Things have turned around now and the long duration fund would have changed direction, to rhyme with the yield scenario now. I would say that, long duration bonds have to be treated as loooong duration and not see every 2-3 days…
Posts in category Value Pickr
BCL Industries – Ethanol Pick (Capacity 3.5x in Next 2 Yrs) (27-05-2024)
Some thing which is beyond our understanding is there, RM cost increased slightly but It should be mitigated by the higher ethanol prices.
In Q3 call also Kushal told that new harvest will decrease the maize price but nothing happened in Q4, so I am not expecting any softness in the prices and improvement in margins.
Only WB 100KLPD numbers will be added from Q1 onwards, no more further triggers
BCL Industries – Ethanol Pick (Capacity 3.5x in Next 2 Yrs) (27-05-2024)
I agree with your view that fraudulent management will always look into different ways to cash out money from business.
1 thing I don’t understand is that BCL management doesn’t take any dividends, dividends are only for minority shareholders. Why they took this decision and lost the dividend amount
Steel Strips Wheels Limited – Attractive Valuations (27-05-2024)
Directionally the company might be going in the right direction in the long term but I assume FY25 guidance of 10% revenue growth was a dampener for the markets. I suppose the markets were already expecting it given the correction in the price in the last 2-3 months.
At 10% revenue growth, 11% margin, conservatively depreciation at 148 crs (annualized the 37 cr q4 depreciation, if I take it as 3.4% of revenues as in case of q4 it will be even higher) and interest of 112 crs (q4 int annualized) and tax rate at 25%, the PAT comes out to be 198 crs which is a degrowth of 10% compared to FY24 full year pat at 220 crs. At 15x TTM, I would say this might be fairly valued. The stock is under 30 and 40 weekly EMA, given FY25 is a non event in the view of the markets it can either fall further or consolidate. Around 214 and 194 seems to be strong support levels. These are just my estimates and I can be totally wrong.
Disc: Hold a tracking position which I might be looking to exit.
Jyothy Labs ~ Post acquisition of Henkel India (27-05-2024)
Jyothy Labs -
Q4 results and concall highlights -
Q4 outcomes -
Revenues - 660 vs 617 cr, up 7 pc ( volume growth @ 7 pc )
Gross Margins @ 49.5 vs 45.7 pc
EBITDA - 108 vs 91 cr, up 19 pc ( margins @ 16 vs 15 pc )
PAT - 78 vs 59 cr, up 31 pc
Advertisement and Promotional spends @ 60 vs 46 cr ( at 9 pc of sales vs 7.5 pc of sales )
FY 24 outcomes -
Revenues - 2757 vs 2486 cr, up 11 pc ( volume growth @ 9 pc )
Gross Margins @ 49 vs 42 pc
EBITDA - 480 vs 316 cr, up 52 pc ( margins @ 17 vs 13 pc )
PAT - 369 vs 240 cr, up 54 pc
Advertisement and promotion spends @ 228 vs 174 cr, up 30 pc ( at 8.3 vs 7 pc of sales YoY )
Cash on balance sheet @ 618 cr
Breakup of revenues, full yr growth -
Fabric care ( main wash ) - 34 pc, grew by 12 pc
Fabric care ( post wash ) - 9 pc
Household Insecticides - 11 pc, sales were flat in FY 24
Personal Care - 9 pc, up 21 pc
Dishwashing - 33 pc, grew by 8 pc
Others - 4 pc
Brands … Mkt share
Exo … 14 pc
Pril … 13 pc
Ujala Detergent … 23 pc ( in Kerala )
Ujala Whitener … 84 pc
Maxo … 8 pc in Liquids, 23 pc in Coils
Other Promising brands - Henko, Ujala - Crisp and Shine, Margo, Mr White, More Light
Expanded direct distribution reach to 12 lakh outlets vs 11 lakh outlets in the previous year. Will continue to expand direct distribution by 8-10 pc / yr for the foreseeable future
New launches in FY 24 included - Henko Liquids, Ujala Liquid detergent, Margo Neem Naturals (launched 3 new Margo variants this yr)
Seeing gradual pickup in the rural markets - augurs well for next FY
Both - Ujala and Henko liquid detergents are doing well - in South of India Mkts and Modern trade
Company has lined up a few new product launches. Did not disclose their names / categories
Aiming for 16-17 pc EBITDA margins for full FY 25 after spending aggressively behind existing brands ( specially the liquid household insecticides ) and new launches
Company’s percentage of revenues from South of India @ 38-39 pc
Disc : Holding, Biased, Not SEBI registered
Priti International Ltd (27-05-2024)
PRITI INTERNATIONAL LTD QUARTERLY RESULT REPORT
DOWNLOAD FROM THIS LINK
DISCLAIMER: I AM NOT SEBI REGISTERED RESEARCH ANALYST/ ADVISOR.
THIS IS JUST FOR EDUCATIONAL PURPOSE.
Tracxn Technologies (27-05-2024)
I work for a single family office with reasonable holdings and yet they are very picky on price. See, its not just institutions who use this. It is also HNI’s, SFO’s and LPs who need it. They will be picky and they are higher in number. Remember that the money they earn from a 10 Billion AUM company and a 10 Million AUM company wont be huge as the price per seating is same. They are pretty decent for India and Europe. Not much US as there is no financial info regarding those areas
Dreamfolks services limited( DFS) (27-05-2024)
That’s Great Now as You are true to your self, lets talk about their propaganda, these people sells PMS, they at any cost would find some point about any business just to prove the fact that they have some better stocks.
Now This is just a comment, I am not trying to spread heartedness.
Lets talk about dreamfolk.
What they do, is they provide the platform, which combines card companies, with the restaurant offering Lounge.
Imagine this as they are the ola providing platform for You and AUTO.
In this business what happens, you went into a lounge, tap in your card, pay 1 rupee, enter into the lounge, in the backend the lounge provider would get some money from the bank whose card you just used.
If tomorrow the lounge increases the price bank will pay them more money, what would ever happen to DREAMFLOKS.
Now they are increasing their portfolio by adding salons, makeup things(I couldn’t find the right term), golf club.
They are the ola combining bank and all the above mentioned
Dreamfolks services limited( DFS) (27-05-2024)
Hahahha.
U god damn right!
Steel Strips Wheels Limited – Attractive Valuations (27-05-2024)
Don’t have any idea of fair valuation but Wheels India it’s closest peer is trading at a PE of 28 while this is trading at a PE of 16. SSWL has better margins and return ratios.