Thanks for Sharing ur knowledge so generously . Regarding the excel of ur holdings shared above, what about some of the other positions u have spoken about in past or on this thread ? Such as , Shelter Pharma , Auroimpex, Kamath Hotel . Do u have those in ur portfolio too currently or the above xcel is comprehensive view of ur holding ?
Posts in category Value Pickr
Zomato – Should you order? (07-06-2024)
- Q4 PAT for the whole business is INR 175 Cr (including a deferred tax credit of INR 14 Cr) and not INR 396 Cr. Q4 Adjusted EBITDA for Food Delivery biz was INR 275 crore, but this is not PAT. - where is the PAT of INR 396 crore being taken from?
- Let’s forget about all the adjusted EBITDA terminology and look at the hard numbers. For FY24, Zomato’s PAT % is 2.71%. For Q4FY24, Zomato’s PAT is 4.61%. For our experiment, let’s say that Zomato is able to maintain this PAT % for FY25 and able to achieve 5% PAT for FY26. Here’s a table of how the PAT would look like even if Zomato’s doubles it’s revenue YoY. I am not even taking 30-35% growth. I am taking 100% growth.
- With expansion in Blinkit, HyperPure, Going Out – Capex is going to be high which would result in higher depreciation. FY26 PAT of INR 3,100 is extremely difficult to achieve.
Buy Unlisted Shares (07-06-2024)
Kindly share the source/link. Thanks
Ranvir’s Portfolio (07-06-2024)
IKIO Lighting -
Q4 and FY 24 Concall and results highlights -
Q4 outcomes -
Sales - 94 vs 114 cr , down 18 pc
EBITDA - 17 vs 26 cr, down 26 pc ( margins @ 18 vs 22 pc. However the gross margins expanded by 7 pc to 42 vs 35 pc YoY !!! )
PAT - 9.5 vs 14 cr, down 31 pc
FY 24 outcomes -
Sales - 438 vs 446 cr, down 2 pc
EBITDA - 93 vs 99 cr, down 7 pc ( margins @ 21 vs 22 pc, however the gross margins expanded by 3 pc to 41 vs 38 pc YoY )
PAT - 61 vs 65 cr, down 7 pc
FY 24 - RoE @ 20 pc, RoCE @ 23 pc
Completed Block -1 of Greenfield expansion of 2 lakh sq ft. Trial production has started. Expected to complete Block - 2 of another 2 lakh sq ft by Mar 25. Have started construction for block -3 of another 1 lakh sq ft. Combined capex spend for all three blocks is around 200 cr with a total yearly revenue potential of 1000 cr
( incremental. It may take 3-4 yrs to reach optimum capacity utilisation for all 3 blocks )
Have started manufacturing new product segments like - Earphones, Smart Watches, Solar panel components
Accelerated weakness in Q4 is due to slowdown in Exports. Seeing descent recovery in Q1. Addition of overhead and employee expenses ( due new block -1 going commercial ) led to the dip in EBITDA margins in Q4
Expecting revenues to grow by > 20 pc in FY 25 with EBITDA margins in 20-22 pc band for FY 25. Expecting strong growth in H2 FY 25. A lot of incremental growth to be driven by newer products and categories that company is venturing into
Most of company’s existing LED Lighting facilities are dedicated to supply to Signify Ltd ( selling under the PHILIPS brand name in India ). With new capacities coming on stream, company to supply to additional customers
A lot of customers are visiting company’s new manufacturing block. Receiving very positive response from them. Likely to materialise into good long term partnerships / orders. The new facilities are likely to do asset turns of 5-6 times once they reach optimum capacity utilisation
Exports demand to GCC and USA are picking up. Overstocking related issues are behind
Expect domestic demand to pick up post election results
Company did admit that China + 1 is a significant tailwind for the company
Disc: holding, biased, not SEBI registered ( no other contract manufacturer in electronics space makes a double digit EBITDA margins. IKIO’s margins are generally > 20 pc !!! )
Mann’s Portfolio (07-06-2024)
@Ashar_Mann
I was looking at the results of Creative Newtech and looks like their quarterly sales are down by more than 25%. Do you know any reason behind this?
Lt foods (daawat) (07-06-2024)
There is massive difference between domestic and international realisation
Regarding chaman lal they have advatage only in maharani brand whose market is smaller
Krbl traded growth against margins as startegy before 2017 , sacrificing growth for margins
Now they are facing pressure as lt foods is eating there market shares and also iran regulations impact there buisness so margin fluctuations but these happened only in recent years before 2016 see krbl was maintaining very very healthy margins
Regarding ltf , company doesn’t immediately hikes price when cost goes up they maintain average ( e.g read last qtr concall when Mr arora addressed red sea issue)
Buy Unlisted Shares (07-06-2024)
This is old DRHP… They will refile it soon with updated data and valuation. IPO should come by December end as I heard from management
Lt foods (daawat) (07-06-2024)
(post deleted by author)