@yashchandak KRBL last few years are very turbulent. In one Quarter they were able to export high broken rice and in other quarter, very high bulk export, in one quarter they have Saudi sales starting and in other quarter Saudi sales back to zero. In one quarter, a bulk shipment is not delivered to client and revenue got deferred to other quarter.

I would recommend you read concalls of LTFOODS and KRBL for last 5 years, You will neither find positive nor negative surprises from sales perspective for LTFoods except impact of soya sale due to US anti dumping duty. But in KRBL, you will find lot of these surprise both on positive and negative side, which makes their revenue to fluctuate lot higher even after factoring rice/paddy price fluctuation, this makes their Ebitda all over place

When it comes to LTFoods margin, In presentation you can find the Rice segments margin, you will find fluctuations, but offcourse not to the extent of KRBL which is due to their own problems
Q1 – 12.9%, Q2 – 13.9%, Q3 – 14.8%

EPC guidance is 200-250 Cr, which will also contribute to the PAT plus this is order book as start of this year, company will get more orders eventually.

ship order is all time low, and still no one is buying new assets even when crazy prices on ton mile currently. if you look at stocks like Scorpio tankers, even they are clearing debts , but no addition of new ships…as you rightly pointed 40% EPS degrowth and still stock should make decent profits plus will be zero debt shipping company…

Concall Highlights Q4FY24

• 334 Cr capex completed in FY24, added 34 cranes and 44 other equipment.
• Sold 32 cranes in FY24 and generated profit of 18 Cr.
• 31st Mar 25, fleet of 336 cranes ( 2490 Cr)
• 18th Apr 25, Order Book 426 Cr ( Cranes + EPC )
• Yield to be remain between 2-2.2% in FY25.
• 250-300 Cr capex for FY25 – should be done by Dec 24
• EPC revenue significant contribution for FY25 ( 200-250 Cr) , 10x of current
• Ebidta to go down by 2% for crane business.
• 82-85% capacity utilization.
• No forward guidance for sales.
• Order Book 300 Cr → 620 Cr ; 426 Cr → extrapolate
• Asset gets freed in 4 yrs, sell the asset in 40-50%.
• Capex will be funded 70% debt, 30% internals.
• Would like to keep cash on hand.

What’s the view regarding syngene with opaque management and no so forthcoming in guidance regarding molecules in pipeline.