With more than 50 stores in India and over 50 premium luxury Watch brands, Ethos Watches is India’s largest chain of luxury watch boutiques. We take pride in helping our customers choose the perfect watch for themselves or their loved ones, while protecting them from rampant malpractices in India such as smuggled, fake, and refurbished Watches.

Ethos Limited (“Ethos”) was incorporated on November 5, 2007 and promoted by KDDL Limited. Ethos is India’s largest luxury and premium watch retail player

Got ‘Framing business uncertainty’ by Sajal kapoor, pretty excited to lay hands on it this week. Finished half of ‘100 baggers’ by Christopher Mayer. Portfolio got a bit of shake off past week.

Sold HUL, cant rue my luck between Nestle, Britannia and HUL chose to go with it and it gave me zilch returns. Started accumulating RACL@1070, if market continues to be weak will continue to add more at this price. Will refrain from selling this year as I have booked enough profits for this year. I have to transfer it to my family members account to save on taxes before selling. Yeah that’s me with my in-laws and parents retired and all the instruments in my wife’s demat, I just hope I don’t add taxes to the frivolous returns I’m making. Some of the fellow investor’s returns did give me FOMO but yeah I’m counting my blessings

ORCHID PHARMA –

Q3, FY 24 highlights –

Revenues- 221 vs 160 cr ( growth driven by – geographical and customer expansion )
EBITDA- 35 vs 14 cr ( margins @ 16 vs 9 pc )
PAT- 29 vs 8 cr

Enmetazobactum has received EU’s approval for a commercial launch. Expecting an approval from US’s regulators in Feb 24

Company commissioned its sterile Cephalosporin blocks in Q3 ( Nov 23 ). Expect to reach 50 pc capacity utilisation in Q4 and 100 pc in next 6-9 months

Don’t expect any major Capex requirements in next 2-3 yrs. Despite that, company should be able to grow its base business by 20-25 pc CAGR via de-bottlenecking of capacities

Like – Cefiderocol, company is exploring partnerships for some other products as well

Dhanuka labs has done a revenue of 400 cr in 9M FY 24. Dhanuka labs – Orchid Pharma merger is about to be consummated

The 7 ACA – KSM manufacturing plant that the company is setting up at Jammu is eligible for a lot of benefits like – PLI, Electricity and Interest rate subventions, GST benefits. Company should be able to make 10 pc EBITDA plus these benefits should add to their margins

Going to launch 02 more products – both Cephalosporins. DMF for one of them has already been filed. DMF for the second one shall be filed by end of this calendar year

Enmetazobactum ( if granted waivers by Indian regulators for clinical trials ) should get an India approval within 6 months. Otherwise, by Q1 FY 26. Company estimates to do a sales of 200 odd cr of this product in India ( 4 pc kind of share of total anti-microbial injectable mkt )

A 20 pc kind of revenue CAGR is doable for next couple of years

Expect Enmetazobactum launch in EU, US in q1 FY 25. Initial growth post launch should be strong

The sales royalty on the sale of Enmetazobactum remains @ 6-8 pc of sales for EU, China, US mkts

Domestic:Export revenues break up @ 18:82 pc ( roughly )

Orchid Pharma is allowed to make 25 kind of PBT margins ( by the innovator – Shionogi – Japan ) on the sales of Cefiderocol in the LMIC Mkts

Disc : holding from lower levels, biased, not SEBI registered

Sold SJVN in the last few days. Completely exited Now. @115

A quick look at the numbers (as per screener) over the last 2 years (FY21 to FY23) for the two indicate otherwise.

For very similar top line: –

Similar performance is seen for the 9M of FY24 despite Mcdonalds facing flood issues etc. in its geographies