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    Varun Rajwanshi

    Senior Vice President and Director at Lazard Asset Management

    Varun Rajwanshi is a Senior Vice President and Director at Lazard Asset Management Ltd., specializing as an equity analyst with extensive experience covering international companies in the finance sector. He joined Lazard Asset Management in November 2022, where he analyzes firms such as Tokyo Electron Limited, with a track record of delivering investment insights for leading institutional clients. Prior to his current role, Rajwanshi held associate positions at JPMorgan Securities PLC and JPMorgan India Pvt Ltd from 2013 to 2022, building his reputation for analytical rigor. He is a CFA charterholder, denoting advanced credentials in investment analysis and portfolio management.

    Varun Rajwanshi's questions to TOELY leadership

    Varun Rajwanshi's questions to TOELY leadership • Q4 2024

    Question

    Asked for the company's expectation for China sales throughout the year, whether the forecast is conservative, and for the reason behind the decline in gross profit margin in the first half of fiscal 2025.

    Answer

    The executive expects investment in China to continue for self-sufficiency but for the overall proportion of sales from China to decline as leading-edge investments grow elsewhere. The lower gross profit margin in the first half is attributed to cost increases and product mix, with an expected improvement in the second half driven by higher sales and new high-value-added products.

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