Call was add by Mr Mithun Chittilappilly MD.Key Highlights by Capital Mkt
As per the management, shorter summer, weak housing demand and uncertainty in commodity prices, all affected the overall demand of the company's products and consumer sentiments in Q2 FY'16.Short summer resulted in lower AC sales, which affected the demand for stabilizers. Uncertain copper prices affected the wiring segment of the company. The Digital UPS demand also got affected as there were hardly any power cuts during the quarter.Gross Margins and Ebidta margins improved to around 28.7% and 8.8% respectively due to lower raw material costs.
Company continues to invest aggressively particularly in Non South Market. Advertisements and Promotions account for about 3.7% of total sales. The company continues to increase its presence in Non-South market.South market which constitute around 67% of total sales, grew by about 3% YoY to Rs 300 crore while Non South market de grew by about 4.7%.
The company was able to reduce its debt by about Rs 91 crore during the quarter. Debt Equity ratio stood at around 0.09 as on Sep'15.
The Electronics segment, which constitutes stabilizers and UPS, which contribute about 27.7% of total sales in Q2 FY'16, de-grew by 1.2% YoY. The de-growth was mainly on account of a 10% fall in sales in UPS to around Rs 48 crore YoY. Electrical which includes pumps, house wiring cable, electric water heater, fans and others, and contribute about 67% of total sales, grew by about 1%, while the new products Swithgears, Kitchen Appliances etc grew by about 4% on a lower base YoY to around Rs 21 crore.The company has launched Water heaters for markets in South and Western India
As per the management some part of the rural economy got affected in Q2, particularly the rural side which is completely dependent on Agriculture. Going forward, rural economy is expected to remain subdued as consumers are postponing their demand. However, festive season, should see some good cheer in H2 FY'16, given a low base of H2 FY'15.
Overall, management revised its net sales growth downward from earlier 15% to around 12% for FY'16. Management expects margins to be around 8-8.5%. As per the management, the festive season, the demand should be good and sentiment has already started in a positive manner.Management does not expect to spend more than Rs 20 crore on capex as most of the capex is done and now only maintenance and warehousing capex is required.

Have been invested since 31 odd bucks,
The question by you on the guarantee remains, second issue is that now they are merging Genesis footwear a co run by promoters in same business with the listed co. http://www.mirza.co.in/scheme-of-amalgamation.html

Call was add by Miss Sunita Sharma MD & CEO.Key Highlights by Capital Mkt
The disbursements for Q2 FY'16 stood at Rs 8390 crore, up by 17% YoY. As on Sep'15, the total outstanding loan book portfolio stood at Rs 114068 crore. 91.5% is from individual loan account, developer loan stands at 2.6% and LAP now accounts of about 5.6% of total loan book.
LAP disbursements in H1 FY'16 stood at Rs 1800 crore up by 140% YoY. Management expects LAP to form around 8-10% of total loan book in next couple of years.About 75.2% of total borrowings are from NCD, 15% were from banks and rest from others. Total weighted average costs of borrowings stood at 9.29% as on Sep'15. Incremental costs of borrowings for the banks stand at around 8.35%.Management expects NIM to improve slightly more in H2, due to reduction in interest rates. The company will meet in next couple of days to pass on some benefits to its customers. Further, LAP and developer loan book have higher yields which will result in higher overall NIM for the company.
Gross NPA for Q2 FY'16 stood at Rs 683 crore and provisions stood at Rs 314 crore, which includes about Rs 30 cr of additional corporate NPA, which was required due to the regulatory requirements. As per the management, the corporate account will become standard assets by the end of the Oct'15.Around 65% of total loan book are at fixed loan rates. About Rs 15000 of total loan book i.e. around 10% of the loan book will be reprised from fixed loans to floating rates in next 18 months, on which management expects higher yield of around 30-50 bps.
As on Sep'15, about 88% of company's customers are salaried employees and rest are self employed and others.Overall, management continues to expect strong disbursement growth of around 17% for FY'16.

I think VLS had sold just about 5 lac shares of Relaxo. They continue to hold the rest and have pledged the same with Globe for their funding requirement.

Did the Nepal plant go steam as expected in Sep 2015 ?. I couldn't find any updates on this.