The best place to sell biscuits in India is a bus stand.
Very High demand.
Talked to the guy selling it, said Cremica biscuits sell like crazy here.
Ps- This is from a very small town in Haryana.
Posts in category Value Pickr
Mrs Bectors Food Specialities: Can it beat the industry? (26-04-2024)
HDFC Life Insurance Company (26-04-2024)
I can see a lot of positives here to feel good about the stock 
First, despite regulatory headwinds their performance has been decent. Second, they are outperforming many of their peers on key metrics such as VNB, APE etc. Third, big chunk of insurance market share is with a PSU (LIC) and I would bet on HDFC (or any well run private insurance player) to eat into that. Last, insurance penetration is still quite low in India (I believe among the lowest in G20 countries) and is projected to grow at steady rate.
So essentially for HDFC Life, my bet is not on just an increasingly larger share of current pie but a growing pie itself. I expect 1-2 quarters of further wait before we start seeing encouraging action in stock prices.
Disc- Invested and continue to add on dips
H.G. Infra Engineering Ltd : Paving the Path to Success (26-04-2024)
Incorporated 3 wholly owned subsidiary ( 2 for solar and 1 for Green Hydrogen)
Midhun’s Investment journey and Space to organize investment ideas (26-04-2024)
The biosecure act throws up exciting opportunities for quality API companies in India. Already Syngene has a strong relationship with BMS and Neuland is associated Karuna Therapeutics.
Laurus Labs – Can Business Transform to Next Level? (26-04-2024)
Laurus Labs –
Q4 FY 24 results and concall highlights –
Sales – 1440 vs 1381 cr
Gross Margins @ 49.8 vs 49.7 pc
EBITDA – 259 vs 287 cr ( margins @ 18 vs 21 pc )
PAT – 76 vs 103 cr
Full Year R&D spends @ 241 vs 211 cr ( @ 4.8 pc of sales )
Segment wise sales –
FDFs – 430 vs 367 cr – volume led recovery in ARVs + new launches in US
APIs – 745 vs 714 cr – led by strong growth in Onco APIs
CDMO – 236 vs 228 cr
Bio – 29 vs 46 cr
Full Year breakup of sales –
ARV – APIs + FDFs – 50 pc
Non ARV APIs – 20 pc
Non ARV FDFs – 10 pc
CDMO – 18 pc
Bio – 2 pc
Capex spends in over last 3 yrs @ 2600 cr. Currently, the company is operating at 0.9 X – asset turns vs its 5 yr avg of 1.1 X asset turns. As this improves, so shall the profitability. FY 24 capex @ 700 cr
Company’s CDMO business has –
70 + active projects under various phases for small molecule APIs
10 commercial projects
20 + active projects for animal APIs
1 active crop protection
Onco APIs reported highest ever Qtly sales at 147 cr in Q4. Cardio, Diabetic API segments are reporting good sequential recovery
Seeing greater RFPs from big Pharma for late stage CDMO products
Animal API facility has started commercial validation batches. Crop science CDMO unit is under construction. Both Crop science and animal API CDMO facilities are already fully committed with innovator companies
Net Debt @ 2368 cr. Likely to come down going forward
These days, there is greater demand for bio-catalysis and continuous flow chemistry from big Pharma due to their ESG commitments. Laurus has built good capacities for both these manufacturing techniques
Additionally, there is clearly a greater thrust from big Pharma to diversify away from China. Same is reflected in greater late stage enquiries that the company is receiving
Capex plan for FY 25 – should be spending around 700-800 cr mainly towards CDMO and Bio business
Likely to see significant revenues from animal API CDMO contract in FY 25. Expecting CDMO business to be 33 pc of total business in next 2-3 yrs !!!( this can drive significant value creation … imho )
Disc: hold a tracking position, intend to add more on dips or in case of CDMO business pick up, not SEBI registered, biased
Piccadily Agro Industries Ltd (26-04-2024)
It depends on how fast you can place the order in the morning dot at 9 and how many shares are actually sold during the day. I have tried a few times but never got it …was not fast enough .However , it had opened and broken UC for a while …
Ranvir’s Portfolio (26-04-2024)
Laurus Labs –
Q4 FY 24 results and concall highlights –
Sales – 1440 vs 1381 cr
Gross Margins @ 49.8 vs 49.7 pc
EBITDA – 259 vs 287 cr ( margins @ 18 vs 21 pc )
PAT – 76 vs 103 cr
Full Year R&D spends @ 241 vs 211 cr ( @ 4.8 pc of sales )
Segment wise sales –
FDFs – 430 vs 367 cr – volume led recovery in ARVs + new launches in US
APIs – 745 vs 714 cr – led by strong growth in Onco APIs
CDMO – 236 vs 228 cr
Bio – 29 vs 46 cr
Full Year breakup of sales –
ARV – APIs + FDFs – 50 pc
Non ARV APIs – 20 pc
Non ARV FDFs – 10 pc
CDMO – 18 pc
Bio – 2 pc
Capex spends in over last 3 yrs @ 2600 cr. Currently, the company is operating at 0.9 X – asset turns vs its 5 yr avg of 1.1 X asset turns. As this improves, so shall the profitability. FY 24 capex @ 700 cr
Company’s CDMO business has –
70 + active projects under various phases for small molecule APIs
10 commercial projects
20 + active projects for animal APIs
1 active crop protection
Onco APIs reported highest ever Qtly sales at 147 cr in Q4. Cardio, Diabetic API segments are reporting good sequential recovery
Seeing greater RFPs from big Pharma for late stage CDMO products
Animal API facility has started commercial validation batches. Crop science CDMO unit is under construction. Both Crop science and animal API CDMO facilities are already fully committed with innovator companies
Net Debt @ 2368 cr. Likely to come down going forward
These days, there is greater demand for bio-catalysis and continuous flow chemistry from big Pharma due to their ESG commitments. Laurus has built good capacities for both these manufacturing techniques
Additionally, there is clearly a greater thrust from big Pharma to diversify away from China. Same is reflected in greater late stage enquiries that the company is receiving
Capex plan for FY 25 – should be spending around 700-800 cr mainly towards CDMO and Bio business
Likely to see significant revenues from animal API CDMO contract in FY 25. Expecting CDMO business to be 33 pc of total business in next 2-3 yrs !!!( this can drive significant value creation … imho )
Disc: hold a tracking position, intend to add more on dips or in case of CDMO business pick up, not SEBI registered, biased
Sansera Engineering (26-04-2024)
Investor presentation Feb 2024- Key takeaways
Q3FY24 Takeaways:
Despite being a sluggish quarter, the company reported highest ever Q3FY24 revenues (up 27% at Rs 713 cr) and EBITDA. The growth was broad based across all the segments- Auto ICE, Auto-Tech Agnostic & xEV, and Non-Auto. Net profit for the quarter was up 55% at Rs 48.4 cr.
The Auto-ICE segment is benefiting from the premiumization play in the auto industry with higher content per vehicle. In fact, SEL witnessed highest ever quarterly revenues in the 2W-Motorcycles segment primarily on account of premiumization.
In terms of sub segments in the Auto ICE category, revenue mix stood at 36% (Motorcycles), 6% (Scooters), 23% (PV) and 10% (CV).
In terms of geographies, domestic revenues (69% of sales) were up 27%, while international business (31% of sales) grew at a higher pace of 32%.
For 9mFY24, revenues and profits were higher by 20% and 25% at Rs 2066 cr and Rs 141 cr respectively. In terms of revenue mix, Auto-ICE segment accounted for 76%, Auto Tech agnostic- 7%, xEV- 5% and non-auto- 12%.
It continues to see higher business from new customers and expects the growth momentum to continue with an order book for new business at Rs. 2 bn, which is spread across segments. It received incremental orders of Rs 700 cr in 9mFY24 and its order book as on Dec 2023 stood at Rs 2040 cr (Domestic 41% and global 59%).
It has a wide portfolio of products across 80+ product categories catering to 96 auto and non-auto customers across 27 countries.
The electric mobility segment (xEV), SEL is witnessing strong growth. Revenues jumped from Rs 7.2 cr in FY22 to Rs 82 cr in FY23. For 9mFY24, sales stood at Rs 88 cr. It has 16 clients in this segment (10-2w, 4-PV, 2-CV). Net debt as on Dec-23 stood at Rs. 6.2 bn (Net debt/Equity -0.47), ROCE-16.6%, ROE-14.4%.
It has 17 manufacturing facilities (including 1 in Sweden) and a team of over 500 engineers. Its technology strength lies in the manufacturing of complex and critical precision forged and machined components which enables it to cater to global OEM’s. In the non-auto segment, it has its focus set on Aerospace and Defence segments.
SEL has a strong track record of growth. During FY13 to FY23, revenues grew 16% CAGR, while the growth in PAT was higher at 20%. Going forward, the company intends to change its revenues mix to 60% (currently 76%) from Auto-ICE segment, 20% from Auto-Tech agnostic segment and xEV segment (currently 12%) and 20% from Non-Auto segments (currently 12%).
As a strategy, SEL aims to consolidate and increase its market share in the Auto ICE segment. For the Auto- Tech agnostic and xEV segment, it plans to further strengthen its foothold in the business and leverage its existing capabilities in select product segments like aluminum forged components. Through its non-auto business, it plans to diversify into other categories with a view to increase its addressable market. It is also open to the idea of exploring inorganic growth opportunities.
Key demand drivers/trends in the Auto ICE segment:
-Faster engine upgrades
-China + 1 theme
-High focus on light weighting
Key strengths in non-auto segments:
-Strong relationship with top aerospace OEMs as well as with their Tier 1 Suppliers
-Multiple growth opportunities in Defense driven by Government’s thrust on Atmanirbhar Bharat
- Large order wins in Aerospace vertical
FY23 revenues-Rs 92 cr. At full capacity utilization- revenue potential of Rs 350 cr.
