Why the company is in ASM list?Is it just because of price run up or any other reason? Where to find these information? please guide

I guess the most important point in the concall is this – after a long time, Ajanta talks about entering into new therapies. This will be the fifth one, after Derma, Cardio, Opthal and Pain Management. An announcement can be expected soon.

Here is a summary of the conference call, focusing on financial performance, margin guidance, business segment performance, management guidance for the future, key risks, and industry outlook, based on the provided transcript excerpt:

PCBL Limited Q2 FY25 Earnings Conference Call Summary

Financial Performance:

• Consolidated sales volume for carbon black increased by 14% year-on-year to 148,000 tons in Q2 FY25.
• Consolidated revenue from operations increased by 45% to ₹2,163 crores, driven by better realization, higher sales volume, and revenue from the recently acquired Aquaform Chemicals.
• Consolidated EBITDA grew by about 53% year-on-year to ₹369 crores.
• EBITDA per ton in the carbon black business further increased to ₹2,324.
• Power generation increased by 25% year-on-year, with external sales volume rising from 103 million units in Q2 FY24 to 126 million units in Q2 FY25.

Margin Guidance:

• Management believes current margins are sustainable and sees potential for further improvement due to changing product mix, improving operating leverage, and ongoing efforts to enhance manufacturing efficiency and yields.
• Margins are expected to expand in a lower freight rate environment.
• Aquaform Chemicals is expected to achieve an EBITDA margin of around 25% by FY29.
• The battery chemicals business is projected to have an EBITDA margin of around 50%.

Business Segment Performance:

• The tire segment accounted for 82,83 tons of sales volume in Q2 FY25.
• The performance chemicals segment reported sales volume of 49,836 tons.
• Aquaform Chemicals reported steady performance with revenue of ₹362 crores and EBITDA of ₹50 crores in Q2 FY25.
• Aquaform’s capacity utilization remained above 75% during the quarter.

Management Guidance for the Future:

• PCBL is implementing cost optimization and operational efficiency measures at Aquaform Chemicals to improve capacity utilization and performance in the coming quarters.
• The company is undergoing an aggressive capacity expansion program in carbon black, water treatment, detergents, and oil and gas chemicals under Aquaform.
• PCBL expects to commission specialty carbon black projects in Mundra and Dhamra in Q3 FY25, with the second phase of the Tamil Nadu expansion planned for Q4 FY25.
• The company aims to reach 1 million tons of carbon black capacity by FY27-28 and is evaluating options for a proposed Greenfield capacity expansion.
• A joint venture, Nanovea Technologies Limited, has been established with EV India Private Limited to develop nano silicon products for lithium-ion battery anodes.
• PCBL plans to ramp up global sales volume from FY26 onward, with a significant focus on European markets.

Key Risks in the Business:

• Global business environment remains turbulent, with freight rate volatility and uncertain global economic conditions impacting margins.
• Aquaform Chemicals’ oil and gas chemicals business is facing headwinds due to a challenging market in the US, leading to lower capacity utilization and margin pressure.

Industry Outlook:

• The carbon black industry presents a large market opportunity, with the global market size estimated at 15 million tons and a long-term growth rate of around 3.5%.
• Demand in India is expected to increase significantly in the next five years.
• China’s carbon black industry is consolidating, and future capacity additions in China are expected to be limited.
• Russia’s carbon black exports are facing challenges due to sanctions, limiting their capacity expansion plans.
• These factors create a favorable environment for Indian manufacturers like PCBL, with significant growth opportunities in both domestic and export markets.

Disc: Invested

Q2 FY2025 Concall Highlights

Financial Highlights:
Revenue from operations for Q2 FY25 stood at INR 524 crores, up 54% YoY.
EBITDA for Q2 FY25 stood at INR 124 crores, up 40 % YoY.
PBT for Q2 FY25 grew 50% YoY to INR 114 crores.
Profit After Tax in Q2FY25 jumps by 75 % YoY to INR 106 crores.
Net debt ending Q2 FY25 stood at INR 96 crores vs INR 220 crores in Q1 FY25.
Plan to be debt free by December 2024. 95 cr, debt as of 30 Sept. 2024.
6 MW contributed 8 crores in revenues this quarter.

Data centre:
Operationalized 6 MW of IT load at Manesar, with progress on track to complete additional 15 MW IT Load at Manesar and 7 MW IT Load at Panchkula by FY25, totalling a capacity of 28MW IT Load by FY25 end.

Moat is Anant Raj started from 2019. Building are strength wise high requirement.
No entry barrier from government.

Cloud Services:
Successfully launched cloud services platform on 0.5 MW IT Load, initially to provide Infrastructure as a Service (IaaS) in association with Orange Business.

Plans to further expand cloud infrastructure, focusing on IaaS, co-location services, and AI-enabled solutions to enhance its offerings in collaboration with Orange Business.

Single stop shop for any service related to data. Iaas, Paas, and finally to Saas, which will take time.

Out of 63 MW 14 will be cloud service, which is better cash flow and profitability compared to co-location.
Anant raj will be one of the largest cloud service player in India. Revenue start coming in cloud service from day one.

1 MW of cloud service require additional investment of 100cr. In addition to 26cr. cost of building colocation data centre.
0.5 MW get very good response, comparable to world leaders.
0.5 MW can generate 75cr/year. as Iaas which is basic level. As move higher in value chain, it will be more.
14 MW by March 2026. 4 MW will be March 2025.
Running cost 2 cr/month. 24 cr/year per MW. EBIDTA: 126/150= 84%
Server life is 5 year. It can be upgraded as when required.
Demand is high, first come first serve between private and government.

Fund Raise:
2100 cr. Promoter will put 100 cr.
Entire amount is for data centre mainly for cloud services.
28 MW will be funded by internal funds.

Land acquisition:
20 cr. per acre. cost to Anant Raj. It will be developed by Company. Partnership land. It will be 3mn sq. ft development area for next month. Anant Raj share will be 2mn. sq. ft.

Real Estate:
101 acre in Delhi is eligible for all category, housing, hotel etc. Completely paid. Waiting for draft master plan of Delhi to publish.
Next 4 year focus will be in 63A sector, Gurgaon.
Group Housing 2 will be launched in Jan 2025 as Haryan was under election and code of conduct.
12.5 cr/quarter. rental income from real estate.
Coming 2 years, revenue will be 2.5 to 3 times from current rental income.

12 acres court matter, newspaper will be rectifying it, it was falsely reported, it is about 1000 sq. yard third party rights can not be given, which company anyhow not going to do. No license is cancelled.

Conclusion:
In addition to real estate income, data centre can have following projections:
Co location Revenue per MW as per previous concall was 10.8 cr/year.
Cloud service Revenue per MW as per this concall is 150 cr/year.
March 2026:
Col-location Revenue: 49 MW x 10.8 cr/year: 529 cr.
Cloud Service Revenue: 14 MW x 150 cr/year: 2100 cr.
Total: 2629 cr. potential revenue with more than 80% EBIDTA.

Always take projections with pinch of salt, in real estate and data centres very high possibility of delay due to obvious reasons.

Investor Presentation:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/f92356ca-e039-47be-bbae-102132e76fd7.pdf

Conference Call Audio:

D: Invested

Airtel’s 5G network expansion contributed to incremental revenue from tower additions, some reduction in energy costs due to increasing adoption of solar energy in tower sites could also have helped with the margin rise. This is likely to continue.

There’s also the one time addition of 924.8 Cr (VI’s doubtful due), which has boosted margins.