Profits would have been up 15% (adjusted for an exceptional item for 107 cr) and revenue is up close to 9%. This is good performance considering lean patch for FMCG companies in general.

As per Con-call Q3 FY 24

Operational Performance:

• The company has been improving its product mix by expanding its footprint into value- added, high-margin products.
• Successfully closed a QIP round of Rs. 200 crores, with support from investors like Bank of America and Morgan Stanley.
• The positive momentum on the demand side is attributed to the robust economy, rising capex, and the China plus strategy on the export side.
• Maintained export momentum, with exports accounting for roughly 25% of its sales in value terms.
• New plant in Sikandarabad, meant for hydraulic tubing, is expected to boost exports.
• Ventured into defense and aerospace, with production expected to begin in the first quarter of the next financial year.
• The Government of India’s decision to replace all diesel buses in the urban renewal mission program with electrical vehicles is expected to create a huge demand for the company’s tube products.
  Future Outlook:
• The company expects to be on track for the guidance given for FY26.
• Anticipates a top-line growth of 4,000 plus for FY25 and 4,500 plus for FY26.
  Concerns:
• Geopolitical conditions and changing demand dynamics in the defense sector pose uncertainties for the company’s future revenue and export market share.
  Other Points:
• The company has invested in measures to offset millions of kg of CO2 emissions during the project lifetime.
• Taken steps to reduce power costs by investing in solar power.
• Made significant inroads in the road safety sector by adopting European design and reducing the cost of crash barriers.
• Completed almost one-third of the order for the high-speed rail corridor and expects more orders from L&T and the dedicated freight corridor.

Q3 FY2023-24 Quarterly Results

Financials
https://www.bseindia.com/xml-data/corpfiling/AttachLive/b14a8591-9dd4-4734-8df0-8ce5a00a4b90.pdf

This should be easy one as mentioned in last concall – Nodal account is not big problem as you can open this account with other banks but the commercial and technicality (like settlement time) is talking point with these banks. Management mentioned that it is just matter of API call but of course they need to integrate with them so it could require some development.

for PPSL, PA application is stuck with MHA (even after Ant’s holding going down under 10% – not sure what is road block here hope it does not go way like PPBL).

Thanks!

You can go through The Ken article to educate yourself about the same.
https://the-ken.com/story/rbi-issues-a-death-sentence-to-paytm-payments-bank/?searchTerm=paytm

Please message me in case you don’t have a subscription. I can provide you with a copy of the same.