Hoʻoponopono ʻia ʻo Transcript of ASTRAL.NSE loaʻa i ke kelepona hālāwai kūkā a hōʻike paha 2-ʻAukake-19 12:30pm GMT

ʻAukake 10, 2019 (Thomson StreetEvents) - Hoʻoponopono ʻia ʻo Astral Poly Technik Ltd loaʻa i ka hālāwai kūkā a i ʻole ka hōʻike ʻana i ka Pōʻalima, ʻAukake 2, 2019 ma 12:30:00pm GMT

Mahalo iā ʻoe.Aloha ahiahi, e nā mea a pau.Ma ka inoa o ICICI Securities, mahalo mākou iā ʻoe a pau i ka Q1 FY '20 Earnings Conference Call of Astral Poly Technik Limited.Loaʻa iā mākou ka hoʻokele i pani ʻia e Mr. Sandeep Engineer, ka Luna Hoʻokele;a me Mr. Hiranand Savlani, ka CFO o ka hui, e kūkākūkā i ka hana Q1.

Mahalo iā ʻoe, e Nehal bhai, a mahalo iā ʻoukou a pau, no ke komo ʻana i kēia con call o nā hopena Q1.Aia me ʻoe nā hopena Q1 a manaʻolana ʻoe -- ua hele nā ​​mea a pau i nā helu.

E wehewehe au iā ʻoe e pili ana i ka mea i hana ʻia ma Q1 ma ka ʻoihana paipu a me ka ʻoihana pili.E hoʻomaka me ka hoʻonui ʻia ʻana o Ghiloth, ua hoʻopau ʻia a hoʻopaʻa ʻia ka mea kanu Ghiloth.A ma Q1, ʻo ka mea kanu Ghiloth i kēia manawa he 60% ma - e hana ana ma 60% pono.Hoʻomaka ʻia nā hoʻouna ʻana ma ka ʻākau, a ua wehe pū mākou i nā ʻelele ma ka hikina mai ka hale kanu Ghiloth.Ke hoʻonui ʻia nei ka mea kanu Ghiloth.Loaʻa iā mākou kahi corrugator, aia i kēia manawa ma Ghiloth mea kanu o [800 mm] ke anawaena, ua paʻa a hoʻohana ʻia mai ka mahina i hala.

Ke hoʻomaka nei mākou i ka hana ʻana i nā huahana paipu ʻē aʻe mai ka mea kanu ʻo Ghiloth, ʻoi aku ka nui o ka ʻoihana mahiʻai, ka ʻāpana kolamu a ma ka CPVC, ka ʻāpana sprinkler ahi.No laila e hoʻonui ʻia ka mea kanu ʻo Ghiloth, ʻoiai i kēia makahiki kahi e manaʻo ai nā mana e holo i ka hana kiʻekiʻe.

Ma Hosur mea kanu, aia ka mea kanu -- ke hana nei no hoi ka hale kanu hou, 5,000 tons hou ka hana.A ʻo ke koena o nā mana a me nā mīkini e hele mai ana a e hoʻohana piha ʻia i kēia hapaha.E loaʻa pū ana ʻo Hosur i kahi corrugator i kēia mahina, e hana pū ana i kēia hapaha.No laila ke hele nei nā hoʻonui ma Hosur.E hoʻomaka ʻia nā paipu corrugated ma Hosur.A loaʻa iā mākou i kēia manawa he hale kūʻai o 3 lakh kapuaʻi square no ka - hānai ʻana i ka mākeke hema, kahi i hoʻopaʻa piha ʻia a hana ʻia e hānai i ka mākeke hema holoʻokoʻa.

Ua loaʻa iā mākou ka ʻāina i hāʻawi ʻia mai ke aupuni Odisha ma Odisha.Ua lawe ʻia ka ʻāina iā mākou.ʻO nā hoʻolālā no ka Odisha i kanu ʻia no ka hikina ua mākaukau a mākaukau, a e hoʻomaka mākou i ka hana hana i kēia hapaha.No laila e mākaukau mākou me ka hiki ʻana o Odisha e ka ʻoihana kālā e hiki mai ana, e hana pū ʻia ana i nā kālā aʻe.

Ua loaʻa pū ʻo Rex i kahi mīkini hou ma Sitarganj a i ʻole ka paipu corrugated i kēia hapaha, e hana pū ana a hoʻomaka e hānai i ka mākeke.ʻO nā mea a pau - hana kēlā mīkini i ka ʻāpana corrugated a hiki i 600 mm.

I kēia manawa me ka paipu corrugated, hiki iā Astral ke hoʻolako mai ke kūkulu ʻākau a hiki i ka ʻākau - nā mākeke ʻākau ʻē aʻe, a hiki i Uttaranchal a me nā mākeke ma -- ma ka ʻākau, kokoke i ka Himalayas.E hana ana ʻo Sitarganj i kēia.Ua loaʻa iā Ghiloth kahi corrugated e hoʻolako iā Delhi a me nā wahi a puni a me kahi hapa o Punjab, Haryana.Loaʻa iā Hosur kahi mīkini e hoʻolako i nā paipu ʻāwili i ka mākeke hema.A i kēia manawa, aia nā mea hoʻonui, a ke hele mai nei nā mea hoʻohālikelike i ka mea kanu o Rex, e hoʻonui mau ana.

Ua hala ʻo Rex i kekahi mau pilikia i kēia hapaha, ʻoi aku ka SAP i hoʻokō ʻia.Ua hui pū ʻia me Astral.No laila pono mākou e hele a hoʻololi i nā kauoha a me ka puke kauoha mai Rex a i Astral.Pono kekahi o nā ʻaelike - pono e hoʻoponopono hou ʻia.No laila i kēia hapaha, ua kū mākou i kēia mau pilikia 2 ma Rex, kahi i nalowale maoli ai mākou i kahi kūʻai kūpono kokoke kokoke i hoʻokahi mahina.

Ma ka Q3 a me ka Q2, ua lanakila kēia mau pilikia a pau.Ua hoʻohui ʻia ka mana hou i ka ʻoihana corrugated.A e ulu mau ana nā helu ma Q2 a me Q3 no ka ʻoihana corrugated, ʻo ia ka ʻoihana hou no Astral.

ʻO mākou kekahi - ua loaʻa iā mākou ka ʻāina ma Sangli, kahi e hoʻonui ai i ka hiki i ka makahiki e hiki mai ana a i kēia makahiki ma ka hale hana ʻo Sangli, no ka paipu corrugated a me nā paipu ʻē aʻe, a Astral e hana ai ma Ahmedabad a me nā mea kanu ʻē aʻe e hana ʻia mai. ʻO Sangli e hānai i kēia mākeke Central India mai kēlā wahi.

Ua hoʻomau ʻo Astral i ka hoʻololi ʻana i kāna ʻano hana ʻoihana ma nā ʻāpana like ʻole.Loaʻa iā mākou nā mea hoʻolaha kokoke ma PAN India kumu no kā mākou huahana mahiʻai, no kā mākou huahana kolamu, no kā mākou huahana pahu, no nā huahana paipu uila, no nā huahana paipu.ʻOiai i loko o ka huahana paipu, loaʻa iā mākou 2 mahele.Mālama ka māhele PAN i nā papahana.Pili pololei ia me nā papahana a me ka huahana hou.ʻO ka māhele ʻē aʻe e pili ana i ke ala kūʻai.

Ke ulu nei kā mākou ʻōnaehana paipu haʻahaʻa haʻahaʻa a loaʻa i ka māhele mākeke maikaʻi i ka ʻōnaehana wai.Ke loaʻa pū nei mākou i nā papahana no kā mākou paipu PEX, i hoʻolauna ʻia i kekahi mau mahina i hala i ka mākeke.A maʻamau, e hele mai ana kēia mau papahana i kēlā me kēia mahina no ka ʻoihana PEX.No laila ke lohi nei ka ʻoihana PEX akā ke ulu mau nei a hoʻokumu iā ia iho i ka mākeke India.

Ke neʻe maikaʻi nei ka pipi ahi, e ulu ana, a ke loaʻa nei iā mākou nā papahana maikaʻi i loko o ka sprinkler, a ʻo ia ka - i kēia lā, ʻo -- kekahi o nā luʻi nui a ke aupuni e hoʻoponopono i nā pilikia o nā ulia ahi e kū nei. a puni ka ʻāina, ma ka lawe ʻana mai i nā huahana hou aku i ka ʻoihana.

No laila, no ke kiʻi ʻana i ka ʻoihana paipu, ua hāʻawi ʻo Astral i nā helu maikaʻi, ulu maikaʻi ma Q1.Ke hele nei kā mākou mau mea kanu e like me ka mea i hoʻonohonoho ʻia, e like me ka hoʻolālā - i waiho ʻia iā ʻoe e like me ka mea i kūkākūkā ʻia ma kā mākou hui loiloi - e like me ka mea i hōʻike ʻia ma ka hui loiloi, a ke neʻe nei mākou ma ke ala kūpono i ka mākeke.A e hoʻomau mākou i ka ulu ʻana i ka pae alakaʻi a mākou i hāʻawi ai i ka ulu ʻana o ka ʻoihana, ka ulu ʻana o ka tonnage a me ka hoʻonui ʻana i kā mākou EBITDA a mālama i ka EBITDA.

Ke hele mai nei i Resinova, e like me kā mākou i alakaʻi ai, ke hele nei mākou i kahi hoʻololi hoʻololi mai kahi ʻōnaehana hoʻolaha 3-Tier i kahi ʻōnaehana hoʻolaha hoʻolaha 2-Tier.ʻO ka hapa nui o kēia mau hoʻoponopono i hoʻopau ʻia ma Q1 a hoʻokumu ʻia a hele maikaʻi me nā hiʻohiʻona mākeke.Ke hana ʻia nei kekahi mau hoʻoponopono, e hoʻopau ʻia i ka Q2.A ʻo ka Q2 ma mua, e ʻike mākou i ka ulu maikaʻi ʻana i ka hapaha ma ka hapahā ma kēia ʻoihana.

Ua hana mākou i nā hoʻoponopono like ʻana ma ʻaneʻi no ka loaʻa ʻana o nā māhele no nā huahana kūikawā, ʻoi aku ka nui o ka lāʻau a me ka huahana keʻokeʻo keʻokeʻo, ka māhele kemika hana, ma ka mahele mālama, a no nā hale kūʻai a me nā papahana.No laila, ua hoʻokumu maikaʻi ʻia kēia mau hui a me kēia kaila hoʻolaha a mākou e hoʻōla nei, e hele ana ma ke ala pololei, nā kuhikuhi pololei.A e hāʻawi mākou i nā helu a me nā hopena e like me ke alakaʻi, a e hoʻonui ʻia ka EBITDA a mālama ʻia e like me ke alakaʻi.

Ke hele mai nei i BOND IT i UK, US, ua hana maikaʻi loa lāua.Ke hana nei ʻo UK i kahi ulu pālua ʻelua.Ua hoʻonui ʻia ʻo EBITDA.Pēlā nō, ua hoʻoponopono maikaʻi ʻia ʻo US i hala i nā pilikia he nui ma hope o ka loaʻa ʻana.ʻAʻole wale ka ulu ʻana ma ʻAmelika Hui Pū ʻIa, akā ke kūʻai aku nei mākou i ka huahana ma UK A i -- a ua hoʻomaka mākou i ka RESCUETAPE ma India, a he lanakila nui ia no mākou.Ua kūʻai aku mākou i kahi kokoke i 3 pahu i nā mahina 4 i hala iho nei, a ke hele nei nā pahu hou aku e hānai i ka mākeke India.No laila e lanakila nui ʻo RESCUETAPE ma India.A e ulu mau ana ka ʻoihana UK a me US me kēia mau huahana.A ke hoʻohui pū nei mākou i kekahi mau huahana ma ka mākeke o ʻAmelika Hui Pū ʻIa e kūʻai ʻia, e hana ʻia ma ka mea kanu UK.

Ke hana maikaʻi nei ʻo Kenya mai nā hapa hope loa.Ke ulu nei nā helu a ke hoʻonui nei nā palena.A ke manaʻo nei mākou e hana pū kēlā ʻoihana e like me ke alakaʻi ʻana a me nā helu maikaʻi a puka mai i waho o nā poho a pau o kēia kālā mai ka hapahā.

Loaʻa i ke kūlana mākeke kona mau pilikia mai nā kihi like ʻole.Akā, e hoʻohui hou i ka Astral e hoʻomau i kāna mau helu, me kona ulu ʻana, me kona palena a me ka hoʻonui ʻana i kāna - ma ka ʻoihana o nā paipu a me nā mea hoʻopili i ka hapaha-ha-hāhā no kēia kālā.A hoʻohui i nā huahana hou aʻe, hoʻohui i ka ʻoihana hoʻolaha hou aku, hoʻohui i nā wahi hoʻouna hou aku, hoʻohui i nā mana hou aʻe a hoʻohui i nā kemika hou aʻe i loko o nā adhesives a me nā pae huahana hou e hoʻohui ʻia i ka ʻāpana paipu ma kēia Q2, Q3 a me Q4.

Me kēia, e lawe mākou i nā mea hou aʻe i ka ʻoihana i kā mākou Q&A, ka manawa pane pane.No laila, hāʻawi wau i ka con call iā Mr. Savlani e lawe iā ʻoe i nā helu.

Aloha ahiahi, e nā mea a pau.Welina mai i ke kelepona helu Q1.Inā loaʻa nā helu me ʻoe, ke haʻi hou nei au i nā helu liʻiliʻi, a laila e lele mākou i ke kau Q&A.

Ua piʻi aʻe ka helu kū hoʻokahi, ka helu paipu mai INR 344 crores top line a i INR 472 crores top line, i hoʻopaʻa inoa i kahi ulu o 37%.ʻO ka 37% ka ulu ʻana ma muli o ka hui ʻana o nā helu me ka Rex.No laila i ka makahiki Q1 i hala, ʻaʻole ʻo Rex ma laila.No laila i kēia hapaha, aia ʻo Rex.No laila, aia kahi lele nui āu e ʻike nei ma 37%.No laila ua hāʻawi ʻo Rex i ka INR 40 crores i kēia laina kiʻekiʻe.No laila, inā e wehe mākou i ka helu Rex mai kēia helu kū hoʻokahi, a laila ma kahi kū hoʻokahi ka ulu ʻana o ka ʻoihana piping ma kahi o 26% i nā huaʻōlelo waiwai.

E like me ka nui o ka hua'ōlelo, ua hāʻawi aku ʻo Rex i ka nui kūʻai o 2,973 metric tons.Inā wehe au i kēlā helu mai ka laina kiʻekiʻe o ka consolidated, ʻo ke kū hoʻokahi o kā mākou ʻoihana paipu koʻikoʻi ua hāʻawi i ka piʻi nui o 28,756 metric tons, kahi kokoke i ka 28% ka nui o ka nui.No laila, ʻo 26% ka nui o nā huaʻōlelo a he 28%.

E pili ana i ka EBITDA, hiki iā ʻoe ke ʻike ua ulu ka EBITDA mai INR 61 crores a i INR 79 crores, kokoke i 28% ulu.I kēia manawa ua ʻike mākou ua hoʻohui ʻia nā helu, paʻakikī iā mākou ke hoʻokaʻawale i ka EBITDA o Rex, no laila e -- ʻaʻole mākou e kaʻana i kēlā helu iā ʻoe no ka mea paʻakikī loa i kēia manawa ke huki i ka EBITDA kaʻawale. helu o Rex.

Ua hoʻonui ʻia ʻo PBT e 38% mai INR 38 crores a i INR 52 crores, a me 38% ʻano o ka hopena ulu mai INR 24.7 crores a i INR 34.1 crores.A inā ʻoe e ʻike i ka ulu ʻana o ka leo hoʻohui, i ka makahiki i hala, ʻo ka hapaha like he 24,476 metric tons.I kēia makahiki, ʻo ia ka 31,729 metric tons, kahi kokoke i kahi 41% ka nui o ka ulu ʻana o nā tonnage kūʻai.

Ke hele mai nei i ka ʻaoʻao pili o ka ʻoihana, e like me ka mea i haʻi ʻia ma ka con call hope loa i kēia manawa, ʻaʻole mākou e kaʻana like i kēlā me kēia hui-noʻonoʻo, ʻoihana-no ka helu hapaha.No laila ua hāʻawi mākou i kahi helu hoʻohui o ka ʻoihana adhesive.Ua ulu ka loaʻa kālā mai INR 141 crores a i INR 144 crores, kokoke i 2.3% ka ulu ʻana ma laila.A mālama ʻia ʻo EBITDA ma ka 14.4% like, hoʻopaʻa inoa i kahi ulu o 2%.

No laila ua ʻoi aku ka palahalaha o ka helu Resinova i ka hapaha hope.A ua hāʻawi mai ka hui UK iā mākou kokoke i ʻelua huahelu, 10% a 12% ʻano o ka ulu laina kiʻekiʻe.Akā ʻoiaʻiʻo, e loaʻa kēia mau helu āpau o nā lālā ma kā mākou pūnaewele i kēlā me kēia makahiki.Aia ma laila nā hōʻike makahiki āpau no nā lālā a pau i ka hopena o ka makahiki.

Ke hele mai nei i ka helu i hui pū ʻia, ua ulu kēia laina kiʻekiʻe e 27% mai INR 477 crores a i INR 606 crores.Ua ulu ʻo EBITDA e 22.78% mai INR 81 crores a kokoke i INR 100 crores, a ua ulu ʻo PBT mai INR 53 crores a i INR 68 crore, ʻo ia ka 27.34%, a ua ulu ʻo PAT e 27% mai INR 37 crores i INR 48 miliona.

E like me kā Sandeep bhai i ʻōlelo mua ai, ʻoi aku ka nui o nā helu Rex ma lalo o ko mākou manaʻo no ka mea ua aneane nalowale mākou i ka helu 1 mahina no ka mea kokoke i ka 13, 14 mau lā o ʻApelila, nalowale mākou ma muli o ka hoʻokō ʻana o SAP no ka mea he mea pono e loaʻa ka ʻike hou aʻe o ka. helu a me ka ʻōnaehana MIS ikaika, a Astral e hahai ai i kāna ʻoihana koʻikoʻi.No laila ua hoʻokō mākou i kēlā.No laila ua pilikia nui ia no ka mea he paʻakikī nui ka hoʻokō ʻana o ka ʻoihana liʻiliʻi.No laila, ʻoi aku ka nui o ka manawa ma mua o kā mākou - ka mea a mākou i hoʻolālā ai.No laila, no laila, pono mākou e ʻeha i ke kūʻai lilo.

A ʻo ka mea like, i ka hapaha hoʻokahi, lawe mākou i ka - ua loaʻa iā mākou ke kauoha mai ka ʻaha kiʻekiʻe no ka hui ʻana.No laila, no kēia mau kauoha hoʻolilo a pau -- nā hui kūkulu hale, manaʻolana mākou e hoʻoponopono ʻia no ka mea pono mākou e hoʻololi i ka helu GST a me nā mea āpau e like me ka helu Astral GST.No laila ua hoʻololi ʻia nā kauoha a pau me lākou.No laila ua hoʻopau ʻia ko mākou mau pule ʻelua.No laila, aneane 1 mahina helu kūʻai lilo mākou ma muli o kēia mau kumu 2: ka hoʻokō ʻana i ka SAP a me ka hoʻokō ʻana i kēia kauoha hui.

E hoʻomaha, nā mea a pau, manaʻo wau ua haʻi mua ʻo Sandeep bhai e pili ana i kēlā me kēia huahana-ākea a me nā mea hoʻohui mea kanu a me nā mea āpau.No laila, i kēia manawa, e hele koke mākou i ka hālāwai nīnau-a-pane.Mahalo nui loa iā ʻoe.

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [2]

A ʻo ka mea mua, mahalo nui no ka hāʻawi ʻana mai iā mākou i nā helu helu.ʻO ka mea mua, ʻoiai ua hāʻawi mua ʻoe i nā helu leo ​​āpau.No laila, 26% o ka ulu ʻana o ke kūʻai aku a me 28% o ka ulu ʻana i ka nui o ka paipu, hiki iā ʻoe - e wehewehe hou aʻe mai kahi - ʻo wai ka ʻāpana āu i loaʻa ai ka ulu kiʻekiʻe?

Ua loaʻa iā mākou ka ulu ʻana - ʻo Astral ka nui o kahi ʻoihana paipu, hāʻawi i nā papahana ʻoihana.A loaʻa iā mākou ka ulu ʻana mai kahi kokoke i nā mākeke āpau ma kā mākou ʻoihana ʻoihana paipu.Ua hoʻonui pū mākou i ko mākou hiki i kā mākou ʻoihana mahiʻai.Akā ke hoʻohālikelike ʻia i ka hoʻokūkū, liʻiliʻi mākou i ka ʻoihana mahiʻai, akā ua loaʻa iā mākou kahi ʻoihana maikaʻi mai ka ʻoihana mahiʻai, a ma ka ʻāpana ulu.Akā ʻo kā mākou ulu nui i loaʻa mai kā mākou ʻoihana ʻoihana paipu.A ua hele mai kā mākou ulu nui mai ka māhele CPVC.

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [4]

ʻO ka hoʻonui ʻana i ka ʻāina, ka hana ʻana o kā mākou branding no ka ʻike o ka hiki ʻana, ke hana nui nei mākou i ka hoʻonui ʻana i ke ala hoʻolaha i ke kūlanakauhale liʻiliʻi loa.Ke hana ikaika nei nō hoʻi mākou e hana i ka hoʻonui ʻana o ka hiki ʻana e nā hale kūʻai kūʻai.Loaʻa iā mākou kekahi mahele like ʻole no nā papahana.No laila, e ʻōlelo wau he ʻāpana o ka hoʻonui ʻāina, akā i ka manawa like, ua kōkua ka brand a me ka hana mākeke iā mākou e hoʻomau i ka ulu ulu.

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [6]

Hiki nō.A ʻo ka lua, ma ka ʻaoʻao mua o ka paipu, ma mua, ua ʻike mākou i kahi 17%, 18% o kahi palena.Mai nā hapaha hope loa, ʻike mākou i kahi -- ma kahi o [kekahi] 15%, 16%.No laila hiki iā mākou ke manaʻo he mea maʻamau kēia no ka mahele paipu o Astral?

No laila e like me -- Praveen, ʻaʻole i maʻalahi ka palena no ka mea aia nā pilikia o ka mākeke, e like me ka volatility waiwai ma laila.Ma keia hapaha no hoi ua nalowale makou i ka waihona waiwai no ka mea, e like me kou ike, ua emi iho ke kumukuai PVC i ka hapaha hope.ʻO Malaki, ua hāʻule nui.A ʻo ʻApelila, hāʻule hou.No laila, ua loaʻa iā mākou kekahi mau poho.Ma PVC, paʻakikī loa ka helu ʻana i ka helu, akā ma kahi o INR 7 crores a i INR 8 crores ke ʻano o ka helu helu koʻikoʻi aʻu e hāʻawi aku nei iā ʻoe.No laila, ʻo ia kekahi kumu o ka hāʻule liʻiliʻi ma ka ʻaoʻao paipu.Akā inā ʻaʻole, ʻaʻole mākou e ʻike i kahi pilikia - nui ka pilikia.No laila, manaʻo wau e mālama ʻia ka 15% ʻano o ka holo.

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [8]

No ka hapaha hope, Q1 -- Q4 ​​FY '19, ua loaʻa iā ʻoe kekahi mau lilo hoʻokahi o INR 12 crores.No laila, e like me INR 7 crores, INR 8 crores o hoʻokahi-off, hiki iaʻu ke manaʻoʻiʻo, ʻo ia ka waihona?

ʻAe.ʻO ka hapaha hope hoʻi ka pilikia like ʻole no ka hāʻule ʻana o ke kumukūʻai PVC e 7%, 8% i ka -- kēlā hapaha ponoʻī, akā aia nō ma laila.A ʻoi aku, hoʻolilo mākou i ka IPL a me kēia mau mea āpau.No laila ʻo ia ke kumu ...

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [10]

ʻAe.ʻO nā mea like i hana ʻia i kēia hapaha pū kekahi - no kēlā.Akā ma ka awelika, hiki iā ʻoe ke noʻonoʻo i ka 15% ʻo ia ke ʻano o ka margin hoʻomau lōʻihi, a mākou i haʻi mua ai ma kahi o 14%, 15%.

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [12]

No laila - ʻaʻole mākou e ʻimi nui ma ka ʻaoʻao VAM no ka mea ʻaʻole mākou e hoʻohana nui i kekahi VAM i kā mākou ʻoihana.No laila ʻaʻole wau e manaʻo e pili nui ana iā mākou.No laila ʻaʻole mākou ...

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [14]

ʻO mākou - ʻo ka lāʻau ka ʻāpana hou no mākou, a ua hoʻomaka hou mākou i ka laina huahana lāʻau holoʻokoʻa i kekahi mau mahina i hala.A ke kūkulu nei mākou i kēia ʻoihana.No laila ke hoʻohālikelike ʻia i kā mākou epoxies a i ʻole nā ​​mea hana kemika a me nā huahana ʻē aʻe [ʻike wau, acrylics], ʻaʻole nui ka lāʻau e hoʻopilikia ai nā kumukūʻai VAM iā mākou.

Praveen Sahay, Edelweiss Securities Ltd., Mahele Imi - Kokua VP o ka Equity Research & Research Analyst [18]

No laila, he nīnau hou kā mākou mai ka laina o Ritesh Shah mai Investec Capital (sic) [Investec Bank plc].

Sandeep bhai, ua hōʻike ʻoe ma ka Rex, ua hoʻoponopono hou mākou i nā ʻaelike.Hiki iā ʻoe ke ʻoluʻolu e wehewehe inā pili ia i ka ʻoihana mea hoʻohana hope?A i ʻole ma ka ʻaoʻao kumu?

Ma nā mea hoʻohana, ʻoiaʻiʻo, no ka hui ʻana o ka hui mai Rex a Astral.No laila kēia mau mea hoʻohana a pau, pono mākou e hoʻokokoke a hoʻololi i nā ʻaelike e like me ia.

No laila ma lalo -- aia kēia mau ʻaelike ma ka inoa ʻo Rex, a ke hoʻohana nei lākou i ka helu Rex GST i nā mea āpau.No laila, pono mākou e hoʻololi i ka inoa o Astral a me ka helu Astral GST.

Ua hoʻomaka mua mākou.No laila, ʻo mākou - ma mua, ke kiʻi nei mākou mai 1 a i ʻole 2 mau wahi.No laila, e hoʻoponopono mākou i nā kumu hou aʻe.

ʻAe.Kōkua kēlā.E ka haku Sandeep, inā hiki iā ʻoe ke kōkua iā mākou e hoʻomaopopo maikaʻi, ua hōʻike ʻoe mai kahi 3-Tier a i kahi mahele 2-Tier no ke kūʻai aku ʻana.Inā hiki iā ʻoe ke hāʻawi i kahi ʻono hou aʻe ma ʻaneʻi?E like me, ʻo ia nā mea hoʻolaha like e hoʻolako ʻia i nā kemika like ʻole?A i ʻole ke loaʻa iā mākou nā mea hoʻolaha ʻokoʻa no nā kemika like ʻole?Inā hiki iā ʻoe ke hāʻawi i kekahi kala ākea me kekahi mau helu ma aneʻi.

Basically, i ka wā i loaʻa ai iā Rex, he nui kā lākou mau mea hoʻolaha.ʻO kahi kanaka kūʻai aku i 10,000 he mea hoʻolaha.No laila pono mākou e hoʻohui i kēia kūlana, a hoʻohui mākou e like me ia.A ua hoʻohui mākou i nā mea hoʻolaha nui loa.A ua ʻike mākou no ka hana ʻana i ka hiki, ʻoi aku ka paʻakikī o ka hoʻololi ʻana i kekahi papahana a i ʻole kekahi hana branding a hiki i ka hoʻohana hope ʻana ua paʻakikī ke hele i kēia mau papa 3.No laila, loaʻa iā mākou i kēia manawa - ka hapa nui o kēia mau mea - ua hoʻololi nā mea hoʻolaha ʻekolu-Tier i ke kahawai ʻelua.A hāʻawi ʻia kēia mau mea -- mālama pono ʻia i nā mea kūʻai aku a i ʻole nā ​​​​mea hoʻohana hope.A ua hoʻohui pū mākou i ka nui o nā kaila hoʻolaha iā ia e mālama i nā mea kūʻai aku a me nā mea hoʻohana.No laila, ʻo kēia ke ʻano o ka hana hou ʻana o ke kahawai.ʻAe.Loaʻa iā mākou nā mea hoʻolaha ʻokoʻa no ka hapa nui o nā kemika.ʻO ia kekahi hoʻololi nui a mākou e hana nei.Ma keʻano maʻamau, hoʻokahi mea hoʻolaha e hana i nā kemika āpau.A kūʻai wale ʻo ia i 1 a i ʻole 2 chemistries no ka mea ua hauʻoli ʻo ia i kēlā ʻoihana nui.A ʻo kekahi o nā kemika a mākou e hana ai, ʻaʻole naʻe i ke kani o ka mea e pono ai a i ʻole ke mele e ulu nei ma ka mākeke.No laila mākou -- ua hana mākou i nā loli he nui ma aneʻi.Aneane hoʻokumu ʻia ka pōʻai hoʻololi, e hoʻopau ana.A he hana hoʻoikaika.E mau ana no na makahiki e hiki mai ana.ʻAʻole au i ʻike i kekahi mea i pau i ka ʻoihana.Akā ʻo ka hapa nui i hoʻokumu maikaʻi ʻia a hana ʻia.E hoʻomau i ka neʻe ʻana o ka ʻoihana me ka ulu maikaʻi, ka wikiwiki maikaʻi a me ke kālā maikaʻi.No laila aia mākou ma ke ala pololei, a ʻaʻole mākou - ua hana i nā hoʻoponopono kūpono [e pono ai].

Ritesh, ʻo kēia hoʻoponopono ʻaʻole wale e kōkua iā mākou no ka ulu ʻana, akā e kōkua ia iā mākou i ka hoʻomaikaʻi ʻana i ka palena no ka mea 1 āpau āpau, e ʻoki wale mākou.No laila e kōkua ia iā mākou i ka hoʻomaikaʻi ʻana i nā margin e hele ana i mua, ʻaʻole pono e hele mai ka palena holoʻokoʻa i kā mākou ʻeke.Akā, hiki iā mākou ke hāʻawi i kekahi palena i ka mākeke pū kekahi.Akā e kōkua kēia iā mākou e hoʻonui i kā mākou mau leo.

No laila ʻaʻole ʻo ka 7%, 8%, ʻo ka Tier 1 ke lawe nei i ka palena.No laila 7%, 8% hoʻomaikaʻi i ka pae EBITDA.Akā, 7%, 8% -- kekahi pākēneka, hiki iā mākou ke mālama no mākou, a hele mākou i ka mākeke.No laila, ʻoi aku ka liʻiliʻi o kā mākou huahana.Akā ʻo ia -- ke ʻike nei mākou, he pōmaikaʻi nui, ʻoi aku ka maikaʻi, malia paha 1 hapaha ma lalo o ka laina.No laila e loaʻa ana ka hopena liʻiliʻi ma ka helu Q2 a mākou i kamaʻilio mua ai - ma Sepatemaba, e hoʻopau mākou i kā mākou hoʻololi ʻana.A mai ʻOkakopa ma mua, e hoʻi mākou i ka ulu maʻamau a me ka palena kiʻekiʻe ma mua o ka mea a mākou e hāʻawi nei i kēia lā.

E ka Haku, ʻo kaʻu nīnau i ka wā paʻakikī, ke hōʻike nei mākou ma kahi o 28% ʻano o ka ulu ʻana o ka leo ma ka ʻāpana paipu.ʻOiai ua loaʻa ka ʻoihana adhesives - ua palahalaha nā loaʻa kālā.No laila inā hiki iā ʻoe ke hoʻopā wale i ke kukui, no hea mai kēia koi?No ka mea ke nānā mākou i nā ʻoihana ʻē aʻe i kāu ʻāpana a i ʻole i nā ʻāpana pili, ʻike mākou he nui nā pilikia a lākou e kū nei, e nānā ana i ke kūlana koi nāwaliwali.No laila inā hiki iā ʻoe ke hoʻolei i kahi mea koʻikoʻi e pili ana i ke kūlana mākeke.A ma ka ʻoihana hoʻopili, no ke aha i paʻa ai ka loaʻa kālā?ʻO koʻu manaʻo ua like ia me ka manaʻo?A i ʻole ua hala mākou i kahi?

No laila e like me -- mua, e hele mai ana i ka mahele paipu.No laila ua maikaʻi ka noi paipu no ka ʻoihana.ʻAʻole i kaupalena ʻia iā Astral wale nō.Manaʻo wau e ulu ana ka mea pāʻani i hoʻonohonoho ʻia i kēia manawa paʻakikī.No laila ʻo ia ka ulu holoʻokoʻa o ka paipu.ʻO ka mea nui, paʻakikī loa ka hoʻomaopopo ʻana i ke kumu kūpono o ka ulu ʻana.Akā, ke manaʻo nei au ke neʻe nei ka neʻe ʻana mai ka hoʻonohonoho ʻole ʻia i nā pūnaewele i hoʻonohonoho ʻia.No laila ʻo ia kekahi o nā kumu nui a mākou e ʻike mua nei.

A ʻoi aku, e hele mai ana i ka ʻaoʻao Astral, ua hana mākou i nā hoʻoponopono he nui.Manaʻo wau ua ʻōlelo mua ʻo Mr. Engineer e hoʻonui mākou i ka palapala honua.Ke hoʻonui nei mākou i ka pūnaewele o ka mea kūʻai aku.Ke hoʻonui nei mākou i ka laulā huahana.Ke hana nei mākou i nā hana branding he nui.No laila ke kōkua nei kēia mau mea a pau no ka ulu ʻana.

A ʻoiaʻiʻo, ʻo kēia ka ʻāina ulu kiʻekiʻe loa a paʻakikī loa ka ʻōlelo ʻana e hoʻomau ʻia kēia ʻano ulu ʻāina kiʻekiʻe no ka manawa hea.Akā i kēia lā, ke kamaʻilio nei mākou i ka lā 2 o ʻAukake, ke hoʻomau nei kēia ʻāina kiʻekiʻe.No laila, paʻakikī loa ka hāʻawi ʻana i ke alakaʻi i ka nui o kā mākou e hoʻomau ai i ka ʻāina kiʻekiʻe ma nā wahi e hiki mai ana.Akā i kēia lā, ulu nui ka ulu ʻana.No laila paʻakikī loa e hoʻomaopopo i ka mākeke.I kēia manawa ke hele mai nei i ka...

No laila, ʻo kaʻu - no laila ʻo kaʻu nīnau ua ulu nui nā mea pāʻani ʻē aʻe i ka ʻāpana agri pipe, ʻoiai ʻaʻole maikaʻi loa ka paipu no lākou.ʻOiai i kā mākou hihia, ʻoi aku ka liʻiliʻi o ka ʻāpana agri - a ʻo ka hapa nui o ka ulu ʻana mai ka ʻāpana paipu.No laila, ua huikau wale au, no ke aha [ka wehewehe].

ʻAʻole pēlā, ʻo ka agri wale nō ke ulu nei.Manaʻo wau ʻē aʻe - ʻo ka hui āu e kamaʻilio nei ʻaʻole i ulu aʻe.ʻAʻohe oʻu helu o nā hui ʻē aʻe me aʻu, akā maopopo iaʻu ke ulu nei nā hui ʻē aʻe no ka mea ʻaʻole i kaupalena ʻia i ka noi agri wale nō.No ka mea, ʻaʻole nā ​​hui ʻē aʻe i loko o kahi ākea ākea me kahi ʻaoʻao paipu, no laila ʻaʻole loaʻa ka helu.Akā i ʻole, ke manaʻo nei mākou e ulu wikiwiki ana ka ʻaoʻao paipu o ka ʻoihana.No laila, ʻaʻohe aʻu helu me ʻoe.Inā loaʻa iā ʻoe, e ʻoluʻolu e kaʻana mai iaʻu, hiki iaʻu ke hele i kēlā helu.E kōkua nō hoʻi ia iaʻu.Akā ma ka laulā, aia ka ulu.Aia ma ka ʻaoʻao paipu me ka nui agri.ʻO ka ʻaoʻao Agri ʻoi aku ka kiʻekiʻe o ka ulu.No laila ʻo ia ke kumu.

ʻO ka lua, e hele mai i kāu nīnau ʻē aʻe o ka ʻaoʻao pili.Adhesive, ʻaʻohe mea i hala ma ka mākeke.Ke ulu nei mākou ma ka ʻaoʻao kūʻai.Ma muli o ka hoʻololi ʻana o ka hoʻololi ʻana, he ulu haʻahaʻa kēia a mākou i alakaʻi mua ai ke hana nei mākou i ka structurally.E like me kā mākou i hana ai i ka makahiki i hala ma Astral, ua hōʻemi mākou i ka palena hōʻaiʻē.Hoʻopaʻa mākou i ka palena ʻaiʻē no kēlā me kēia mea hāʻawi.Hoʻopili mākou i nā mea a pau i ke kālā kālā.No laila i ka makahiki i hala, ua hala mākou i kekahi ulu.Akā i kēia manawa me kēia hoʻoponopono ʻana i kēia makahiki, ʻike ʻoe, ke kōkua nui nei ia iā mākou ma ke ʻano nui, a ua hoʻomaikaʻi nui ka pōʻai hōʻiliʻili iā mākou.ʻO ka mea like, ke hana nei ka hoʻoponopono ʻana i ka ʻaoʻao adhesive.A hoʻokahi hapaha, ʻano like ka ulu haʻahaʻa ma laila.Akā ke hilinaʻi nui nei mākou mai ka Q3 ma mua, e hoʻi hou ana ka adhesive -- e hoʻi hou i kahi ʻāina ulu kiʻekiʻe.

E ka haku, ʻo kaʻu nīnau, ʻo kēia hoʻoponopono hou ʻana i ka ʻōnaehana hoʻolaha a mākou e hana nei i nā mea hoʻopili, e pili ana i ke ʻano o ke kālā a mākou e manaʻo ai i kēia?

No laila, ʻaʻohe pono - ʻaʻohe koi kālā.Maopopo iā ʻoe ke ʻano o kā mākou hana ʻana i ka hoʻoponopono.No laila, i kēia manawa, aia nā papa 3 i ka ʻoihana.No laila hoʻokahi, ma ka piko o ka papa ka waihona;a laila ʻo ka pae ʻelua, ka mea hāʻawi;a ma ke kolu o ka pae, aia kekahi mea kuai.No laila, ke wehe nei mākou i ka waihona mai ka ʻōnaehana no ka mea ʻaʻole pono, ke lawe nei lākou ma waena o 6% a 8% ʻano margin mai iā mākou.No laila ua manaʻo mākou e hana pololei mākou me ka mea kūʻai aku - ka mea hoʻolaha.No laila e liʻiliʻi kā mākou kumukūʻai - e piʻi aʻe no ka mea e wehe ana mākou i kekahi mau hale kūʻai, a e kākoʻo mākou i nā mea hoʻolaha a pau mai ka hale waihona.A ʻo nā mea kūʻai waiwai a pau i hoihoi iā mākou, hoʻomau lākou a pau ma ke ʻano he mea hoʻolaha.Akā e loaʻa iā lākou ka invoice ma ke kumu kūʻai kūʻai, ʻaʻole ma ke kumukūʻai stockist.No laila aia -- ʻaʻole koi ʻia ke kālā i kēia ʻōnaehana.Hoʻokahi wale nō papa a mākou e wehe nei mai ka ʻōnaehana.A i kekahi manawa, ke hoʻohui nei mākou i nā depots i kēlā ʻano, hiki ke piʻi i luna nā waihona waihona liʻiliʻi.Inā ʻaʻole, manaʻo wau ʻaʻole pono ka nui o ke kālā no kēia.

E ka haku, akā, i kēia hihia, ʻaʻole anei mākou i ʻike e ʻoi aku paha ka nalowale o ke kūʻai ʻana i kēia hoʻololi manawa ma mua o H1 FY '20 no mākou?

ʻAʻole, manaʻo wau ʻaʻole pēlā no ka mea ʻo ka hapa nui o kā mākou mea hoʻolaha me mākou wale nō.A e hoʻomau pū kekahi o nā mea mālama kālā me mākou.No laila, ʻaʻole wau e manaʻo e nalowale ana ke kūʻai aku.ʻAe, ma kahi hoʻololi, aia ma laila no ka mea ke wehe nei mākou i ka waihona waiwai o ka mea mālama.No laila e hoʻi mai iā mākou.No laila, i kēlā ʻano, ʻae, e lilo ia i ka lilo o ke kūʻai aku, akā ʻaʻole ka nalowale o ke kūʻai aku i ka pae hoʻohana hope.ʻO ka waihona wale nō e waiho ana i loko o ka ʻōnaehana e hōʻemi.A ʻo ia ka mea āu e ʻike nei i nā hapaha 2 hope loa ʻaʻole i piʻi nā helu Resinova i ka par, ʻo ka mea ma mua he 15%, 20% ʻano o ka ulu laina kiʻekiʻe.

Akā ma ke kumu, ke loaʻa nei ka mākeke.Loaʻa iā mākou ka mākeke ma ke ʻano nui.A ke hōʻoiaʻiʻo nei au iā ʻoe ma hope o Q2 a me Q3, e ʻike ʻoe i kēia hoʻololi, no ka mea, loaʻa iā Q1 kahi hopena maikaʻi loa.

ʻOiai i kēia hapaha, helu haʻahaʻa - ʻo kekahi o ke kumu aia ka leo no ka mea ua iho ka waiwai, no ka mea, ke iho nei nā kumukūʻai kemika.Inā ʻoe e ʻohi i kahi VAM, inā ʻoe e ʻohi i kahi -- kēia epoxy, inā ʻoe e noʻonoʻo nei i kahi silika, aia ka hāʻule nui ma ke kumu kūʻai kumu.No laila pono mākou e hoʻemi i ke kumukūʻai huahana hope loa.No laila, aia mau ka ulu ʻana o ka volume.Akā ʻo ia -- akā ke hele like nei ka mea hoʻokalakupua mai ka ʻōnaehana.No laila aia lāua ʻelua.No laila ka ulu nui ʻana, ʻaʻole nui ka poho.Akā, ʻae, ʻaoʻao waiwai, ua nalowale mākou a pau no ka mea ua hāʻule pū mākou i ke kumukūʻai.

Akā i loko o nā adhesives, ua hana mākou i nā mea a pau.No laila ʻaʻole hiki ke loaʻa kahi CapEx i kēlā me ka ʻoihana (inaudible).Ma ka liʻiliʻi e hiki mai ana i kēia makahiki a hiki i ka makahiki e hiki mai ana, he hapa wale nō.

A ua kau mākou i nā mea āpau e pono ai e loaʻa nā kemika āpau, nā mana, nā kākoʻo, ua paʻa nā mea āpau.No laila, he marginal ka ʻaoʻao hoʻopukapuka ma ia ʻoihana.A e koʻikoʻi loa ka hoʻonui ʻana o ka mākeke.A e hana nui mākou e hana i nā mea e pono ai ma kēlā ʻaoʻao e hana i kahi hōʻailona ma ka mākeke no kēlā me kēia huahana a me kēlā me kēia kemika a mākou e hana ai.

Sandeep bhai, he mau nīnau.Hoʻokahi, e pōmaikaʻi ka ʻoihana holoʻokoʻa mai kēia Jal se Nal scheme (sic) [Nal se Jal scheme] o ke Aupuni o India?A aia kekahi ala e hiki ai iā Astral ke pāʻani i kēlā?A e hoʻoikaika i kā mākou ulu ʻana ma ka ʻaoʻao paipu?

ʻOiaʻiʻo.E hana nui ʻo Astral i kēia ʻoihana e hiki mai ana no ka hāʻawi ʻana i ka wai.Nui nā huahana e kōkua iā -- ke aupuni a me nā papahana ʻoihana no ka hāʻawi ʻana i ka wai ma ʻaneʻi.Nui nā huahana ʻē aʻe a mākou e nānā nei ma mua o ka ʻenehana.Ua mālama ʻia nā hālāwai like ʻole e pono ai e nā papahana ʻoihana o ke aupuni no ka lawe ʻana a me ka hāʻawi ʻana i ka wai.No laila ʻae.Ke hana ikaika nei ʻo Astral i kēia.Ka loiloi ʻana i nā huahana hou i ʻoi aku ka maikaʻi, ʻoi aku ka maikaʻi a me ka wikiwiki no kēia ʻano papahana.Pēlā nō hoʻi, e hana ana i kona hiki, e hoʻohui i nā laina huahana e pono ai i nā ʻāpana i loaʻa, nā portfolios huahana i loaʻa.A ke hana nei nō hoʻi mākou ma nā laina huahana me nā hui mai ʻAmelika Hui Pū ʻIa, kahi i loaʻa iā mākou kahi huahana piha i 2, 3 pahu no ka mālama wai.Hiki ke waiho ʻia ka huahana ma lalo o ka lepo.Hiki iā mākou ke mālama i ka wai, hoʻohana hou a hoʻopiha hou i ka wai i ka Madera.No laila ʻae.ʻO kēia ka māhele, aia ma kaʻu -- ma luna o kaʻu papa inoa mua.A nui nā hana e hana nei mai kā mākou hopena ma kēia māhele.A ʻike wau i ka wā e hiki mai ana i kēia māhele i nā makahiki e hiki mai ana.A ʻaʻole mākou e noho ma hope o kekahi ma kēia māhele.Ua hana mua mākou i kahi JV me kēia hui.ʻO ka mua e lawe a kūʻai aku, a laila e hana i India.Aia ka mālama wai ma luna o kā mākou laina.A ʻo ka wai -- Jal se Nal (sic) [Nal se Jal scheme] ʻo ia hoʻi nā papahana ma luna o koʻu manaʻo.

Nui ka lohe ʻana i kēlā.Sandeep bhai, ua ʻōlelo ʻoe e pili ana i hoʻokahi JV, manaʻo wau, no laila hiki iā ʻoe ke kau i kekahi mau kala ʻē aʻe i kēlā?ʻo koʻu manaʻo...

ʻAe.Aia ʻoe iaʻu.Ua loaʻa iaʻu kēlā.A ʻōlelo ʻoe e pili ana i kekahi mau huahana hou e like me PEX a me ka sprinkler ahi, kolamu a me ka pahu.I kēia manawa he aha ka nui o kēia leo i kēia manawa a hui pū ʻia?Ua like ia me ka huahana hou e puka mai ana, inā pono wau e ʻōlelo i kēlā?A he aha ka nui e hiki ai ke -- e ʻōlelo kākou, 5 mau makahiki ma lalo o ka laina?Manaʻo wau he mea kōkua nui ia e lawe mai i nā kala.

He huahana hou loa ka PEX.Ua ʻike mua ʻoe i ka PEX, ka polyethylene cross-linked.Hoʻohana ʻia ia ma nā ʻāina i kūkulu ʻia me CPVC no ka noi paipu, no ka wai wela a me ka wai anuanu.Ma nā papahana premium ma India, hoʻohana kekahi o lākou i ka CPVC, makemake kekahi o lākou e hoʻohana i ka PEX.No laila ʻaʻole i loaʻa kēia i kā mākou kōpili, ua komo mākou me ka ʻenehana hou loa o PEX-a i kēia laina huahana.I kēia manawa, ʻoi aku ka maʻalahi o ka helu ʻana i kahi mākeke no ka wā e hiki mai ana.Loaʻa ka huahana -- ma kahi kokoke i ke ʻano, hoʻokumu ʻia.Akā hiki iaʻu ke hoʻolei wale i hoʻokahi kukui i loaʻa iā mākou - i ka hoʻomaka ʻana o kēia huahana, kokoke i 5 a 6 mau mahina, loaʻa iā mākou ke kūʻai awelika o INR 10 lakhs, INR 15 lakhs i kēlā me kēia mahina o PEX i nā papahana kahi i makemake nā mea kūkākūkā i ka PEX a makemake i ka PEX.

A i kēia manawa e helu i kāu huahana ma ka sprinkler ahi, ʻae, ke ulu nei kēia mākeke.Aia nō kēia mākeke ma kahi kokoke i ke kūlana.Aia kēia huahana ma ka mākeke mai kahi kokoke i 10, 15 - 10 mau makahiki hoʻohui mai Astral.Ma muli o nā kumu like ʻole, ma muli o nā ʻōnaehana ʻae like ʻole, ʻaʻole i hoʻohana nui ʻia kēia ma kēia ʻāpana.Akā ʻo ke ʻano o kēia mau hanana ahi, ke kū nei nā ulia a e like me ke alakaʻi ʻana o ka NFPA, hiki ke hoʻohana ʻia kēia huahana i kēia mau hale a pau e hana nei kēia mau hanana a i ʻole ke ahi, e make ana nā kānaka.Pono ka palekana i kēia manawa ma kēlā me kēia hale.A ke ʻike nei au e hū a ulu wikiwiki kēia huahana i nā makahiki e hiki mai ana, ʻoi loa ka -- i loko o 1 makahiki a i ʻole 2 makahiki, e ʻike ʻoe i kēia huahana o ka ulu wikiwiki loa.

ʻO ka pōmaikaʻi nui loa ma kēia laina huahana, lawe ʻo Astral a ʻo ka hoʻokūkū ʻo -- Hana ʻo Astral i kēlā me kēia huahana, kēlā me kēia mea kūpono i loko o ka hale me kāna ʻenehana ponoʻī, me kāna ponoʻī - me ka ʻae like ma India.No laila, ʻoi aku ka maikaʻi o mākou ma mua o ka hoʻokūkū - ma kēia māhele huahana.Eia nō naʻe, hiki iā mākou ke kūʻai aku i ka huahana ma kahi palena maikaʻi.No laila, ʻike wau i kahi mākeke nui, ka wā e hiki mai ana o kēia huahana, ʻoi aku ka [indiscernible].

A ʻo Sandeep, ka nīnau hope, ma ka ʻaoʻao paipu.ʻO kēlā me kēia - ka mea a mākou e ʻike nei e hoʻomau mau nei ʻoe i ka hoʻopukapuka ʻana i nā mea hana like ʻole.Aia i loko o kahi mea kanu hou a i ʻole huahana hou a i ʻole nā ​​hale kūʻai hou.A hoʻonui maoli kēia i kā mākou ʻaoʻao margin.Aia kekahi hoʻololi hoʻololi a i ʻole he [kiʻi mua] ma ka ʻaoʻao i hiki iā mākou ke manaʻo mai ka paipu e hele ana i mua?

Manaʻo wau e ʻōlelo maʻamau mākou, ʻo 14%, 15% ʻano o ka palena he ʻano hoʻomau.Akā ke hele mai nei ka manawa kūpono no ka Astral no nā huahana hou a i ʻole no nā huahana i loaʻa a me nā mea āpau, no laila ke hoʻonui nei nā palena ma ka ʻaoʻao kiʻekiʻe.No laila pono mākou e ʻike - pono mākou e nānā i ke kūlana o ka mākeke.A ke manaʻo nei mākou e ʻike - a ʻo ka lua, he nui nā hoʻoponopono kūloko a mākou e hana nei e pili ana i ka logistic.E like me ka manawa i hala aku nei i ka hui ʻanakala, wehewehe mākou i nā kikoʻī i kēia manawa ma nā wahi āpau ke hana nei mākou i nā verticals a me nā poʻo āpau e koho ʻia i kēlā me kēia māhele.No laila - a me ka hoʻonui ʻana i ka palapala honua o ka mea kanu, e like me - i kēia manawa ke kū nei ke kūkulu ʻākau a holo i ka mana 60% i ka makahiki mua.He hoʻokō nui ia, hiki iaʻu ke ʻōlelo.Pēlā nō i ka makahiki aʻe, e hoʻohana ʻia kēia hikina.No laila i kēia lā, ʻike ʻoe i ke kūʻai aku ʻana i ka huahana mai Ahmedabad a hiki i ka mākeke hikina, ke loaʻa nei mākou i 10% a 12% ʻano o ka helu.A pehea e hiki ai iā mākou ke hoʻokūkū ma ia mākeke.Akā naʻe, aia mākou i kēlā mākeke.No laila, i ka manawa e hiki ai mākou i laila, aia nā manaʻo kiʻekiʻe e loaʻa iā mākou kahi māhele mākeke maikaʻi i kēlā palapala honua.A ʻaʻole wale ka māhele mākeke, akā maikaʻi nā margin no ka mea aia ʻoe i kahi mea kanu kūloko, kokoke i ke [port], no laila e kōkua nui kēia iā mākou i ke ala nui a kōkua iā mākou i ka hoʻonui ʻana i kā mākou palena.Akā i kēia manawa, ʻaʻole wau makemake e hoʻonui i kā mākou alakaʻi margin no ka mea paʻakikī kēlā kaiapuni.Nui nā pilikia e hele nei ma ka mākeke.Nui ka volatility i kēia ʻaoʻao maka.Nui ka volatility i ka ʻaoʻao kālā.No laila, ʻaʻole mākou makemake e lele i loko a ʻōlelo e hoʻonui mākou i kā mākou palena ma kahi pākēneka.Akā ʻoi aku ka nui o ka ulu ʻana o ka leo no mākou.A me kēia ulu ʻana o ka leo kiʻekiʻe, inā hiki iā mākou ke mālama i kēia ʻano margin he mea nui loa ia ma lalo o nā kūlana a mākou e hana nei i kēia mākeke India.No laila e mālama i ka manamana lima.Nui nā lumi poʻo no ka ulu ʻana.Loaʻa nā lumi poʻo no ka hoʻonui ʻana i ka palena.Me ka manawa, e wehe mākou i kēlā me kēia a me nā mea āpau.A aia ka trajectory ma kahi ala maikaʻi, hiki iaʻu ke ʻōlelo.Akā i kēia manawa, paʻakikī loa ka helu ʻana iā mākou.

(Nā kuhikuhi o ka mea hoʻohana) Loaʻa iā mākou ka nīnau hou mai ka laina o Tejal Shah mai Reliance Nippon Life Insurance.

Makemake wau e hoʻomaopopo, aia kahi hoʻololi hoʻololi i ke kahawai hoʻoili, āu i lawe ai mai ka Tier 3 a hiki i ka Tier 2 mahele.ʻOiai ʻoe e wehewehe nei, aia kahi papa helu helu helu āu i lawe ai.Hiki iā ʻoe ke wehewehe mai iā mākou -- ka hoʻomaopopo ʻana -- pehea e helu ʻia ai kēia?

No laila e ʻae mai iaʻu e hoʻoponopono iā ʻoe, e hoʻopau i ka waihona waiwai, ʻaʻole ʻoe e ʻōlelo ua lawe mākou.No laila, ʻaʻohe kākau-hoʻi ma muli o kēia hoʻololi hoʻonohonoho, ʻo ka mea mua.ʻO ka lua, ʻo ka waihona waiwai, nā mea a pau i hoʻopaʻa ʻia me ka mea hoʻolaha pae Tier 1, no laila pono mākou e kiʻi iā ia - e kāpae i kēlā waihona no ka mea pono mākou e kūʻai aku i ka mākeke.A inā ʻaʻole hiki iā ia ke kūʻai aku, a laila e hoʻihoʻi mākou iā ia, a ke kūʻai aku nei mākou i ka mākeke.ʻAʻole ia he kākau ʻana.

E ka haku, ʻo ia -- e ka haku, ma ke kuhi hewa ʻana i loko o kā mākou mau puke, aia kekahi helu helu e pono ai mākou e hana no ia mea?

ʻAe.A e ka haku, ʻo ka mea ʻelua, aia kahi kuleana ʻāpana ʻole o INR 311 crores.Hiki iā ʻoe ke kōkua iā mākou e hoʻomaopopo i ke ʻano o kēia?

Manaʻo wau ma muli o ka ʻaiʻē ʻana o -- loan a me nā mea a pau.A ʻo kaʻu manaʻo, malia paha - ʻo ka mea nui ma muli o ka hōʻaiʻē, akā pono wau e ʻike i ka helu.A ke manaʻo nei au -- inā hiki iā ʻoe ke kelepona mai iaʻu i ka lā ʻapōpō, hiki iaʻu ke hāʻawi iā ʻoe i ka helu pololei.ʻAʻohe aʻu mea me aʻu.

ʻOiaʻiʻo, e ka haku.A e ka haku, hoʻokahi nīnau hope, inā hiki iaʻu ke ʻimi, e pili ana i ka uku limahana.E ka haku, aia ka pi'i o 19% hapaha-ha-ha-ha.Hiki iā ʻoe ke hoʻolei i kekahi kala ma luna o kēlā?

Ae 'ae.No laila ʻo ia nā kumu 2: ʻO kekahi e hoʻonui mākou i nā limahana limahana i ka ʻoihana hoʻopili, ʻo ia ka - ʻo ia.ʻO ka lua, aia ka hoʻonui mau.A ʻo ke kolu, he haʻahaʻa haʻahaʻa kēia, no laila, ma muli o kēlā pākēneka huaʻōlelo, ua kiʻekiʻe loa.Akā inā ʻoe - i kēia manawa i kēlā me kēia makahiki, inā ʻike ʻoe i ka Q4, nui mau ia.Hāʻawi ka hapaha mua ma kahi o 17%, 18% o ka laina kiʻekiʻe.A ua hāʻawi ka hapaha hope ma kahi o 32% o ka laina kiʻekiʻe.No laila, ʻo ka seasonality āu e ʻike nei, ʻo ia ka helu kiʻekiʻe ma Q1.Akā i kēlā me kēia makahiki, maopopo iaʻu ʻaʻole ia e kiʻekiʻe.A i ka manawa like, aia kahi ulu laina kiʻekiʻe, hiki iā ʻoe ke ʻike i ka 27% i kēia hapaha.

E ka haku, ma ka nīnau mua, ua hōʻike ʻoe aia kekahi mau waihona waiwai, i kūʻai hou ʻia.E ka haku, hiki iā ʻoe ke helu i ka nui ma ʻaneʻi?

No laila ke hana nei kēia mai ka wā i hala - kokoke i 2 hapaha.No laila pono wau e nānā i kēlā, pehea ka nui - helu.A he helu liʻiliʻi kēia hapaha ma Q3 -- 2 pū kekahi.No laila paʻakikī loa ka ʻōlelo ʻana.Akā, ʻo ka mea maʻamau, ʻōlelo koʻu puʻuwai, hewa paha wau i ka helu pololei, ʻo wau - e kala mai iaʻu, akā ma ka maʻamau, ma ka awelika, ua paʻa kēia mau mea hoʻolaha kiʻekiʻe - e paʻa ana ma kahi o INR 40 crores a i INR 50 crores o waihona waiwai.No laila, ʻo ka INR 40 crores a i INR 50 crores e hoʻi hou mai i ka ʻōnaehana, a laila e kūʻai aku mākou.No laila, ʻo ia ʻano helu no ka makahiki piha.

ʻAe.A ʻo Sandeep bhai, ua hōʻike ʻoe he mea maʻamau ia mau mea mai ʻOkakopa ma mua aku, no ka mea ke hoʻololi nei mākou i ke ʻano hoʻoili.No laila, e ka haku, pehea ko mākou hilinaʻi i ka hoʻonui ʻana i ka...

He 100% hilinaʻi mākou.Ua kokoke pau nā mea a pau.A ʻo Astral, ʻo nā mea a pau āna i hāʻawi ai he - i hāʻawi ʻia i kahi alakaʻi akaka piha ma laila.

ʻAʻole mākou e hoʻāʻo e hana i kekahi mea me ka maopopo ʻole a pau nā mea a pau.He 110% koʻu hilinaʻi, a ke neʻe nei nā mea i kahi ala maikaʻi.ʻO wau hoʻi, hōʻike maoli ma ke ʻano o ka helu, a e hōʻike ʻia ma ke ʻano o ka helu.

A ʻo wau iho, ke hoʻoweliweli nei au i ka ʻoihana adhesive holoʻokoʻa me ka - hāʻawi iā 70%, 80%.Ua palua ko'u manao no ia mea.

Pono ʻoe e hilinaʻi iā mākou.ʻO ka mea a mākou e hana nei ma ke kumu lōʻihi, a e ʻike ʻoe i ka helu a me ka ulu ʻana i ka hana ʻana, e neʻe ana kēlā me kēia kemika.I ka manawa like, ke hana nei mākou i nā mea hoʻohui kemika.Ua hoʻopau mākou i ke ʻano o nā mea hana kemika.Loaʻa iā mākou ke kikowaena R&D i ʻae ʻia e ke Aupuni o India.No laila, loaʻa iā mākou kahi kikowaena R&D kiʻekiʻe loa.E pau ana kekahi o na chemistries a e lawe aku i ko makou mea kanu UK, ke holo nei ka hana.No laila, ʻaʻole mākou e hana i nā mea no ka mea ua hewa kēia a i ʻole ua hewa paha kēia, akā ke hana nei mākou i nā mea no ka - hoʻonui i ka mākeke a me ka ulu.A e ʻike ʻoe ma nā helu.

ʻO koʻu manaʻo maoli, ʻo kēia nā pōmaikaʻi lōʻihi.No laila, ʻaʻole pono mākou e nānā i nā mea āpau (inaudible) no 1 hapaha a i ʻole 2 hapaha.

Ua pono nō hoʻi mākou e hele i loko o nā pilikia he nui i ka ʻoihana paipu.A ua hele mau mākou ma o lākou, hāʻawi ʻia i ka mākeke holoʻokoʻa a me ka hilinaʻi piha a hāʻawi ʻia i kēlā me kēia manawa kahi i hoʻoholo ai mākou i nā hoʻoholo nui, nā loli nui, nā hoʻololi holoʻokoʻa mai kahi kumu i kahi kumu ʻē aʻe ma CPVC.A ua hana mākou no ia me ka hilinaʻi.A ke haʻi aku nei au iā ʻoe, e -- ua hana mākou me ka hilinaʻi.A ʻaʻole hiki iaʻu ke ʻōlelo no -- i kēia manawa, akā ke hōʻoiaʻiʻo nei au iā ʻoe, e ʻike ʻoe ma ke ʻano o nā helu mai -- ma ka liʻiliʻi mai kēia hapaha aku, ke haʻi aku nei au iā ʻoe.A ʻo Q3, Q4 i loko o nā kala lele nui.

He kōkua nui kēlā, e Sandeep bhai.E Sir, he nīnau pili wale nō.Pehea ka hopena o ka neʻe ʻana o ke kapikala hana mai kahi 3-layer i kahi 2-layer?No laila ʻaʻole maopopo iaʻu, ʻehia ka nui o ka hāʻawi ʻana ma ka pae stockist?A i ʻole ma ka...

ʻAʻole ia e hoʻopilikia i ke kapikala hana no ka mea ʻo ia hoʻi ka nui o lākou - ua lawe mai mākou ma ke kālā a me ka lawe ʻana a i ʻole nā ​​​​pōkole he 15 a 30 mau lā.ʻOiai ke kamaʻilio nei mākou me nā mea panakō no ke kālā kālā.Loaʻa iā mākou kahi hāʻawi maikaʻi loa mai kahi panakō e kākoʻo iā mākou ma ke kālā kālā.No laila ʻo 100% mākou e mālama nei i kā mākou kālā hana a hana i nā loli āpau e like me ka mea e pono ai.

No laila ke hana nei mākou ma nā ʻaoʻao āpau.ʻAʻole i kaupalena ʻia i ka mea 3-Tier a 2-Tier wale nō.Akā, ke hana nei mākou i nā mea like ʻole.A ʻo Astral hoʻi mākou i lawe nui i ka manawa e hoʻokumu i ka hōʻailona a neʻe i ka hōʻemi ʻana i nā lā loaʻa, a laila neʻe i ka waihona kālā a me nā mea āpau.He hana hoʻomau kēia, e kamaʻilio me ka mea panakō, e hoʻokomo iā lākou i loko o ka Papa a hōʻoiaʻiʻo iā -- ka mea hoʻolaha e hele mai i ke ala hoʻolimalima kālā, e loaʻa nā ʻaelike āpau me kēlā me kēia mea hoʻolaha.He hana lōʻihi loa kēia.ʻAʻole hiki ke hana i loko o 1 a i ʻole 2 hapaha.Ke haʻi mau nei mākou i kā mākou mea hoʻopukapuka e ʻoluʻolu e hoʻomanawanui no ka hopena o ka lā, ʻaʻole mākou ma ʻaneʻi no 1, 2, 3 a 4 paha.Aia mākou ma ʻaneʻi no nā makahiki.A pono ʻoe e hoʻomanawanui.A me kēia hoʻomanawanui - ʻo Resinova i ka wā i lawe ai mākou, maopopo iaʻu ua hoka loa nā mea hoʻopukapuka no ka makahiki 1 a i ʻole 1.5 mau makahiki no ka mea ke nānā aku nei nā mea hoʻopukapuka mai ke kumu kūʻai kumukūʻai.I ka manaʻo o ka hoʻokele, inā ʻike ʻoe, ʻaʻole mākou e nānā i ke kumu kūʻai kumukūʻai.ʻIke mau mākou ʻo ia nā hoʻololi hoʻololi e kōkua i ka hui no ka wā lōʻihi.A ke ʻōlelo mau nei mākou, "E nā mea hoʻopukapuka a pau, e mālama i kou ahonui a waiho i ke kālā no ka manaʻo 5-makahiki."ʻIke wau i kēia mau makahiki 5, ʻo nā mea e pono ai ka hoʻoponopono ʻana no kekahi mea, e hoʻololi ʻia i ka helu waiwai.E like me ka mea like ma Rex kekahi.I ka loaʻa ʻana iā Rex, ua hāʻule ka EBITDA mai 14%, 15%, 16% he EBITDA maʻamau o Rex.Ua iho mākou i ka 3% ʻano EBITDA.A ʻo ka hapaha hope, ʻike ʻoe ma kahi o 6%, 7% a i ʻole 8% ʻano EBITDA.I kēia manawa ua hiki ʻoe i ke ʻano helu pālua ʻelua o EBITDA.No laila, ʻo kēia mau mea - pono nā mea a pau i ka manawa no ka mea - a i kekahi manawa hewa mākou i kā mākou wānana.Manaʻo mākou e hana mākou i ka hoʻoponopono ʻana ma 2, 3 hapaha a i ʻole 4 hapaha.He 6 hapaha paha.No laila paʻakikī loa i ka wā e hana ai mākou i nā mea pono, i kekahi manawa ke manawa a hiki iā mākou ke hele i kā mākou hoʻoholo.ʻO ka hopena o ka lā, he kanaka nō hoʻi kākou.A ke lawe ʻoihana nei mākou i ka hāʻule.No laila ke noi mau nei mākou i nā mea a pau, "Mai nānā, e ʻoluʻolu, 1 hapaha a i ʻole 2 hapaha. E hoʻomanawanui. Ke hoʻoponopono ʻia kēia mau mea, e hoʻololi ʻia i ka helu ma ʻaneʻi."

ʻO ka lua, e ʻae mai iaʻu e maopopo loa i ka nānā ʻana i ke ʻano o ka mākeke a me ke ʻano kālā.ʻO ka hāʻawi ʻana i nā hōʻaiʻē a me ke kūʻai aku ʻana i nā mea ʻo ia ka mea hope loa a mākou i hana ai mai nā makahiki 2 i hala, ʻoiai ma nā ʻoihana paipu a me nā ʻoihana hoʻopili.A ʻaʻole mākou e pilikia i ka ulu ʻana ma ke kumukūʻai o ka hāʻawi ʻana i nā mea ma nā hōʻaiʻē nui i kēia mākeke a i ʻole e hoʻonui i nā laina ʻaiʻē a wānana i kēia mau helu.ʻO kēia - ʻo mākou - ka mea nui e mālama i kēia.A me ka mālama ʻana i kēia mau mea a pau, ke hana nei mākou i kēia mau mea āpau a neʻe i mua, ʻeā?

E like me kā Hiranand bhai i ʻōlelo ai, hele mākou i nā pilikia ma Rex.Ke ulu hou nei mākou i nā huahelu pālua.Pēlā nō, i loko o nā paipu, hele mākou i kēlā mau pilikia.A ʻaʻohe pilikia o mākou i ka hoʻopili.Ua hala i kēia mau pilikia a me ka ulu a me ka palena.Eia nō naʻe, ʻaʻole mākou i hele maikaʻi i kā mākou margin.ʻO ia kekahi o nā mea nui a mākou i mālama ai a laila nā hoʻololi āpau.

ʻOiai ʻo ka paipu, inā ʻoe e ʻike, aia kahi papa kuhikuhi ulu kiʻekiʻe.Ke hopohopo nei mākou ma kēlā ʻaoʻao i kekahi manawa.Ke kamaʻilio mau nei mākou me kā mākou hui, "Ua palekana kā mākou kālā?"No ka mea, i kekahi manawa, inā loaʻa iā ʻoe kahi ulu kiʻekiʻe mai kekahi mea hoʻolaha a i ʻole kahi kikoʻī kikoʻī, e makaʻala nui mākou no ka mea ʻaʻole kēia he manawa maikaʻi i ka mākeke, e ʻoiaʻiʻo loa, no ka mea, ua stumped ka mākeke.Ma lalo o kēlā mau kūlana, ʻo ka mālama ʻana i ka maikaʻi o ka pale kaulike ka mea paʻakikī nui loa iā mākou.No laila mākou e hoʻopaʻa pālua me kā mākou mea hoʻolaha, nānā pālua me kā mākou hui.Ma o kā mākou ʻike mākeke, hōʻiliʻili mākou i ka ʻike.ʻO ia inā he koi maoli a i ʻole e lawe ana kekahi i kahi waihona kiʻekiʻe a laila hewa kekahi mea, no laila ke pāʻani nei mākou me ka makaʻala loa.A ʻo ia ke kumu o mākou - i ka makahiki i hala, ua hōʻemi pū mākou i nā lā hōʻaiʻē.A hiki iā ʻoe ke ʻike i ka helu o ka pale kaulike.No laila pono mākou -- ʻae wau me Sandeep bhai ma ke kumukūʻai o ka hōʻaiʻē a i ke kumu kūʻai o nā loaʻa kālā a i ʻole ka maikaʻi o ka waihona palekana, ʻaʻole mākou makemake e hana i ka ʻoihana.E hauʻoli mākou e hana i nā ʻoihana haʻahaʻa liʻiliʻi, akā makemake mākou e hoʻomau i kā mākou waihona koena e noho maikaʻi.Hauʻoli mākou i ka ulu ʻana o nā -- a i ʻole 3% liʻiliʻi, akā ʻaʻole makemake mākou e ʻālana me ka maikaʻi o ka waihona kaulike.

E nā lede a me nā keonimana, ʻo ia ka nīnau hope loa.I kēia manawa hāʻawi wau i ka ʻaha kūkā i ka hoʻokele no ka pani ʻana i nā manaʻo.E ka haku, ia oe.

Mahalo nui iā ʻoe, Sandeep bhai a me Hiranand bhai no ke komo ʻana i ke kelepona.Mahalo nui iā ʻoe.

Mahalo iā ʻoe, e Nehal, a hoʻomaikaʻi iā ʻoe i kēlā me kēia hui no ke komo ʻana i kēia kelepona con.A inā haʻalele kekahi mea, loaʻa iaʻu i kēia lā.A i ka la apopo, e haalele ana kakou a pau no Europa.No laila, e ʻoluʻolu, inā he nīnau kāu i haʻalele ʻia, hiki iā ʻoe ke kelepona mai iaʻu ma kaʻu kelepona paʻalima.Loaʻa iaʻu e pane i kāu nīnau.Mahalo nui loa iā ʻoe.


Ka manawa hoʻouna: ʻAukake-28-2019
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