedic Oil for knee and joint pain relief.
• Its online portal – www.zanducare.com was very well accepted by its consumers and it grew on a
MoM basis.
FUTURE OUTLOOK
• The company would invest in adding manpower to the top four states to increase its coverage going
forward.
• The management is optimistic to end FY21 with a high single-digit growth.
• It doesn’t plan on growing the sanitizer portfolio and the volume growth is sustainable in the near
future.
• Despite instability in the raw material prices, the management believes that there is still room to
increase the prices in few of its categories and so the margins are not expected to be under pressure
going forward. It is expected to be ~30%.
Disclaimer:
321
SHEELA FOAM LIMITED

• The net revenue from operations stood at ₹825.9 crore in Q3 FY21, which increased by 25.5% YoY
from ₹658.0 crore in Q3 FY20.
• Net profit increased by 54.7% YoY and stood at ₹100.1 crore in Q3 FY21 from ₹64.7 crore in Q3 FY20.
• EBITDA for Q3 FY21 stood at ₹144.0 crore.
REGION WISE PERFORMANCE

INDIA
• The revenue from operations stood at ₹605.0 crore in the quarter v/s ₹518.0 crore in Q3 FY20,
registering a growth of 16.8% YoY.
• EBITDA for the quarter was ₹99.0 crore as compared to ₹71.0 crore in Q3 FY20.
• Net profit stood at ₹78.0 crore in the quarter v/s ₹53.0 crore in Q3 FY20.
• Rural markets performed better than urban markets as rural areas were less impacted by the
pandemic.
AUSTRALIA
• Revenue from operations stood at ₹121.0 crore in the quarter v/s ₹90.0 crore in Q3 FY20, registering
a YoY growth of 34.4%.
• EBITDA for the quarter was ₹26.0 crore as compared to ₹12.0 crore in Q3 FY20.
• Net profit stood at ₹12.0 crore in the quarter.
• The country saw minimal Covid-19 cases and the business remained unaffected in the quarter.
SPAIN
• Revenue from operations stood at ₹100.0 crore in Q3 FY21, which increased by 100% YoY from ₹50.0
crore in Q3 FY20.
• EBITDA increased to ₹18.0 crore in Q3 FY21 from ₹10.0 crore in Q3 FY20.
• Net profit was ₹11.0 crore in Q3 FY21 as against ₹6.0 crore in Q3 FY20.
• Spain witnessed weaker sales during the month of December, 2020, on account of surge in Covid-19
cases.
322
Concall Summary
SHEELA FOAM LIMITED
BUSINESS HIGHLIGHTS
• Mattresses sales have been high as people had been spending more time at home.
• The company gained market share from the unorganized sector in mattresses.
• Good traction was experienced in the auto industry in the quarter.
RAW MATERIAL PRICES

• The average price of toluene di-isocyanate (TDI) was ₹211/kg in Q3 FY21 v/s ₹140/kg in Q2 FY21 and
₹129/kg in Q3 FY20.
• The prices of polyol also increased sharply. The present price is ₹216/kg in Q3 FY21 v/s ₹119/kg in
Q2 FY21 and ₹100/kg in Q3 FY20.
FUTURE OUTLOOK
• The prices of the raw materials are expected to stabilize in the upcoming quarter.
• The company aims to locally procure TDI by increasing its purchases from one of its suppliers.
• Unavailability of containers has been a problem for exports, but it is expected to be resolved in this
quarter.
• The company plans on merging Divya Software with itself in the coming quarters.
Disclaimer:
323
GALAXY SURFACTANTS LIMITED

 The revenue from operations grew by 7.8% YoY to ₹674.7 crore in Q3 FY21 as against ₹625.9 crore in
Q3 FY20.
 During the quarter, the net profit stood at ₹85.2 crore v/s ₹48 crore in Q3 FY20, an increase of 77.5%
YoY.
 EBITDA for Q3 FY21 stood at ₹122.5 crore as against ₹85.5 crore in Q3 FY20, up 43.3% on a YoY
basis. The EBITDA included export incentives that was realised in Egypt and is accounted on a receipt
basis. Net incremental export incentives included ₹14 crore in Q3 on a YoY basis.
 It declared an interim dividend of ₹14 per share during the quarter.
 The total volume stood at 58,238 metric tonne (MT) in Q3 FY21 as against 54,273 MT in Q3 FY20, up
by 7.3% YoY. For 9M FY21, the volume grew by 4.2% YoY to 1,73,157 MT.
 EBITDA/MT growth was ₹21,036 for Q3FY21 as compared to ₹15,754 in Q3FY20, up by 33.5% on a
YoY basis. Normalised EBITDA/MT excluding export incentive realized in Egypt stood at ₹18,632 for
Q3FY21.
 The Indian market grew by 14.4% for the quarter and 13.2% for 9M FY21.
 During the quarter, the Africa, Middle East and Turkey (AMET) market grew by 2.9% and 6.3% for 9M
FY21 on account of recovery in the Egypt market.
 In Q3, the ROW (rest of the world) market grew by 4.3% due to Specialty Care products and de-grew
by 10.1% during 9M FY21.
 Performance Surfactants volume stood at 36,618 MT for Q3 FY21, up 4.7% on YoY basis. It had an
increase of 9.3% in 9M FY21.
 Specialty Care products registered a volume growth of 12% on a YoY basis to 21,620 MT in Q3 FY21,
as against the de-growth of 4.4% on a nine-month basis.
UPDATES
 The company faced issues related to supply chain & shipping, shortage of containers and high freight
rates in Q3.
324
Concall Summary
GALAXY SURFACTANTS LIMITED
 It initiated three capex plans during FY20 which is expected to be commissioned in Q1 FY22. The
capex expansion plans included: Tarapur plant for innovative new products, research and
development project in Vashi, Mumbai and Jhagadia project for Performance Surfactants.
 Of the ₹150 crore that was planned as capex for FY21, ~₹70-₹75 crore was utilized. The balance
would be deployed in the upcoming year.
 The raw material consumption of fatty alcohol stood at ~60%-65%. The fatty alcohol prices revised
during the quarter from an average price of $1,228/MT in Q2 FY21 it stood at $1,588/MT in Q3 FY21.
 Going forward, it expects growth from proteins based, non-toxic preservatives and natural products
segments.
Disclaimer:
325
BAJAJ CONSUMER CARE LIMITED

• The revenue from operations for Q3 FY21 grew 16.8% from ₹212.6 crore in Q3 FY20 to ₹248.4 crore
in Q3 FY21.
• The net profit witnessed a growth of 17.7% YoY and stood at ₹57.3 crore in Q3 FY21 v/s ₹48.7 crore
in Q3 FY20.
• The EBITDA (standalone basis) stood at ₹64.5 crore and registered a growth of 15.8% YoY. The EBITDA
to sales was 26.6% during the quarter.
• The gross margin was 63.5% in Q3 FY21 as against 66.7% in Q3 FY20. Of the 3.2% decline in gross
margin, 1.1% fall was on account of one-time sale of sanitizers and the remaining 2.1% was due to
inflationary pressure on prices.
• The company declared an interim dividend of ₹6 per share during the quarter.
BUSINESS HIGHLIGHTS
• Of the total sales, the secondary sales outperformed the primary sales, with a growth of 19%.
• The Hair Oil category recovered from a decline of 25.3% in Q1 FY21 to a decline of 1.4% (in terms of
value) in Q3 FY21.
• The growth in rural hair oil market continued to outpace the urban by registering a growth of 4.5% in
Q3 FY21. The rural growth was supported by the scaling up of van operations which resulted in direct
distribution to these markets. The urban hair oil market declined by 5.8% during the quarter.
• The company’s hair oil category had a market share of 11.4%.
• Bajaj Amla hair oil market share grew from 0.2% to 0.4% in the month of December, 2020.
CHANNEL WISE PERFORMANCE

• The general trade witnessed a growth of 17.1% YoY and stood at ₹203.7 crore in Q3 FY21. The urban
and rural sales grew by 7% and 37%, respectively.
• In December, 2020, it launched new 650 ml stock keeping units (SKU) in modern trade channel along
with collaboration of new brands like Zero Gray, Amla Hair Oil with more retailers.
• During the quarter, Brahmi Amla Hair oil was restored in the canteen store department.
• E-commerce grew by ~3x during the quarter and contributed 2.5% towards the total sales.
• The international business grew by 16.1% YoY.
326
Concall Summary
BAJAJ CONSUMER CARE LIMITED
• The listing of Bajaj Zero Grey was completed across all e-commerce platforms and in few modern trade
retail segments during the quarter.
FUTURE OUTLOOK
• Price hike of 1.5% is expected in Q4 FY21, due to increase in price of raw materials.
• The company will continue to invest in e-commerce by building consumer-centric products, product
innovation, digital marketing and infrastructure.
• The company would engage with social media vloggers (video bloggers) and influencers to promote
its brands and target young audience.
Disclaimer:
327
BRITANNIA INDUSTRIES LIMITED

crore in Q3 FY20. The 24-month revenue growth was 10% in Q3.
22.4% YoY.
 Operating profit grew by 18.1% and the 24-month growth % stood at 38%.
 Its key brand marketing activities were back to normal levels with advertisements being aired for its
brands like Good Day cashew, Bourbon IPL, Treat Burst, Tiger Krunch, 50-50, Nutri Choice, Bar and
Layer Cake.
 The company conducted activation and promotional activities on e-commerce platforms and for its
products that included Swiss Roll- Chhota Bheem, Nice Time and Choco Lush.
 The factory productivity grew by 7% and wastages reduced by 30% from pre-Covid levels.
 The direct dispatch from factories to distributors grew by 50% and depot space reduced by 10%
from pre-Covid levels.
 The company witnessed an overall inflation of ~1% with deflation of 7% in flour, 1% in sugar & 15%
in milk. There was an inflation of 25% in refined palm oil (RPO) and the milk prices declined during
the quarter.
KEY SEGMENTS
 It witnessed healthy growth in International geographies- Africa and Middle East and rest of the
world.
 The traditional trade segment and rural trade segment sales were above pre-Covid levels, while the
urban segment and modern trade channel sales continued to witness muted growth.
 There was an improvement in profitability in its Bread segment and a stable growth and profitability
was witnessed in Rusk segment.
 In its dairy product portfolio, Cheese continued to grow in double-digit with recovery in Drinks (Lassi)
segment as out-of-home consumption increased.
 The rural preferred dealers (RPDs) during the quarter increased to 23,000. There was an increase in
direct reach outlets and it stood at 22.9 lakhs.
328
Concall Summary
BRITANNIA INDUSTRIES LIMITED
 The year-till date (YTD) growth in Hindi belt was highest for Uttar Pradesh at 1.6x followed by
Rajasthan at 1.3x, Madhya Pradesh at 1.4x and Gujarat at 1.3x as compared to YTD of 2017-18. The
market share of Hindi belt (states) stood at 15%.
NEW LAUNCHES
 Treat cream wafers was launched in ₹10 pack. The Wafers product segment grew at over ~30%
during the quarter.
 During Diwali, it launched Shubhkamnayein as a Diwali greetings pack.
 Pure Magic Chocolush hazelnut was introduced during the quarter that witnessed good demand
from customers.
UPDATES
 It had cost savings during the year as there were lower expenses related to advertisement, travelling
and new launches.
 It expects its sales to revive in travel clusters (alternative channels) in few months as schools, offices
and trains are fully operational.
 Going forward, margins are expected to be maintained at current level.
 The company is planning for innovations in its Adjacency business segment (cakes) and core business
segments and would launch affordable and premium products in this category. It is building a plant
in Tamil Nadu to launch a full range of products in this segment.
 It would be upgrading its current information technology from enterprise resource planning to SAP
(System application and products in data processing) S/4 HANA (high performance analytic
appliance) and integration to new online systems. It expects a decline in write-off & improvement in
billing conversion with its technological upgradation.
 The company invested ~₹700 crore in its Ranjangaon plant and total capex for its ultra-mega project
(cake, rusk, dairy, etc.) was ₹1,500 crore. The dairy project is expected to be completed by 2024,
post which the company would receive an incentive of ₹100 crore from the Government of
Maharashtra.
 It continued to build in-house capacity for reducing usage of plastics. The reduction in sugar and
sodium is underway for its large brands. It expects to reach ~45% renewable power energy usage by
the end of 2021.
Disclaimer:
329
TATA CONSUMER PRODUCTS LIMITED

• EBITDA for the quarter was higher by 12% YoY to ₹365 crore with a margin contraction of 120 bps YoY
to 11.9%. It was ₹1,253 crore in 9M FY21 with a margin of 14.6%.
• Net profit grew by 28.6% YoY to ₹237.4 crore in Q3 FY21.
• Earnings per share stood at ₹2.37 for the quarter and ₹8.71 for 9M FY21, registering a growth of 29%
YoY and 50% YoY, respectively.
• In selling & distribution, the number of distributors declined by 63% since March, 2020 while sales
representatives rose by 30% during the same period.
• Outlets billed were up by 65% from March, 2020 to December, 2020.
• Accounts receivables in days witnessed a 50% decrease since March, 2020.
DOMESTIC BUSINESS
INDIA - BEVERAGES
• The India Packaged Beverages business recorded a 43% value growth and 10% volume growth driven
by growth across most of its brands and market share gains.
• Revenue stood at ₹1,275 crore for the quarter and ₹3,396 crore for 9M FY21. Year-to-date EBIT margin
was 14% despite unprecedented inflation in tea prices during the quarter.
• The health & wellness portfolio in beverages strengthened with new product launches: Tata Tea Tulsi
Green, Tata Tea Gold Care and Tetley Green Tea Immune.
INDIA - FOODS
• The India Foods business registered a 19% value growth and 12% volume growth.
• Revenue was recorded at ₹631 crore for Q3 and ₹1,800 crore for 9M FY21. EBIT margin expanded
despite doubling of advertising spend YoY.
• Tata Sampann portfolio witnessed an increase of 40% in 9M FY21.
• Value added salt portfolio saw a revenue growth of 167% YoY during the quarter.
330
Concall Summary
TATA CONSUMER PRODUCTS LTD
NOURISHCO
• It recorded 9% revenue growth compared to a decline of 18% in the preceding quarter. The growth
was primarily driven by Tata Water Plus and Tata Gluco Plus.
TATA COFFEE (INCLUDING VIETNAM)

• Revenue saw a rise of 1% YoY to ₹212 crore in Q3 FY21 and 10% YoY to ₹684 crore in 9M FY21.
• In constant currency terms, it was flat during the quarter while increasing by 8% in the nine-month
period.
• Plantations revenue witnessed a rise of 6% while extractions were down by 3% on a YoY basis.
• Vietnam plant operated at ~93% capacity.
TATA STARBUCKS (JOINT VENTURE)

• EBITDA was positive in Q3 FY21. Dine-in capacity was at 50% which led the top line to decrease.
• It saw strong sequential recovery with 92% of the stores re-opened for business.
• It opened 13 new stores and entered 3 new cities during the quarter. Tata Starbucks celebrated the
completion of 8 years in India with a total store count of 209 at the end of December, 2020.
• International business, excluding foodservice, grew by 11% YoY and 6% in constant currency terms.
• Foodservice revenue stood at ₹56 crore for the quarter, a decline of 28% YoY and 31% in constant
currency terms.
• In United Kingdom (UK), the company witnessed a revenue growth of 1% (constant currency) with
volume growth of 5% during the quarter.
• In United States (US), coffee revenue rose by 6% YoY in constant currency terms with volume growth
of 7%. Tea revenue (excluding Empirical) increased by 18% against a volume growth of 22%.
• Food service business continued to remain under pressure with second wave of Covid in US.
• In Canada, revenue grew by 24% in constant currency terms with a volume growth of 19% YoY. The
market share of the company stood at 29.5%.
UPDATES
• It entered into an agreement to acquire 100% equity stake in Kottaram Agro Foods Private Limited
(Soulfull) for a consideration of ₹156 crore and future considerations linked to achievement of certain
milestones.
• The above transaction is expected to close in Q4 FY21. The founders and the key management team
are to continue with the company.
• It exited the coffee business in Australia in line with its portfolio rebalancing strategy.
331
Concall Summary
TATA CONSUMER PRODUCTS LTD
FUTURE OUTLOOK
• Tea Inflation in India remains a challenge in the near term which shall pressurize the margins.
• With distribution expansion in progress and acceleration in new product launches, growth momentum
in India Foods and Beverages business is expected to continue.
• International business is anticipated to normalise once the vaccination programme is completed.
Disclaimer:
332
MARICO LIMITED
• The revenue from operations grew by 16.3% YoY to ₹2,122 crore with a robust underlying domestic
volume growth of 15% and constant currency growth of 8% in the international business.
• The EBITDA grew by 11% YoY to ₹413 crore and the EBITDA margin stood at 19.5%.
• The net profit for the quarter grew by 13% YoY and stood at ₹312 crore v/s ₹276 crore in Q3 FY20.

COCONUT OIL
• Parachute rigids witnessed a volume growth of 8% during the quarter.
• The prices of copra increased by 26% YoY and 16% sequentially due to leaner supplies and lower
coconut to copra conversions.
VALUE ADDED HAIR OIL (VAHO)

• This segment experienced a strong quarter along with broad-based volume growth of 21%.
• The general trade grew steadily with rural market outpacing the urban market as these regions were
less effected by the pandemic.
SAFFOLA EDIBLE OILS

• During the quarter, this segment witnessed a volume growth of 17% primarily driven by ~65% increase
in overall penetration.
PREMIUM PERSONAL CARE

• The portfolio of Leave-in hair serums, male grooming and premium skin care products declined in
terms of volume on a YoY basis.
BUSINESS HIGHLIGHTS
• The e-commerce segment witnessed an accelerated growth while the modern trade recovered back
to pre-Covid levels. Canteen stores department (CSD) sales witnessed a YoY de-growth in sales.
• During the quarter the food portfolio grew by 74% in value terms with 50% value growth in its oats
franchise which was primarily driven by increased penetration.
333
Concall Summary
MARICO LIMITED
• Saffola Honey had a double-digit market share in modern trade channels and over 20% market share
in e-commerce.
• The advertising and sales promotion expenses was 9% of the sales which increased by 4% YoY, as the
company is focusing on spending largely on its core franchises and new products.
• The Hygiene portfolio had contributed 1% of the revenue on year-to-date basis due to which the
company withdrew all its investments and defocused from this segment.
• The net working capital days during the quarter stood at 21 days v/s 32 days in Q3 FY20.
• The debtor turnover days declined to 23 days in Q3 FY21 from 36 days in Q3 FY20 due to reduction in
modern trade and CSD contribution and stricter credit control in general trade (GT).
• The operating margin for international business expanded to 21.3% in Q3 FY21 v/s 20.5% in Q3 FY20.
The expansion was marginal due to high overhead management cost across all geographies.
• In Bangladesh and South Africa, the company grew by 15% and 7% YoY in constant currency terms
during the quarter.
NEW LAUNCHES
• The company entered the plant-based protein category and launched Saffola Mealmaker Soya Chunks
in selected markets.
• Saffola Arogyam Chyawan Amrut was launched in selected markets during the quarter.
FUTURE OUTLOOK
• The company expects 5-7% compounded annual growth rate (CAGR) in Parachute Rigids over a
medium-term.
• No price rise in copra is expected during FY22.
• The company will continue to focus on direct reach in rural and urban markets.
• It expects ~20% growth in its network channels in the coming years.
• The Foods category and Saffola Honey are expected to reach the mark of ₹450-₹500 crore and ₹100
crore in FY22, respectively.
• The Beardo business is expected to touch a run rate of ₹100 crores during FY22.
Disclaimer:
334
VARUN BEVERAGES LIMITED

Revenue: ₹1,351.3 cr (▲9.0%) Net Profit: ₹-7.2 cr (▲86.7%)
• The revenue from operations increased by 9% to ₹1,351.3 crore in Q4 FY20 from ₹1,239.5 crore in
Q4 FY19. For CY20, the revenue from operations de-grew by 9.6% YoY to ₹6,555.8 crore.
• The net loss for the quarter stood at ₹7.2 crore as against a loss of ₹54 crore in Q4 FY19.
• In a seasonally soft quarter, the losses in Q4 FY20 was significantly lower than the previous year on
account of improved business efficiency, cost rationalisation strategy and a healthy recovery in the
international territories.
• Exceptional item of ₹66.5 crore in CY20 represented provision for impairment in the value of certain
plant and equipment, glass bottles and plastic shells.
• Gross margins improved by 472 bps YoY in Q4 FY20 and by 231 bps YoY in CY20 led by favourable
PET (Polyethylene terephthalate) chips prices (which witnessed ~12.5% decline) and a higher mix of
CSD (carbonated soft drink) in the revenue.
• EBITDA increased by 48.8% YoY to ₹172.2 crore in Q4 FY20 and the margins also improved by 346
bps YoY. For CY20, EBITDA declined by 17.0% to ₹1,201.9 crore from ₹1,447.7 crore in CY19.
• Depreciation decreased by 1.6% YoY during the quarter, however, it increased by 8.2% YoY in CY20
as the effect of acquisition of South & West India sub-territory was w.e.f. 1st May, 2019 in the base
year.
• Finance cost declined by 21.6% YoY during Q4 FY20 and by 9.2% YoY in CY20 due to repayment of
debt as well as lower average cost of borrowings.
• Working capital days improved marginally to ~31 days as on 31st December, 2020 due to lower sales
volume.
• Net debt stood at ₹3,015.8 crore as on 31st December, 2020 as against ₹3,246.1 crore as on 31st
December, 2019.
• Debt to equity ratio stood at 0.84x and debt to EBITDA ratio at 2.51x as on 31 st December, 2020.
• CRISIL reaffirmed the credit rating for long term debt as CRISIL AA and for short term debt as CRISIL
A1+.
BUSINESS HIGHLIGHTS
• The company witnessed improved consumption trends on a MoM basis.
335
Concall Summary
VARUN BEVERAGES LIMITED
• For CY20, the total sales volume declined by 13.7% YoY and stood at 42.5 crore cases and the
organic sales volume declined by 20.8% primarily because of decline in Q2 FY20 where the volumes
were down by 46.4% due to lockdown restrictions imposed by the Government of India.
• Of the total sales in CY20, CSD constituted 72.6%, Juice 6.3% and Packaged Drinking Water 21.1%.
• Total organic sales volume was up 5.7% YoY to 8.7 crore cases in Q4 FY20.
• Realization per case improved by ~4.8% in CY20 due to favourable sales mix and improvement in the
realization in the international markets. Realization for the quarter was 3.2% higher YoY.
• In Q4 FY20, in volume terms, the Geography wise performance was as follows: Nepal grew by 25%,
Zimbabwe by 40% and Zambia by 17%. Due to the lockdown, the growth in Morocco was at par and
Sri Lanka experienced a de-growth.
• It recently introduced a new product variant - Mountain Dew Ice, which is a lemon fruit juice-based
drink. It gained traction during the quarter and the management is confident of its long term
prospects.
CAPEX
• During CY20, the net capex included:
~₹320 crore towards brownfield expansion at certain plants in India, Zimbabwe and acquisition of
assets for value added dairy beverages in Zambia.
~₹200 crore for expansion primarily at Bharuch, Sricity and Tirunelveli plants from the investment
fund received from PepsiCo in CY19.
~₹40 crore towards capitalization on implementation of Ind AS 116 for leases.
FUTURE OUTLOOK
• With further stabilization of the macro-economic environment, the management is confident of a
gradual and sustainable growth across its business model going forward.
• In CY21, the company is not planning on having a large investment in the dairy business. It would use
its excess cash in reducing its debt.
• The company is not looking forward to any changes in its prices in CY21, and the EBITDA margins are
expected to be sustainable going forward.
Disclaimer:
336
JUBILANT FOODWORKS LIMITED

 The revenue from operations was ₹1,069.3 crore in Q3 FY21 as against ₹1,071.4 crore in Q3 FY20,
which de-grew by 0.2% YoY. It witnessed complete recovery of revenue as compared to the Covid
times.
 During the quarter, the net profit increased by 21.7% YoY to ₹123.9 crore v/s ₹101.8 crore in Q3
FY20, with margin at 11.8%.
 EBITDA stood at ₹278.6 crore which increased by 9.9%, with a margin at 26.4%, higher by 243 bps
YoY.
 Total cash & cash equivalents, bank deposits and investments stood at ₹951.7 crore as on 31st
December, 2020 v/s ₹827.8 crore as on 30th September, 2020.
 The sales recovery continued in January with overall sales growth of 6.0%, driven by 19.2% growth in
Delivery and 73.4% growth in Takeaway.
 The sales recovery trend for the quarter was as follows: system sales at 100.3% and like-for-like at
101.4%. For the month of January, 2021, system sales and like-for-like witnessed a sales recovery of
106% and 106.6%, respectively.
 It added 50 new Domino’s Pizza restaurants during the quarter, taking the total to 1,314 restaurants
at the end of December, 2020.
 The online order (OLO) service to delivery sales percentage stood at 98.2% during the quarter, with
mobile ordering sales to OLO service at 97.5%. Its application download stood at 7.4 million during
Q3.
 It added two new restaurants of Dunkin’ Donuts and closed one restaurant during Q3.
 For Q3 FY21, its new brands Hong’s Kitchen and Ekdum! had ten restaurants, with 5 new restaurants
added during the quarter.
 It opened one new store in Sri Lanka with two new launches: Sri Lankan chicken curry and spicy veg.
 Sri Lanka’s overall system sales recovery on a YoY basis in Q3 was 82.5%, with Delivery sales recovery
at 128%, take away sales recovery at 82.1% and dine-in sales recovery at 31.5%. the average OLO
contribution to delivery sales in Q3 FY21 was 47%.
337
Concall Summary
JUBILANT FOODWORKS LIMITED
 Bangladesh’s overall system sales recovery on a YoY basis in Q3 was 94.9%, with Delivery sales
recovery at 241.6%, Takeaway sales recovery at 105.9% and Dine-in sales recovery at 58.2%. The
average OLO contribution to delivery sales was 66.6% in Q3 FY21.
NEW LAUNCHES
 It added Indian cuisine of biryani, kebabs, breads and more to the portfolio by launching Ekdum!
with 3 restaurants in Gurugram. It had a variety of 20 biryanis in its Ekdum! portfolio, which would
be an open kitchen platform.
 It introduced ‘The Unthinkable Pizza’- India’s first plant protein-based product which would be 100%
vegetarian with the sensory properties of chicken.
 ‘Domino’s Drive-N-Pick’ was introduced that would allow customers to pick up their orders without
stepping out of their vehicle.
UPDATES
 It witnessed softening of gross margins as compared to last quarter, on account of inflation in
vegetable (onion & capsicum) prices and dairy products.
 There was an increase in personnel expenses during the quarter, as the company increased
incentives for its employees and added employees for its technology segments.
 It witnessed good demand for Chef Boss segment and completed its distribution expansion on all
online channels. It would expand this range in other channels as well.
 It acquired 10.76% stake in Barbeque Nation Hospitality Limited, during the quarter.
Disclaimer:
338
AVANTI FEEDS LIMITED

• Revenue from operations stood at ₹915.4 crore in Q3 FY21, which declined by 0.8% from ₹922.7 crore
in Q3 FY20.
• The net profit was at ₹86.2 crore in Q3 FY21, which increased by 46.3% from ₹58.8 crore in Q3 FY20.
• EBITDA for the quarter stood at ₹92.2 crore as against ₹63.4 crore in the corresponding quarter last
year.
SHRIMP FEED DIVISION
• Revenues stood at ₹676.8 crore in Q3 FY21 as against ₹657.5 crore in Q3 FY20.
• EBITDA was ₹58.6 crore in Q3 FY21 v/s ₹27.1 crore in Q3 FY20.
PROCESSED SHRIMP DIVISION

• Revenues stood at ₹239.1 crore in Q3 FY21 as against ₹265.0 crore in Q3 FY20.
BUSINESS HIGHLIGHTS
• The company’s sales in 2020 stood at ~4.6 lakh metric tonnes and is expected to increase to more
than 5 lakh metric tonnes in 2021.
• The company’s processed shrimp exports in 2020 was ~1,992 metric tonnes.
• Demand for January, 2021, was back to pre-Covid levels.
• The fish meat and soya meat prices were stable till the previous quarter, but the prices have witnessed
a rise in recent times.
• The cash available in the balance sheet was utilized towards working capital and acquisition
opportunities.
• Retail sales and exports witnessed sequential recovery in the quarter. Exports to Ecuador was high
during the quarter.
• Freight rates increased significantly during the quarter on account of shortage of containers, and the
industry had increased prices to maintain margins.
• Large amounts of inventory buildup was witnessed in the industry.
339
Concall Summary
AVANTI FEEDS LIMITED
FUTURE OUTLOOK
• During CY22, the company expects ~10%-15% increase in production of shrimps.
• Demand for shrimp consumption is expected to pick up as more malls and restaurants open.
• The company would evaluate expansion options in related segments of the industry including fish
feeds and pet foods.
Disclaimer:
340
MRS. BECTORS FOOD SPECIALITIES LTD

• Revenue from operations for Q3 FY21 grew by 11.1% to ₹225.8 crore as against ₹203.2 crore in Q3
FY20. The revenue from operations for 9M FY21 was ₹656.7 crore recording a growth of 15.7% YoY.
• The net profit increased by 86.5% to ₹20.7 crore in Q3 FY21 v/s ₹11.1 crore in Q3 FY20. The PAT margin
was 9.2% in this quarter, registering an improvement of 370 bps YoY.
• The gross margin for 9M FY21 stood at 48.3%.
• EBITDA for the quarter stood at ₹39.7 crore and witnessed a growth of 39.8% YoY. The EBITDA margin
grew by 360 bps YoY and stood at 17.6% in Q3 FY21.
• As on 31st December, 2020, direct reach of the company stood at 1,82,000 outlets.
BISCUITS
• It primarily manufactures premium and mid-premium category of biscuits including cookies, creams,
crackers, digestives and glucose biscuits catering to certain domestic as well as export customers. It
manufactures ‘Oreo’ biscuits and ‘Chocobakes’ cookies on contract basis for Mondelez India Foods
Private Limited. It also manufactures and supplies biscuits for some of their international customers
under the brand ‘Mrs. Bectors Cremica’ and under their private labels, respectively.
• Revenue from operations for Q3 FY21 from domestic and exports stood at ₹87.8 crore (growth of
17.4% YoY) and ₹54.2 crore (growth of 20.7% YoY), respectively.
BREAD & BAKERY

• It primarily manufactures premium category of breads and other bakery products including breads,
garlic breads, pav breads, kulchas, pizza base, buns, cakes, muffins and frozen products for retail
customers branded through ‘English Oven’ and institutional clients. These products are primarily
classified under the following categories: breads, other bakery products, buns and frozen products.
• This segment grew by 38.3% YoY and stood at ₹46.6 crore in Q3 FY21. The growth was primarily led
by change in dietary habits and lifestyle behaviours during the pandemic.
• The Institutional Bakery witnessed a de-growth of 32.5% YoY and stood at ₹24.9 crore in this quarter
v/s ₹36.9 crore in Q3 FY20. The demand in this segment was recovering to the pre-Covid levels as
restaurants opened after relaxation of Covid restrictions.
341
Concall Summary
MRS. BECTORS LIMITED
UPDATES
• In December, 2020, the company was listed on BSE (Bombay Stock Exchange) and NSE (National Stock
Exchange of India) at a premium of 74% (at ₹501) over its issue price of ₹288.
• The share price of the company as of 8th February, 2020 was ₹415.50 with a market capitalisation of
₹2,414.19 crore.
• Mrs. Rajni Bector, founder of the company, received Padma Shri for her contribution to trade and
industry.
FUTURE OUTLOOK
• The company would continue to expand its presence in Pan-India by leveraging its established
relations with institutional customers.
• It would focus on brand development, premiumisation and building a strong distribution network.
• It expects to maintain margins at 15% in the coming quarters.
• A direct reach to 1,95,000 outlets is expected by the end of FY21.
• It is planning to introduce a new category of products including ‘frozen buns’, ‘dessert jars’ and
‘brownies’ in the Indian retail business segment.
Disclaimer:
342
343
ULTRATECH CEMENT LIMITED

• Operating EBITDA was higher by 30.4% YoY to ₹1,330 per metric tonne in the quarter. Operating
margin stood at 26%.
• Net profit stood at ₹1,584.6 crore in Q3 FY21 v/s ₹711.2 crore last year.
• Net debt reduced by ₹2,696 crore during the quarter to ₹9,436 crore as on 31 st December, 2020. It
reduced by ₹7,424 crore during 9M FY21.
• Return on equity (ROE), excluding goodwill, stood at 14.1% by the end of the quarter.
• Rural and infrastructure segment along with tier-2 and tier-3 cities saw a pick-up in demand. Rural
sales during the quarter grew by 91% YoY.
• The capacity utilization stood at 80% for the quarter and 85% in the month of December. It was more
than 100% in the east while ~70% in the south.
• Total overseas capacity of the company stood at 5.4 million tonnes.
• The selling prices were marginally lower during the quarter while the volumes were stable. Volume of
white cement for the quarter stood at 3.9 lakh tonnes.
• The company reduced its dependence on pet coke and increased the consumption of imported coal.
• Revenue from ready mix concrete (RMC) was ₹620 crore and white cement was ₹538 crore.
• The lead distance was ~440 km in Q3 FY21.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

• The company targets to achieve green power share of 34% by FY24.
• Through the company’s initiatives, more than 1.6 million people have benefited including 0.1 million
children benefiting through education.
• It has covered 502 villages with the programs covering 16 states.
• The corporate social responsibility spend during 9M FY21 was ₹101 crore.
344
Concall Summary
ULTRATECH CEMENT LIMITED
UPDATE
• The company raised funds through debt at an interest cost of 4.5% for refinancing.
• Cost savings shall take place when the investments in waste heat recovery system are implemented.
FUTURE OUTLOOK
• The management expects ROE to cross 15% with all the new investments at low cost.
• Going forward, the working capital of Q3 FY21 is expected to sustain.
• A reduction in overheads expenses is anticipated in the upcoming quarter.
• RMC is expected to perform better in the near future.
Disclaimer:
345
 Revenue from operations was at ₹7,452.9 crore, which increased by 4.6% in Q4 FY20 from ₹7,126.4
crore in Q4 FY19. Revenue for FY20 stood at ₹24,516.2 crore, a decline of 9.5% YoY from ₹27,103.6
crore.
 Net profit stood at ₹968.2 crore in Q4 FY20, which increased by 34.0% from ₹722.3 crore in Q4 FY19.
Net profit for FY20 stood at ₹3,106.8 crore, an increase of 11.6% from ₹2,783.2 crore in FY19.
 EBITDA stood at ₹1,472.0 crore during the quarter, an increase of 31.8% YoY. EBITDA for FY20 stood
at ₹5,135 crore, an increase of 11.7% YoY.
 EBITDA margins was at 20% in Q4 FY20. For FY20, EBITDA margin stood at 21.3%.
 Cash flow from operations stood at ₹2,606.0 crore in FY20.
 The board approved a final dividend of ₹1.0 per share.
 Sales volumes stood at 7.1 million tonnes in the quarter, an increase of ~7.8% YoY and 22.7 million
tonnes during FY20.
 Realisations stood at ₹4,921 per tonne in the quarter and ₹4,930 in FY20.
 EBITDA per tonne stood at ₹1,090 during the quarter and ₹1,168 in FY20.
 Power and fuel costs per tonne declined by 3% YoY in Q4 FY20 and ~8% YoY for the full year 2020 on
account of renegotiation of contracts, favourable market trends and efficiency gains.
 Freight and forwarding costs per tonne declined by 4% YoY in Q4 FY20 and 2% YoY for FY20 due to
improved efficiency in logistics.
 Raw material costs witnessed a slight decline in the quarter driven by lower input costs, better raw
material mix and usage of wet fly ash.
 The company witnessed acceleration in volumes under the master supply agreement with its
subsidiary, ACC Limited.
BUSINESS HIGHLIGHTS
 Rural demand remained solid during the quarter. Rural India continued to outperform urban India
on account of rise in agricultural income.
 The company witnessed strong demand recovery in core markets.
346
 The Board of Ambuja Cements and its subsidiary, ACC Limited approved the renewal of their existing
Master Supply Agreement (MSA) for a period of 3 years with effect from 2nd May, 2021, on the same
terms of the existing MSA.
 Ambuja Cements was ranked 5th by the Global Dow Jones Sustainability Index in construction
materials category.
 The company continued to set up a greenfield plant at Marwar Mundwa with a clinker capacity of
3.0 million tonnes per annum (MTPA) and grinding capacity of 1.8 MTPA.
 The company launched Ambuja Kavach, its water repellant cement, with a fixed price model and has
delivered good results since its launch.
 ACC volumes saw recovery during the quarter.
FUTURE OUTLOOK
 The company expects expansion in Rajasthan to take place in mid-2021. The expansion is expected
to improve the company’s market position in North and West India.
 It expects to benefit from the Government’s focus on infrastructure and announcement of setting up
of a development finance institution (DFI) to boost infrastructure investments.
 The coming year is expected to witness a sharp rebound in volumes and the demand for cement in
India is expected to be ~350 million tonnes.
 Affordable housing and urban housing are expected to be the key drivers of the growth in demand.
 The company would continue to focus on the retail segment with increased penetration in new
markets.
 It continued to evaluate other expansion opportunities across the country.
Disclaimer:
347
ACC LIMITED
crore in Q4 FY19.
 During the quarter, the net profit stood at ₹472.4 crore v/s ₹273.3 crore in Q4 FY19, i.e., an increase
of 72.9% YoY.
 It declared a final dividend of ₹14 per share during the quarter.
 For the year ended 31st December, 2020, the company incurred a charge of ₹176.0 crore in respect
of impairment of assets at Madukkarai unit. This was accounted as an exceptional item during the
quarter.
 In Q4 FY20, EBITDA was up 29.6% YoY at ₹701 crore with a margin expansion of 360 bps. There was a
3% increase in EBITDA for the full year with margin expansion of 270 bps. The margin expansion was
driven by product mix optimization and cost efficiency initiatives adopted by the company.
 There was a 42.9% YoY increase in operating EBIT on a net sales growth of ~2% for Q4 FY20.
 It generated an additional cash and cash equivalents of ₹1,357 crore during the year 2020.
BUSINESS HIGHLIGHTS
 For the quarter ended 31st December, 2020, the sales volume of Cement and Ready Mix Concrete
(RMX) was 7.7 million tonnes and 0.7 million cubic meters, respectively.
 During the month of January, 2021, it successfully commissioned its new grinding unit at Sindri in the
state of Jharkhand, with a cement capacity of 1.4 MTPA (million tonne per annum). The company
expects this project to strengthen its position in the eastern region.
 As on 31st December, 2020, it had a capacity utilisation of 72% for its plants.
 In its product portfolio of RMX, it launched value added solutions such as ACC Thermofillcrete and
ACC Suraksha NX. It achieved specific carbon emissions of cementitious materials below 500 kg/
tonne.
 It rolled out a new digital-first campaign for its innovative product – Gold Water Shield, a water-
repellent cement.
 The sales revenue per tonne (Cement) was ₹4,881 in Q4 FY20 v/s ₹4,508 in Q4 FY19, which increased
by ~₹374 per tonne on a YoY basis.
 The raw material cost was ₹492/tonne during Q4 FY20, that was an increase of 15.5% YoY.
348
Concall Summary
ACC LIMITED
UPDATES
 The company is in the process of reducing its lead distance through warehouse optimization.
 It had a capex spend of ~₹500 crore in Q4, towards its Ametha project and few of its energy projects.
The Ametha project is expected to be operational from H1 FY22.
 The Cement demand is expected to grow by 15%–17% in CY 2021.
 It is upgrading its existing facilities with modern technology and new processes. There would be a
capacity addition of 2.7 MT of clinker and 6.2 MT of cement over the coming years.
 It has made investments in efficiency initiatives such as Waste Heat Recovery System (WHRS) in
Jamul and Kymore plant.
 It has a sustainable development plan for 2030, to reduce CO2 (carbon dioxide) emissions by 400
kg/tonne of cement and use 30 million tonnes of waste derived resources per year.
Disclaimer:
349
DALMIA BHARAT LIMITED

• Revenue from operations was at ₹2,857.0 crore, which increased by 18.2% in Q3 FY21 from ₹2,418.0
crore in Q3 FY20.
• EBITDA for the quarter stood at ₹691.0 crore, an increase of 51.2% from ₹457.0 crore in the
• Cement EBITDA margin increased to 25.0% in Q3 FY21 from 19.0% in Q3 FY20.
• Net debt to EBITDA stood at 0.56x in Q3 FY21 as against 1.32 in Q3 FY20.
• The company recorded a sales volume growth of 14% YoY to ~5.8 million tonnes during the quarter.
• Installed capacity of the company stood at 28.5 million tonnes as on 31st December, 2020.
• The capacity utilization during the quarter was 81%.
• EBITDA per tonne stood at ₹1,172.0 in Q3 FY21 v/s ₹885.0 in Q3 FY20.
• The company repaid gross debt of ₹626.0 crore in Q3 FY21 and ₹1,379.0 crore in 9M FY21. The
company’s gross debt stood at ₹4,590.0 crore and net debt at ₹1,399.0 crore as on 31st December,
2020.
• It commercialised a clinker line of 3 million tonnes at Odisha during the quarter.
• Premium products registered a growth of 66% YoY in Q3 FY21.
BUSINESS HIGHLIGHTS
• The company maintained its progress on fossil fuel substitution with alternative fuels and renewable
energy.
• Pricing situation remained volatile during the quarter on account of the pandemic led disruption.
• Cement demand during the quarter saw a sharp recovery.
• With petroleum coke prices rising to $110-$115 per tonne, the company switched to imported coal
and lignite to balance power and fuel costs during the quarter.
350
Concall Summary
DALMIA BHARAT LIMITED
FUTURE OUTLOOK
• The company expects to benefit from the Government’s focus on infrastructure development and
setting up of a developmental finance institution (DFI).
• Cement prices are expected to stabilize in the next 1-2 years on account of higher demand.
• Capacity expansion plans were on track and it aims to increase capacity to 37.5 million tonnes in the
next 12-24 months. The company also plans to double its capacity in the next 3-4 years.
• Going forward, it aims to finalize a capital allocation strategy.
• The company aims to become a pan-India cement maker rather than just focusing on east and south
India.
Disclaimer:
351
JK CEMENT LIMITED
• Revenue from operations for Q3 FY21 stood at ₹1,832.7 crore which increased by 24.5% YoY from
₹1,471.8 crore in Q3 FY20.
• Net profit for the quarter stood at ₹217.3 crore which grew by 74.8% YoY from ₹124.3 crore in Q3
FY20.
YEAR ON YEAR
FY20.
• EBITDA stood at ₹448.9 crore, an increase of 61.6% as compared to ₹277.8 crore in Q3 FY20. EBITDA
margin was 26.0% in Q3 FY21 v/s 20.0% in Q3 FY20.
• The profit after tax (PAT) for Q3 FY21 witnessed a growth of 73.2% to ₹238.3 crore v/s ₹137.6 crore in
Q3 FY20.
• The sales volume witnessed a growth of 23.8% and stood at ₹31.7 lakh MT (million tonne) in Q3 FY21.
QUARTER ON QUARTER
FY21.
• EBITDA stood at ₹448.9 crore, i.e., an increase of 9.3% as compared to ₹410.7 crore in Q2 FY21. EBITDA
margin was 26.0% v/s 26.9%.
• The profit after tax (PAT) for Q3 FY21 witnessed a growth of 6.6% to ₹238.3 crore v/s ₹223.5 crore in
Q3 FY20.
• The sales volume grew by 12.8% from ₹28.1 lakh MT to ₹31.7 lakh MT.
NINE MONTHS
• Revenue from operations for 9M FY21 grew by 7.3% from ₹3,986.4 crore to ₹4,275.8 crore in 9M FY20.
• EBITDA registered a growth of 28.7% and stood at ₹1,074.8 crore v/s ₹835.3 crore in 9M FY20. The
EBITDA margin was 26.0% v/s 21.2%.
352
Concall Summary
JK CEMENT LIMITED
• The profit after tax (PAT) for 9M FY21 witnessed a growth of 34.8% to ₹539.5 crore v/s ₹400.1 crore
in Q3 FY20.
• The sales volume grew by 9.0% from ₹71.1 lakh MT to ₹77.5 lakh MT.
• The gross debt and net debt as on 31st December, 2020, was ₹2,791 crore and ₹1,396 crore,
respectively.
• The net debt to EBITDA and net debt to equity was 0.98 and 0.38, respectively.
• The sales volume in the UAE (United Arab Emirates) as of 31st December, 2020, was 2,00,000-2,82,000
tonne with a capacity utilisation of 60%-65%.
UPDATES
• In the Grey Cement expansion of 4.2 million tonnes per annum (MTPA), the balance activity of OLBC
(over land belt conveyors) from mines to plant for limestone transportation is scheduled to complete
in Q2 FY22 and as of 31st December, 2020, ~₹1,648 crore was spent.
• Construction work for upgradation of line no.3 at Nimbahera is progressing as per schedule and it is
expected to complete in Q2 FY22. Approximately ₹298 crore was spent as of 31st December, 2020.
• The Board approved for setting up an integrated greenfield grey cement plant of 4 MTPA by its wholly-
owned subsidiary M/s. Jaykaycem (Central) Limited. The estimated cost of the project is ₹2,970 crore
which would be partially financed by raising debt.
FUTURE OUTLOOK
• The company expects an increase in manufacturing expenses in the coming years.
• The total capex for FY21 is expected to be ~₹500-₹550 crore.
• There would be an investment in the Panna project of ~₹200 crore in FY21, ₹800 crore in FY22 and
₹1,300 crore in the FY23.
Disclaimer:
353
THE RAMCO CEMENTS LIMITED

• The revenue from operations increased by 4.8% to ₹1,343.9 crore in Q3 FY21 from ₹1,282.1 crore in
Q3 FY20.
119.0% YoY.
• EBITDA during the quarter increased by 90% YoY and stood at ₹403.8 crore.
• Blended EBITDA per tonne (on a standalone basis) in Q3 FY21 was ₹1,543 as against ₹743 in the
BUSINESS HIGHLIGHTS
• The cement utilization capacity was at 93%.
• The sale of cement for the current quarter was 2.61 million tonne (MT) as against 2.84 MT in the
corresponding quarter last year, i.e., a de-growth of 8.1%.
• The sale volume in the current quarter was impacted due to extended and above normal monsoon
in Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and Telangana. The company registered good
growth in its eastern markets.
• Cement prices were constantly under pressure across all its markets during the quarter.
• Lead distance in Q3 FY21 was at 350 km as against 300 km in Q2 FY21.
• The integrated cement capacity as on date stood at 12 MT and the satellite capacity at 8 MT. Post
expansion, the total grinding capacity would be ~20 MT.
• The trade and non-trade mix stood at 90:10.
COSTS
• The power and fuel cost for the current quarter reduced mainly due to higher inventory base that
was procured at a relatively lower cost in the previous quarters.
• The prices of pet coke and coal increased sharply during the quarter.
• The 9 MW (megawatt) of WHRS (Waste Heat Recovery System) plant in Jayanthipuram started
production and helped the company to manage the power cost in Q3.
354
Concall Summary
THE RAMCO CEMENTS LIMITED
DEBT
• The company’s gross debt as on 31st December, 2020 was ₹3,106 crore, of which ₹234 crore were
interest-free debt.
• During the current quarter, the average cost of interest bearing borrowings was reduced to 6.14%
from 7.24% in the corresponding quarter last year, thereby reducing the overall finance cost.
• The net debt as on 31st December, 2020 was ~₹3,000 crore.
CAPEX
• The company incurred ₹1,166 crore towards capital expenditure (capex) and the balance capex of
₹537 crore would be incurred for its ongoing capacity expansion.
• The maintenance capex is expected to be lesser as compared to the usual yearly spend.
• The company expects to commission the clinkering unit of 1.5 MTPA (million tonne per annum)
along with 9 MW WHRS in Jayanthipuram and 2.25 MTPA clinkering unit in Kurnool by Q1 FY22.
• The 1 MTPA cement grinding facility, 12 MW of WHRS and 18 MW of TPP (thermal power plant) in
Kurnool are expected to be commissioned during FY22.
FUTURE ROADMAP
• The inventory of both pet coke and coal is expected to last till April-May, 2021.
• The management expects volumes to improve from Q2 FY22 led by positive demand and increased
spending of the Government in the infrastructure projects and affordable housing segment.
• The growth in the southern markets is expected to improve going forward.
• Post expansion, WHRS capacity would be ~39 MW and the estimated savings from it in the power
and fuel cost shall be ~₹130 crore per annum.
Disclaimer:
355
THE INDIA CEMENTS LIMITED

• Revenue from operations decreased by 4.8% YoY to ₹1,184.7 crore in Q3 FY21.
• Profit before tax for the quarter was ₹96.2 crore as against loss of ₹14.2 crore last year.
• Net profit stood at ₹69.4 crore in Q3 FY21 v/s a net loss of ₹9.4 crore in Q3 FY20.
• The interest cost for the company was 8.39% compared to 9.18% last year.
• Net debt stood at ₹3,200 crore on 31st December, 2020 as against ₹3,500 crore on 31st March, 2020.
• The capacity utilization stood at 50% during 9M FY21.
• The demand in the eastern India grew in double-digits while price of cement was low. It sold 1.8 lakh
tonne (LT) of cement and 1.2 LT of clinker in the east.
• The demand in northern and central India was stable while in south, there was excess supply during
the period.
• The volume for the quarter stood at 23.77 LT.
• Net plant realisation was diluted during the quarter due to change in trade and non-trade mix. Trade
mix was 51% in the quarter compared to 56% in the previous quarter.
• Revenue from wind power stood at ₹1.9 crore, shipping at ₹7.3 crore and ready-mix concrete at ₹27.6
crore.
• It generates 170 MW of power itself, including wind power.
CAPEX
• It incurred a capex of ~₹70 crore during 9M FY21 and expects to incur ~₹150 crore in FY22.
• The company is going to set up a waste heat recovery plant in FY22 with capex of ~₹100 crore, included
above.
FUTURE OUTLOOK
• The price of cement in the eastern, northern and central parts of India is expected to go up in the
upcoming quarters.
• The price increase of pet coke is anticipated to affect the fuel cost of the company in March, 2021.
356
Concall Summary
THE INDIA CEMENTS LIMITED
• The company had taken measures to control the fixed cost which are not expected to revert. It shall
be ~₹150 crore per quarter.
• The management is looking forward to increase its capacity utilization in every quarter.
• The company expects to repay ~₹150 crore in Q4 FY21 and ~₹400-₹450 crore in FY22. It is also looking
forward to reduce its interest cost in the near future.
Disclaimer:
357
HEIDELBERG CEMENT INDIA LIMITED

Revenue: ₹595.3 cr (▲8.5%) Net Profit: ₹63.6 cr (▼1.5%)
• Revenue from operations for Q3 FY21 stood at ₹595.3 crore which increased by 8.5% YoY from ₹548.5
crore in Q3 FY20.
• Net profit for the quarter stood at ₹63.6 crore which de-grew by 1.5% YoY from ₹64.6 crore in Q3
FY20.
• EBITDA increased by 0.2% YoY from ₹120.2 crore as compared to ₹120 crore in Q3 FY20. This growth
was primarily driven by increase in operating cost which was inflated due to increase in petcoke and
fuel prices.
• The EBITDA margin decreased by 167 bps at 20.3% v/s 22.0% in Q3 FY20.
• The EBITDA per tonne for Q3 FY21 reduced by 3.5% YoY and was at ₹947. This was due to increase in
power & fuel cost and longer then planned shutdown of its largest kiln due to one-off replacement of
20 km belt.
• The cash and bank balance as of 31st December, 2020 was ₹570.9 crore against a debt of ₹354.6 crore,
resulting in a net cash balance of ₹216.3 crore.
• The sales volume growth was 3.8% and stood at 1269 kilo tonne (KT) as compared to 1223 KT in Q3
FY20. The micro markets witnessed a substantial growth in the sales volumes during the quarter.
• There was a price increase of 4.5% for the quarter.
• The company continued to operate with negative working capital.
• The dependence on grid power for Q3 FY21 was 66%.
• The company repaid second instalment of non-convertible debentures of ₹125 crore and the weighted
average interest cost decreased to 3.5% per annum.
• The trade sales (in terms of volume) decreased by 515 bps YoY and stood at 80% in Q3 FY21.
ESG INITIATIVES
• The company reduced the carbon dioxide (CO2) emission to 511 kilograms/tonne of cement as on 31st
December, 2020, which was 13.5% lower than the industry levels (580 kilograms/tonne of cement as
of 2019).
• It plans to further reduce it below 500 kilograms/tonne of cement in FY22.
358
Concall Summary
HEIDELBERG CEMENT INDIA LTD
FUTURE OUTLOOK
• The CSR (corporate social responsibility) spend is expected to be ~₹6.7 crore as on 31st March, 2021.
• It expects recovery in demand in housing and infrastructure segments fuelled by Government capital
outlay.
• The international and domestic fuel prices are expected to increase in the upcoming fiscal year.
• Going forward, it would improve its liquidity condition and implement labour codes.
• It expects to maintain an EBITDA margin of 23% in coming years.
• Going forward the company expects growth in demand across all geographies, with over 80% of sales
from trade sales channels.
• Alternative fuels and raw materials (AFR) and solar projects are expected to get commissioned in H1
FY22.
• Further repair of the 20 km belt would be conducted in H2 FY22.
Disclaimer:
359
KAJARIA CERAMICS LIMITED

• Revenue from operations for Q3 FY21 stood at ₹838.3 crore, which increased by 13.1% from ₹741.3
crore in Q3 FY20.
• Net profit stood at ₹121.03 crore in Q3 FY21, which increased by 97.6% from ₹61.26 crore in Q3
FY20.
• The EBITDA margin stood at 21.68% in Q3 FY21 v/s 15.02% in Q3 FY20.
• The company had cash and cash equivalents of ₹424 crore as of 31st December, 2020.
• The board has approved a dividend payment of ₹10 per equity share.
• Total sales volumes increased by 11% in Q3 FY21 v/s Q3 FY20.
• The 9M FY21 total sales stood at ₹1,828.4 crore.
• Bathware sales were back to pre-Covid levels in tier 1-2 cities but sales in metro cities was at ~75%
of pre-Covid levels.
• Manufacturing facilities of the company were running at 95% capacity in Q3 FY21.
• Salaries were reinstated to normal levels. The company does not plan to hire more people in the
coming quarters.
• The working capital cycle stood at 55 days during Q3 FY21.
SUBSIDIARY PERFORMANCE
• The company owns 87.37% stake in Jaxx Vitrified, which is based in Morbi, Gujarat, which has an
annual capacity of 7.6 million square meters (MSM), which operated at full capacity in Q3 FY21.
• The company owns 51% stake in Vennar Ceramics, which is based in Vijayawada, Andhra Pradesh
and has an annual capacity of 2.9 MSM, which operated at full capacity in Q3 FY21.
• Cosa Ceramics based in Morbi, Gujarat, operated at 60% capacity during Q3 FY21 due to one line
being non-operational. Kajaria owns 51% stake in Cosa Ceramics.
• Kajaria Tiles, a wholly owned subsidiary of the company, has a manufacturing facility of glazed
vitrified tiles with an annual capacity of 5 MSM, operated at full capacity in Q3 FY21.
360
Concall Summary
KAJARIA CERAMICS LIMITED
• Kajaria Bathware, in which the company owns 85% stake, has a sanitaryware plant in Morbi, Gujarat,
has an annual capacity of 6 lac pieces which operated at 72% capacity in Q3 FY21. It also owns a
Faucet plant in Gailpur, Rajasthan, which operated at its full annual capacity of 1 million pieces.
FUTURE OUTLOOK
• The tile division is expected to have 20%-25% volume growth.
• Exports are expected to grow 25%-30% due to anti-dumping duties being put on China by major
importers including the United States of America.
• Capex in FY22 is expected to be around ₹150-200 crore to improve the existing plants and capacities.
• Going forward, the company aims to give out 45%-50% of its profits as dividends to shareholders.
Disclaimer:
361
362
ASIAN PAINTS LIMITED

 Revenue from operations was higher by 25.2% YoY to ₹6,788.5 crore in Q3 FY21 and was lower by
3.3% to ₹15,061.4 crore in 9M FY21.
 Profit before depreciation, interest, tax and other income (PBDIT) increased by 50.3% YoY to ₹1,787.9
crore in Q3 FY21 and by 7.1% in 9M FY21. PBDIT margin expanded by 457 bps and 205 bps in Q3 and
9M FY21, respectively.
 Profit before tax (PBT) from continuing operations, grew by 60.5% to ₹1,696.8 crore in Q3 FY21 and
by 7.3% to ₹3,148.0 crore in 9M FY21.
 Profit after tax stood at ₹1,265.4 crore in Q3 FY21, a rise of 62.3% YoY and at ₹2,336.9 crore in 9M
FY21, up by 1.7%. PAT growth was lower in 9M FY21 due to one-time deferred tax reversal taken last
year on account of tax rate change in H1 FY20.
 Revenue from operations saw an increase of 26.1% YoY to ₹5,873 crore in Q3 FY21 and a decrease of
3.5% to ₹12,846 crore in 9M FY21.
 PBDIT for the quarter grew by 48.0% YoY to ₹1,654.2 crore in Q3 FY21 and by 6.2% in 9M FY21. PBDIT
margin expanded by 424 bps and 221 bps in Q3 and 9M FY21, respectively.
 PBT saw a growth of 56.3% YoY to ₹1,589.8 crore in Q3 FY21 and a rise of 6.8% to ₹2,986.9 crore in
9M FY21.
 Profit after tax (PAT) was higher by 56.5% YoY to ₹1,187.9 crore in the quarter. It rose by 1.4% to
₹2,232.9 crore in the nine-month period ended December, 2020.
BUSINESS SEGMENTS
DOMESTIC DECORATIVE BUSINESS
 Metro, tier-1 and tier-2 cities augmented the overall growth of the company.
 The company witnessed a volume growth of 33% and a value growth of 26% in Q3 FY21. There was
good demand due to construction resurgence and festive season.
 ‘Safe Painting’ and ‘San Assure’ services gained consumer traction.
 Gross margin during the quarter was better on a YoY basis while material prices saw a sharp
appreciation in the month of December.
363
Concall Summary
ASIAN PAINTS LIMITED
HOME IMPROVEMENT BUSINESS

 Kitchen business experienced a double-digit growth in Q3 for Components as well as Full Kitchens.
Projects segment also picked-up on a sequential basis.
 The business registered EBITDA break-even during the quarter.
 Bath business registered sequential pick-up in demand across product segments. It reported PBT of
₹1 crore in the quarter which was supported by an improvement in gross margin, cost control and
lower spend on marketing.
 Revenue stood at ₹700 crore, up by 22.4% YoY in Q3 FY21. It saw a rise of 1.3% YoY in 9M FY21 to
₹1,756 crore.
 Profit before tax was higher by 171.3% YoY to ₹74 crore for Q3 FY21 and by 41.6% YoY to ₹147 crore
in 9M FY21.
 There was strong recovery in Asia and Middle East (except Ethiopia, Bahrain and Indonesia) with all
units reporting double-digit volume growth in Q3.
 Waterproofing product range was launched across international units. Bath business was launched in
South Asia (Nepal and Bangladesh).
INDUSTRIAL OPERATIONS
 In Pittsburgh Plate Glass (PPG)-Asian Paints (AP) partnership business, the recovery momentum
continued with original equipment manufacturer (OEM) business reporting a double-digit growth.
Refinish business also picked up during the quarter.
 In AP-PPG joint venture, there was demand recovery which led to double digit value growth in Q3
FY21. The growth was led by Powder segment with Industrial Liquid paints also showing sequential
uptick.
FUTURE OUTLOOK
 The company does not intend to increase its capacity to meet the increase in demand.
 It expects to double the home décor stores in 2 years.
Disclaimer:
364
BERGER PAINTS INDIA LIMITED

crore in Q3 FY20.
51.2% YoY.
 EBITDA (excluding other income) for Q3 was ₹415.0 crore as compared to ₹296.3 crore in the
corresponding quarter last year representing a growth of 40.1% YoY.
 There was a gross margin expansion during the quarter on account of decrease in price of solvent
based raw materials, which would not be sustainable going forward.
BUSINESS HIGHLIGHTS
 The Waterproofing segment product -Damp Shield Elasto showed strong demand. There was robust
growth in Construction chemical segment.
 Decorative business improved its growth trajectory with a robust performance for the quarter.
 It witnessed demand recovery in metro and Tier I cities. The automotive sector recovered
significantly during Q3 backed by increased demand from passenger vehicle segment and improved
demand from commercial vehicle segment.
 The company increased its advertising spends during the quarter.
SUSBSIDIARIES HIGHLIGHTS
 Berger Jenson & Nicholson (BJN) Nepal, showed growth in topline and profitability as the situation
started to normalise after multiple lockdowns.
 SBL Specialty Coatings Private Limited (erstwhile Saboo Coatings Limited) also showed strong
performance both in top-line and profitability.
 Its Polish subsidiary Bolix S.A continued to show robust performance aided by improved numbers in
its UK (united Kingdom) operations.
 Russian subsidiary BPOL (Berger Paints Overseas Limited) had a mark to market loss on loan taken
from Berger Cyprus Limited on account of the Ruble depreciating against USD. Current trends,
however, showed that Ruble is appreciating against USD and the company booked some forex gains
on account of it.
365
Concall Summary
BERGER PAINTS INDIA LIMITED
 Company’s JVs (joint venture) Berger Nippon Paints Automotive Coatings Limited and Berger Becker
Coatings Limited witnessed an improvement in performance during Q3, backed by strong demand
from passenger vehicles segment.
UPDATES
 The Uttar Pradesh plant is expected to be commissioned during FY22 and the company had spent
more than it intended towards the plant.
 It plans to increase price in the Industrials segment, going forward.
 It launched bathroom & kitchen cleaning related products on online platforms.
 The volume growth during Q3 was on account on distribution expansion, urbanisation and increased
spending towards advertisement.
Disclaimer:
366
KANSAI NEROLAC PAINTS LIMITED

Revenue: ₹1,592.6 cr (▲19.6%) Net Loss: ₹204.5 cr (▲76.6%)
• Revenue from operations for Q3 FY21 grew by 19.6% YoY to ₹1,592.6 crore as against ₹1,331.9 crore
in Q3 FY20.
• The net profit increased by 76.6% YoY to ₹204.5 crore in Q3 FY21 v/s ₹115.8 in Q3 FY20.
• EBITDA in Q3 FY21 stood at ₹289.8 crore witnessing a growth of 51% YoY. The growth was primarily
driven by aggressive cost control and management of overheads.
• The company’s capacity utilisation was ~68% in Q3 FY21.
BUSINESS HIGHLIGHTS
DECORATIVE PRODUCTS
• The volume growth for the quarter was ~3%-4% higher than the value growth.
• Demand for the products increased in smaller towns, metro and tier-I cities.
• Three new products were launched during the quarter, “Beauty Gold – Washable & Anti Bacteria”,
“Suraksha Dust Resist”, “Beauty Sheen” in the interior and exterior range.
• The range of product portfolio in construction chemicals expanded during the quarter.
INDUSTRIAL PRODUCTS
• The volume growth for the quarter was ~2% higher than the value growth.
• Demand grew substantially in Q3 in the automotive segment, led by passenger vehicles.
• The company would largely concentrate on new businesses and niche segments like powders, oil
coatings, etc.
• All the subsidiaries: Marpol (in powder), Perma (in construction chemicals) and Nerofix (in adhesive),
recorded double-digit growth during the quarter.
• International subsidiaries in Nepal and Bangladesh recorded a double-digit growth in Q3 FY21.
However, Lanka continued to be impacted due to Covid.
367
Concall Summary
KANSAI NEROLAC PAINTS LIMITED
FUTURE OUTLOOK
• Price hikes are expected due to inflationary trend in the market.
• The company might not be able to maintain the current level of EBITDA margins in the coming
quarters.
• The management expects to adhere to its capital expenditure (capex) plan of ~₹200 crore for the
current year, of which ₹60 crore would be utilised for maintenance capex and remaining would be
utilised for projects.
• Demand for both decorative and industrial products are expected to further increase on account of
availability of the vaccines.
• The company would continue to focus on cost optimisation and digitisation.
Disclaimer:
368
UPL LIMITED
• The revenue from operations stood at ₹9,126.0 crore in Q3 FY21 as against ₹8,892.0 crore in Q3
FY20, a growth 2.6% YoY.
• The revenue during the quarter witnessed 7% growth in volumes and 1% increase in prices. But this
was partially offset by 5% reduction from the foreign currency headwinds.
• The revenue from operations for 9M FY21 grew 5.2% YoY to ₹25,898.0 crore. This included 9%
growth in volumes, 1% de-growth in prices and 3% decline of foreign currency headwinds.
• The net profit for the quarter increased by 13.7% to ₹944.0 crore from ₹830.0 crore in Q3 FY20.
• The gross margin improved by 230 bps YoY in Q3 FY21 and stood at 44%. This was supported by
price increases in local currency, a favourable product mix and savings in the cost of goods and
synergies.
• EBITDA for the quarter increased by 6.4% YoY and stood at ₹2,209.0 crore. For 9M FY21, it expanded
by 8.3% YoY to ₹5,720.0 crore.
• Earnings per share (EPS) during the quarter stood at ₹10.38.
• Gross debt stood at ₹27,837.0 crore as on 31st December, 2020. Net debt stood at ₹24,244.0 crore.
• Exceptional items for the quarter included an income of ₹78.0 crore v/s an expense of ₹75 crore in
Q3 FY20. It was on account of a favourable verdict on AgroFresh case which resulted in the reversal
of ₹115.0 crore.
• The net working capital improved by 19 days during the quarter and stood at 117 days. It was mainly
driven by increase in account payables to 122 days, improvement in receivables to 120 days and
inventory at 119 days.
• Fixed overheads was higher by 11.3% YoY and stood at ₹1,828 crore. It included a provision of ₹39.5
crore on account of an unfavourable court order for the entire industry pertaining to excise duty
liability from April, 2008 to December, 2013 in the state of Jammu & Kashmir.
• Finance cost for the quarter was ₹745.0 crore v/s ₹515.0 crore in Q3 FY20.
• The finance cost included interest in financial charges of ₹460.0 crore v/s ₹388.0 crore in Q3 FY20.
This increase was on account of a one-time interest cost of ₹75.0 crore pertaining to prepayment of
October, 2021 maturity bond of $410 million.
• Cost synergies stood at $35 million in Q3 FY21 and $188 million in 9M FY21. The revenue synergies
was $55 million in Q3 FY21 taking the cumulative count to $355 million.
369
Concall Summary
UPL LIMITED
REGIONAL HIGHLIGHTS
• Four out of five regions reported a positive growth during the quarter.
• The company experienced volume growth in Latin America, Argentina, South Cone and Andean
regions. A positive trend in sales in Q4 would be supported by season delay of early drought in Brazil
and Argentina, increase in grain commodity prices and recent rains.
• In North America, favourable weather conditions, increased demand for Glufosinate due to ramp up
of resistant trait acres and growth in differentiated & sustainable solutions contributed to higher
revenues and improved margins. The company brought alternatives to gaps created by banned
products including the recent launch of Argos.
• Improved sales of differentiated & sustainable solutions in Europe, led to an improved mix. It also
witnessed growth in Poland, Benelux, Ukraine, Italy and Spain.
• A double-digit growth was witnessed in Africa, Australia and New Zealand, which was due to a
normalized season. There was a strong growth in South East Asia which was supported by continued
expansion of Glufosinate business.
• Accelerated growth in China was driven by the growing portfolio of branded products in addition to
the impact of the recent acquisition of Laoting Yoloo Bio-technology Company Limited.
• In Q3 FY21, the market in India slowed down due to excess rains in the southern regions. It
experienced good herbicide sales in the resistant phalaris infested wheat acres land of North India.
FUTURE OUTLOOK
• Guidance: 6-8% revenue growth and 10%-12% EBITDA growth for FY21.
• It expects to achieve a revenue synergy target of $350 million by FY22.
• A reduction in working capital days is expected by March, 2021.
• It expects to achieve net debt to EBITDA ratio at 2x by March, 2021.
Disclaimer:
370
PI INDUSTRIES LIMITED
• Gross margin expanded by 28 bps YoY to 47% in Q3 and was flat YoY at 45% in 9M FY21.
• EBITDA for the quarter was higher by 48% YoY to ₹276 crore with a margin 24%, up by 176 bps YoY. In
9M FY21, it stood at ₹785 crore with a margin of 23%.
• Net profit for Q3 FY21 grew by 61.4% YoY to ₹195.4 crore.
• Free cash flow and cash flow from operations in the nine-month period stood at ₹301 crore and ₹670
crore, respectively.
• The Board of Directors declared an interim dividend of ₹3 per equity share.
• Net sales to fixed assets ratio improved to 2.01x v/s 1.75x last year.
BUSINESS HIGHLIGHTS
• Exports was higher by 40.1% YoY to ₹902 crore and domestic revenue by 26.2% YoY to ₹260 crore
during the quarter. Isagro contributed ~20% to the domestic growth.
• During 9M FY21, exports and domestic revenue were higher by 29.9% and 46.2%, respectively, on a
YoY basis.
• It successfully scaled up Awkira (wheat herbicide), treating more than 1 lakh acres so far. The rice
herbicide, Londax Power, was also launched during the quarter.
• It successfully commissioned 4 molecules at recently acquired Isagro site in 9M FY21.
• Order book stood at $1.5 billion on 31st December, 2020.
• Capex for the nine-month period was ₹320 crore.
• Few multi-product plants (MPPs) were getting commercialized. Of the two plants that were
commercialized in FY20, one was operating at more than 80% capacity and the other at more than
50% capacity.
• The management is actively evaluating few options for mergers and acquisitions and availing various
opportunities for organic growth.
• Currently, it has 24-25 products in the commercial stage and more than 40 products in the synthesis
stage. It has 15 active MPPs and 2 are in the pipeline.
371
Concall Summary
PI INDUSTRIES LIMITED
FUTURE OUTLOOK
• The management has planned to start production in its new MPP in Q4 FY21.
• The upgradation for the production facilities of Isagro is expected to complete in the upcoming
months.
• The pipeline has 5-6 molecules at various stages of development which are expected to commercialize
in FY22.
• The management anticipates a growth of 18%-20% in FY22.
• Going forward, the intensity of investments in capex shall reduce.
Disclaimer:
372
TATA CHEMICALS LIMITED

• The revenue from operations decreased by 0.7% YoY to ₹2,606.1 crore in Q3 FY21 from ₹2,623.4 crore
in Q3 FY20.
• The net profit grew by 0.2% on a YoY basis to ₹200.7 crore in Q3 FY21 from ₹200.2 crore in Q3 FY20.
• Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter grew by 0.3%
YoY to ₹472.0 crore.
• In Q3 FY21, Rallis India, a subsidiary of Tata Chemicals (50% stake), reported a revenue of ₹570.0 crore
and a net profit of ₹46.0 crore which is grew by 20%.
• The revenue from operations for the basic chemistry products de-grew by 1.1% YoY and stood at
₹1,986.6 crore.
• The revenue from operations for the specialty products grew by 2.3% and stood at ₹618.3 crore.
• During the quarter, the demand for all the verticals improved sequentially.
• The company experienced marginal issues with exports to United States and inconsistent demand in
the South East Asian markets during the quarter.
• The Mithapur expansion plan has been revised during the quarter. Out of the total capital expenditure
of ₹2,400 crore, ₹800 crore has already been spent and remaining amount would be spent in the next
2 years. The plant is expected to contribute a marginal portion towards the total revenue of the
company in FY22.
BUSINESS VERTICLES
ENERGY BUSINESS
• During the quarter, no major investments were made in this business.
PERFORMANCE MATERIAL – Soda Ash

• The domestic demand for Soda Ash and Bicarb improved during the quarter. The demand from
detergent in Soda Ash was low. On the other hand, the demand for cement improved with good
volume growth.
• The production of caustic restarted in the new plant during the quarter.
373
Concall Summary
TATA CHEMICALS LIMITED
NUTRITIONAL SCIENCE
• The demand for salt was steady. However, the demand for branded bicarb improved during the
quarter and it continued to maintain its strong presence.
• The prebiotics portfolio witnessed a strong growth during the quarter.
• The company received key certifications of Food Safety System Certification (FSSC 22000) and Feed
Additives and Pre-mixtures Quality Systems (FAMI QS).
AGRI SCIENCE
• This vertical continued to stock up the raw materials due to potential supply chain issues.
• The domestic formulation business witnessed a 14% revenue growth on year-to-date basis.
• During the quarter, one new insecticide and three new crop nutrition products were launched.
FUTURE OUTLOOK
• The company would primarily focus on Nutritional Sciences, Agri Sciences and Performance Materials
in the coming quarters.
• The company’s strategy going forward would be to scale up its value chain across all verticals along
with increased focus on research and development (R&D) and innovation.
• In Silica business, the company would focus on new customer acquisition and trial order from tyre
companies.
• It will focus on bicarbonate and salt along with fermentation-based products for food and pharma
companies.
Disclaimer:
374
PIDILITE INDUSTRIES LIMITED

 The revenue from operations was ₹2,299.0 crore in Q3 FY21 v/s ₹1,926.6 crore in Q3 FY20, which
grew by 19.3% YoY.
 During the quarter, the net profit increased by 29.0% YoY to ₹446.4 crore as compared to ₹346.1
crore in Q3 FY20.
 EBITDA (before non-operating income) was ₹641 crore with a YoY growth of 38.1%. The growth was
on account of favourable input cost and lower discretionary spends.
 Pidilite Adhesives Private Limited (PAPL), its recent acquisition had a sequential monthly
improvement in sales during Q3. The EBITDA margins improved in this segment due to lower input
costs.
 The capacity utilization during the quarter was at ~85%-95% levels.
 The net sales (including PAPL) grew by 19.5% and excluding PAPL, its sales grew by 16.4% in Q3.
 The Consumer and Bazaar (C&B) segment had a revenue growth of 25.1% YoY to ₹1,848.9 crore in
Q3 FY21. Robust growth was registered across all its verticals driven by continued demand
momentum in rural areas and strong recovery in urban including metros.
 The Business to Business (B2B) segment increased by 2.7% YoY to ₹475.1 crore in Q3 FY21. Due to
resurgence in industrial activity, healthy volume growth was registered in this segment.
 The overseas subsidiaries YoY sales growth was as follows: Asia grew by 10.7%, Middle East & Africa
by 6.7% and Americas by 47.8%.
 Its domestic subsidiaries in the C&B segment witnessed healthy growth and subsidiaries in the B2B
segment showed signs of recovery in the latter part of the quarter.
UPDATES
 Huntsman Advanced Materials Solutions Private Limited (HAMSPL) name was changed to Pidilite
Adhesives Private Limited (PAPL).
 Its key raw material vinyl acetate monomer (VAM) price is presently at ~$1,300 per metric tonne.
The consumption cost in Q3 FY21 was $875 per tonne as against $940 per tonne in Q3 FY20.
 The material cost as a percentage to sale declined by 105 bps as compared to same quarter last year.
375
Concall Summary
PIDILITE INDUSTRIES LIMITED
 The on-site furniture forms a larger part of its business as compared to ready-made furniture
business segments.
 Its advertising and promotions related spend was lower for the quarter.
 The orders from real-estate segment were not very widespread, and only few new orders were
made during the quarter.
 It did not witness surge in sales/volumes during festivals.
FUTURE OUTLOOK
 Due to inflation in raw material costs, EBITDA margins are expected to remain under pressure in the
coming quarters.
Disclaimer:
376
DEEPAK NITRITE LIMITED

in Q3 FY20. Rise in revenue was on account of growth in Phenolics and Fine & Speciality segments
and operating efficiencies.
• The net profit for the quarter increased by 38.2% at ₹216.6 crore in Q3 FY21 from ₹156.7 crore in Q3
FY20.
• The EBITDA for the quarter was reported as ₹340.0 crore, an increase of 25% YoY.
• EBITDA margin stood at 27.4% during the quarter, an increase of 330 bps YoY. Margin accretion was
driven by increased volumes and higher efficiency in plant operations of the phenolics business
supported by better sourcing, logistics and marketing for the wider product basket.
• EPS (earnings per share) stood at ₹15.88 for the quarter.
• The net debt of the company stood at ₹567.0 crore in Q3 FY21 v/s ₹1,090.0 crore in Q3 FY20.
• Debt to Equity (D/E) ratio stood at 0.28 in the quarter as against 0.74 in the corresponding quarter
last year.
• Revenue from Basic Chemicals stood at ₹196.2 crore in Q3 FY21 v/s ₹252.7 crore in Q3 FY20. Oil and
dye industry continued to recover from the impact of the pandemic.
• Fine and Specialty Chemicals reported a revenue of ₹210.9 crore in the quarter as against ₹173.2
crore in the corresponding quarter last year. New products catering to pharmaceuticals and personal
care industries continued to perform well with favourable price trends.
• Revenue from Performance Products was ₹90.2 crore in Q3 FY21 v/s ₹176.1 crore in Q3 FY20.
Decline in revenue was due to high base in FY20 on account of unusually high prices of performance
products. Due to lingering effects of the lockdown on end user industries of paper, textiles and
detergents, realizations in the Performance Products segment saw muted recovery. The plant
capacity utilization and customer demand were near pre-Covid levels.
• Phenolics reported revenue of ₹746.9 crore in the quarter as against ₹535.1 crore in the
corresponding quarter last year. The improvement in sales was on account of incremental
contribution from IPA (isopropyl alcohol) products. Initiatives to elevate plant efficiency resulted in
utilisation above 115% of stated capacity during the quarter.
377
Concall Summary
DEEPAK NITRITE LIMITED
BUSINESS HIGHLIGHTS
• Operational improvement in the Phenolics business and contribution from IPA supported by better
logistics and sourcing, accompanied by lower finance costs and depreciation, led to the sharp rise in
quarterly profit after tax (PAT).
• Land development activity commenced at the newly acquired site measuring 127 acres at Dahej in
Q3 FY21.
DOMESTIC SALES AND EXPORTS

• Domestic revenue stood at ₹864.0 crore in Q3 FY21, an increase of 31% sequentially.
• The company undertook initiatives during the quarter to enhance wallet share in key customer
accounts in the domestic market.
• Export revenue stood at ₹368.0 crore in the quarter, an increase of 12.9% sequentially.
• The concerns about a second wave and mutation of the virus remained prevalent in select markets.
The company’s focus remained on markets which witnessed faster recovery and normalisation in
movement of material and international trade.
FUTURE OUTLOOK
• The company continued to remain a beneficiary of the shift from China to India for manufacturing of
chemicals. It expects further acceleration in the upcoming quarters.
• Domestic demand is expected to increase substantially and has been given an impetus by the
principle of Aatmanirbhar Bharat and focus on PLI (production linked incentive) scheme to
incentivize manufacturing in India.
• Second phase of the IPA plant continued to progress well and remained on track to be
commissioned in the fourth quarter.
• Brownfield expansion at Nadesari plant along with other downstream products in the Phenolics
business are expected to be drivers of growth in the near future.
Disclaimer:
378
BALAJI AMINES LIMITED

in Q3 FY20. For 9M FY21, the revenue stood at ₹897.4 crore, that grew by 32.4% YoY.
 During the quarter, the net profit stood at ₹78.9 crore v/s ₹20.7 crore in Q3 FY20. On a nine-month
basis, it expanded by 127.8% YoY to ₹154.7 crore as on 31st December, 2020.
 EBITDA for Q3 FY21 was ₹98.8 crore with a margin of 26.9% and for 9M FY21 it stood at ₹224.5 crore
and 26.0%, respectively. The EBIDTA margins improved on account of improvement in operating
leverage due to increase in volume off-take and better price realization.
 The earnings per share (basic & diluted) for Q3 and 9M FY21 was ₹23.14 and ₹47.44, respectively.
BUSINESS HIGHLIGHTS
 The sales volume was up 34% from 21,160 MT in Q3 FY20 to 28,353 MT in Q3 FY21.
 For Q3 FY21, the Amines volume stood at 4,952 MT, Amines Derivatives at 10,812 MT and Specialty
Chemicals at 12,589 MT.
 The capacity utilization of its Dimethylformamide (DMF) plant improved to 45% in Q3 FY21 on
account of increased demand and reduced imports. Pharmaceutical application segment and
agrochemicals are expected to drive demand for DMF.
 19.1% of the total revenue for FY20 i.e., ₹177.6 crore was generated from exports spanning across
continents.
 In Q3 FY21, its subsidiary Balaji Speciality Chemicals Private Limited had an improvement in sales
run-rate of ~₹12.50 crore per month.
 The average realization from Acetonitrile was ~₹280-₹285 per kg during Q3.
EXPANSION PLANS
 The process of de-bottlenecking of the Acetonitrile plant is currently underway which is likely to be
completed by the end of March, 2021. Post which, the production output will increase to 18-20
tonnes per day (from 9 tonnes per day presently).
 The company anticipates the prices to remain elevated, as many of its end-user clients may forbid
sourcing Acetonitrile which is derived as a by-product. Also, the company is undertaking R&D
(research and development) which will enable it to lower the cost of manufacturing Acetonitrile.
379
Concall Summary
BALAJI AMINES LIMITED
 It is witnessing good demand from China for products like EDA (ethylenediamine) and DETA
(diethylenetriamine) manufactured by its subsidiary company.
 The manufacturing of ethylamines is under the first phase of its 90-acre greenfield project and is
likely to commence by the end of FY21. The production of Di-Methyl Carbonate (DMC) is expected to
commence by the end of Q2 FY22. Under the phase - 1 of greenfield project (Unit IV), capex of ₹128
crore (out of the proposed capex of ₹150 crore) was already undertaken.
 The designing and engineering work for its Methyl Amines plant which is under second phase of
greenfield project had commenced and is expected to be commissioned by November, 2021.
 The supply shortfall of Ethylamines in India is expected to increase to 15,000 tonnes by FY23. The
high demand exists for DMC which is currently fully met by imports. Import substitution is a key
opportunity for the company, going forward.
UPDATES
 It started exporting products to China, USA and other countries.
 The gradual ramp up in production is expected to lead to peak utilization levels in 2022.
 It witnessed an increase in the methanol price, as it couldn’t source from Iran for the past 1-2 years
due to sanctions imposed on the country and it expects the situation to improve, going forward.
 In a year or two the company intends to increase the share of exports to ~30% of its total revenue.
 The methanol prices have gone up to ₹29-₹30 per kg, and the DMF prices have increased to ₹110-
₹120 per kg.
 By the middle of next year, it expects the capacity utilization of Balaji Speciality to be more than
~80%-90% and also expects the prices to remain elevated till May-June, 2021. Presently, its
witnessing strong demand from international markets.
 The production of DMAC (Dimethylacetamide) had improved. Previously it used to run its plant for
manufacturing DMAC for around 15-20 days per month and now it is almost running for 25-27 days
every month.
 The company is facing logistics related issues, due to rise in logistics costs. Earlier for transporting it
used to pay $800 per container to Europe which is now at a range of $2,500-$3,000. Until otherwise
the situation improves, the exports are expected to remain at the same levels.
Disclaimer:
380
NAVIN FLUORINE INTERNATIONAL LTD.

 The revenue from operations increased by 18.7% YoY to ₹309.1 crore in Q3 FY21 v/s ₹260.5 crore in
Q3 FY20.
 During the quarter, the net profit stood at ₹56.4 crore as against ₹45.1 crore in Q3 FY20, which
increased by 25.1% YoY. The total profit (after share of profit from joint ventures) was ₹58.9 crore in
Q3 FY21.
 The operating EBITDA was ₹80.5 crore with a margin of 26% in Q3.
 During the quarter ended 31st December, 2020, the company paid an interim dividend of ₹5 per
share.
 The High Value business (HVB) revenue increased by 35% YoY to ₹193 crore in Q3. The company
attains 65% of its revenue from this segment. Strong performance was on account of growth in
customer acquisitions and leveraging in research and development partnerships.
 The Specialty Chemicals vertical had a 25.8% YoY growth to ₹122 crore in Q3. It witnessed sustained
growth through optimal utilization of its facility, capacity expansion and enhancement of its product
portfolio.
 The Contract Research and Manufacturing Services (CRAMS) registered an increase in revenue of
51.1% YoY to ₹71 crore in Q3. It strengthened its presence in the market via its two new resources in
North America & Europe.
 During the quarter, the Inorganic Fluorides vertical had a revenue of ₹57 crore, an increase of 11.8%
YoY. There were new customer sign-ups and expansion of end user segments, with recovery in
sectors like stainless steel and glass.
 The Refrigerant vertical de-grew by 17.5% YoY to ₹47 crore in Q3. The vertical is witnessing recovery
on account of revival from trade and services sectors and pick-up in export volumes.
CAPEX
 For product commercialization (crop science & life science sectors) in the Specialty Chemicals
business segment, it would invest ₹195 crore through internal accruals & debt.
 The project would be executed through its wholly-owned subsidiary, Navin Fluorine Advanced
Sciences Limited (NFASL) at Dahej, Gujarat.
381
Concall Summary
NAVIN FLUORINE LIMITED
 The company expects peak annual revenue of ₹260-₹280 crore from it. The capacity is expected to
be streamlined from H1 FY23.
FUTURE OUTLOOK
 Its joint venture agreement with Piramal Pharma Limited (PPL) is expected to complete by 31st
March, 2021.
 The company is witnessing repeat orders from its molecule business (CRAMS) and expects a run rate
of ~$10 million from it in FY22.
 It acquired two customers for its Inorganic Fluorides vertical in India & US. The company expects its
Inorganic Fluorides vertical & Refrigerant vertical to grow in low teens in the next FY.
 It has a molecule in pipeline, which it expects to be commercialized in the near future. This molecule
would cater to the European markets. The company had been working on it for the last 6 years and
has 5 new opportunities in line from the partner with whom it was engaged for this molecular
formulation.
 In 2-3 years, it expects peak annual turnover from its cGMP-3 plant in Dewas, Madhya Pradesh.
 It has new Greenfield investments for Dahej, Gujarat.
 It had ~22-25 molecules in pipeline for Pharmaceuticals with 15 new qualified opportunities from it.
Disclaimer:
382
ROSSARI BIOTECH LIMITED

 Revenue from operations increased by 29.3% YoY to ₹210.0 crore in Q3 FY21.
 EBITDA for the quarter was higher by 13% YoY to ₹34 crore.
 Gross and EBITDA margins for the quarter were at 33.4% and 16.2% (declining by 230 bps),
respectively. The margins were impacted due to supply side disruptions.
 Depreciation increased to ₹6.1 crore owing to capitalization of a part of Dahej facility.
 Profit after tax grew by 18.0% YoY to ₹21.6 crore in Q3 FY21.
 Net cash position stood at ₹100 crore on 31st December, 2020.
 Home, Personal Care and Performance Chemicals (HPPC) business delivered a robust performance
due to volume pick-up, driven by healthy offtake witnessed in hygiene products and anti-viral portfolio
sales.
 Exports were stable in Textile Speciality Chemicals (TSC) segment while Animal Health and Nutrition
(AHN) segment was impacted due to demand slowdown.
 Segment-wise revenue breakup (contribution to total revenue): ₹119.6 crore from HPPC (57%), ₹78.2
crore from TSC (37.2%) and ₹12.2 crore from AHN (5.8%).
 There was a big debottlenecking at Silvassa due to which customers were not serviced during the
period.
UPDATE
 The first phase of its greenfield facility at Dahej was fully operational. Full operationalisation of the
unit was progressing as per plan and the company expects to commission the plant by March, 2021.
 Rossari Centre of Excellence at IIT Mumbai was fully operational.
FUTURE OUTLOOK
 Demand in AHN segment is expected to pick-up in the medium term.
 The company has a strong pipeline of new products across various categories expected to be launched
in the next few months.
 The management is looking forward to achieve a return on capital employed of 25%.
383
Concall Summary
ROSSARI BIOTECH LIMITED
 In the long term, HPPC is expected to contribute at least 70% to the total revenue.
 Research and development spend shall see an uptrend in the upcoming years. It is anticipated to be
~2% of the revenue.
Disclaimer:
384
COROMANDEL INTERNATIONAL LTD

• Revenue from operations increased by 7.8% YoY to ₹3,533.0 crore in Q3 FY21. In 9M FY21, it was up
by 10.6% YoY to ₹11,357.5 crore.
• EBITDA for the quarter was higher by 16% YoY to ₹501 crore with a margin of 14%. For 9M FY21, it
stood at ₹1,760 crore compared to ₹1,341 crore last year.
• Net profit grew by 26.2% YoY to ₹333.8 crore in Q3 FY21. During 9M FY21, it stood at ₹1,173.3 crore,
an increase of 41.2% YoY.
• The Board of Directors declared an interim dividend of ₹6 per equity share.
• Net interest cost for the quarter and nine-month period was ₹12 crore and ₹52 crore (₹198 crore in
the same period last year), respectively.
• Debt to equity ratio stood at 0.01x at the end of the quarter.
BUSINESS HIGHLIGHTS
• The nutrients & allied business contributed 86% to the overall revenue and the remaining was from
crop protection business.
• During the quarter, subsidy and non-subsidy share was 78% and 22%, respectively v/s 77% and 23%,
respectively in the same period previous year.
• Subsidy revenue in 9M FY21 stood at 79% of the total revenue v/s 81% in 9M FY20.
• For the quarter, share of non-subsidy business in EBITDA stood at 30% compared to 27% last year. For
9M FY21, share of subsidy business in EBITDA was 74% vis-à-vis 76% in 9M FY20.
• In terms of subsidy outstanding as of 31st December, 2020, the amount was ₹2,853 crore compared
to ₹1,670 crore during the prior year. Subsidy outstanding included ₹552 crore relating to channel
stock pending point of sale acknowledgement.
• During the quarter and 9M FY21, subsidy released from the Government was ₹786 crore and ₹2,091
• In Q3 FY21, phosphatic volumes were up by 8% YoY to 8.2 lakh tonnes. Manufactured phosphatic
volume was lower by 5% which was offset by imported fertilizer sales.
• In 9M FY21, phosphatic volumes were higher by 13% YoY to 27.6 lakh tonnes. Manufactured
phosphatic volume stood at 24.3 lakh metric tonne and imported phosphatic at 3.35 lakh metric
tonne.
• The company’s market share during the quarter stood at 14.3%, up by 130 bps YoY.
385
Concall Summary
COROMANDEL INTERNATIONAL LTD
• During the quarter, the phosphatic fertilizer plant operated at 86% capacity while during 9M FY21, it
was at 80% capacity.
• Single Superphosphate (SSP) sales during the quarter was at 1.6 lakh metric tonne, a growth of 6.7%
YoY. During 9M FY21, it was 4.9 lakh metric tonne with a rise of 5% YoY.
• The crop protection business witnessed a growth of 26% YoY in 9M FY21. New products contributed
to 25% of the domestic formulation business.
UPDATES
• As part of Atmanirbhar Bharat, the company has been focussing on accelerating its capital projects. A
large evaporator plant is coming up at Vizag to improve the availability of concentrated phosphoric
acid.
• The sulphuric acid plant was successfully recommissioned at Ranipet and a pilot liquid fertilizer plant
was being set up at Vizag.
• The business continues to focus on enriching the product portfolio and is working on a rich pipeline of
new and combination molecules.
• It has received registration for Quizalofop Ethyl, a selective systemic herbicide for soyabean and other
vegetative crops.
FUTURE OUTLOOK
• Phosphoric acid prices for Q4 FY21 has been finalized at $795 per metric tonne.
• The management plans to expand capacity at its Thyagavalli plant to cater to the increased demand
for Bio products. The research & development team is working on several new products and
applications to expand its product offerings in collaboration with leading agriculture universities.
• The company is looking forward to expand its product portfolio in the crop protection segment.
Disclaimer:
386
387
COAL INDIA LIMITED

Revenue: ₹23,686.0 cr (▲2.1%) Net Profit: ₹3,084.1 cr (▼21.4%)
• Revenue from operations stood at ₹23,686.0 crore in Q3 FY21, which increased by 2.1% from
₹23,190.5 crore in Q3 FY20.
• The net profit was at ₹3,084.1 crore in Q3 FY21, which decreased by 21.4% from ₹3,921.8 crore in Q3
FY20.
• EBITDA for the quarter stood at ₹5,164.8 crore as against ₹4,968.4 crore in the corresponding quarter
last year.
• Cash and cash equivalents stood at ₹12,997.0 crore as on 31st December, 2020. Receivables stood at
₹21,534.0 crore as on 31st December, 2020.
• Raw coal production for the quarter was 156.8 MT (million tons) as against 147.5 MT in the
• Raw coal off take was 153.9 MT in Q3 FY21 v/s 141.6 MT in Q3 FY20.
• On a sequential basis, coal production was up by ~36.0% during Q3 FY21.
• Sales of total raw coal during the quarter was 150.4 MT and average realization per ton stood at
₹1,374.5.
• Sales of total washed coal during the quarter was 2.9 MT and average realization per ton stood at
₹2,690.0.
• Total coal production till January, FY21, stood at 453 MT across 352 working mines. Total coal offtake
till January, FY21, stood at 463 MT.
• Net worth of the company stood at ₹35,218.0 crore as on 31st December, 2020.
BUSINESS HIGHLIGHTS
• The Board approved incorporation of two wholly owned subsidiaries, one for solar value chain
business vertical and another for renewable energy.
• The company had 178 billion tons of resources and 54 billion tons of reserves.
• Coal-based power generation grew by 8.6% YoY in Q3 FY21.
• FY21 capex (capital expenditure) target stood at ₹13,000.0 crore. Capex for 9M FY21 stood at ₹7,801.0
crore.
388
Concall Summary
COAL INDIA LIMITED
• The company sold ~123.1 MT of coal through the FSA (fuel supply agreement) route amounting to
₹16,674.8 crore in Q3, FY21. It also sold ~27.3 MT through e-auction route amounting to ₹3,995.8
crore in the quarter.
• Daily power demand was consistently higher on a YoY basis since September, 2020.
• The company had 116 major ongoing coal projects with peak capacity of 829.4 MTPA under
implementation.
FUTURE OUTLOOK
• The company intends to pay dividend post the utilization of cash towards its capex, out of profits.
• 32 mining projects had been cleared by the company and its subsidiaries as on Q3 FY21, with a capacity
of ~303 MTPA and sanctioned capital of ₹55,408.0 crore.
Disclaimer:
389
NMDC LIMITED
 The revenue from operations grew by 44.9% YoY to ₹4,355.1 crore in Q3 FY21, as against ₹3,006.4
crore in Q3 FY20.
 During the quarter, the net profit stood at ₹2,108.1 crore v/s ₹1,375.0 crore in Q3 FY20, an increase
of 53.3% YoY.
 EBITDA was ₹2,873 crore with a margin of 66% in Q3.
KEY HIGHLIGHTS
 For FY21, the company targets to utilize 97% of its production capacity to produce 35 million tonne
(MT). Going forward, the company has a target of achieving 40 MT production in FY22 and 100 MT
by FY23.
 The iron-ore production during Q3 was 9.6 MT. The iron-ore sales for export stood at 0.7 MT and
domestic sales was 8.5 MT.
 The production in January, 2021, grew by 16.6% to 3.9 MT from 3.3 MT in January, 2020.
 The average realisation (domestic) was ₹4,402 per tonne and average realisation (sales) stood at
₹4,644 per tonne in Q3.
UPDATES
 The increased demand from China led to an increase in the international cost of raw material, the
effect of which was witnessed in domestic markets as well.
 Higher demand for finished products (like steel) was witnessed during the quarter and disruption in
Orissa mines resulted in increased price of iron-ore.
 Going forward, the company would be undergoing a digitization drive to initiate fleet management
system and other technological and mechanisation processes would be implemented.
 The capex (capital expenditure) for FY22 is ₹2,500-₹3,000 crore, which would majorly be utilised for
flurry and pellets plants pipeline in the mining sector and for Donimalai and other pipeline projects.
 It utilised ₹1,900 crore towards capex till date.
 The Donimalai plant would have a capacity run rate of 7 MT.
 Out of ~₹21,000 crore, it spent ~₹17,000 crore towards its Nagarnar steel plant. The de-merger of
this plant is expected to complete in 5-6 month’s time.
390
Concall Summary
NMDC LIMITED
 The company spends more than 2% of revenue towards its CSR (corporate social responsibility)
activities.
 17 mines in Orissa were operational during the year and contributed ~25% to the total domestic
production.
Disclaimer:
391
392
GRASIM INDUSTRIES LIMITED

• The revenue from operations increased by 12.7% to ₹20,986.4 crore in Q3 FY21 from ₹18,616.8
crore in Q3 FY20.
107.0% YoY.
• Standalone EBITDA reported an improvement of 53% YoY.
• Revenue and EBITDA from the discontinued operations (Fertiliser business) for Q3 FY21 stood at
₹597 crore and ₹57 crore, respectively.
• Owing to lower capex and better cost management, the company managed to reduce its
consolidated net debt to ₹12,767 crore, i.e., a 39% reduction from March, 2020 levels. On a
standalone basis, the net debt reduced from ₹2,975 crore in March, 2020 to ₹2,093 crore in
December, 2020.
BUSINESS HIGHLIGHTS
VISCOSE
• It reported a revenue of ₹2,145 crore in Q3 FY21. EBITDA increased by 89% YoY and stood at ₹482
crore.
• For the VFY (Viscose Filament Yarn) business, within the Viscose segment, the revenue was ₹436
crore with an EBITDA of ₹97 crore in Q3.
• The VSF (Viscose Staple Fibre) plants operated at 100% capacity utilization during Q3. The capacity
utilization of VFY plants improved to 89% in the month of December, 2020 and stood at 77% for the
quarter.
• The VSF demand in India recovered to pre-Covid levels with the share of domestic sales in the overall
sales mix expanding to 91% in Q3 from 82% in Q2.
• The share of value-added products in the overall sales mix improved to 22% in Q3 from 15% in Q2.
• The uptick in VSF price was driven by strong revival in domestic demand primarily in the tier 2 and
tier 3 towns and rural areas, supported by festive and wedding seasons.
• The Chinese VSF prices rose from ~10,900 RMB in December, 2020 to ~13,800 RMB towards the end
of January, 2021.
• In China, VSF inventory at plants declined from 45 days in April, 2020 to 10 days in January, 2021.
393
Concall Summary
GRASIM INDUSTRIES LIMITED
CHEMICAL
• Revenue and EBITDA of the Chemicals business in Q3 FY21 stood at ₹1,281 crore and ₹177 crore,
respectively. It reached pre-Covid levels with pick up in sales volume and lower input costs.
• The continued weakness in ECU (electro chemical unit) realizations impacted EBITDA during the
quarter.
• The caustic soda prices (in cost and freight terms) in Asia recovered to $270 metric tonne.
• The demand for chlorine VAP (value added products) witnessed some weakness from the health and
hygiene segment along with softness in realizations.
• The demand for Advanced Material (Epoxy) business improved, led by demand from Auto and
Consumer Durables.
UPDATES
• Fertiliser business sale is on track with the CCI (Competition Commission of India) approval received
on 28th January, 2021, and NOC (no objection certificate) from the stock exchanges on 5th February,
2021.
• On its path to strategic transformation, it forayed into decorative paints business with initial capex
amount of ₹5,000 crore over a 3 year period. It is in the process of seeking shareholders approval.
• It is scheduled to meet the commissioning timeline of the VSF project in 2 phases in Q2 FY22 and Q3
FY22.
• For Chemicals business, all the 3 projects would commence by Q1 FY22.
FUTURE ROADMAP
• The total capex spend for 9M FY21 stood at ₹799 crore. Capex of ~₹1,025 crore is expected to be
incurred in Q4 FY21 and Q1 FY22.
• The demand outlook for chlor-alkali and Epoxy is positive for the upcoming quarter.
• The debt position would improve with the proceeds coming in from the sale of the Fertilizer
business.
• A healthy demand for VSF is expected in FY22.
Disclaimer:
394
SRF LIMITED
 The revenue from operations grew by 16% YoY to ₹2,146.4 crore in Q3 FY21 as compared to
₹1,850.5 crore during Q3 FY20.
 The net profit declined by 5.3% YoY to ₹324.7 crore in Q3 FY21 as against ₹343.0 crore in Q3 FY20.
There was a one-time tax adjustment of ₹123.4 crore recognized in Q3 which was due from last year.
 EBITDA stood at ₹566.3 crore during Q3 and increased by 43.1% YoY. EBITDA margin expanded by
500 bps to 26.4% during Q3.
 It declared an interim dividend of ₹19 per share during Q3, which would lead to a cash outflow of
₹114 crore.
 The revenue from Chemical business stood at ₹905.9 crore in Q3 FY21, which grew by 11.6% YoY.
The growth in this segment was on account of increased demand, greater capacity utilisation and
adoption of cost saving measures.
 The fluorochemicals segment witnessed a revival in demand of refrigerants business and good
contribution from chloromethanes segment.
 Three new process patents were granted in Q3 FY21 for the chemicals segment.
 The Packaging Films business revenue increased by 25.7% YoY to ₹802 crore during Q3. New
capacities in Thailand and Hungary accelerated further volume growth. In Q3 FY21, demand for PET
(polyethylene terephthalate) and PP (polypropylene) remained soft with QoQ margins under
pressure.
 There was a 9.3% YoY growth in the Technical Textiles business to ₹367 crore in Q3 FY21 on account
of good recovery from tyres industry.
 The other business segments consisting of coated fabrics and laminated fabrics grew by 6.9% YoY to
₹73.8 crore.
KEY UPDATES
 The fluorochemicals segment was severely impacted due to Covid, however better margins are
expected in future as the volumes improved. The demand for Specialty chemicals would remain
robust going forward.
395
Concall Summary
SRF LIMITED
 Its resin plant set-up in Thailand by its wholly owned subsidiary was commissioned in November,
2020.
 SRF was awarded the ‘Syngenta Supplier Award 2020 for Performance’ at Syngenta Global Suppliers
meet.
 The Packaging segment line is expected to ramp up in next few months with healthy demand
anticipated from existing and prospective customers.
 With a pickup in the economy, replacement demand is anticipated to be healthy in the coming
quarters.
 In short term, there will be over supply in BOPET (bi-axially oriented polyethylene terephthalate) &
BOPP (bi-axially oriented polyproplylene) segment, which may lead to softening of margins.
Disclaimer:
396
CENTURY TEXTILES & INDUSTRIES LTD.

• Revenue from operations decreased by 12.2% YoY to ₹769.8 crore in Q3 FY21. It stood at ₹1,777.2
crore for 9M FY21.
• EBITDA for the quarter and the nine-month period was ₹109 crore and ₹205 crore, respectively.
EBITDA margin was 14.4% for Q3 and 11.7% for 9M FY21.
• Net profit de-grew by 12.5% YoY to ₹31.4 crore in Q3 FY21. Net loss for 9M FY21 stood at ₹23.8 crore.
• Net debt was ~₹1,091 crore with debt-to-equity ratio of 0.3x as on 31st December, 2020.
BUSINESS SEGMENTS
PULP AND PAPER
• During the quarter, sales volumes were marginally higher than Q2 at 96,283 metric tonnes with the
capacity utilization for the quarter at 92%.
• Sales stood at ₹489 crore and EBITDA at ₹60 crore with a margin of 12.3% in Q3 FY21.
• Due to gradual unlocking, tissue segment saw some relief in the major consumption centre.
• Order flow from the Pharmaceutical sector in the Board segment improved sequentially.
• Export market was impacted due to scarcity in container availability and increased ocean freight rates.
REAL ESTATE
• Rental income for the quarter was ₹36 crore, a decline of 2.7% YoY. EBITDA stood at ₹8 crore with a
margin of 22.2%.
• During the quarter, it sold residential inventory worth ₹159 crore with total sales in 9M FY21 standing
at ₹287 crore.
• Land of over 34 lakh sq. ft. is under construction across 3 projects.
• Overall bookings at Birla Vanya, Kalyan crossed 500 units (92% of the total inventory).
• The company launched a digital sales platform in October, 2020, for a seamless online sales
experience.
TEXTILE
• Sales and EBITDA amounted to ₹228 crore and ₹12 crore, respectively, during Q3 FY21. EBITDA margin
was 5.3% for the segment.
397
Concall Summary
CENTURY TEXTILES & INDUSTRIES
• The segment was operating at a utilisation level of 88%, with apparel fabric achieving 95% capacity
utilisation in the month of December.
• Raw material prices saw a hike which could not be passed on to fabric customers. Hence, margins
remained under pressure.
• During the period, Birla Century did technical collaborations with globally acclaimed chemical
suppliers, with an aim to produce sustainable health and hygiene category of fabrics.
FUTURE OUTLOOK
• The partial opening up of education centres and announcement of CBSE Board Exam is likely to lead
to recovery in demand in Writing and Printing segment.
• The uptick in e-commerce transactions is expected to lead the growth of packaging industry.
Commissioning of the new Tissue plant is expected in the month of February, 2021.
• An EBITDA margin of 16% in the Pulp and Paper segment and a price hike in Paper is anticipated in Q4
FY21.
• The management anticipates to pass on the price increase of raw materials in Textile segment to the
end consumers in the upcoming months. The business is anticipated to come back on track by the end
of Q4 FY21.
• The free cash flows generated from manufacturing businesses are expected to be utilized in the Real
Estate segment for the next 2-3 years.
• In Q1 FY22, the management is looking forward to launch the residential project of ~5.5 lakh sq. ft. in
Bengaluru in a single phase.
• The launch of residential area in Worli is expected in Q3 FY22 with revenue potential of ₹9,000-
₹10,000 crore.
• The company is also anticipating to launch Phase 2 and Phase 3 of Kalyan by Q4 FY22.
• The management is looking forward to launch 4 projects in Real Estate segment in the next year.
Disclaimer:
398
399
GAIL (INDIA) LIMITED

Revenue: ₹15,680.6 cr (▼12.4%) Net Profit: ₹1,897.0 cr (▼6.5%)
 The revenue from operations stood at ₹15,680.6 crore in Q3 FY21 as against ₹17,898.2 crore in Q3
FY20, a de-growth of 12.4% YoY.
 During the quarter, the net profit stood at ₹1,897.0 crore v/s ₹2,029.5 crore in Q3 FY20, which was a
decline of 6.5% YoY.
 The operating margin expanded to 12.4% in Q3 FY21 from 9.8% in Q2 FY21.
 It declared an interim dividend of ₹2.50 per share during the quarter.
 Revenue from Transmission services – Natural Gas and LPG (liquefied petroleum gas) stood at
₹1,613.5 crore and ₹175.4 crore, respectively. The capacity utilisation in LPG transmission segment
stood at 114% during Q3.
 The natural gas marketing segment de-grew by 13.3% YoY to ₹14,882.7 crore in Q3.
 LPG and liquid hydro-carbons revenue stood at ₹877.9 crore, which declined by 9.8% YoY.
 During the quarter, the City Gas and other segment had a revenue of ₹1,117.2 crore and ₹236.8
 The LNG (liquefied natural gas) imports rose by 2% QoQ and 10% YoY to 97.3 million metric standard
cubic meter per day (mmscmd). The gas consumption in October and November, 2020 grew 10%
QoQ to 158.8 mmscmd on account of rise in regasified LNG volumes.
 It received 23 LNG cargoes from US during the quarter, taking the total to 64 cargoes for 9M FY21. In
Q3, 11 cargoes were sold in overseas market and 12 cargoes were bought to India either directly or
through destination sale.
UPDATES
 The capex spend during Q3 FY21 was ₹1,739 crore and for 9M FY21 was ₹3,669 crore. The company
expects to achieve a capex of ~₹6,500 crore for FY21.
 It witnessed improved price realizations from domestic market segments.
 By the end of FY22, it expects the entire volume growth from domestic market segments given the
pipeline projects are commissioned on time.
 It witnessed a surge in spot prices during January, 2021. The petro-chemical prices are expected to
increase in the coming months.
400
Concall Summary
GAIL (INDIA) LIMITED
 It plans to commercialize its Dahej-Uran-Panvel-Dabhol pipeline and Dabhol-Bengaluru pipeline.

 There are 6-7 projects in pipeline that would be commercialized in the coming fiscal.
 The 348-kilometer pipeline from Dobhi in Bihar to Durgapur in West Bengal is a part of the Pradhan
Mantri Urja Ganga project to take environment-friendly natural gas to India's eastern parts.
Disclaimer:
401
PETRONET LNG LIMITED

• Revenue from operations decreased by 17.8% to ₹7,328.2 crore in Q3 FY21 from ₹8,910.2 crore in
Q3 FY20.
• Profit before tax stood at ₹1,175.9 crore in Q3 FY21.
• EBITDA stood at ₹1,335.3 crore in Q3 FY21 v/s 1,107.6 crore in Q3 FY20.
• The company witnessed better results in the quarter compared to Q2 FY21 due to resurgence and
revival of demand to pre-Covid levels.
• Operational efficiencies were improved which led to higher profits.
• During the quarter, the company processed 222 TBTU (trillion British thermal units) of liquified
natural gas (LNG) at the Dahej terminal.
• It processed 235 TBTU of LNG overall in both the Dahej and Kochi terminals in Q3 FY21 v/s 233 TBTU
in Q3 FY20.
• Overall throughput of LNG in 9M FY21 stood at 677 TBTU v/s 708 TBTU in 9M FY20.
• Inventory gains stood at ₹60.0 crore in Q3 FY21.
• Capacity utilization of the Kochi terminal was ~20% and for the Dahej terminal, it was 97.3% in Q3
FY21.
CAPITAL EXPENDITURE UPDATES

• The company is building additional tanks at Dahej at the cost of ~₹1,200.0 crore which is expected to
complete within this year and a jetty at the cost of ~₹1,300.0 crore in 2-3 years.
• It aims to increase its Dahej terminal’s capacity to 22.5 million tonnes per annum (mtpa). The
expansion is expected to take place in two phases. The company will add 2.5 mtpa in the first phase
within three to four years.
• Sri Lanka project remained under discussion and was delayed due to new officials assigned by
government to its monitor activities.
402
Concall Summary
PETRONET LNG LIMITED
FUTURE OUTLOOK
• The company expects the Kochi terminal to operate at a capacity of ~30% by the end of CY21.
• City gas units which supply CNG (compressed natural gas) to automobiles and piped natural gas to
households for cooking purposes along the route of the Kochi-Mangalore pipeline are expected to
add volumes.
• The company is actively looking to setup an import facility at Gopalpur, Odisha.
• It aims to incorporate a new subsidiary to undertake bunkering, transport and LNG services business.
• The company is actively working towards improving cost optimization, efficiency and improve
profitability.
• The management expects the demand levels to improve and grow in the coming quarters.
Disclaimer:
403
404
UNITED SPIRITS LIMITED

• Consolidated revenue from operations increased by 7.7% YoY to ₹8,410.3 crore in Q3 FY21.
• Reported net sales (standalone) declined by 3.6% driven by contraction of Andhra Pradesh (AP)
business due to route to market change, related inventory provision and decline in the South franchise
business.
• Gross margin for the quarter was 44.6%, up by 24 bps YoY and 250 bps sequentially. Sequential
improvement was on account of high proportion of the premium segment in the mix, overall higher
volumes and benign commodity prices.
• Reported EBITDA was ₹384 crore, down by 9.5% with a margin of 15.4%, down by 100 bps YoY. This
was primarily driven by lower fixed cost absorption and an increase in administrative expenses.
• Consolidated net profit grew by 20.8% YoY to ₹280.3 crore in Q3 FY21.
• External debt stood below ₹1,000 crore for the quarter ended December, 2020. Interest cost was
down by 17% to ₹38 crore which was driven by reduced debts and lower interest rate.
KEY HIGHLIGHTS
• During the quarter, off-trade channel was fully operational and on-trade was re-opening in a phased
manner.
• Christmas and new year celebrations were muted than normal with bars, pubs and restaurants
operating at lower occupancy.
• The company continued the roll-out of its renovated bundles of McDowell’s No.1 Whisky and Royal
Challenge Whisky.
• Prestige and Above (P&A) segment net sales declined 0.8% partially as a result of lapping a high festive
season comparative. Excluding Andhra Pradesh, P&A grew by 4.5%.
• Net sales in Popular segment declined by 6.7% led by increased consumer prices which impacted
demand in this price conscious segment.
• P&A segment accounted for 70% of net sales and Popular segment accounted for 28.5% of net sales
during 9M FY21.
• In West Bengal, beer showed recovery while spirits were sharply down during the quarter.
• The company maintained its marketing reinvestment rate for the quarter at 9.4%.
• There was no hardening of extra neutral alcohol (ENA) during the quarter.
405
Concall Summary
UNITED SPIRITS LIMITED
FUTURE OUTLOOK
• The management expects business in Andhra Pradesh and Delhi to restart in the near future.
• It shall continue to monetize its non-core assets and lower its interest cost.
Disclaimer:
406
UNITED BREWERIES LIMITED

FY20.
• EBITDA margin stood at 15.6% in Q3 FY21 v/s 15.4% in Q3 FY20 due to cost control measures
adopted.
• Revenue from beer segment stood at ₹3,059.9 crore in Q3 FY21 v/s ₹3,249.3 crore in Q3 FY20.
• Revenue from non-alcoholic segment stood at ₹6.0 crore in Q3 FY21 v/s ₹4.8 crore in Q3 FY20.
• Recovery in sales was led by recovery in volumes over the previous quarters. Volumes in Q3 FY21
stood at 85% of Q3 FY20 volumes v/s Q2 FY21 volumes stood at 52% of Q2 FY20 volumes.
• The company’s net cash position stood at ₹97.0 crore as on 31st December, 2021, led by strong free
operating cash flows and active cash management.
GEOGRAPHIC VOLUMES
• North India sales volumes stood at 79% of the previous year’s volumes in Q3 FY21 and balanced
recovery was observed across states.
• Western part of India’s sales volumes stood at 89% of the previous year’s volumes in Q3 FY21 with
Maharashtra contributing to a large chunk.
• East India sales volumes saw a growth of 14% YoY in Q3 FY21 with substantial growth coming from
West Bengal.
• South India sales volumes saw a decline of 18% YoY. Karnataka volumes grew and Kerala saw higher
sales than the national average. Tamil Nadu volumes were flat and Telangana volumes saw low
recovery.
FUTURE OUTLOOK
• Many states lifted a number of trade restrictions that were in place as on December-end. This is
expected to support further demand recovery.
407
Concall Summary
UNITED BREWERIES LIMITED
• Industry outlook continues to develop positively yet remains volatile depending amongst others on
the future trajectory of the pandemic.
• The company continued to actively review costs and focussed on working capital management and
capital investments to strengthen the operational performance.
Disclaimer:
408
409
HINDUSTAN AERONAUTICS LIMITED

• Revenue from operations increased by 21.8% from ₹4,455.0 crore in Q3 FY20 to ₹5,425.5 crore in Q3
FY21. On the basis of 9M FY21, it grew by 7.3% and was ₹12,015.8 as compared to ₹11,193.4 for 9M
FY20.
• The net profit for the quarter stood at ₹853.5 crore as against ₹460.6 crore in Q3 FY20, i.e., a growth
of 85.3%.
• The operating profit to sales for 9M FY21 was at 16%.
• The board declared an interim dividend of ₹502 crore as of 31st December, 2020.
• The borrowings stood at ₹3,107 crore as of 31st December, 2020 as against ₹5,887 crore on 31st March,
2020, with an average cost of borrowing of 5.3%.
BUSINESS HIGHLIGHTS
• The order book (activity wise) stood at ₹49,827 crore of which the manufacturing was at ₹34,000
crore, ROH and spares adds up to 14,706 crore and remaining orders are from development and
exports.
• The company received a contract worth ₹48,000 crore inclusive of all taxes for 83 LCA MK1A (Light
Combat Aircraft).
• Platforms LCH (light Combat Aircraft), LUH (Light Utility Helicopter), HTT 40 (Hindustan Turbo Trainer)
and LCA (Light Combat Aircraft) Mk-1 completed the development phase and would now enter the
production phase.
• In Q3 FY21, it received request for proposal from Indian Air Force (IAF) for the basic trainer
requirement – HTT-40.
• The capital expenditure (capex) for the quarter was ₹955 crore. The expected capex for FY21 is ₹1,040
crore.
• The impact due to Covid was largely compensated during the quarter.
• The 2nd plant for LCA Tejas was inaugurated in Q3 FY21, which would increase the production capacity
of LCA.
FUTURE OUTLOOK
• The measures taken by the Government for Atmanirbhar Bharat would be beneficial for the company
as it would open new business avenues.
410
Concall Summary
HINDUSTAN AERONAUTICS LIMITED
• The company targets to bring down the labour cost to ~18%, going forward.
• It expects the share of repair & overhaul of aircrafts and rotables likely to improve.
• It anticipates to receive new orders for fifteen units of LCH, twelve units of SU-30, HTT-40, LUH etc. in
the coming quarters.
• It is building a strong research and development capability to result in more indigenously designed
and developed platforms and to offer more products in the domestic and export market.
• Total collection amount is expected to reach ~23,000 crore by end of FY21.
• The management expects the order book to stand ~1,01,000 crore by end of FY22.
• It expects to reduce the cost by ~5-6% to maintain an EBITDA margin of 22%-24%, going forward.
Disclaimer:
411
INTERGLOBE AVIATION LIMITED

 Revenue from operations for Q3 FY21 decreased by 50.6% YoY to ₹4,910.0 crore.
 The net loss for the quarter stood at ₹620.1 crore as against a profit of ₹496.0 crore, a change of
225.0% YoY.
 Earnings before interest, tax, depreciation, amortization and rent (EBITDAR) stood at ₹987.1 crore in
Q3 FY21 with an EBITDAR margin of 20.1%.
 The capacity utilisation for the quarter was down by 40.8% YoY.
 The basic earnings per share for the quarter was ₹-16.1.
 The total cash stood at ₹18,365.3 crore including a free cash of ₹7,444.5 crore and ₹10,920.7 crore of
restricted cash.
 The company’s technical dispatch reliability was 99.95% during Q3 FY21.
 In Q3 FY21 on-time performance was 96.63% at four key metros and flight cancellation rate of 1.38%.
BUSINESS HIGHLIGHTS
 The passenger tickets revenue witnessed a decline of 53.6% YoY and stood at ₹4,069.3 crore.
 The ancillary revenue reduced by 22.1% YoY and stood at ₹807.8 crore.
 The total expenses for the quarter were ₹5,765.9 crore witnessing a reduction of 41.0% YoY.
 The revenue per available seat kilometer for the quarter came down to ₹3.27 in Q3 FY21 from ₹3.91
in Q3 FY20, witnessing a drop of 16.4% YoY.
 The company added 5 new aircrafts to its fleet taking the total count to 287 aircrafts.
 During the quarter, the company operated at a peak of 1,166 flights daily including the non-scheduled
flights.
 In Q3 FY21, the airline provided services at 60 domestic destinations and 6 international destinations.
 The yield reduced by 4.6% YoY and stood at ₹3.7 in Q3 FY21.
 The load factor witnessed a reduction of 15.6 points and stood at 72% during the quarter.
412
Concall Summary
INTERGLOBE AVIATION LIMITED
LEASE
 The capitalized operating lease liability was ₹24,557.9 crore with a total debt of ₹27,726.1 crore.
FUTURE OUTLOOK
 The company’s capacity expectation for Q4 FY21 stands at ~75%-80% of Q4 FY20 capacity in available
seat kilometers (ASKs).
 The business travels are expected to reach the pre-Covid levels in Q1 FY22 which will eventually lead
to increase in revenue by 15-16%.
 The international flights are expected to open in a systematic manner. The airline expects 70-80%
capacity utilisation from international flights by December, 2021 and a 100% capacity utilisation by
end of FY22.
Disclaimer:
413
414
VOLTAS LIMITED
crore in Q3 FY20.
46.1% YoY.
 Earnings per share was ₹3.87 in Q3 FY21 v/s ₹2.63 in Q3 FY20.
BUSINESS SEGMENTS
SEGMENT A: UNITARY COOLING PRODUCTS
 During the quarter, the revenue stood at ₹833 crore v/s ₹596 crore in Q3 FY20, an increase of 39.8%
YoY. The increase in revenue was on account of brand pull, pent-up demand and accumulation by
channel partners on being apprehensive of price rise.
 Invertor (sub-category) witnessed a growth of 75% in Q3 FY21 and contributed 60% of all ACs (air-
conditioners) sold as against 49% in Q3 FY20.
 It also achieved leadership position in the Inverter category with an exit market share of 21.8% as of
December, 2020. In terms of the overall market, it continued to retain a YTD (year-to-date) market
share of 26% at multi-brand outlets.
 The commercial refrigerator vertical delivered a strong performance in Q3, registering a 101%
growth in volume. There was major emphasis on building relationships with B2B (business-to-
business) partners combined with channel expansion and revival of demand from some OEM’s
(original equipment manufacturers) contributed towards the performance.
 The Air cooler vertical reported a growth of 11% over the previous year. For the month ended
November, 2020, it had a market share of 13.2%.
SEGMENT B: ELECTRO-MECHANICAL PROJECTS & SERVICES

 During the quarter, the revenue stood at ₹1,017 crore as against ₹808 crore in Q3 FY20, an increase
of 25.9% YoY. The increase in revenue was majorly on account of International operations.
 Over ₹700 crore fresh orders were added across both domestic and international markets. The carry
forward order book for domestic projects was ₹4,794 crore that contained orders across water,
HVAC (heating, ventilation and air-cleaning), rural electrification and urban-infra activities.
 The International order book of ₹2,481 crores represented MEP (mechanical, electrical and
plumbing) work, mainly across UAE (United Arab Emirates) and Qatar & Oman.
415
Concall Summary
VOLTAS LIMITED
 On the domestic front, enquiries particularly for infrastructure projects including metros, electrical,
water treatment, etc. had picked up.
 In addition, there was an increasing demand for solutions in the indoor air quality space including
UVGI products, automated duct cleaning, filtration, etc.
SEGMENT C: ENGINEERING PRODUCTS & SERVICES

 The revenue for the quarter stood at ₹121 crore v/s ₹83 crore in Q3 FY20, an increase of 45.8% YoY.
 The Mozambique operation (Vale) remained unaffected, and continued to contribute to the
performance of the mining and construction vertical.
 The push by the Government of India on infra projects increased the demand for crushing and
screening equipment.
 The capital expenditure (capex) on textile machinery remained slow, the business had partly
compensated the shortfall by directing its utilization to the after sales business in both spinning and
post spinning segments.
VOLTAS BEKO
 Its production was over 2,10,000 units of high quality DC (direct current) refrigerators. The product
was well accepted in the market, and it witnessed strong demand pull from the trade segments.
 In terms of distribution, billing points had been scaled up to more than 1,000. Voltas and Voltas Beko
have a joint presence in 195 EBOs (exclusive brand outlets), up from ~90 in the previous year.
UPDATES
 It did a price hike of 5%-6% across all UCP (unitary cooling product) categories.
 The company initiated various process improvements, cost control measures and restructuring
activities.
 The Board approved the transfer of its domestic project business relating to MEP / HVAC and water
projects, M&CE business and TMD (textile machinery division) to its wholly owned subsidiary
Universal MEP Projects & Engineering Services Limited (UMPESL), formerly known as Rohini
lndustrial Electricals Limited, by slump sale through a business transfer.
 The agreement would be executed by 31st March, 2021 and the transaction is expected to be
completed by September, 2021. The purchase consideration is estimated to be in the range of
₹1,000 crore-₹1,200 crore.
Disclaimer:
416
BLUE STAR LIMITED

• Consolidated net revenue of Blue Star in Q3 FY21 stood at ₹1,123.9 crore which declined by 9.1% YoY
from ₹1,235.9 crore in Q3 FY20.
• EBIDTA (excluding other income and finance income) increased by 43.0% YoY to ₹81.6 crore in Q3
FY21.
• Net profit stood at ₹36.7 crore which grew by 87.2% YoY from ₹19.6 crore in Q3 FY20.
• Carried-forward order book grew by 12.3% YoY and stood at ₹3,157.9 crore as on 31st December,
2020, compared to ₹2,812.4 crore as on 31st December, 2019.
• Capital employed reduced to ₹948.6 crore as of 31st December, 2020 v/s ₹1,020.5 crore as on 31st
December, 2019.
• Net borrowings declined to ₹131.0 crore as on Q3 FY21 (debt equity ratio of 0.16) as compared to
₹344.1 crore as on Q2 FY21.
• Tax expenses grew by 8.3% YoY and stood at ₹13.0 crore for the quarter.
BUSINESS SEGMENT HIGHLIGHTS

Electro-Mechanical Projects & Commercial Air Conditioning Systems
• During the quarter, revenue from this segment was ₹585.5 crore v/s ₹758.2 crore in Q3 FY20, with a
recovery of 77.2%.
• Earnings before interest and tax (EBIT) stood at ₹34.1 crore in Q3 FY21 as compared to ₹39.0 crore in
Q3 FY20.
• Order inflow was ₹636.5 crore during the quarter v/s ₹550.5 crore in Q3 FY20. The growth was largely
driven by major order in the factory segment.
• Carry forward order book grew by 14.2% YoY and stood at ₹2,217 crore as of 31st December, 2020.
• Commercial air conditioning business recovered well and witnessed a healthy traction in healthcare,
pharma and Government sector apart from commercial sector in tier-I and tier-II cities.
Unitary Products
• The revenue for the quarter grew by 17.3% YoY to ₹493.0 crore.
• The growth in revenue for the room air conditioner business was driven by increased demand in the
festive season and improvement in general business sentiment.
417
Concall Summary
BLUE STAR LIMITED
• EBIT increased to ₹38.8 crore in this quarter compared to ₹7.7 crore in Q3 FY20.
• The development of supply chain for the vaccination program positively impacted the revenue of
commercial refrigeration business.
• The company has increased the prices of its products by ~4%-6% effective from January, 2021 as a
result of increase in prices of commodities including steel, plastics, copper etc.
Professional Electronics and Industrial Systems

• The revenue declined from ₹56.8 crore in Q3 FY20 to ₹45.4 crore in Q3 FY21 and marked a recovery
of 79.9%.
• The recovery was driven by continued opportunities from the banking, financial services and insurance
(BFSI) sector for the data security solutions business, increased order inflows from the healthcare
business, pick-up in orders from the industrial segment for material testing businesses and growth in
orders from the essential services of the Government sector.
• EBIT for the quarter was ₹8.3 crore led by high margin order executed in the data security solutions
business.
• During the quarter, the demand for cooling products increased in the Middle East which led to the
improvement in international business.
• The order booking improved in Malaysia and Qatar during the quarter.
FUTURE OUTLOOK
• In the Electro-Mechanical Projects & Commercial Air Conditioning Systems, the company will continue
to focus on infrastructure sector like metro railways, electrical stations, water distribution as these
areas are expected to provide immediate growth opportunities.
• The company expects attractive opportunities in the coming quarters from the Aathmanirbhar Bharat
drive initiated by the Government of India.
Disclaimer:
418
AMBER ENTERPRISES INDIA LIMITED

 The revenue from operations declined by 3.0% YoY to ₹764.7 crore in Q3 FY21 as against ₹788.4
crore in Q3 FY20.
 The net profit was ₹27.9 crore during the quarter v/s ₹24.8 crore in Q3 FY20, an increase of 12.5%
YoY.
 The profit after tax (PAT) margin was 3.6% for Q3.
 During Q3, operating EBITDA stood at ₹62 crore with a margin of 8.2%.
 The consolidated net debt as on 31st December, 2020, was ₹263 crore v/s ₹343 crore as on 31st
December, 2019.
 Debtors stood at ~₹650 crore as on 31st December, 2020.
KEY SEGMENTS
 The Room Air Conditioners (RACs) witnessed a revenue decline of 4.2% YoY to ₹413 crore in Q3, with
54% contribution towards business revenue. It sold 5,43,000 units of AC in Q3 FY21 as against
5,72,000 units in Q3 FY20. It had ~24% market share in the RACs segment.
 The Component and Mobility Applications revenue stood at ₹352 crore in Q3, a de-growth of 1.7%
YoY. This segment contributed 46% towards business revenue. It had new order wins during the
quarter with new customer acquisitions and demand from new geographies.
SUBSIDIARIES PERFORMANCE
 Sidwal Refrigeration Industries Private Limited (SRIPL) revenue stood at ₹44 crore with operating
EBITDA of ₹9 crore and margin of 21.4% in Q3 FY21. It had two new orders from Delhi Metro Railway
Corporation (DMRC).
 PICL India Private Limited- motor subsidiary had a revenue of ₹35 crore, operating EBITDA of ₹3
crore and a margin of 7.7%. The company expects margin expansion in this segment in 2-3 years on
account of increase in product offerings and enhancement in capacity.
 In Q3 FY21, the revenue for ILJIN Electronics India Private Limited stood at ₹91 crore and operating
EBITDA margin at 6.3%. The revenue for 9M FY21 was ₹189 crore and operating EBITDA margin at
5.3%. It acquired four new customers in this segment with few more customers in proposal for
approval.
419
Concall Summary
AMBER ENTERPRISES INDIA LIMITED
 The revenue for EVER Electronics India Private Limited was ₹33 crore with an operating EBITDA
margin at 6.6% in Q3 FY21. For 9M FY21 its revenue stood at ₹95 crore and operating EBITDA margin
at 3.8%.
GREENFIELD EXPANSION
 In Supa, Pune, it acquired a 10-acre land (close to Toshiba facility), for which ~2.5 lakh square feet
area was ready for construction and subsequent production would start from Q4 FY22. The capacity
of the plant would be 1 million units, including the supply of component parts.
 Another greenfield facility to be set up in southern region of India.
 The capex of ~₹300 crore has been planned for the two facilities of which ~₹15 crore had been
utilised for the purchase of land in Pune.
UPDATES
 The company had Phase 1 & Phase 2 facilities set up in India for refrigerants manufacturing on
account of import ban. It would provide original equipment manufacturers (OEMs) with refrigerant
gas filling in the first phase and also cater to solution in completely built units (CBUs) of RACs and
components supply. It signed deals with 6 new customers post the import ban announcement.
 Presently the export contributes ~1% towards the revenue and the management expects ~10%-15%
contribution from it in 4-5 years.
 The commodity price hike was passed on the customers.
 The company procures compressors from its customers, the value stood at ~₹145 crore for the year.
 It is planning to create a new product basket for commercial and industrial customers in next two
years.
 Its subsidiary, ILJIN added Voltas and Bluestar as its clients during the quarter.
 The company is eligible for Production Linked Incentive (PLI) scheme benefits for its components
parts.
Disclaimer:
420
DIXON TECHNOLOGIES LIMITED

Revenue: ₹2,182.8 cr (▲119.6%) Net Profit: ₹61.6 Cr (▲134.2%)
 The revenue from operations grew by 119.6% YoY to ₹2,182.8 crore in Q3 FY21 as against ₹993.8
crore in Q3 FY20.
134.2% YoY. The net profit margin stood at 2.8% for Q3.
 EBITDA was ₹100.6 crore in Q3 FY21 as compared to ₹53.4 crore in Q3 FY20. The margin was 4.6%
during the quarter.
 The cash balance for Q3 was ₹151 crore.
 The return on equity (ROE) and return on capital employed (ROCE) was reported at 23.8% and
31.7%, respectively during Q3 FY21.
 The board approved the stock split of existing one equity share of face value of ₹10 each fully paid
up into five equity shares of ₹2 each fully paid up.
BUSINESS VERTICALS
CONSUMER ELECTRONICS
 The revenue stood at ₹1,359.8 crore in Q3 FY21 v/s ₹454.3 crore in Q3 FY20, an increase of 199.3%
YoY which was led by price and volume growth.
 The operating profit was ₹39.4 crore in Q3, that grew by 242.6% YoY. The margin stood at 2.9% in
Q3, on account of higher capacity utilization, improved sales mix and government policies.
 It would enhance its capacity from 4.4 million units presently to 5.5 million units by Q2 FY22.
 It is witnessing a shift in product-mix from 32-inches sets to 43-inches sets.
 The company had a good order book (volume-wise) and added Samsung, Xiaomi, private labels of
Reliance and Tata Croma in its client segment.
LIGHTING PRODUCTS
 Revenue was ₹348.6 crore in Q3, a growth of 26% YoY. The sales growth exceeded the pre-Covid
levels during the quarter.
 It expanded its capacity to 5 million per month for 0.5 watt decorative lamps. The company is
expanding more in design solutions.
 Due to good order book, the company would be setting up a new factory for lighting, which would
be operational from Q3 FY22.
421
Concall Summary
 Presently, it is exporting its lighting products to US and Indonesia.

 It completed one-third automation of its LED bulbs, which would reduce its manufacturing costs.
 It is developing outdoor lighting solutions (street lights) which is expected to be launched by Q2
FY22.
HOME APPLIANCES
 Revenue for the quarter saw a growth of 68.4% YoY to ₹115.2 crore in Q3. The order book continued
to remain high.
 The operating profit witnessed a rise of 28.4% YoY to ₹11.8 crore in Q3. It had a lag in passing on the
price increase to its customers, due to which the margins got impacted.
 It expanded its capacity in Dehradun. Capacity expansion was from 1.2 million units to 1.6 million
units. The expansion in Tirupati campus for fully automatic washing machine was complete and trial
would begin from the end of February or early March, 2021. The capacity from it would be ~6 lakhs
per year.
MOBILE & ELECTRONIC MANUFACTURING SERVICES (EMS)

 The revenue from mobile and EMS was ₹299.2 crore, that reported a growth of 114.5% YoY out of
which set top boxes reported a revenue of ₹69.3 crore and medical electronic devices revenue of
₹10.9 crore.
 The operating profit was ₹13.8 crore in Q3, i.e., a growth of 327.6% YoY.
 It had a capacity of 2.3 million units for 2G phones for its domestic as well as export markets.
 It manufactured 9 lakh set-top boxes for Jio, Dishtv and Citi cables in Q3. It had a good order book of
~3 lakh- 4 lakh set-top boxes for the upcoming quarter.
 It signed a deal with Nokia and Motorala. The commercial orders from Nokia had already started.
SECURITY SURVEILLIANCE SYSTEM

 In Q3 FY21, revenue was ₹55.5 crore, an increase of 10.4% YoY.
 The company would further expand its capacity under this segment.
REVERSE LOGISTICS
 Revenue stood at ₹4.5 crore, a de-growth of 2.2% YoY in Q3.
 It opened a new center in Tirupati during the quarter.
UPDATES
 It expects orders from Motorola to begin from Q4 FY21.
 The new factory under the production linked incentive (PLI) scheme had already been set up and is
under trial phase.
422
Concall Summary
 The capacity for smartphones would be 20 million per annum in the coming years. It expects to
generate a cumulative revenue of ~₹25,000-₹28,000 crore over a period of 5 years.
 It would do backward integration of charger, batteries and mechanicals in the Mobile & EMS
category.
Disclaimer:
423
CROMPTON GREAVES CONSUMER LTD.

 The revenue from operations grew by 25.8% YoY to ₹1,348.2 crore in Q3 FY21 v/s ₹1,071.3 crore in
Q3 FY20. ~95%-97% growth in top-line during the past 12 months was led by volumes.
 During the quarter, the net profit declined by 6.1% YoY to ₹151.1 crore as against ₹161.0 crore in Q3
FY20. The net profit margin stood at 11.2% during the quarter.
 EBITDA stood at ₹200 crore with a margin of 14.9% during Q3.
 The company’s cash position (including current investment) stood at ₹1,285 crore on 31st December,
2020.
 It paid ₹188 crore as dividend during Q3 CY20.
 There was an increase in salary for all its employees, effective from the month of October, 2020.
 The material margins improved by 10 bps YoY to 32.1% during the quarter.
 There was a sequential improvement in its capacity utilization as well as in warehouse functioning.
 Rural sales registered a growth of 88% during Q3.
 There was a price hike of ~5%-8% for its products, effective from the month of January, 2021.
 It saved ~₹40 crore in Q3 on account of its cost reduction program.
BUSINESS SEGMENTS
 The company sold more than 1.25 lakh geysers in all the three months of the quarter and registered
a ~49% value growth, with appliances being the key focus area of the business.
 The Electrical Consumer Durables (ECD) segment registered a revenue growth of 31.6% YoY to
₹1,036 crore. EBIT stood at ₹205 crore with a margin of 19.8% during Q3 FY21. In Q3, the Domestic
pumps business grew by 25%.
 The premium Fan segment witnessed a growth of 51% during the quarter which constituted ~17%-
18% of the total Fans business segment.
 During Q3 FY21, the Lighting products segment revenue stood at ₹312 crore, which grew by 9.9% on
a YoY basis. EBIT was ₹38 crore with a margin of 12.3%. The business-to-consumer (B2C) lighting LED
segment witnessed a volume growth of 13% and lighting business-to-government (B2G) segment
grew on account of Kerala State Electricity Board (KSEB) tender and Odisha project execution.
424
Concall Summary
CROMPTON GREAVES LTD.
 E-commerce and MOR channel witnessed a growth of 53% in Q3.
UPDATES
 Presently, the company’s import dependence is on the lighting segment for LED chips and the total
import bill stood at ~₹200 crore.
 It gained 1% market share in the overall Fans business segment. The company is witnessing steady
market share growth due to better penetration in rural areas & smaller towns and also on account of
effective supply chain and liquidity management.
 The supply chain management and capacity utilization improved sequentially on account of better
availability of labourers.
 The company is facing headwinds on account of increased commodity prices and expects cost
pressure to continue in the coming months.
 It is facing challenges from its lighting business-to-business (B2B) segment due to lesser number of
orders from institutions.
 It would continue to foray into new business segments in the upcoming quarters.
Disclaimer:
425
TTK PRESTIGE LIMITED

FY20.
• Net profit for the quarter stood at ₹83.8 crore v/s ₹60.2 crore in Q3 FY20, i.e., a growth of 39.2%
YoY.
• EBITDA for the quarter was ₹126.6 crore as against ₹88.7 crore in Q3 FY20. EBITDA margin in Q3
FY21 improved both on a YoY basis and sequentially and stood at 18.6%.
• Domestic sales grew by 23.9% from ₹534.7 crore in Q3 FY20 to ₹662.3 crore in Q3 FY21.
• Export sales for the quarter grew by 49.7% from ₹11.4 crore to ₹17.1 crore.
• All categories of the company achieved a double-digit volume growth during the quarter.
• E-commerce channels contributed ~16% to the total revenue. This was lower since the company
chose to maintain an equitable role for all its distribution channels.
• The non-South India region contributed ~48%-52% to the total revenue.
• Microfinance Institutions (MFI) contributed ~4% to the total revenue.
KEY HIGHLIGHTS
• The business during the quarter was robust aided by the relaxation in the lockdown restrictions and
festive momentum.
• The company did not opt for any significant reduction in its expenditure in Q3 FY21.
• Trade collections continued to grow which led to the reduction in receivables in terms of the number
of days. Number of days of working capital thereby reduced during the quarter.
• Supply chain disruption that was witnessed in the earlier quarters due to restriction of imports from
China, improved during the quarter.
• The entire commodity inflation experienced during the quarter was passed on to the channel
partners.
• The company gained market share for the Cooker and Cookware category on a sequential basis on
account of new product innovation.
• It introduced 25 new SKUs during the quarter including a new category of casseroles.
426
Concall Summary
TTK PRESTIGE LIMITED
UPDATES
• It does not plan on increasing the price in the upcoming quarter.
• Market demand continued to be robust with company registering a growth of over 20% in January,
2021.
• The supply chain issues are expected to stabilize by Q4 FY21.
• MFI sales are expected to be one of the growth-drivers for the company going forward.
Disclaimer:
427
428
TITAN COMPANY LIMITED

• The revenue from operations increased by 16.7% to ₹7,619 crore in Q3 FY21 from ₹6,527 crore in Q3
FY20.
• Net profit for the quarter stood at ₹530 crore v/s ₹474 crore in Q3 FY20, i.e., a growth of 11.8% YoY.
• EBIT margin for Q3 FY21 was 10.8% as against 10.6% in Q3 FY20.
• The Jewellery division witnessed improved sales trajectory and recorded a revenue of ₹6,249 crore,
i.e., a growth of 16%. Wedding jewellery contributed 10% to the growth in Q3.
• Retail growth was ~13% in Q3 FY21 for Tanishq.
• The diamond studded segment saw sequential improvement in Q3 FY21 to 26% compared to 29% in
Q3 FY20. EBIT margin was impacted by the lower studded mix and higher coin sales, which was
partially recouped by reduction in fixed expenses.
• EBIT in the Eye Wear business improved to ₹22 crore with a margin of 18.1%. This was on account of
better product mix, lower discounts compared to last year and cost control in terms of exiting some
of the channels and reduction in material costs.
• Strong cost focus led to an EBIT margin of 10.3% in Watches and Wearables segment in Q3 FY21.
Wearables contributed less than 5% to the segment sales.
• Recovery in the other segments like Indian dress wear and accessories was slow.
KEY HIGHLIGHTS
• Few Fastrack stores were closed during the quarter since they became unsustainable due to the
pandemic.
• 'Taneira’ opened another store in Mumbai during the quarter, taking the total store count for the
business to 14 in 6 cities.
• The overheads cost was also reduced from ₹808 crore in Q3 FY20 to ₹736 crore in Q3 FY21.
• Growth in the number of buyers was witnessed in the month of January, 2021.
FUTURE OUTLOOK
• The studded ratio is expected to be higher in Q4 FY21.
429
Concall Summary
TITAN COMPANY LIMITED
• Wedding demand is expected to register a double-digit growth in Q4 FY21 and contribute to the top-
line in the coming quarters.
• The franchises are expected to witness improved growth momentum going forward.
• Margins are expected to improve with greater focus on productivity in the near future.
Disclaimer:
430
431
ADANI PORTS AND SEZ LIMITED

FY20.
• EBITDA (excluding forex gain of ₹206.0 crore) increased by 9.0% YoY and stood at ₹2,488.0 crore in
the quarter.
• Free cash flow in 9M FY21 stood at ₹4,238.0 crore.
• Interest cost was at ₹612.0 crore in Q3 FY21 as compared to ₹467.0 crore in Q3 FY20 on account of
acquisition of Krishnapatnam Port.
• In January, 2021 the company issued a US Dollar bond of $500 million to extend debt maturity and
refinance debt.
PORTS
• Ports revenue in Q3 FY21 grew by 35% YoY to ₹3,279.0 crore and EBITDA (excluding forex gain of
₹206.0 crore) increased by 38% YoY to ₹2,351.0 crore.
• EBITDA margins increased by 140 bps YoY to 71.7%.
• Volume growth for Mundra Port stood at 25%, Dahej Port at 29%, Hazira Port at 14% and Dhamra
Port at 10%.
• The company added five new container services across the Mundra, Hazira and Kattupali Ports.
• In Q3 FY21, it signed 5 new contracts at Dhamra Port to handle various cargos including gypsum and
iron ore. Dhamra Port would handle an incremental volume of 10 MMT (million metric tonnes) on
account of these contracts.
CARGO
• Cargo volumes increased by 37% YoY to 76 MMT in Q3 FY21. The company’s market share in cargo
volume was at 28% in Q3 FY21 v/s 22% in the corresponding quarter last year.
• The company handled liquid cargo (including crudes) of 10 MMT, which grew by 24.0% YoY in Q3
FY21.
• In the cargo basket, in 9M FY21, bulk constituted 44% of cargo; container constituted 42% and liquid
cargo including crude constituted 14%.
432
Concall Summary
• LPG (liquefied petroleum gas) and LNG (liquefied nitrogen gas) volumes registered a sequential
growth of 50% and 10%.
CONTAINER
• In Q3 FY21, the company handled a total container volume of 2.1 million TEUs (twenty-foot
equivalent unit).
• Market share in container segment stood at 43% in Q3 FY21 as against 36% in Q3 FY20.
LOGISTICS
• Revenue grew by 8% YoY to ₹259.0 crore and EBITDA grew by 16% YoY to ₹67.0 crore in Q3 FY21.
This was on account of new routes started including Mundra to Kishangarh, Renukoot to JNPT
(Jawaharlal Nehru Port Trust) and Morbi to Verna and discontinuing the routes which were not
yielding optimal results.
• Adani Logistics operated nine rakes under GPWIS (General Purpose Wagon Investment Scheme) as
• It operated five logistics parks as on 31st December, 2020, and continued to create two more
logistics parks at Mundra and Nagpur which are under various stages of development.
• Adani Logistics will be adding another 16 rakes to its portfolio and has signed long term contracts to
handle incremental cargo of 6.5 MMT with key customers including Bengal Energy, Adani Power,
Rungta Sons and Adani Enterprises.
• To capture the opportunity in warehousing space, Adani Logistics continued to scale up its capacities
by building a large format to suit grade A warehousing at major locations. It is in discussion with
major ecommerce players for providing such solutions.
• The company signed an MoU (Memorandum of Understanding) with the Government of Gujarat to
develop a multi model logistics park and a cargo hub at Virochan Nagar.
KRISHNAPATNAM PORT ACQUISITION

• Krishnapatnam Port acquired in October, 2020, is now part of APSEZ’s consolidated operations. It
handled ~10 MMT of cargo in Q3 FY21.
• Revenue from the port stood at ₹473.0 crore and EBITDA at ₹336.0 crore in Q3 FY21.
• EBITDA margin was at 71% for the port in Q3 FY21 due to re-alignment of operations. It is expected
to reach 78% by FY23.
FUTURE ROADMAP
• Going forward, the company expects Ports EBITDA margins to expand further and reach levels of
72%-73%.
• The ports industry is expected to operate in a normal business cycle and the company expects to
achieve its cargo volume guidance of 245-250 million metric tons in FY21.
433
Concall Summary
• Discretionary capex in FY21 would be curtailed to ~₹2,000.0 crore.

• The company has set a target for itself to become carbon neutral by 2025.
• Free cash flow in FY21 is expected to be ~₹5,600.0 crore.
Disclaimer:
434
CONTAINER CORP OF INDIA LTD.

crore in Q3 FY20.
 During the quarter, the net profit was ₹233.1 crore v/s ₹179.3 crore in Q3 FY20, an increase of 30%
YoY.
BUSINESS HIGHLIGHTS
 The originating volume during the quarter from export import (EXIM) business was ~5,36,563 total
equivalent units (TEUs) while from the domestic business it stood at 77,076 TEUs. The empty
running slots from EXIM and domestic business was ₹32.8 crore and ₹34.2 crore, respectively.
 The overhead cost declined during the quarter without any reduction in volumes.
 It shipped 200 containers to Iran during the quarter, which is expected to increase in the coming
quarters. It started exporting to Bangladesh too.
 During the quarter, the volume handling for EXIM business was 8.84 million tonne and from
domestic business was 2.46 million tonne. For 9M FY21 it stood at 29.64 million tonne.
 The BLC wagon trial runs was completed during the quarter and it has an axle load of 25 tonne. The
company expects a decline in turnaround time for BLC wagons after the time table scheduling for it
is done.
 The EXIM lead distance stood at 709 km and domestic lead distance at 1,401 km during Q3 FY21.
 The Dedicated Freight Corridor Corporation of India Limited (DFCCIL) would run freight train at the
maximum speed of 100 km per hour (kmph) as against the current maximum speed of 75 kmph on
the Indian Railway tracks, whereas the average speed of freight trains would also increase from the
existing speed of 26 kmph on Indian Railways lines to 70 kmph on Dedicated Freight Corridors (DFC).
 The market shares of import from Pipavav port increased from 52% in Q3 FY20 to 58% in Q3 FY21,
and for exports it increased to 50% in Q3 FY21 from 43% in Q3 FY20. The Mundra port import
market share improved from 41% in Q3 FY20 to 45% in Q3 FY21, and for exports it grew from 45% in
Q3 FY20 to 47.96% in Q3 FY21.
UPDATES
 The land license fee would not exceed ₹450 crore going forward.
 The company witnessed good traction in business operations during the month of January, 2021.
435
Concall Summary
CONTAINER CORP OF INDIA LTD.
 The capex guidance for FY21 was ~₹500 crore, of which ~₹200 crore was utilised till date.
 No price hikes were done in Q3. The company did not provide any discounts for empty running
containers during the year.
 It suspended its coastal shipments during the pandemic and plans to re-schedule it soon.
Disclaimer:
436
AEGIS LOGISTICS LIMITED

• The revenue in Q3 FY21 stood at ₹1,545.5 crore which declined by 28.7% YoY from ₹2,168.6 crore in
Q3 FY20.
• Normalized EBIDTA (excluding other income and finance income) decreased by 7% YoY to ₹157 crore
in Q3 FY21.
• Net profit stood at ₹78.2 crore which grew by 32.1% YoY from ₹59.2 crore in Q3 FY20.
BUSINESS SEGMENT HIGHLIGHTS

LIQUID TERMINAL DIVISION
• During the quarter, the revenue stood at ₹56.8 crore v/s ₹54.8 crore in Q3 FY20, registering a growth
of 3.6% YoY.
• The normalized EBITDA grew by 8.3% YoY from ₹36 crore in Q3 FY20 to ₹39 crore in Q3 FY21.
GAS TERMINAL DIVISION

• The revenue for the quarter ₹1,488.7 crore in Q3 FY21 v/s ₹593.9 crore in Q2 FY20.
• The normalized EBITDA grew by 27.1% QoQ and stood at ₹108 crore in Q3 FY21 compared to ₹85 crore
in Q2 FY21.
• The volume handled by the liquid petroleum gas (LPG) terminals witnessed a growth of 7.3% QoQ and
stood at 7,75,316 metric tonnes (MT) in Q3 FY21 compared to 7,22,514 MT in Q2 FY21.
• The industrial sales for the quarter were 23,250 MT.
• The Auto Gas sales was 6,159 MT in Q3 FY21 v/s 4,756 MT in Q2 FY20 with a rise of 29.5% QoQ.
• Commercial and domestic LPG market recorded sale of 6,042 MT in Q3 FY21 v/s 4,499 MT in Q2 FY20,
a growth of 34.3% QoQ, as the sales to hotels and restaurants recovered.
PROJECT UPDATES
• The Kandla LPG project, the Mangalore liquid project and Haldia liquid project are on track and
expected to get completed and commissioned in Q4 FY21.
• Railway Gantry was commissioned in Pipavav in December, 2020.
437
Concall Summary
AEGIS LOGISTICS LIMITED
FUTURE OUTLOOK
• The Railway Gantry in Pipavav and the Uran Chakan Pipeline in Mumbai is expected to increase its
volume production in Q4 FY21 and FY22.
• The retail LPG segment would further improve its sales in Q4.
• The company would continue to construct LPG terminals with added connectivity projects including
railways and pipelines.
Disclaimer:
438
439
HAVELLS INDIA LIMITED

• Revenue from operations increased by 39.7% YoY from ₹2,273.3 crore in Q3 FY20 to ₹3,175.2 crore in
Q3 FY21.
• Contribution stood at ₹746 crore with a margin of 23.6% of net revenue.
• EBITDA for the quarter was higher by 88.8% YoY to ₹508 crore. EBITDA margin expanded by 420 bps
on a YoY basis to 16.0% of net revenue.
• Profit after tax grew by 74.5% YoY from ₹200.6 crore in Q3 FY20 to ₹350.1 crore in Q3 FY21.
• The Board of Directors declared an interim dividend of ₹3 per equity share for the quarter.
• Improved customer sentiment, expanding distribution network and strong manufacturing base
contributed to a good performance of the consumer and residential portfolio.
• Consumer and residential portfolio registered ~40% growth whereas industrial and infrastructure
grew between 15%-17%.
• Segment profitability improved on a YoY basis owing to operating leverage.
• The company experienced gain in the market share from the unorganized sector. Rural segment has
been growing over 100%.
• Growth in Lloyd was attributed to network expansion supported by commodity inflation and import
prohibition for air conditioners.
• Input costs saw a rise in the last few months, the impact of which is yet to be reflected.
• Price of domestic wires saw an increase of ~15%, domestic switchgears saw 5%-7% increase and over
10% rise in industrial products in the quarter.
• There was pre-buying of products by the customers during the last week of December.
FUTURE OUTLOOK
• Price increases of the raw materials are expected to continue in Q4 FY21. The management shall strive
to maintain the contribution margins in the short term.
• Going forward, the employee cost of Q3 is expected to normalize.
• The management is bullish on exports in air conditioners in the upcoming quarters.
• Excess cash is expected to be utilized in capacity expansion.
440
Concall Summary
HAVELLS INDIA LIMITED
Disclaimer:
441
L&T TECHNOLOGY SERVICES LIMITED

 Revenue from operations declined by 1.6% YoY to ₹1,400.7 crore in Q3 FY21 v/s ₹1,422.9 crore in Q3
FY20. In constant currency terms it increased by 6.6% QoQ.
 The net profit stood at ₹186.9 crore during the quarter as against ₹205.8 crore in Q3 FY20, a decline
of 9.2% YoY.
 Cash flow position for (year to date) YTD FY21 was ₹962.2 crore.
 EBIT margin was at 15.2% in Q3 FY21, which grew by 150 bps on a QoQ basis.
BUSINESS VERTICALS
 All five of its industry segments posted sequential growth, with three segments recording a growth
of over 5%.
 The revenue generation from different verticals stood as follows: Transportation grew by 3.1%,
Industrial Products by 5.5%, Telecom & Hi-tech by 14.3%, Plant Engineering by 9.2% and Medical
devices by 2.4% QoQ respectively.
 The geography-wise QoQ growth was as follows: North America grew by 8.8%, Europe by 7.5%, India
by 9.1% and Rest of the World de-grew by 9.2%.
 The onsite and offshore revenue mix for the quarter stood at 42.9% and 57.1%, respectively.
 The project type revenue from fixed price project stood at 38.5% and from time and material
contract type project at 61.5% in Q3 FY21.
 The days sales outstanding stood at 73 days at the end of Q3.
DEALS
 In Q3, the company achieved a $100 million deal from a global Oil & Gas major industry in US.
 It was selected as a Consulting and Professional Services (CPS) provider to support Amazon Alexa
Voice Service (AVS) integration.
 Schindler selected Larsen and Toubro Technology Services (LTTS) as its key partner to provide
innovative digital engineering capabilities.
 It got a multi-million-dollar deal in the Powertrain domain to support a leading Automotive Tier-1
company.
442
Concall Summary
L&T TECHNOLOGY SERVICES LIMITED
HUMAN RESOURCE
 The total headcount during Q3 FY21 was 16,069 and voluntary attrition rate stood at 10.7%.
 The utilization rate including trainees was 77.5% during Q3.
 There would be a salary hike for junior grade employees effective from 1 st April, 2021 and for senior
grade employees from 1st July, 2021.
KEY UPDATES
 It completed the acquisition of Texas-based Orchestra Technology Inc., a specialist technology
solutions provider in telecom industry.
 The company is witnessing consistency in spending towards all verticals except in commercial
aerospace segment. The research and development spending would remain elevated in the coming
quarters.
 Due to sub-contracting costs, variable pay and third party contracts, the company faced headwinds
during the quarter.
 Digital Engineering services contributed ~49% towards the revenue.
Disclaimer:
443
RITES LIMITED
• The revenue from operations contracted by 27.5% to ₹449.3 crore in Q3 FY21 from ₹619.8 crore in
Q3 FY20.
• Total revenue in 9M FY21 declined to ₹1,355.5 crore from ₹2,120.3 crore in 9M FY20.
• The net profit for the quarter stood at ₹105.3 crore v/s ₹150.1 crore in Q3 FY20, i.e., a de-growth of
29.8% YoY.
• Operating revenue, excluding other income stood at ₹449 crore in Q3 FY21 as against ₹620 crore in
Q3 FY20. Decrease in revenue was mainly due to no export deliveries scheduled during the quarter
(the impact of which was ~₹90 crore in Q3) and disruption in supply chain and restrictions imposed
due to the pandemic.
• EBITDA for the quarter was ₹159 crore against ₹214 crore in Q3 FY20.
• EBITDA and PAT (profit after tax) margin in Q3 FY21 were 33.1% and 21.9%, respectively. Efficient
execution and timely implementation of cost control measures helped the company in maintaining
its margins.
• The operational revenue, excluding other income, stood at ₹1,224 crore in 9M FY21 against ₹1,904
crore in 9M FY20. EBITDA and PAT was ₹452 crore and 302.7 crore, respectively.
• Post the pandemic, the company was focused on project execution, sustaining margins and
consolidation of order book.
• The number of employees stood at 3,005 as on 31st December, 2020 against 3,286 as on 31st
December, 2019.
• The company participated in the electrification works and it reported works of ~700 crore on a
tendering basis.
• There were no export deliveries scheduled for Q3 FY21, however, from Q4 FY21 the export
shipments are expected to begin for Sri Lanka and Mozambique.
SEGMENT PERFORMANCE
• The revenue generated from the Consultancy business was ₹244 crore which was down 14.3% YoY,
with margins remaining at 45.5% as against 46.5% in Q3 FY20. The order book from this segment
was ₹2,503 crore. The revenue in this segment was impacted due to delays in inspections and land
acquisition process.
444
Concall Summary
RITES LIMITED
• Leasing revenue stood at ₹29 crore in Q3 FY21 as against ₹30 crore in Q3 FY20. The leasing income
has almost reached pre-Covid level with margin of 39.8% as against 34.0% in Q3 FY20.
• Turnkey revenue during Q3 FY21 stood at ₹159 crore down by 19.2% against ₹196 crore in Q3 FY20.
Turnkey margins were maintained at 3.0% as against 3.1% in Q3 FY20.
• REMC Limited generated a total revenue of ₹17 crore as against ₹19 crore in Q3 FY20. Profit before
tax (PBT) declined from ₹10 crore in Q3 FY20 to ₹9 crore in Q3 FY21. Its performance was impacted
due to reduced power requirement by Railways during the quarter. Power generation through wind
mill registered a growth of 39.7% over 9M FY20.
ORDER BOOK
• The consolidated order book of the company stood at ₹6,534 crore as on 31st December, 2020.
FUTURE ROADMAP
• Going forward, the emphasis on infrastructure development in the Union Budget 2021-22, National
Rail Plan and National Infrastructure Pipeline would help drive the growth in the sector, thus
providing the company opportunities to achieve double-digit growth in FY22 and beyond.
• With the economy reviving, the management is targeting an overall growth of ~10%-15% for FY22 on
the base of FY20.
• A growth of ~10% in the Consultancy segment is expected in FY22.
• The company is in discussion for a tender of 240 coaches.
Disclaimer:
445
AIA ENGINEERING LIMITED

• Revenue from operations stood at ₹698.7 crore in Q3 FY21, which increased by 0.7% YoY from
• Net profit stood at ₹159.8 crore in Q3 FY21, which increased by 2.2% YoY from ₹156.4 crore in Q3
FY20.
• EBITDA stood at ₹221.7 crore in Q3 FY21 v/s ₹218.8 crore in Q3 FY20.
• The net cash stood at ₹1,833.0 crore as on 31st December, 2020.
• Sales during the quarter stood at 65,173 MT. Sales in 9M FY21 stood at 1,86,925 MT v/s 1,85,101 MT
in 9M FY20.
• Production stood at 2,00,538 MT in 9M FY21 vs 1,94,361 MT in 9M FY20.
• Foreign exchange gain stood at ₹26.9 crore in the quarter.
• The company’s mining operations grew to 1,31,202 MT in 9M FY21 from 1,22,168 MT in 9M FY20.
BUSINESS HIGHLIGHTS
• Order book as on 31st December, 2020, stood at ₹560.0 crore.
• Capital expenditure incurred in 9M FY21 stood at ₹88.0 crore.
• There was no MEIS (merchandise export from India scheme) benefit during the quarter which led to
lower other operating income compared to the corresponding quarter last year.
• The company had paused its last phase of Grinding Media expansion of 50,000 MT and expects to
take it up in FY22.
• Total working capital days stood at ~125 in Q3 FY21.
• It had a capacity of producing 3,90,000 MT per annum as on 31st December, 2020.
• The company was investigated during the quarter for pricing of its supplies to Canada in FY20.
• Travel in Latin America, Europe and North America remained subdued thereby restricting the
company to market its products.
• Raw material prices saw a sharp rise in H2 CY20. Raw material prices are expected to stabilise in the
coming quarters.
446
Concall Summary
AIA ENGINEERING LIMITED
FUTURE OUTLOOK
• The company’s business continued to face uncertainty in terms of outlook on account of the
continued impact of the pandemic in most parts of the world. Its marketing efforts continued to be
hampered by restricted ability of its sales team to travel.
• As the economy settles and adjusts to the new normal, the company expects mining and cement
industries to pick up and in turn drive requirements for its products.
• The company is in midst of setting up a manufacturing plant of mill liners with a capacity of 50,000
MT with an estimated capex of ₹250.0 crore and it is expected to be commissioned in H1 CY21.
Disclaimer:
447
ION EXCHANGE (INDIA) LIMITED

• Revenue from operations decreased by 12.3% YoY to ₹349.2 crore in Q3 FY21. In 9M FY21, it declined
by 11.0% YoY to ₹1,004.4 crore.
• EBITDA for the quarter and the nine-month period stood at ₹44.5 crore (up 13.5% YoY) and ₹116.7
crore, respectively with a margin of 12.7% and 11.6%, respectively.
• Net profit grew by 9.1% YoY to ₹28.7 crore with a margin of 8.2% in Q3 FY21. In 9M FY21, it was higher
by 11.6% YoY to ₹72.6 crore.
• Gross debt was slightly lower on a QoQ basis and cash & cash equivalents amounted to ~₹440 crore
at the end of the quarter.
ENGINEERING
• During the quarter, revenue from operations decreased by 15.4% YoY to ₹216.1 crore. Earnings before
interest and tax (EBIT) declined by 20% YoY to ₹16 crore.
• In 9M FY21, the company recorded a revenue of ₹649.7 crore and an EBIT of ₹43.8 crore. The segment
contributes more than 60% to the overall turnover of the company.
• The order intake improved during the quarter and is expected to continue in the upcoming quarter.
The order book stood at ₹320 crore on 31st December, 2020.
• The supplies under civil work for the Sri Lanka project was severely impacted due to Covid. Revenue
for the project was recognized in the quarter based on progress of the work.
CONSUMER PRODUCTS
• Revenue from operations declined by 11.8% YoY to ₹28.5 crore with a negative EBIT at ₹0.7 crore in
the quarter.
• In 9M FY21, revenue stood at ₹70.7 crore with an EBIT loss of ₹2.3 crore.
• The company witnessed a pick-up in the volume during the quarter.
CHEMICALS
• During Q3 FY21, revenue from operations de-grew by 6.9% YoY to ₹114.8 crore in Q3 FY21. EBIT
increased by 50.6% YoY to ₹26.8 crore.
• In the nine-month period, revenue was ₹309.8 crore and EBIT stood at ₹67.2 crore.
448
Concall Summary
ION EXCHANGE (INDIA) LIMITED
• Sales and dispatches in this segment normalized during the quarter.
FUTURE OUTLOOK
• The company is proceeding with a greenfield project to expand its capacity by ~100% and expects it
to commercialize either by the end of FY22 or in the beginning of FY23. The capex of this project is
estimated to be ~₹100 crore for which it is looking forward to take a debt.
• The completion of Sri Lanka project is anticipated to be delayed by a couple of months.
• It has initiated the process to get itself listed in the National Stock Exchange of India.
• The management expects to end FY21 flat on a YoY basis and achieve break-even in the consumer
segment in CY21.
• Chemical segment is expected to grow substantially in the next 3-5 years.
Disclaimer:
449
GMM PFAUDLER LIMITED

in Q3 FY20.
 During the quarter, there was a 9.5% increase in net profit to ₹23.1 crore v/s ₹21.1 crore in Q3 FY20.
There was a one-time depreciation expense (non-recurring) of ~₹3.5 crore during the quarter due to
acquisition of Hyderabad facility which had an impact on net profit.
 EBITDA during the quarter was ₹41.9 crore as against ₹30.4 crore in Q2 FY21, which expanded by
37.8% YoY.
 The diluted earnings per share (EPS) was ₹15.19 in Q3 FY21.
 It declared a dividend of ₹1 per share during Q3.
BUSINESS HIGHLIGHTS
 Its Hyderabad manufacturing facility is functioning now, with ~30 equipments shipped out of
Hyderabad and two new gas furnaces were commissioned in Gujarat during the quarter.
 The order book was ~30% higher during the quarter end as compared to last year same quarter.
 Its end user segment continued to witness strong recovery in the pharmaceutical sector with
investments coming from US and Europe markets.
 The company had an order book of ~₹400 crore from India with ~₹200 crore from Glass line
equipments segment, ~₹80 crore from Heavy Engineering Equipments segment & over ₹100 crore
from Proprietary Products segment.
 60%-70% of its orders are Glass line equipment’s orders from old client base. The new customer was
Larsen & Toubro (L&T) for Heavy Engineering Equipment orders.
 It has an order of ~$4 million for asset-recovery from Russia, ~$6 million from US, ~$7 million from
China for Heavy Engineering Equipments and good order backlog from Germany as well. The delivery
timeline for the orders is ~12-14 months.
 There had been good investment traction from manufacturing segments pharma and steel industries
in Hyderabad and Vizag areas and of Specialty chemicals from Gujarat due to shift in off-shore
demand from China.
450
Concall Summary
GMM PFAUDLER LIMITED
ACQUISITION UPDATE
 The company had made an announcement during last quarter about its acquisition (34.4% directly
and 19.6% via its subsidiary Mavag AG) in international group companies, from the group’s current
holding, Pfaudler UK Limited, for which it has received all foreign investments and antitrust
approvals and expects to close the deal by end of January, 2021.
 The company had planned to raise a debt of ~$17.4 million earlier, of which ~$11.5 million has been
raised through own funds on account of good business performance and ~$6 million debt would be
raised through external commercial borrowing (ECB).
UPDATES
 The company had raised a debt of ₹46 crore for acquisition of Hyderabad facility.
 There was an increase in cost of materials consumed and labor charge in Q3 FY21, which was on
account of individual project requirements and consumption based demands.
 During Q2 FY21, there was a tax refund of ~₹1-₹1.5 crore due to which the profit after tax was
higher and which eventually had an impact on the quarter.
FUTURE OUTLOOK
 The company expects good growth prospects from Specialty chemicals sector.
 The Europe and US are mature markets with respect to sales contribution and India is now moving
towards greater contribution and its after sale services has reached 13% till date from ~7%-8% few
years ago.
 It is planning to enter new business segments in South-East Asian countries after the consolidation
of international business group.
 Improvement in margins are expected from Q4, with higher manufacturing of raw materials in India.
Disclaimer:
451
452
SUPREME INDUSTRIES LIMITED

• Operating profit stood at ₹455 crore in Q3 FY21 as compared to ₹222 crore in Q3 FY20. In 9M FY21, it
rose by 45% YoY to ₹851 crore.
• Operating margin was at 21.53% for the quarter while at 16.11% for the same quarter previous year.
• Profit before tax in Q3 and 9M FY21 stood at ₹400.9 crore and ₹683.7 crore, respectively.
• Profit after tax stood at ₹312.3 crore in Q3 FY21 v/s ₹123.4 crore in Q3 FY20. In 9M FY21, it grew by
50.8% to ₹527.8 crore.
• Net cash position stood at ₹432 crore on 31st December, 2020 as against net borrowings of ₹217 crore
on 31st March, 2020.
• The company sold 1,11,584 metric tonnes (MT) of plastic goods and achieved net product turnover of
₹1,766 crore during Q3 FY21 as against sales of 1,01,393 MT and net product turnover of ₹1,356 crore
in Q3 FY20. It achieved volume and product value growth of about 10% and 30%, respectively.
• It sold 2,97,871 MT of plastic goods and achieved net product turnover of ₹4,128 crore during 9M
FY21 as compared to sales of 3,08,321 MT and net product turnover of ₹4,028 crore in 9M FY20. It
achieved volume de-growth of about 3% and product value growth of 2%, respectively.
• On a YoY basis, the Plastic & Piping System business grew by ~9% in volume and 42.9% in value, the
Packaging Product segment saw a rise of 2.4% in volume and 2.9% in value, the Industrial Products
business registered a volume and value growth of 32.4% and 37.6%, respectively and the Furniture
segment witnessed a volume and value growth of 10.9% and 12.5%, respectively.
• The overall turnover of value-added products increased by 33.5% YoY to ₹758 crore during the quarter
v/s ₹568 crore in the corresponding period last year.
• The demand for its housing products revived in Metro cities. The demand for furniture and material
handling products was higher compared to previous year.
• In agriculture segment, the demand was muted during the quarter.
• The working of Packaging segment was affected due to increase in its raw material prices which could
be passed over to in Q4 FY21.
• It introduced economy model of Tarpaulin in Cross Laminated film segment, having lower value
addition.
453
Concall Summary
SUPREME INDUSTRIES LIMITED
• The consumption of PVC pipes declined in Q3 and 9M FY21 by 3.7% and 2.9%, respectively.
CAPEX AND DISTRIBUTORS

• Along with carried forward investment commitment of ₹182 crore, the company has made a plan to
invest ~₹400 crore in FY21. This investment is to be made mostly in its existing plants where additional
construction activities are going on at 7 sites.
• It is also putting up new plants at 3 locations, the lands for which have been acquired at Orissa & Tamil
Nadu. In Assam, the plant is being constructed on a lease agreement basis.
• The company aims to put all the above new plants in production in the year FY21-22.
• As on 31st December, 2020, it had 4,001 distributors which include 1,373 in Piping, 205 in material
handling, 1,214 in Furniture, 504 in Cross Laminated and 705 in Protective Packaging. The total was
3,567 as on 31st March, 2020.
FUTURE OUTLOOK
• The overall demand for Cross Laminated film products for the year is expected at a higher level which
may boost business to 21,000 MT in the year compared to 17,000 MT in the previous year.
• The company shall manufacture and supply plastic tanks from 8 locations by December, 2021.
• Installed capacity as on 31st March, 2021 would be: 4,99,111 MT of Plastic Piping (includes piping,
fitting and rotational moulding), 74,897 MT of Industrial Products, 90,554 MT of Packaging and 29,848
MT of Furniture. The total capacity was 6,35,969 MT as on 31st March, 2020.
Disclaimer:
454
FINOLEX INDUSTRIES LIMITED

• EBITDA rose by 149.4% YoY to ₹346.7 crore in the quarter from ₹139.0 crore in Q3 FY20. EBITDA
margin stood at 32.5% in Q3 FY21 as against 19.9% last year same quarter.
• EBIT saw an increase of 171.9% YoY from ₹120.2 crore in Q3 FY20 to ₹326.8 crore in Q3 FY21. EBIT
margin stood at 30.6% for the quarter.
• Net profit was ₹259.4 crore for Q3 FY21 v/s ₹98.5 crore last year.
• Net cash surplus aggregated to ₹588 crore as on 31st December, 2020.
BUSINESS HIGHLIGHTS
• Segmental revenue: 48.8% from PVC Resin and 51.2% from PVC Pipes & Fittings.
• Segmental EBIT margin: 35.5% in PVC Resin compared to 20.1% last year and 12.6% in PVC Pipes &
Fittings compared to 7.9% last year.
• The volume of chlorinated polyvinyl chloride (CPVC) pipes was up 20% YoY to 3,004 tonnes from
~2,500 tonnes last year. CPVC revenue stood at ₹91.5 crore for the quarter as against ₹74 crore in Q3
FY20.
• A volume growth of 14% QoQ and 7% YoY was witnessed in fittings.
• Agri volume growth was 4.5% YoY and non-agri was 5.1% YoY.
• In 9M FY21, agri volume stood at 1,16,000 tonnes and non-agri at 46,000 tonnes.
FUTURE OUTLOOK
• The management shall have routine modular expansion in FY22 while being aggressive in the CPVC
segment.
• For the next 2 years, if any expansion happens, it shall happen at existing locations only.
• Capex for FY21 shall be less than ₹100 crore and for FY22, it is estimated to be ₹150-₹200 crore.
• It anticipates markets to open up which shall result in Q4 performing better than Q3, both in volume
and value terms.
• The company shall focus on its non-agri mix and strive to expand its product basket within it. The focus
shall also be on northern and eastern regions of India.
455
Concall Summary
FINOLEX INDUSTRIES LIMITED
Disclaimer:
456
ASTRAL POLY TECHNIK LIMITED

• Revenue from operations grew by 35.1% from ₹664.1 crore in Q3 FY20 to ₹897.5 crore in Q3 FY21.
• The net profit for the quarter increased by 82.5% and stood at ₹123.9 crore as against ₹67.9 crore in
Q3 FY20.
• The EBITDA grew by 64.4% YoY and stood at ₹196.9 crore in Q3 FY21. The EBITDA margin grew faster
than the growth in revenue from operations led by better product mix and inventory gains.
• The consolidated net cash position as of 31st December, 2020 was at ₹116.9 crore.
• The revenue from operations for the Pipe business in Q3 FY21 was ₹693.1 crore and witnessed a
growth of 33.3% YoY. The production grew by 20.7% YoY stood at 3,818.7 metric tonnes.
• For the Adhesive business, the revenue from operations in Q3 FY21 was ₹219.6 crore and registered
a growth of 40.9% YoY.
• The growth in the Infra business was flat as the Government projects were on hold.
• In November, 2020, the company entered in an agreement with M/s Shree Prabhu Petrochemicals
Private Limited and other parties to acquire assets of its water tank business for a total consideration
of ~₹51.0 crore.
• In December, 2020, it started billing of ‘SARITA’ (brand of plastic water storage tanks) under the its
brand name, Astral from Aurangabad plant.
• In Q3 FY21, solar project of 1 megawatt each was commissioned at Santej and Dholka plant.
CAPITAL EXPENDITURE
• The nine-month capital expenditure for FY21 stood at ₹87 crore which included the purchase amount
of water tank project’s assets.
UPDATES
• The name of the company is expected to change from Astral Poly Technik limited to Astral limited.
• It would start tank production in Ahmedabad from April, 2021, under the brand name, Astral. It will
also launch a complete range of Astral brand tanks available in all sizes in the next 6-7 months from 4-
5 locations.
457
Concall Summary
ASTRAL POLY TECHNIK LIMITED
• The company is expected to commence the production in Orissa plant from Q2 FY22 onwards.
• The solar plant in Hosur would be operational in FY22.
• The company plans to start fitting operations at Hosur in Q1 FY22.
FUTURE OUTLOOK
• The expansion for value-added products would be ready by May, 2021 and the production is expected
to commence from Q2 FY22.
• It expects to maintain margin levels at ~15%-16% in the coming quarters.
• Once the Government starts allocating funds in the infrastructure projects, better margins and
revenue growth are expected from its Infra business.
Disclaimer:
458
459
POLYCAB INDIA LIMITED

• The revenue from operations stood at ₹2,798.8 crore in Q3 FY21 from ₹2,507.3 crore in Q3 FY20,
registering a growth of 11.6% YoY. There was a 32.4% on a QoQ basis.
• EBITDA for the quarter stood at ₹376.3 crore, i.e., a growth of 11% YoY with flattish margins. This
was on account of leverage benefits and cost saving initiatives.
• Revenue from operations and EBITDA for the 9M FY21 period de-grew by 12.1% and 10.6%,
respectively. This reflected the severe impact of the pandemic.
• Profit before tax (PBT) in Q3 FY21 stood at ₹354.1 crore, up by 22.1% YoY.
• The net profit for the quarter increased by 19.1% from ₹221.4 crore in Q3 FY20 to ₹263.6 crore.
• Other income of ₹34.5 crore was significantly higher as the base quarter had mark-to-market losses
and the current quarter had exchange rate differences.
• The net cash position doubled on a YoY basis and stood at ₹1,333.5 crore as on 31st December, 2020.
• Debt to equity ratio stood at 0.06 times.
• The company witnessed a healthy underlying growth across segments and rising share of B2C
(business to consumer) to 40% of the total revenue.
• The staff cost for the quarter stood at ₹89.6 crore, i.e., 3.2% of sales.
• The advertisement and promotion (A&P) expenses in Q3 FY21 was ₹37.2 crore (1.3% of the sales). It
was higher by 177.6% QoQ on account of increased Indian Premier League (IPL) related advertising
expense.
• The finance cost for the quarter was ₹8.8 crore.
• As on 31st December, 2020, the company had over 4,000 authorized dealers and distributors
catering to over 1,51,000 retail outlets.
KEY SEGMENTS
WIRES AND CABLES
• The business posted a 6% YoY growth during the quarter. The segmental EBIT margin stood at
13.5%.
460
Concall Summary
• The domestic business performed relatively better with buyers posting a healthy double-digit growth
while the institutional business continued to face headwinds.
• B2B (business to business) witnessed a strong momentum led by distribution expansion, pickup in
renovation activity and gains from unorganized segment.
• Export business declined by 33% YoY due to high base of order from Dangote which accounted for
₹140 crore in Q3 FY21 v/s ₹320 crore in Q3 FY20. Excluding that, exports portfolio posted a healthy
29% YoY growth led by Australia, Asia and UK.
FAST MOVING ELECTRICAL GOODS (FMEG)

• FMEG witnessed strong traction with total income growing by 41% YoY. Its contribution to overall
sales increased by 215 bps YoY to 10.8%.
• The segment EBIT margin improved to 5.9% in Q3 FY21 from 0.6% in Q3 FY20. For 9M FY21, it
improved by 210 bps to 4.7%.
• Despite logistic issues, unavailability as well as sharp rise in input costs, the segment witnessed
growth across categories and regions on the back buoyant consumer demand, distribution
expansion, better product mix and pricing actions.
• FMEG fans grew strongly with gaining leadership position in few geographical clusters. Overall
demand for lighting products remained upbeat led by festive season.
• Switches, Switchgears and Pumps posted healthy growth with resumption in renovation activities
and improving situation in real estate.
OTHERS
• Other segment, largely comprising of engineering, procurement and construction (EPC) business, de-
grew its total income and EBIT by 53% YoY and 71.4% YoY, respectively.
RECENT DEVELOPMENTS
• Hohm, a premium internet of things (IoT) based FMEG portfolio which cater to the evolving
consumer needs, is being launched in a phased manner in top densities. It is expected to be available
online in the next one month.
• Its cost optimization project, Udaan progressed during the quarter. The company identified several
areas of potential phasing and many of these initiatives were presently being implemented. Its
benefit is expected to contribute to the revenue figure in the next 1-2 quarters.
FUTURE OUTLOOK
• The company is looking forward to expand its existing product categories and is not looking forward
to venture into new ones. The Copper business is not its key focus area.
461
Concall Summary
Disclaimer:
462
FINOLEX CABLES LIMITED

• Revenue from operations stood at ₹830.2 crore in Q3 FY21, which increased by 18.2% from ₹702.4
crore in Q3 FY20. Revenue for 9M FY21 stood at ₹1,846.8 crore v/s ₹2,225.9 crore in 9M FY20.
• Net profit was at ₹147.0 crore in Q3 FY21, which increased by 43.1% from ₹102.7 crore in Q3 FY20.
Net profit for 9M FY21 stood at ₹293.9 crore v/s ₹326.5 crore in 9M FY20.
• EBITDA for the quarter stood at ₹125.0 crore, a rise of 23.0% QoQ and 5% YoY. EBITDA for 9M FY21
stood at ₹285.0 crore, a decline of 28% YoY.
• EBITDA margin for the quarter was 15.1%.
ELECTRIC CABLES
• The segment saw recovery as economic activities resumed.
• Revenue increased by 18.6% YoY to ₹692.9 crore in Q3 FY21 from ₹584.1 crore in the corresponding
quarter last year.
• EBIT for the quarter stood at ₹98.4 crore in Q3 FY21, an increase of 5.4% YoY from ₹93.4 crore in Q3
FY20.
• Revenue for 9M FY21 stood at ₹1,563.3 crore and EBIT at ₹203.4 crore.
• Sales volumes neared pre-Covid levels during the quarter.
COMMUNICATION CABLES
• The segment continued to remain muted due to Covid-related disruptions and structural issues in the
industry.
• Revenue increased by 6.6% to ₹95.8 crore in Q3 FY21 from ₹89.9 crore in the corresponding quarter
last year.
• EBIT for the quarter stood at ₹3.1 crore in Q3 FY21, a decline of 16.2% YoY from ₹3.7 crore in Q3 FY20.
• Revenue for 9M FY21 stood at ₹194.1 crore and EBIT at ₹5.8 crore.
OTHERS
• This segment includes fans, water heaters, lamps, switches and switchgear offerings.
• Volumes started picking up during the quarter due to improved distribution efforts.
463
Concall Summary
FINOLEX CABLES LIMITED
• Revenue increased by 35.7% to ₹33.9 crore in Q3 FY21 from ₹25.0 crore in the corresponding quarter
last year.
• EBIT for the quarter stood at ₹1.3 crore in Q3 FY21 v/s an EBIT loss of ₹0.2 crore in Q3 FY20.
• Revenue for 9M FY21 stood at ₹74.3 crore and EBIT at ₹3.4 crore.
BUSINESS HIGHLIGHTS
• Net working capital days stood at 52 in Q3 FY21 v/s 57 in Q3 FY20.
• Capex (capital expenditure) for the quarter stood at ₹30.3 crore v/s ₹22.8 crore in the corresponding
quarter last year.
• Advertising and sales promotion expenses for the quarter stood at ₹4.6 crore as against ₹7.5 crore in
the corresponding quarter last year.
FUTURE OUTLOOK
• Widespread investments in infrastructure, emphasis on universal electrification, housing sector
growth and focus on renewable energy by the Government are expected to be the growth drivers for
the electric cables segment.
• The import duty on copper scrap was reduced from 5% to 2.5% which would help reduce the raw
material costs for the company in the near future.
• With a policy announcement on vehicle scrappage, demand for auto cables is expected to see higher
demand.
Disclaimer:
464
465
NBCC (INDIA) LIMITED

• The revenue from operations increased by 9% to ₹2,103.6 crore in Q3 FY21 from ₹1,930.0 crore in
Q3 FY20.
74.8%. The credit loss during the quarter was reduced which helped the company to improve its
profitability.
• The revenue from operations for the quarter stood at ₹1,508.4 crore v/s ₹1,265.5 crore in Q3 FY20,
i.e., a growth of 19.2% YoY.
• The net profit increased by 134% to ₹81.9 crore in Q3 FY21 from ₹35.0 crore in Q3 FY20.
BUSINESS HIGHLIGHTS
• On a YTD basis, the company awarded contracts worth ₹9,600 crore and is looking forward to
further award contracts worth ₹2,000-₹3,000 crore by Q4 FY21. It has a running project of ₹18,500
crore.
• The order book as on 31st December, 2021 was ₹62,000 crore. Of this, Project Management
Consultancy (PMC) was ₹27,000 crore and re-development was ₹35,000 crore.
• Land bank is located Alwar, Jaipur, Faridabad, Ghaziabad, Raipur and Coimbatore covering ~58 acres.
• In Q3 FY21, the PMC business contributed 94.1% of the total revenue.
• Inventory of real estate was ~₹400 crore and most of it is present in Gurgaon.
• For Hindustan Steel Construction Limited, the total turnover was ₹106 crore and profit after tax
(PAT) was ₹7.3 crore in Q3 FY21. The order book was ₹3,000 crore.
• For HSCC (India) Limited, the total turnover was ₹419 crore and the PAT was ₹7.9 crore in Q3 FY21.
The order book was ~₹5,000 crore. It recently received an order of ~₹1,800 crore from the Rajasthan
Government.
• NBCC Services Limited registered a turnover of ₹48 crore and PAT of ₹4.2 crore for the quarter.
466
Concall Summary
NBCC (INDIA) LIMITED
UPDATES
• The construction of its East Kidwai Nagar project is completed.
• The Nauroji Nagar Project is in progress and is expected to complete by July, 2022. Total area sold till
date was worth ₹2,754 crore and during the pandemic, it sold ~₹736 crore. The sale consideration
was ~₹12,000 crore.
• After getting the approvals of the forest department, the work in the Netaji Nagar project is
progressing, with one more tender which is currently live for General Pool Office Accommodation
(GPOA).
• In the Amrapali projects, the company awarded 24 contracts out of which 2 projects have been
completed. The construction work is in progress for the remaining 22 projects. Handover to the own
buyers was given for the 2 projects. Revenue to be generated from this project is expected to be
~₹8,000 crore
FUTURE ROADMAP
• The revenue is expected to reach at ~₹5,500 crore for FY21 and most of it would be from the PMC
segment. As on date, re-development projects include Nauroji Nagar project and Gomti Nagar
railway station, the revenue from which is expected to be received in the near future.
• Revenue for Q4 FY21 is expected at ~₹2,500 crore on a standalone basis.
• The company is not looking forward for a buyback of shares going forward.
• Margins are expected to improve in FY22 since the company is looking forward to start new projects
of higher value.
• The order that is expected to be secured in the next year would be ~₹8,000 crore. Till now, the order
inflow is ~₹3,000 crore.
• Sale of commercial properties are expected to pick-up going forward.
• For FY22, the company expects to award orders worth ~₹10,000-₹12,000 crore with maximum
number of re-development projects in Sarojini Nagar and Netaji Nagar.
• The revenue guidance for FY22 is ~₹8,000 crore which is expected to increase by another 10%-12%
in FY23.
Disclaimer:
467
OBEROI REALTY LIMITED

 The revenue from operations stood at ₹828.4 crore in Q3 FY21 as against ₹527.4 crore in Q3 FY20,
an increase of 57.1% YoY.
 The net profit grew by 93.5% YoY to ₹286.7 crore in Q3 FY21 v/s ₹148.2 crore in Q3 FY20.
 Adjusted EBITDA margin (including non-operating income) for 9M FY21 was 47.9%.
 The return on net worth and return on capital employed for 9M FY21 was 6.86% and 6.51%,
respectively.
 During the quarter, Evenstar Hotels Private Limited, its subsidiary took possession of hotel property
Ritz Carlton from Oasis Realty for a total consideration of ₹1,040 crore. It repaid ₹102.96 crore
during Q3 in Tranche I non-convertible debentures (₹198 crore) issued by the company.
 The cash and bank balance for 9M FY21 stood at ₹156.7 crore.
 The operating revenue from Oberoi Mall was ₹50 crore with EBITDA of ₹48.5 crore and margin at
97.07% during the quarter. The occupancy was at 93.4%.
 Commerz had an operating revenue of ₹6.1 crore, EBITDA of ₹5.7 crore and margin at 92.09% with
occupancy at 41.6%. Commerz – II operating revenue stood at ₹33.8 crore with an EBITDA of ₹33.1
crore and margin at 98.02% with an occupancy at 97.4% during the quarter.
 During the quarter, the operating revenue of The Westin Mumbai Garden City was ₹11.3 crore with
EBITDA loss of ₹0.08 crore and margin at -0.72%. The average room rate was ₹5,669 with occupancy
at 37% and revenue per available room (RevPAR) was ₹1,957.
 The development properties Eternia and Enigma was at 68% and 66% completion levels,
respectively. The completion rate for Sky City Tower (A-D) and Tower E stood at 75% and 49%,
respectively.
 The total area booked in Q3 FY21 from its development properties (Exquisite, Esquire, Maxima,
Eternia, Enigma, Sky City) stood at 4,85,769 square feet. The units booking stood at 231 and
collection was ₹499.2 crore out of the sale value of ₹849.5 crore.
 The gross value of flats sold (excluding subvention cost) was ₹1,016 crore during the quarter.
 It sold 100 flats in Borivali, Mumbai in Q3.
468
Concall Summary
OBEROI REALTY LIMITED
KEY HIGHLIGHTS
 The total saleable area launches for the upcoming quarter would be ~40-50 lakh square feet, with
three towers in Borivali of ~24-25 lakh square feet, two towers in Goregaon of ~9 lakh square feet
and Thane tower of ~10 lakh square feet.
 No fresh deployment of capital was made during Q3.
 Consumption from Oberoi mall witnessed a healthy recovery on a month on month basis.
FUTURE OUTLOOK
 The company expects the prices of real estate to increase from the upcoming quarters on account of
increase in commodity prices and registration & stamp duty related costs.
 The company had most if its registered sales booking (Mulund & Borivali) in the month of December,
2020 and it expects to receive full consideration by the end of Q4.
 It expects its projects, Sky City to be completed by March or June, 2022. By fiscal year 2023, all its
ongoing projects are expected to be complete.
Disclaimer:
469
SUNTECK REALTY LIMITED

Revenue: ₹204.8 cr (▲19.7%) Net Profit: ₹22.1 cr (▼15.3%)
• Revenue from operations for Q3 FY21 was ₹204.8 crore which increased by 19.7% YoY from ₹171.1
crore in Q3 FY20. For 9M FY21, it witnessed a de-growth of 15.9% YoY and stood at ₹400.8 crore v/s
₹476.6 in 9M FY20.
• Net profit for the quarter stood at ₹22.1 crore and witnessed a de-growth of 15.3% from ₹26.1 crore
in Q3 FY20. The net profit margin was 11% for Q3 FY21.
• EBITDA for the quarter registered a de-growth of 8.2% YoY and was ₹45 crore as against ₹49 crore in
Q3 FY20. For 9M FY21, it decreased by 44.0% YoY and was ₹89 crore v/s ₹159 in 9M FY20.
• The operating margin was 22% for Q3.
• The net debt-to-equity ratio increased to 0.24x as on 31st December, 2020.
• The net worth (provisional) of the company as on 31st December, 2020 was ₹2,849.3 crore.
• The net cash flow from operating activities (provisional) stood at ₹53.5 crore in Q3 FY21.
• The net debt (provisional) of the company as of 31st December, 2020 was ₹672.3 crore as against
₹704.1 crore last year.
• The pre-sales (new bookings) for the quarter were ₹349.2 crore, an increase of 74.6% QoQ and 7.3%
YoY. For 9M FY21, it witnessed a de-growth of 6.1% from ₹650.4 crore in Q3 FY21 as against ₹612.8
crore in 9M FY20.
• Of the total pre-sales mix, the Oshiwara District Centre (ODC) and Naigaon contributed 54% and 18%,
respectively in Q3 FY21.
• The collections during the quarter witnessed a growth of 52.6% YoY and stood at ₹252.5 crore as
against ₹165.5 crore in Q3 FY20. For 9M FY21, it witnessed a de-growth of 15.1% from ₹458.6 crore
as against ₹540.1 crore in 9M FY20.
• Of the total collections the ODC and Naigaon contributed 45% and 26%, respectively for Q3 FY21.
• It witnessed a strong demand in the residential sector in Mumbai Metropolitan Region (MMR), due to
reduction in stamp duty and lower home loan rates.
UPDATES
• In Q3 FY21, the company launched tower two at 4th Avenue at Sunteck City & Sunteck MaxxWorld at
Naigaon.
470
Concall Summary
SUNTECK REALTY LIMITED
• The projects like Gilbert Hill and Sunteck City Avenue 1 had received occupancy certificate in Q3 FY21.
• The management indicated that the residential sales in Mumbai are further expected to increase at
the rate of ~10%-15% in the coming years.
Disclaimer:
471
GODREJ PROPERTIES LIMITED

• Revenue from operations decreased by 55.5% YoY to ₹170.5 crore in Q3 FY21 and by 74.0% YoY to
₹332.3 crore in 9M FY21.
• EBITDA stood at ₹81 crore while adjusted EBITDA (EBITDA + interest included in cost of sale) stood at
₹96 crore in Q3 FY21. It was ₹198 crore and ₹222 crore, respectively in 9M FY21.
• Net profit de-grew by 69.2% YoY to ₹14.4 crore in Q3 FY21. The company reported a net profit of ₹2.2
crore in 9M FY21.
• Cash inflow during the quarter was ₹1,257 crore and net operating cash flow was ₹445 crore.
BUSINESS HIGHLIGHTS
• Total booking value stood at ₹1,488 crore, up by 25% YoY and 38% QoQ.
• Total number of homes sold during the quarter was 2,236 with a total are of 2.4 million sq. ft.
• In 9M FY21, it sold an area of 6.6 million sq. ft. worth ₹4,093 crore, growing 16% YoY.
• It sold 5,22,048 sq. ft. with a booking value of ₹312 crore in Godrej Green Cove, Pune.
• It sold 4,91,145 sq. ft. with a booking value of ₹279 crore in Godrej Retreat, National Capital Region
(NCR).
• In The Highlands, Panvel, the total sales stood at 3,73,814 sq. ft. with a booking value of ₹244 crore.
• Two joint venture projects contributed to the revenue during the quarter: Godrej Air, Bangalore and
Godrej 101, NCR.
• On digital front, the company is working on GPL application where one can do full sales online.
BUSINESS DEVELOPMENTS
• The company added two new residential projects in Bangalore with a combined saleable area of ~4.1
million sq. ft in Q3 FY21.
• The Sarjapur, Bangalore project offers a saleable area of ~1.6 million sq. ft. comprising of residential
apartments of various configurations.
• The Whitefield, Bangalore project offers a saleable area of ~2.5 million sq. ft.
472
Concall Summary
GODREJ PROPERTIES LIMITED
FUTURE OUTLOOK
• The management expects to launch 12 projects in Q4 FY21.
• The percentage of new launches in H2 FY21 is expected to be much higher than H1.
• A good traction from Godrej R K Studio, Chembur is anticipated in Q4 FY21.
• The operations in the hotel project are expected to commence in FY23.
Disclaimer:
473
474
SUN TV NETWORK LIMITED

• Revenue from operation for Q3 FY21 grew by 17.3% to ₹994.1 crore as against ₹847.8 crore in Q3
FY20. The revenue from operation for 9M FY21 de-grew by 14.0% and stood at ₹2,374.3 crore v/s
₹2,761.7 crore in FY20.
• The net profit increased by 15.8% to ₹445.4 crore in Q3 FY21 v/s ₹384.7 crore in Q3 FY20. For 9M FY21
the net profit decreased by 9.0% YoY and stood at 1,037.7 crore.
• EBITDA in Q3 FY21 witnessed a growth of 3.5% and stood at ₹600.7 crore v/s 580.4 crore in Q3 FY20.
• The total comprehensive income for the quarter was up by 18.3% from ₹373.3 crore in Q3 FY20 to
• The earning per share was ₹11.3 as against ₹9.76 in Q3 FY20, registering a growth of 15.8% YoY.
• The company declared an interim dividend of ₹5 per share in this quarter.
• The subscription revenue during the quarter grew by 3.0% YoY from ₹411.9 crore in Q3 FY20 to ₹424.1
crore in Q3 FY21. The international subscription revenue and digital revenue was ₹29 crore and ₹200
crore, respectively in this quarter.
• It witnessed a marginal growth due to subdued demand in the festive seasons and some pending
agreements.
• The advertisement revenue during the quarter was ₹309 crore.
• The depreciation and amortisation expense as of 31st December, 2020, stood at ₹74.2 crore.
• During the quarter the total number of subscribers increased marginally.
• The company has 5 movies in its pipeline with an aggregate investment of ~₹300-₹350 crore. Out of
the 5 movies, it expects to release 3 in FY22 and rest would be released in FY23. Apart from these
movies, the company has 10 other movies in its pipeline.
FUTURE OUTLOOK
• The company expects an increase in subscription prices going forward.
• A double-digit growth in revenue and net profit is anticipated for FY22.
• The company would focus more in the Bengali and Marathi cinema and plans to make substantial
investments towards it.
475
Concall Summary
SUN TV NETWORK LIMITED
• Television programmes would witness a revenue growth of 20% (FY20 as the base) in the coming year.
Disclaimer:
476
GTPL HATHWAY LIMITED

• Revenue from operations declined by 5.1% YoY to ₹647.2 crore in Q3 FY21. Excluding engineering,
procurement and construction (EPC) contract, revenue grew by 21% YoY to ₹553 crore.
• EBITDA was higher by 11% YoY to ₹149.5 crore with a margin of 22.8%. Excluding EPC, it saw a rise of
20% YoY to ₹142.1 crore with a margin of 25.7%.
• EPC contract revenue, EBITDA and profit before tax stood at ₹102.6 crore, ₹7.4 crore and ₹7.2 crore,
respectively.
• Profit after tax (PAT) grew by 34.4% YoY to ₹52.4 crore in Q3 FY21.
• The company reduced its net debt by ₹88.7 crore in 9M FY21 and ₹351.1 crore in the last 4 years. The
net debt stood at ₹39.2 crore on 31 December, 2020.
• In 9M FY21, write-backs amounted to ₹3.9 crore.
• The company reported a revenue of ₹452.1 crore for the quarter. Revenue (excluding EPC) was at
₹349.5 crore, up by 9% YoY during Q3 FY21.
• EBITDA was ₹83.7 crore with a margin of 18.5%. Excluding EPC, it stood at ₹76.3 crore with a margin
of 21.8%.
• PAT stood at ₹29.7 crore at the end of the quarter.
BUSINESS SEGMENTS
BROADBAND
• Broadband revenue was up by 84% YoY to ₹77.8 crore. EBITDA margin was 40%.
• The company had an additional 55,000 subscribers during the quarter and 1,85,000 subscribers during
9M FY21. The total active subscribers stood at 5,90,000 on 31 December, 2020.
• The subscriber base grew by ~2.3x in the last 4 years.
• The company added 4,70,000 new home-pass in 9M FY21, taking the total to 3.8 million home-pass
as on 31 December, 2020. It incurs ~₹500 in creating one home-pass.
• Average data consumption per customer was 205 GB per month in December, 2020, up by 63% YoY
from 126 GB per month in December, 2019.
• Average revenue per user (ARPU) grew by 7% YoY to ₹445 in Q3 FY21.
477
Concall Summary
GTPL HATHWAY LIMITED
CABLE TV (CATV)
• CATV subscription revenue grew by 5% YoY to ₹271.8 crore. EBITDA margin stood at 24%.
• The subscriber base saw a rise of ~1.8x in the last 4 years.
• Total seeded set top boxes (STBs) were 10.61 million and active subscribers during last 60 days stood
at 7.9 million.
• The segment recorded an ARPU of ₹123 in the quarter.
CAPEX
• The capex till date was ₹237 crore comprising of ₹116 crore in Broadband segment and ₹121 crore in
CATV segment.
• The capex estimated for FY21 and FY22 is ₹300-310 crore.
FUTURE OUTLOOK
• The company has planned to launch the hybrid box in Q4 FY21, providing CATV services along with
broadband & over-the-top (OTT) services by tying up with different service providers.
• The management expects some write-backs in Q4 FY21. No provision for doubtful debts is anticipated
in the next quarter.
• An increase in ARPU in the broadband segment is likely to occur due to higher speed packages
preferred by consumers. The ARPU is expected to stabilise at ₹475-₹500. This segment is anticipated
to give better traction in the long term.
• The subscriber base in CATV and Broadband segment is expected to grow at 50% and 100%-120%,
respectively, in the next 3 years.
Disclaimer:
478
PVR LIMITED
Revenue: ₹45.4 cr (▼95.0%) Net Profit: ₹-49.2 cr (▼235.5%)
• Revenue from operations decreased by 95.0% YoY and increased by 12.2% QoQ to ₹45.4 crore in Q3
FY21.
• Net loss stood at ₹49.2 crore in Q3 FY21 v/s a net profit of ₹36.3 crore in Q3 FY20.
• The company had over ₹370 crore of liquidity available as on 31 December, 2020.
• The net debt as on 31 December, 2020 was ₹1,127.5 crore.
KEY HIGHLIGHTS
• During the quarter, the Ministry of Home Affairs allowed cinemas to reopen with 50% capacity from
15 October, 2020. Thereafter, various states, except Rajasthan and Jharkhand, issued their respective
notifications for cinema reopening in a staggered manner. The above mentioned two states together
contribute ~6%-7% to the revenue as far as Hindi films are concerned.
• There was a waiver of entertainment tax for few months in the state of Kerala.
• The company settled with landlords for a complete or partial waiver or discounts for rental and
common area maintenance (CAM) for 88% of cinemas for the lockdown period. Further, it also
negotiated discounts or rebates in the form of revenue share or reduction in minimum guarantee post
re-opening until 31 March, 2021.
• The negotiations helped the company in reducing rental and CAM expenses by ₹444 crore in 9M FY21
as compared to 9M FY20, representing a reduction of 80%.
• It continued its aggressive cost management strategy and sufficient liquidity on the balance sheet
which resulted in fixed cost reductions of 63% YoY during the quarter.
• The average ticket price (ATP) and spend per head (SPH) during the quarter stood at ₹164 and ₹95,
respectively.
UPDATE
• The Board of Directors of the company, subject to shareholder’s approval, provided an enabling
resolution to raise equity for an amount not exceeding ₹800 crore.
• This is aimed at reducing the level of leverage and further strengthen the liquidity position to recover
as the impact of the pandemic recedes.
479
Concall Summary
PVR LIMITED
FUTURE OUTLOOK
• It expects cash burn to be lower in the upcoming few months.
• Due to restructuring, the management looks forward to a permanent reduction in the fixed cost and
a minimum of 10%-15% long time reduction in employee and overheads costs.
• After the release of Tamil movie ‘Master’, the management expects the Bollywood industry to start
releasing high quality content in the near future.
• An increase of 4%-5% over pre-Covid level in ATP is expected.
• No significant change in per screen capital expenditure is anticipated in the near future.
Disclaimer:
480
481
BALRAMPUR CHINI MILLS LIMITED

• Revenue from operations stood at ₹1,072.2 crore in Q3 FY21 as against ₹1,195.8 crore in Q3 FY20,
which declined by 10.3% YoY.
• Net profit declined by 62.9% in Q3 FY21 at ₹26.9 crore from ₹72.5 crore in Q3 FY20.
• EBITDA for the quarter stood at ₹36.4 crore, a decline of 66.9% YoY.
• As on 31st December, 2020, long term borrowings of the company stood at ₹385.8 crore. Long term
debt to equity (D/E) ratio stood at 0.17 as on 31st December, 2020.
• The Board declared an interim dividend of ₹2.50 per equity share, aggregating a total dividend payout
of ₹52.5 crore.
• The revenue from sugar segment was ₹1,032.2 crore in Q3 FY21, a decline of 10.5% YoY. The sugar
production decreased by 8.8% YoY. The sale of domestic sugar witnessed a growth of 19.3%.
• Sugar inventory was 21.36 lakh quintal as on 31st December, 2020, valued at an average rate of
₹31.51/kg as against 44.22 lakh quintal in Q3 FY20 at an average rate of ₹31.64/kg. The company was
able to reduce the sugar inventory due to export of sugar and diversion of sugarcane into B-heavy
route to maximize ethanol production.
• The sugarcane crushed was 263.21 lakh quintal during Q3 FY21 and sugar production was 25.72 lakh
quintal. The average domestic realization from sugar was ₹32.45/kg.
• The revenue from distillery was ₹134.8 crore in Q3 FY21, an increase of 31.2% YoY with total ethanol
sales increasing by 27.7% YoY.
• The revenue from co-generation segment stood at ₹111.6 crore in Q3 FY21, an increase of 2.2% YoY.
• Power sales increased by 0.8% YoY and stood at 11.3 crore units with an average price realisation of
₹3.18 per unit.
• As on 31st December, 2020, stock of bagasse stood at 1.51 lakh mt as compared to 1.16 lakh mt as on
FUTURE OUTLOOK
• The company would be utilising its B-heavy ethanol production to keep the inventory low.
• Announcements on revision of minimum selling price (MSP) and state advised price (SAP) for
sugarcane for the current sugar season are awaited by the company.
482
Concall Summary
BALRAMPUR CHINI MILLS LIMITED
• The announcement of export quota along with financial assistance is expected to lead to a drawdown
in inventory levels and help maintain the demand-supply balance.
• Going forward, the shift to B-heavy will result in better performance in the distillery segment. It
expects a revenue of ₹17-₹17.5 crore from its distilleries in the upcoming years. The revenue would
be ~₹30 crore after the new plant gets started.
• The company would require export subsidy for the next 2-3 years until its capacity expansion is fully
commissioned. Subsidies are set for one year from 1st October, 2020. It has met its 6 million tonne
export quota under the scheme.
Disclaimer:
483
CCL PRODUCTS (INDIA) LIMITED

• Revenue from operations decreased by 2.1% to ₹296.2 crore in Q3 FY21 from ₹302.7 crore in Q3 FY20.
9M FY21 revenue from operations stood at ₹907.6 crore v/s ₹874.6 crore in 9M FY20.
• Net profit increased by 0.2% at ₹47.1 crore in Q3 FY21 from ₹47.0 crore in Q3 FY20. 9M FY21 net profit
stood at ₹133.1 crore v/s ₹123.7 crore in 9M FY20.
• EBITDA stood at ₹72.4 crore in Q3 FY21 v/s ₹84.8 crore in Q3 FY20. 9M EBITDA stood at ₹212.97 crore
v/s ₹216.7 crore in 9M FY20.
• Small pack revenue increased 40% QoQ and contributed 15%-20% of the revenues in Q3 FY21.
• The revenue from domestic business stood at ₹105.0 crore in Q3 FY21.
• The company’s volumes were at similar levels YoY in 9M FY21.
• Realized MEIS (Merchandise Exports from India Scheme) proceeds during the quarter were nil. The
MEIS incentive received by the company stood at ₹33.0 crore in the previous quarter. As on 31st
December, 2020, the company had accumulated MEIS arrears of ₹28.0 crore which will be utilized in
the next 2-3 quarters.
BUSINESS HIGHLIGHTS
• The company’s capacity stood at 35,000 tonne as on 9M FY21.
• The performance was muted in the quarter on account of logistics issue of non-availability of
containers which caused a delay in dispatches of ₹50.0-₹60.0 crore in the quarter.
• The company’s imports also faced a logistics issue on account of non-availability of containers. It
managed to raise inventory levels to protect production constraints.
• There was no loss in order book as the customers would need three months of lead time to change
the supplier.
• Orders from Russia were pushed by two months to Q4 FY21. This would also cause spillovers to be
seen in Q1 FY22.
• Capacity expansion process in India and Vietnam is expected to complete by the end of FY21 and
commissioning would take place in Q1 FY22.
484
Concall Summary
CCL PRODUCTS (INDIA) LIMITED
FUTURE OUTLOOK
• The company committed ₹14.0 crore for advertisement expenses in FY21.
• It aims to add 3,500 tonne in capacity in CY21 and targets a capacity utilization of 80%-85%.
• The container unavailability issues are being tackled by the company by utilizing imported containers
for exports and by timing imports correlating to the dispatch schedules. It expects this issue to be
resolved in 1-1.5 months.
Disclaimer:
485
486
THE INDIAN HOTELS COMPANY LIMITED

• Revenue from operations declined by 59.2% at ₹559.9 crore in Q3 FY21 from ₹1,372.7 crore in Q3
FY20.
• Net loss stood at ₹133.2 crore in Q3 FY21 v/s a profit of ₹213.2 crore in Q3 FY20.
• EBITDA for Q3 FY21 stood at ₹38.0 crore in Q3 FY21.
• Net debt (consolidated) stood at ₹3,079.0 crore with weighted average cost of debt (WACD) at 6.6%
• Revenue per occupied room (Revpar) stood at ₹3,424 for domestic hotels including Ginger, in
December, 2020.
• Food & Beverage (F&B) revenues and room revenues stood at ₹353.0 crore and ₹384.0 crore
respectively in Q3 FY21.
• Occupancy was 45.6% in Q3 FY21 and 54.5% during the month of December, 2020.
• The company opened 6 new hotels and signed 14 hotels in the quarter.
• Fixed costs decreased by 26.8% YoY in 9M FY21.
• Staff to room ratio stood at 1.14 in December, 2020 v/s 1.53 in April, 2020.
• The total contribution towards profitability on account of lease cost savings & sale of residential
apartments stood at ₹64.0 crore in 9M FY21.
BUSINESS HIGHLIGHTS
• The company’s presence in the eastern part of India was strengthened with the signing of three Taj
hotels, two in Kolkata and one in Patna.
• Four new hotels across its brands were opened which included: The Connaught SeleQtions hotel in
New Delhi, Taj Skyline in Ahmedabad, Taj Chia Kutir in Darjeeling and a new Ginger hotel in
Kalinganagar.
• It expanded its Stays and Trails portfolio by opening four new villas, two in Goa, one in Lonavala,
Maharashtra and one in Thiruvananthapuram, Kerala.
• The company collaborated with Tata Power to provide solar energy for Mumbai hotels.
487
Concall Summary
THE INDIAN HOTELS CO LIMITED
• The company launched India’s first on-site brewpub at Taj MG Road, Bengaluru, in partnership with
AB InBev.
ACQUISITIONS
• It signed a binding agreement to acquire 100% shareholding in ELEL Hotels and Investments Limited
(ELEL) for the Sea Rock hotel.
• It acquired 50% stake in Tata Africa Holdings by restructuring Taj Cape Town which would be a wholly
owned subsidiary of Indian Hotels Company Limited (IHCL), going forward.
GINGER HOTELS
• Ginger hotels saw 60% occupancy levels as compared to last year, in December, 2020.
• 9M FY21 revenue stood at 57% of previous year’s levels.
• It had a 31% cost reduction for 9M FY21.
FUTURE OUTLOOK
• The company expects to outperform its competition in key leisure markets like Goa, Rajasthan,
Rishikesh and others.
• As the economy recovers and business picks up, the company expects room revenues to rise in the
coming quarters.
Disclaimer:
488
EIH LIMITED
• Revenue from operations stood at ₹179.2 crore in Q3 FY21 as against ₹509.6 crore in Q3 FY20, which
declined by 64.8% YoY. For 9M FY21, revenue from operations stood at ₹280.8 crore.
• Net loss was ₹55.8 crore in Q3 FY21 v/s net profit of ₹102.6 crore in Q3 FY20. For 9M FY21, the net
loss was ₹326.6 crore.
• The company reduced its borrowings by 33% YoY and ₹151.0 crore in Q3 FY21. The net debt stood at
₹250.0 crore as on 31st December, 2020.
• The weighted average cost of debt stood at 7.86% and the company had undrawn debt facilities of
₹482.0 crore.
• The company concluded its ₹350.0 crore rights issue at ₹65 per share which was oversubscribed.
BUSINESS HIGHLIGHTS
• The company was able to reduce its fixed costs by 29% and variable costs by 65% YoY in 9M FY21.
• Operational efficiencies improved by decreasing advertising and publicity costs, payroll expenses,
power and fuel costs, passage and travelling expenses and decrease in consumables.
• Occupancy growth was highest in Kerala followed by Dubai and Himachal Pradesh in Q3 FY21.
• The food and beverage (F&B) revenues saw a recovery as people started stepping out more in the
festive season and comprised 55.1% of the total revenues during the quarter and contributed 48.8%
of the total revenues in 9M FY21.
• The room revenues comprised 28.3% of the total revenues during the quarter.
AFFILIATE PERFORMANCE
• During the quarter, the revenue from operations of the affiliates stood as follows: EIH Associated
Hotels Limited at ₹37.1 crore, Mashobra Resort Limited at ₹15.2 crore, Mumtaz Hotels Limited at ₹7.1
crore, Mercury Car Rental Private Limited at ₹50.0 crore, EIH International Limited (Consolidated) at
₹3.6 crore and EIH Flight Services (Mauritius) at ₹2.2 crore.
FUTURE OUTLOOK
• F&B is expected to continue to be a major driver of recovery and growth for the company.
489
Concall Summary
EIH LIMITED
• As the economy recovers and business picks up, the company expects room revenues to rise in the
coming quarters.
• Hotel occupancy was not hit as strongly as airline bookings and the company expects the tourism
industry to come back to normal levels in the coming quarters.
Disclaimer:
490
BURGER KING INDIA LIMITED

• Revenue from operations for decreased by 28.4% from ₹227.9 crore in Q3 FY20 to ₹163.2 crore in Q3
FY21.
• The net loss for the quarter stood at ₹29.0 crore v/s ₹21.7 crore in Q3 FY20, i.e., a growth of 33.6%.
• The gross profit margin in Q3 FY21 was 63.9%.
• Company EBITDA for the quarter was ₹240.9 crore with a de-growth of 7.6% YoY.
• The stores count as of 31st December, 2020 is 270. In this quarter, there was a net addition of 9 stores.
On year-to-date basis, net stores added in FY21 were 10.
BUSINESS HIGHLIGHTS
• In Q3 FY21, there was a strong revenue recovery of 72% YoY accompanied by higher recovery than
industry levels in western and southern region. The recovery in north region was low due to farmer
protest and restrictions in Punjab.
• In January, 2021, the revenue recovered to 99% of pre-Covid levels, with higher recovery across mall
portfolio and north region.
• On the basis of region, as of January, 2021, the company’s stores ADS recovery was at 93% in western
region, 88% in the southern and eastern region and 79% in the northern region.
• As of January, 2021, the recovery in delivery ADS and dine-in ADS was at 106% YoY and 76% YoY,
respectively. And the dine-in and delivery sales mix stood at 62% and 38%, respectively.
• In Q3 FY21, the same store sales growth (SSSG) was -34.8%.
MARKETING INITIATIVES
• During the quarter, the company launched new whopper range along with a new range of 4 premium
burgers (cheese, paneer, tandoori chicken and fiery chicken).
• It also integrated marketing communication to promote its whooper range.
DIGITAL INITIATIVES
• In Q3 FY21, it launched the Burger King application. The app size and load time was reduced by 25%
and 50%, respectively during the quarter.
491
Concall Summary
BURGER KING INDIA LIMITED
IPO UPDATE
• The company was listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange of India)
on 14th of December, 2020 at a premium of 92.3% (at ₹115.4) and 87.5% (at ₹112.5), respectively.
• As of 10th December, 2020 the share price stood at ₹152.4 with a market capitalisation of ₹5,896.0
crore.
FUTURE OUTLOOK
• It plans on addition of 50, 70 and 80 new stores in FY22, FY23 and FY24, respectively, with aggregate
stores of 320 by FY22 and 470 as of FY24.
• In SSSG, it expects the recovery of ADS to FY20 levels by FY22 and a SSSG growth of 5%-7% FY22
onwards.
• The gross profit is expected to grow at 65.5% in FY22 and 67.0% in FY24.
Disclaimer:
492
CHALET HOTELS LIMITED

• Revenue from operations declined by 69.4% to ₹85.1 crore in Q3 FY21 from ₹278.1 crore in Q3 FY20.
• Net loss stood at ₹31.0 crore in Q3 FY21 as against a net profit of ₹33.3 crore in Q3 FY20.
• Net debt was ₹1,811.0 crore as on 31st December, 2020.
• Hospitality revenue for the quarter stood at ₹62.5 crore, a growth of 74.1% sequentially.
• Occupancy was at 33% in Q3 FY21 v/s 25% in Q2 FY21.
• Average daily rate (ADR) stood at ₹4,023.0 and revenue per available room (RevPAR) was at ₹1,318.0
during the quarter.
• EBITDA for the Hospitality segment stood at ₹2.0 crore in Q3 FY21 v/s EBITDA loss of ₹10.7 crore in
Q2 FY21.
• Retail and Commercial segment recorded revenue of ₹22.6 crore and EBITDA of ₹16.8 crore in Q3
FY21.
BUSINESS HIGHLIGHTS
• Food and beverages (F&B) contributed 42% to the total revenue in Q3 FY21 and 32% in 9M FY21.
• Contribution of room revenues to the total revenue was 49% in Q3 FY21 and 59% in 9M FY21.
• Business travel and F&B saw traction during the quarter.
• Hospitality business witnessed ~50% reduction in fixed costs and ~75% reduction in variable costs.
• Staff to room ratio stood at 0.7 in December, 2020.
• Sahar Office Tower was fully leased as on December, 2020.
• Inorbit Mall, Bengaluru, saw gradual pick up in footfalls and 62 out of 70 stores were opened as on
December, 2020.
DEVELOPMENT PIPELINE
• The lobby renovation at Renaissance, Powai was completed. Rest of the renovation at this hotel would
be undertaken in phases.
493
Concall Summary
CHALET HOTELS LIMITED
• The demand dynamics of the Hyderabad market were being assessed for the proposed new Westin
Hotel and would be activated at an opportune time.
• Development of commercial projects at Renaissance Complex, Powai, Mumbai and Marriott Complex,
Whitefield, Bengaluru were back on track and are expected to complete by Q4 FY23 & Q4 FY22
respectively.
• The other projects were put on hold and would be reviewed at regular intervals.
FUTURE OUTLOOK
• The company expects tourism and business travel to pick up in the coming quarters as vaccine
distribution rises in India and rest of the world.
• Going forward, F&B segment is expected to be a growth driver for the company.
Disclaimer:
494
IRCTC LIMITED
 The revenue from operations was ₹224.4 crore in Q3 FY21 v/s ₹716.0 crore in Q3 FY20, which
 During the quarter, the net profit de-grew by 62.1% YoY to ₹78.1 crore from ₹205.8 crore in Q3
FY20.
KEY SEGMENTS
 The revenue from Catering segment declined by 81.8% YoY to ₹49.0 crore in Q3 FY21 as compared
to ₹269.2 crore in Q3 FY20.
 The Rail Neer segment had a revenue of ₹16.9 crore during the quarter v/s ₹58.6 crore in Q3 FY20.
 Internet Ticketing segment revenue stood at ₹143.0 crore, which de-grew by 37% YoY.
 Tourism segment revenue was ₹15.5 crore during the quarter as against ₹94.9 crore in Q3 FY20.
 It ran two Bharat Darshan trains (special tourist train) during November & December, 2020. During
January, 2021, two trips were conducted through it. It plans to complete 14 tours by the end of
FY21. This train carries ~700-800 passengers in it and is carried on for 10-12 days.
 Presently, Indian Railways are running 400 trains.
 There were ~3,500 air ticket bookings per day during Q3 FY21.
 Its railway ticket booking stood at ~8 lakhs per day v/s ~9-9.5 lakhs per day during pre-Covid times.
In Q3 FY21, it had ~5.5 crore tickets booked. The average realisation per ticket was ~₹18 presently as
against ₹20-₹20.5 during pre-Covid times.
 The Internet booking share (e-ticket) was presently at ~91%-92%, and is expected to remain at
current levels going forward. BHIM (bharat interface for money) UPI (unified payments interface)
booking was at ~15% earlier with ~22%-23% bookings presently. The discount on BHIM UPI for AC &
Non-AC segments was ₹20 and ₹10 per ticket, respectively.
UPDATES
 With normalisation in railway operations, EBITDA margins are expected to increase.
 Both pairs of Tejas trains (Mumbai-Ahmedabad & Lucknow-Delhi) would restart from 14th February,
2021. The trains would be operational for four days a week. The ticket prices of its Tejas trains are
~10%-15% higher than Indian railway trains.
495
Concall Summary
IRCTC LIMITED
 For passenger trains, it converted its unreserved coaches into sitting reservation coaches and it
received ~30% booking from this segment.
 Its Rail Neer bottles sell at ₹15 per litre. The company purchases the bottle at ~₹5-₹5.2 per litre and
then includes goods and services tax (GST) and logistics charges, transfers it to seller at ₹10 per litre
for a distance of 15 km and at ₹10.5 for distance above 15 km. It procures a margin of ~₹1.3 per
bottle.
 Most of its plants were commissioned in last three to four years.
 It had deferred its capital expenditure (capex) by one year for all its projects, due to delay in
executions and finalisation of bids from Tourism segment. The planned capex was ~₹150 crore for all
its projects.
 The Miles program is expected to start by the end of FY22 and technical integrations are presently
carried out by the company.
Disclaimer:
496
497
SHOPPERS STOP LIMITED

 During Q3 FY21, the revenue from operations declined by 29.7% YoY to ₹716 crore v/s ₹1,019 crore
in Q3 FY20.
 The net loss was ₹25.1 crore in Q3 FY21 as against a loss of ₹6.5 crore in Q3 FY20.
 EBITDA profit was ₹20.9 crore in Q3 FY21.
 The company had ₹46 crore net cash balance at the end of the quarter. The cash and bank deposits
stood at ₹224 crore as on 31st December, 2020.
 The company continued to maintain its cost saving target of ₹450 crore for FY21, with savings of
₹390 crore till date including ₹75 crore during Q2 FY21.
 All the stores were fully operational from Q3, except Delhi NCR region being particularly impacted
due to local unrest in the month of December, 2020.
 There was an inventory write-off during 9M FY21: ₹5.5 crore in Q1, ₹6 crore in Q2 and ~₹3-₹3.5
crore in Q3.
 The footfall improved on a month-on-month basis with 5% during Q1, 19% during Q2 and 50%
during Q3 FY21 as compared to last year. This was on account of an improvement in footfall in non-
metro cities, especially in tier 1 and tier 2 cities with recovery in sales.
 The eastern zone outperformed other zones with footfall growing at 36% in metro stores during
October and November and 6% in December, 2020.
 The non-metro cities achieved 77% of last year sales.
 The company has 61,000 online stock-keeping units (SKUs) currently, with an addition of ~50 digital
stores in Amazon with the turnaround time for cost per transaction at 99%.
BUSINESS HIGHLIGHTS
 The omni-channel sales grew by 3x as compared to last year and contributed 6% towards total sales
during Q3, i.e., an increase of 440 bps over last year.
 It generates ~80% online sales from its Shoppers Stop website/application and ~20% from Amazon
and new digital sales channel of MAC cosmetics.
498
Concall Summary
 The First Citizen contributed 83% towards sales with new member enrolment at 3,09,000 members
including 6,000 Black Card members and 33% repeat sales from new members. Its contribution from
omni-channel platform was 20.45% towards its sales.
 25,000 members shopped on the Digital First platform, which increased by 13,000 as against last
year and sales contribution stood at 20%.
 The Personal Shoppers segment contributed 16% towards total sales. It introduced chat enabled real
time interaction and an in-house application was launched exclusively for personal shoppers. The
repeat customers served by personal shoppers generated sales of ~₹65 crore.
 The Private & Exclusive brands contributed 13.4% towards revenue. The company expanded its
sleepwear, loungewear and innerwear categories.
 The Beauty brands segment contributed 15.7% towards the business with new brand launches in
Fragrances and Men’s grooming category. It expects to open new stores of its Arcelia Private label
brand.
UPDATES
 The rights issue of ₹299.17 crore was oversubscribed which helped in the payment of ₹125 crore of
debt.
 The company’s store count was at 84, with 73 stores in shopping malls and 11 standalone stores.
 It witnessed 75%-80% sales recovery during festive season and from end-of-season sale.
 The non-rental savings are higher than rental savings of the company.
 The company completed its tech civilisation project during November, 2020 with 30 million visits
during Q3 and delivery time reduced to 4.4 days.
 It launched a “Too Faced” store in Promenade Mall, Delhi.
FUTURE OUTLOOK
 The company expects to grow as traffic in malls resume and food courts become functional.
 There could be further write-off in inventory.
 It anticipates bigger opportunity from kids apparel segment and growth in men’s casual segment.
 It would close 5-7 stores and plans on opening 10-12 departmental stores of ~2,50,000 sq feet,
especially in tier 2 cities during Q1 FY22.
 The refurbishment cycle for Shoppers Stop stores till date was 5-7 years and going forward it would
be 3-5 years.
 The Covid impact would continue for the next two quarters. ~15%-25% contribution is expected
from the omni-channels segment in the next 2-3 years.
 It is working on beauty make-up experiences for virtual make-up and skin analysers that would be
launched in the month of February, 2021.
 The structural changes included lower store size at 20,000-30,000 sq feet v/s 30,000-40,000 sq feet
earlier.
499
Concall Summary
Disclaimer:
500
V-MART RETAIL LIMITED

Concall Date: 25 January 202 1
Revenue: ₹470.0 cr (▼16.4%) Net Profit: ₹47.9 Cr (▼17.7%)
• Revenue from operations decreased by 16.4% to ₹470 crore in Q3 FY21, from ₹562.2 crore in Q3
FY20. 9M FY21 revenue stood at ₹723.6 crore, down 45.6% from ₹1329.4 crore in 9M FY20.
• Net profit decreased by 17.7% to ₹47.9 crore in Q3 FY21, from ₹58.2 crore in Q3 FY20. The net loss
for 9M FY21 stood at ₹47.3 crore, down 181.8% from profit of ₹57.8 crore in 9M FY20.
• EBITDA decreased by 11.1% to ₹104 crore in Q3 FY21, from ₹117 crore in Q3 FY20.
• The revenue from operations recovered substantially on a QoQ basis due to the combined effect of
festive season, marriage related shopping, winter shopping and lifting of lockdown.
• UP and Bihar accounted for about 66% of the total sales in the quarter.
• EBITDA recovery was due to cost efficiencies and proactive inventory management measures taken
by the company.
• The company launched 11 new stores in the quarter, taking the new store launches in the CY20 to
13. Majority of new store launches were in Uttar Pradesh and Bihar, with the rest in Rajasthan,
Assam, Madhya Pradesh and Jharkhand.
• The average basket size (ABS), apparel average selling price (ASP), and conversion stood 9%, 2% and
7% higher YoY, respectively.
• Sweatshirts, jackets, cardigans, and pullovers were the highest selling categories for both men and
women. Sales of trendy casual wear and street wear also saw a comeback.
• The company marked the beginning of festive shopping by offering a gold coin to lucky customers to
increase footfalls and saw good traction of customers.
• Rural areas and tier 2-4 cities saw better demand than metros and tier 1 cities.
FUTURE OUTLOOK
• The company expects apparel demand to be low till people start stepping out of their homes more.
• There has been no reduction in salaries since the beginning of the quarter and employee costs are
expected to rise as demand improves.
• The company held the lowest levels of inventory in the quarter, the inventory levels will be increased
going forward as sales pickup.
501
Concall Summary
V-MART RETAIL LIMITED
Disclaimer:
502
503
PAGE INDUSTRIES LIMITED

FY20.
• Net profit stood at ₹153.7 crore in Q3 FY21, an increase of 76.7% from ₹87.0 crore in Q3 FY20.
• PAT (profit after tax) margins stood at 17% during the quarter aided by growth in revenue and
efficient control on operating costs.
• EBITDA increased by 62.9% YoY and stood at ₹226.1 crore in the quarter. EBITDA margins stood at
24% in Q3 FY21.
• Cash and Cash Equivalents stood at ₹494.1 crore as on 31st December, 2020.
• Operating costs stood at ₹141.7 crore in the quarter and declined by 5% YoY on account of cost
optimization efforts.
• The company repaid all its outstanding borrowings during the quarter and became debt-free.
• Operating costs for 9M FY21 was ₹305.8 crore, i.e., a reduction of 31% YoY.
• Net working capital stood at ₹551.8 crore as on 31st December, 2020.
BUSINESS HIGHLIGHTS
• The company’s units were re-certified by Worldwide Responsible Accredited Production (WRAP)
during the quarter for safe, lawful and ethical manufacturing.
• Athleisure and Kids wear witnessed traction and growth in sales during the quarter. The company
expects these segments to grow on a MoM basis in the upcoming quarter.
• More than 94% of the MBO’s (multi brand outlets) were reopened and functional during the quarter.
• 93% of the LFS’s (large format stores) were functional during the quarter.
• All the 873 EBO’s (exclusive brand outlets) were reopened and functional during the quarter.
• Volumes increased by ~10% YoY in the quarter.
504
Concall Summary
PAGE INDUSTRIES LIMITED
FUTURE OUTLOOK
• The company expects margins to be sustainable at ~21%-22% in the near future.
• Going forward, rural areas, tier 3 and tier 4 cities are expected to be the growth-drivers for the
company.
Disclaimer:
505
506
SYNGENE INTERNATIONAL LIMITED

 The revenue from operations grew by 12.6% YoY to ₹584.5 crore in Q3 FY21 v/s ₹519.1 crore in Q3
FY20.
 Net profit during Q3 FY21 was ₹102.2 crore as against ₹91.8 crore in Q3 FY20.
 EBITDA for the quarter was ₹193 crore. EBITDA margin stood at 32% during Q3 FY21.
 The basic and diluted earnings per share stood at ₹2.57 and ₹2.55 in Q3.
 Effective tax rate was 12.3% in Q3 FY21 v/s 13.9% in Q2 FY21.
 Foreign exchange gain was ₹12 crore for 9M FY21.
BUSINESS HIGHLIGHTS
 It collaborated with Deerfield Discovery and Development (3DC) to advance integrated drug
discovery projects, from early target validation through preclinical evaluation. During the quarter,
3DC assigned four antibody discovery projects in oncology and auto immune diseases to Syngene
which would be executed from 2021 onwards.
 The company had expanded its research facility in Genome Valley, Hyderabad and added capacity
for additional 90 scientists. The facility was commissioned during February, 2020 with an initial
capacity of 150 scientists.
 It completed testing of more than 1,00,000 samples at its Covid testing facility. It also set up a new
reverse transcription-polymerase chain reaction (RT-PCR) testing facility which had been approved
by the National Accreditation Board for Testing and Calibration Laboratories (NABL) and Indian
Council of Medical Research (ICMR).
 In the Discovery Sciences division, it received NABL accreditation to provide safety assessment
services for testing medical devices from its Bangalore facility.
 The capex for 9M FY21 as part of ongoing plan was ~$53 million which was utilised as follows: $8
million towards commercial active pharmaceutical ingredient (API) manufacturing, $16 million was
invested towards discovery services, $15 million for dedicated research and development centers
(R&D), $7 million for biology manufacturing facilities and $7 million in development services and
other areas.
507
Concall Summary
SYNGENE INTERNATIONAL LTD
UPDATES
 Going forward, a part of capex would be rolled over to next year due to delay in execution. ~$100
million of capex had been utilised towards its Mangalore plant and it expects to generate revenue
out of it in the coming years.
 The company extended the space in Hyderabad facility centre and carried out expansion in
Bangalore campus, on account of which depreciation expense was higher during the quarter.
 Its operating facilities in India were less impacted by the pandemic than Europe and US and now the
company is operating at near normal levels for all its segments.
 The operational expenditure (opex) cost from its Mangalore project was ~3%.
Disclaimer:
508
JUST DIAL LIMITED

• Revenue from operations for Q3 FY21 decreased by 28.0% YoY and increased by 1.2% QoQ to ₹169.5
crore.
• Operating EBITDA for the quarter stood at ₹38.1 crore, lower by 43.1% YoY. Adjusted EBITDA,
excluding employees stock option plan, declined by 32.3% YoY to ₹48.2 crore with a margin of 28.4%,
contracting by 183 bps YoY.
• Other income stood at ₹30.4 crore for the quarter.
• Net profit de-grew by 19.5% YoY to ₹49.9 crore in Q3 FY21.
• Cash & Investments stood at ₹1,509.6 crore on 31st December, 2020 compared to ₹1,535.7 crore on
31st December, 2019 and ₹1,427.4 crore on 30th September, 2020.
• Deferred revenue stood at about ₹305.3 crore which increased by 9.2% QoQ.
BUSINESS HIGHLIGHTS
• Q3 FY21 collections were down by 13.6% YoY and grew by 22.0% QoQ. Overall, monthly monetization
stood at ~80% of pre-Covid levels.
• To optimize discretionary costs, the company had curtailed its advertising spends (both digital and
non-digital) from April, 2020. Majority of its traffic was coming organically (without advertising).
• The company had 13.26 crore quarterly unique visitors, declining by 15.6% YoY and rising by 1.5% QoQ
in Q3 FY21. This included 81.7% traffic originated on mobile platforms, 13.5% on desktop and 4.8% on
its voice platform.
• Organic traffic saw a steady recovery from Covid impact and advertising spends were gradually
resuming.
• Total active listings stood at 3.02 crore as on 31st December, 2020 with an increase of 5.5% YoY and
0.7% QoQ. 1,96,107 listings were added (net) to the database during the quarter.
• Active paid campaigns stood at 4,53,800 for the period, a drop of 15.2% YoY and growth of 1.2% QoQ.
• Employee expenses saw a rise of 5.2% sequentially due to increase in headcounts which was up
sequentially by 10%. The company resumed hiring primarily in sales.
• Traffic mix: 50% from Tier-1 cities and 50% from Tier-2 and Tier-3 cities, which contributes ~32% to
the total revenue and 55% to paid campaigns.
• The launch of JD Mart was delayed due to legal challenges.
509
Concall Summary
JUST DIAL LIMITED
FUTURE OUTLOOK
• The management expects to double the spend on advertising and marketing in FY22 as collections
improve.
• Increase in sales personnel is expected to continue in the upcoming quarters.
• Cost optimization on rentals, power & fuel and other expenses excluding employee cost is anticipated
to be recurring in nature.
Disclaimer:
510

EdgeReport 20 03 2021 528

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

EdgeReport 20 03 2021 528

Uploaded by

Copyright:

Available Formats

web.stockedge.

SEBI Registration No. IHN3000007493

“An investment in knowledge pays the best interest” - Benjamin Franklin

HEAD – DATA & RESEARCH

An earnings call is a teleconference, or webcast, between the management of a

It is of pivotal importance to track the performance of a company. The earnings

Automobiles-Trucks/Lcv Tata Motors Ltd. 75,654 5.5% 2,942 67.5%

Bank- Private HDFC Bank Ltd. 17,329 14.6% 8,760 14.4%

Power Generation/Distribution NTPC Ltd. 27,526 4.0% 3,876 15.7%

Paints Asian Paints Ltd. 6,789 25.2% 1,265 62.3%

Diversified Grasim Industries Ltd. 20,986 12.7% 2,152 107.0%

Airlines Hindustan Aeronautics Ltd. 5,426 21.8% 854 85.3%

Electric Equipment Havells India Ltd. 3,175 39.7% 350 74.5%

Plastic Products Supreme Industries Ltd. 1,844 34.3% 312 153.1%

Cable Polycab India Ltd. 2,799 11.6% 264 19.1%

Construction- Real Estate NBCC (India) Ltd. 2,104 9.0% 97 74.8%

Sugar Balrampur Chini Mills Ltd. 1,072 -10.3% 27 -62.9%

Retailing Shoppers Stop Ltd. 716 -29.7% -25 -286.2%

Textile Textile Page Industries Ltd. 927 16.8% 154 76.7%

Miscellaneous Syngene International Ltd. 585 12.6% 102 11.3%

INDIAN OIL CORPORATION LIMITED

Revenue: ₹1,47,810.2 cr (▲0.6%) Net Profit: ₹4,102.4 cr (▲52.2%)

BHARAT PETROLEUM CORP LIMITED

Revenue: ₹87,292.6 cr (▲1.6%) Net Profit: ₹1,900.6 cr (▼7.4%)

CAPITAL EXPENDITURE (CAPEX)

HINDUSTAN PETROLEUM CORP LIMITED

Revenue: ₹77,482.9 cr (▲3.8%) Net Profit: ₹2,373.7 cr (▲131.1%)

Revenue: ₹1,00,288.8 cr (▼8.4%) Net Profit: ₹3,763.5 cr (▼31.1%)

TATA MOTORS LIMITED

Revenue: ₹75,653.8 cr (▲5.5%) Net Profit: ₹2,941.5 cr (▲67.5%)

JAGUAR LAND ROVER (JLR)

TATA MOTORS FINANCE

LAUNCH AND UPDATE

ASHOK LEYLAND LIMITED

Revenue: ₹5,954.2 cr (▲14.8%) Net Profit: ₹38.3 cr (▼32.9%)

CAPEX AND NEW LAUNCHES

MARUTI SUZUKI INDIA LIMITED

Revenue: ₹23,471.3 cr (▲13.3%) Net Profit: ₹1,996.7 cr (▲25.8%)

MAHINDRA & MAHINDRA LIMITED

Revenue: ₹21,626.0 cr (▲11.3%) Net Profit: ₹159.6 cr (▼6.5%)

HERO MOTOCORP LIMITED

Revenue: ₹9,827.1 cr (▲38.9%) Net Profit: ₹1,029.2 cr (▲13.7%)

BAJAJ AUTO LIMITED

Revenue: ₹8,909.9 cr (▲16.6%) Net Profit: ₹1,716.3 cr (▲29.8%)

TVS MOTOR COMPANY LIMITED

Revenue: ₹6,094.9 cr (▲27.9%) Net Profit: ₹289.7 cr (▲84.8%)

• It plans to launch a series of new products in H1 FY22.

EICHER MOTORS LIMITED

Revenue: ₹2,828.3 cr (▲19.3%) Net Profit: ₹532.6 cr (▲6.8%)

VOLVO EICHER COMMERCIAL VEHICLES LIMITED (VECV)

MOTHERSON SUMI SYSTEMS LIMITED

Revenue: ₹17,092.4 cr (▲13.9%) Net Profit: ₹1,268.3 cr (▲272.7%)

Revenue: ₹3,029.6 cr (▲19.4%) Net Profit: ₹184.2 cr (▼3.2%)

ENDURANCE TECHNOLOGIES LIMITED

Revenue: ₹2,040.9 cr (▲24.4%) Net Profit: ₹190.1 cr (▲53.3%)

APOLLO TYRES LIMITED

Revenue: ₹4,965.3 cr (▲14.2%) Net Profit: ₹443.8 cr (▲155.2%)

Revenue: ₹2,221.3 cr (▲26.1%) Net Profit: ₹132.3 cr (▲152.0%)

BALKRISHNA INDUSTRIES LIMITED

Revenue: ₹1,509.2 cr (▲30.6%) Net Profit: ₹325.1 cr (▲45.3%)

CAPITAL EXPENDITURE (CAPEX)

NEW CAPEX PROGRAM

Revenue: ₹2,042.2 cr (▲23.8%) Net Profit: ₹286.4 cr (▲85.0%)