Posted very bad results , loss in this quarter also. Avoid caustic sauda sector till price don’t go up substantially. It can drift to 40 area .
Disc , not invested tracking
Posts in category Value Pickr
TGV SRAAC erstwhile Sree Rayalseema Alkali (30-05-2024)
Walchandnagar Industries | Return of a Golden Era (29-05-2024)
@Amnesiac - @Ghonarbochon has shared some notes which you may draw from.
If you are a number cruncher, then it make take 1-2qtrs more for you to feel comfortable.
If you are a storyteller, then you may be 1-2qtrs late already.
We are currently in the middle of a structural move in the company, and the void that it currently appears to be in, may not be easy to understand or explain.
2qtrs down the road - I feel the story will begin to reflect in the numbers. 3qtrs down, I am sure of it.
Find your approach, and take your seat accordingly.
Disc: Invested, and dreaming.
Karan’s small/micro cap portfolio (29-05-2024)
You’re right about December being a good quarter for seeds. However, last year’s 37% margin for Mangalam Seeds is still a head-scratcher. It’s interesting to note their similar slump in March 2022, which is when Kaveri maintained positive YoY sales growth. This suggests last March’s results might be an anomaly for Mangalam Seeds.
Here’s where the comparison gets tricky: Kaveri focuses on cotton seeds in central and south India, while Mangalam deals in grains primarily for the western region. A more relevant competitor for Mangalam might be Bombay Super Hybrid (BSH) which deals in vegetables. Unlike Mangalam, BSH achieved rapid growth through lower margins. This suggests Mangalam could potentially achieve similar growth by strategically adjusting margins, as long as they manage their debt effectively.
Overall, it seems Mangalam Seeds is in a similar phase they faced in March 2022, but with the added burden of higher debt. Their financial health depends on managing this debt while potentially adjusting margins for strategic growth. If they can navigate these challenges, Mangalam has the potential to excel.
Salzer Electronics (29-05-2024)
In Q4 call, Rev Guidance of 18-23% excluding the rev from smart meters. with 1% improvement in the margins.
Smart meters: Management confirmed that from 4M smart meters capacity they can generate 1000 Cr revenue at 100% capacity, ASP of SM is 2400-2700/-
They are planning to sell SM to AMISP who won tender from DISCOM’s & they have AMISP license too, so in future they may participate directly in the tenders.
Margins in SM segment could be ~15%, this can push over all margins upward.
Trails are underway and they are just waiting for orders from the AMISP’s to start commercial production in July, Revenue depends on the order quantum.
EV charger:
In 14 tests chargers are failed 1 test, which is communication related as per the Indian standards. Now Technology supplier making is incorporating the changes in the chargers to clear that test. There could be some delay in launching the chargers due to this issue.
Aptus Value Housing : Is valuation justified or just another HFC? (29-05-2024)
Regarding the earlier question, the “Undrawn Sanctions” were mentioned along the lines of Asset Quality.
Shivam27’s Portfolio and Investment Journal (29-05-2024)
Thanks a lot for the detailed answer… the dedicated capacities in case of Azad remind me of innovator pharma CDMOs where customer pays upfront in some cases, partially funding for their dedicated facilities… looking ahead to having such discussions thanks
Aptus Value Housing : Is valuation justified or just another HFC? (29-05-2024)
Thank you bud.
Also, when it comes to disbursement numbers (Asked by Mr. Nidhesh, Investec), Mr. Balaji wants to answer the question offline, pretty weird no?
Karan’s small/micro cap portfolio (29-05-2024)
Thanks alot Karan.
Regarding Q4 in particular.
Results seem confusing to me me.
They are down in topline also YOY.
On contrary peers haven’t degrown yoy in last quarter.
But flip the coin and take it back to Q3, their results were surprisingly good compared to all peers.
Again like I said can’t make sense, how they have degrown in revenue as well this quarter when same is not reflecting in peers like kaveri etc
Dreamfolks services limited( DFS) (29-05-2024)
![](https://forum.valuepickr.com/user_avatar/forum.valuepickr.com/sipun_mohanty/48/107323_2.png)
Earlier, i have heard management confident about, 11-13% OPM, but still not sure why it has not achieved yet.
Its not OPM, they are talking about Gross margins and they are achieving this target.
![](https://forum.valuepickr.com/user_avatar/forum.valuepickr.com/singhi08/48/107002_2.png)
Does anyone know the reason behind the surge in cost?
Revenue growth looks promising, but why can’t they convert that to bottom line growth?
There was hit on Gross margins few quarters ago so the bottom line dropped significantly. Now they are targeting 11-13% GM