Operational Highlights:

1. Product Mix:

• Iron & Steel Pipes and Pellets.
• Natural hedge against volatile commodity market conditions.

2. Production and Sales Breakup (Q3 FY24):

• Iron & Steel Pipes: Production – 4,50,300 MT, Sales – 4,42,800 MT.
• Pellets: Production – 3,86,900 MT, Sales – 3,87,800 MT.

Order Book Position:

1. Total Order Book: ~US$ 1.49 billion (Iron & Steel Pipes: US$ 1,474 million, Pellet: US$ 14 million).
2. Global Market Orders: ~35% of orders.
3. Order Visibility: Approximately three quarters.

Financing and Liquidity:

1. Net Institutional Debt (Standalone): ~Rs. 39,190 million (as of December 31, 2023).
2. Credit Ratings: CARE A1+ (Short-term), CARE AA (Long-term, Outlook Stable).

Other Highlights:

1. Joint Venture – Jindal Hunting Energy Services Limited:

• Establishing India’s first premium Oil Country Tubular Goods (OCTG) threading facility.

2. UAE Operations:

• Jindal Saw Gulf LLC (UAE subsidiary) witnessed higher sales of DI Pipes.

3. Legal Matters:

• 27th January 2019, the final arbitration award was pronounced by the Hon’ble Arbitral Tribunal in favor of JITF, allowing various claims to the tune of Rs. 1,891 crores plus interest and applicable taxes. At present, NTPC and Jindal ITF have filed petitions which are being heard by the Hon’ble High Court of Delhi. In a hearing on 20th Dec 2023, substantial arguments have been completed by NTPC. The next hearing is scheduled for 14th and 15th February,2024.
• JSAW has filed the Scheme of amalgamation of Jindal Quality Tubular Limited (“JQTL”), Jindal Tubular (India) Limited (“JTIL”) and Jindal Fittings Limited (“JFL”) with NCLT, Allahabad bench for their approval. Shareholders and creditors of Jindal Saw Limited and all the merging entities have already approved the Scheme. The same is subject to the approval of Hon’ble NCLT Allahabad Bench. The next hearing is scheduled for 1st February,2024.

4. Outlook:
   The steel tubes market is driven by global industrial growth and urbanization, particularly in Asia-Pacific and the Middle East. Increased demand arises from construction, automotive, and oil and gas industries. Government investments in infrastructure, including transportation and energy projects, fuel the demand. The Middle East, influenced by the oil and gas sector, sees significant investments in infrastructure, smart city developments, and transportation networks, contributing to steel tube demand. In India, expanding oil and gas exploration, government water projects, and rural development initiatives create opportunities for pipe-makers. Geopolitical adversities in the Gulf region are not expected to impact the long-term growth outlook.

Disclosure: Invested

Thank you for the appreciation @praveen_potnuru

The point about increasing SIP was previously raised by @parkhi_nazar and I repeated the math here – How much do you invest each month and how much does it matter? – #12 by ArunL

It does make a difference, but the difference is not as much as I thought it would be.

Eroding the starting corpus as you said is going to make a big dent. But this calculation only works for our long term wealth generation bucket, not the short term buckets.

To quote myself from my previous reply:

The point is not to invest less, not at all. The point is that the difference between 1L and 50K isn’t a whole lot. So investing less on a certain month because you want to splurge a little or take your family on an impulse vacation or treat yourself to a brand new coffee machine wouldn’t matter much in big picture.

As I said before, the “investing addiction” was making me live in a future at the cost of the present. This exercise helped me see the full story.

The peace of mind I have been enjoying ever since I did this calculation is truly priceless. I still invest just as much as I did before, but it’s 10x stress free now. I think I have found my balance.

Happy to know that someone read this thread after all this time. Happy new year!

Hi Arun. Thank you for this wonderful post. However you may have missed something in this calculation

A person making 50k SIP may be able to increase it at 4-7% depending on how his career turns out. So, if we consider the step up SIP, we may see good benefit in continuing the SIP

On contrary, if a person keeps the SIP at 50k and spends incremental earning in self and family, that would support the point you made.

Few risks to the corpus in early years

1. sudden one time expenses like marriage, if costs 10lakh, that would be a big portion of starting capital of 10L, 50L, 1Cr
2. Down paymnet for house would be 7-20L which is also a big portion

But yeah, your points are well taken and would give a better perspective.

Mapmyindia (MMI)
Results:

Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/81eca280-8fc4-410e-a913-bbb05e738048.pdf
Concall Highlights:

1. First time Ad revenue monetisation of mappls through in-app advertising (client seems to be Cadbury) revenues is not trivial but remains small. Good potential if consumer usage of its mappls app increases.
2. Auto revenue from EV segment – in line with industry ICE and EV mix. Every EV is going with MMI solution. Client retention in auto is 100%.
3. Pricing difference – ICE vs. EV – EVs need more features from MMI so higher pricing in EVs.
4. 9MYTD – 31% YoY rev growth. Gunning for 35-40% revenue growth in FY24.
5. IOT led business grew over 100% to 27 crores. While map and data business grew 19% to 65 crores. IOT business margins 10% continue to improve (from 6% in Q124) due to SaaS revenues from the hardware sale.
6. Higher advertising cost of ~5 crore vs. 2 to 3 crores in previous quarters. Spends were successful based on increased rand awareness, consumer reach, downloads. Advertising shall be calibrated in future quarter by quarter.
7. In India more services like – Software, hardware, drone, map etc. Outside India – mostly Software only as it is world class so customers are asking, global map enhancement requirement based on customer discussions. So not everything offered outside India.
8. Drone:
   a. 3D mapping & risk monitoring for large logistics company warehouse/yard – it can be recurring revenue business.
   b. Drone is important pillar. MMI aims to become a serious leader in Drone.
   c. Monetising drone revenues – mix of selling drones, providing analytics, drone as part of overall deal (mapping).
9. Cash of 516 crores, why QIP: Plan is 10-year basis – international market expansion, drone business acceleration, activity in mappls consumer business. Over next 2-3 years to invest organically or inorganically.
10. Why excited for Q4FY24 – H2 is always better than H1 and Q4 is better than Q3.
11. Mobility opportunity 6000 crores – devices for devices for logistics and personal mobility.

Disclosure: invested and no transaction in last 30 days.