Yes land bought in form of Kpark is very costly.
Its 85 bhiga land, and prices are no where above 1 cr/bhiga in that area.
Maximum if we give 20 lakh/bhiga , land’s value is maximum 20 cr or so.
We should raise our voice in this regard.

Regarding KP energy and KPI green, whoever receives hybrid project,
Kp energy is doing wind part and KPI green doing solar part including O&M thenafter. Its is also evident from AR RPTs, IMO.

Two points I need clarity on –

1. Use of Propane in Morbi is impacting profit (this can happen in other industrial belts)
2. They are increasing CNG stations, however with increase in adoption of EV, how effective / profitable these stations would be.

Disc : Tracking not invested.

Ceinsys, Monthly – Long-term breakout post 5 year consolidation.

The business used to be primarily into GIS offering navigation and HD maps, photogrammetry (topographic maps of terrain), LiDAR based work etc… The clients were primarily govt. (mostly state, municipal). The company thus has poor cash conversion and might likely have to writeoff some receivables in the near future. The company trades cheap for this reason (I think)

Whats changing is the company has acquired AllyGrow which appears to be a far superior business with good global clientele. The company has decent financials

AllyGrow has around 54 Cr sales with around 16 Cr profits roughly. Ceinsys has paid 58 Cr for acquiring AllyGrow – 12 Cr paid in cash and rest in stock. AllyGrow was held by a PE fund (Zodius) which was winding up. Though optically it may look cheap, Zodius having been paid in Ceinsys stock realised a much higher value while selling their Ceinsys holding over the part year. The good news is Zodius is completely out as of Sept SHP

Now its a matter of seeing how much market will be willing to pay for AllyGrow which is in a similar line of business as KPIT. The main GIS business too is looking to reduce dependence on govt. and look at international pvt. clients. Price has run up a lot recently since they won a large Jal Jeevan order (248 Cr). How they will implement this and what the WC requirement will be remains to be seen. I feel its still risky in terms of execution for a company of this small size. I think even if GIS business is valued at zero, AllyGrow itself can cover for a large part of the current market cap. The company has a division called MEG-Nxt which is incubating some cutting-edge tech to utilise digital twin data in VR/Metaverse applications. Risk with receivables remain but I feel its in the price already. Synergy as well between the two businessess is questionable (management thinks AllyGrow gives Ceinsys international presence). Big positive was the way the management answered pretty much all questions patiently in the AGM, be it technical, operational or financial.

Disc: Have positions around 260. Added bit more around 300 today.