Great blog on Bobble AI investment & how Affle has been able to register an XIRR of 154%
Posts in category Value Pickr
Ujjivan Financial – Small Finance Bank (07-09-2022)
Agree with you,
The is the management has said in conference call
by December, we need to meet the
SEBI requirement of minimum public shareholding, so we will meet the SEBI requirement.
Time technoplast (07-09-2022)
AR22 notes
- Value added products (21% contribution vs 20% in FY21): Composite IBCs (11% vs 10% in FY21), composite cylinders (6% same as FY21), MOX films or techpaulin (4% same as FY21)
- R&D team comprises of 30
- Time Techno is third largest manufacturer of IBCs globally
- Overseas business contributed 32% of sales (vs 31% in FY21). EBITDA margin for domestic operations was ~14.0% and for overseas operations was 13.7%
- Company is restructuring overseas business through strategic divestment, proceeds of which will be used for repayment of debt, capex for composite cylinders and for core Indian business
- Has manufacturing facilities at 31 locations across the globe (including 21 within India)
- Received single largest for Type-IV LPG Composite Cylinders to IOCL of 0.75 mn LPG cylinders to be supplied over 12-months
- CNG cascade order book is 250 cr.
- Total capex incurred was 185.7 cr. (vs 103.5 cr. in FY21). Capex for established products was 78.5 cr. (vs 67 cr. in FY21), and was 107.2 cr. (vs 36.5 cr. in FY21) for value added products
- Key raw material is PE granules (derivative products of oil and natural gas) which are largely imported
- KMP and director remuneration: 1.96 cr. (vs 1.64 cr. in FY21)
- Number of employees: 2’521 (vs 2’423 in FY21) (no increase in salary of employees or key managerial personnel)
- Statutory auditor fee: 40 lakhs (vs 45 lakhs in FY21)
- Number of shareholders: 73’356 (vs 37’672 in FY21), price (low): 60.2, price (high): 94.5
Disclosure: Invested (position size here, bought shares in last-30 days)
Shri Jagdamba Polymers Ltd (06-09-2022)
A couple of interesting data points from the latest annual report.
- Company gave sales breakup according to HSN code. In this product, Jagdamba’s export share increased from 16% in FY21 to 21% in FY22
- Promoter bought 4.74% shares from open market in March 2022 quarter. I verified that there have not been any inter-se promoter transfer, so increase in shareholding has to be via open market acquisition.
Disclosure: Invested (position size here, no transactions in last-30 days)
Atul Auto Limited (06-09-2022)
Here are my notes from their AR22
- Growth was impacted due to lower availability of retail finance, higher contribution of resale vehicles and cost increase due to transition from BS4 to BS6
- Atul’s market share decreased to 5.51% in FY22 (vs 6.99% in FY21). This was due to sudden change in industry product mix, where share of CNG 3Ws in domestic industry raised 51% vs a decrease of 29% in diesel 3Ws
- Developed a unique range of 24 Business Application Vehicles customized to demands of retail and institutional consumers
-
EV foray:
o Company has a tested and homologated model in 3W EV L5 category with fixed Lithium-ion Battery Packs, which will be launched in FY23
o Signed MOU with a renowned European brand that will provide technological support for development of own BMS on turnkey basis.
o Tied up with Honda to produce Swappable Batteries in the near future - Have the entire range of vehicle offerings (CNG/LPG/petrol/diesel/electric)
- Exports grew from 13.33 cr. in FY21 to 25.62 cr. in FY22
- Average sales realization per vehicle decreased by 2.88% to 1,58,789 due to change in product mix
-
KAFL:
o Acquired remainder 70% stake for 44.57 cr. and became 100% owned by Atul auto
o Company has raised 29.54 cr. by issuance of 1,82,79,400, 0.001% Participative Preference Shares
o Net worth: 100.42 cr.
o Primarily finances 3-wheelers of Atul Auto and 2-wheelers in regions where other financers are not easily available
o Disbursed loan of 79.55 cr. (vs 64.47 cr. in FY21). AUM grew by 12.96% to 172.75 cr. (vs 152.93 cr. in FY21). Revenue was 30.59 cr. (vs 33.80 cr. in FY21). PBT was 2.19 cr. (vs 7.01 cr. in FY21). PAT was 1.61 cr. (vs 5.29 cr. in FY21)
o Has presence in 47 locations in 12 states - Atul Green Automotive Private Limited: Sells spare parts of Atul vehicles to certain international markets. Had revenues of 2.08 cr. with PAT of 1.54 lakhs
- Atul Greentech Private Limited: Invested 5 cr. to taking share capital to 10 cr. from 5 cr. in FY21. In May 2022, subsidiary raised 15 cr. by allotment of 25 lakh shares at a price of 60/- on private basis resulting in Atul auto’s shareholding falling to 80% (valuation of 75 cr.)
- Term loan: Withdrew 75 cr. from the sanctioned loan of 90 cr. from EXIM Bank for part financing green field project at Bhayla (Ahmedabad)
- Average increase in salaries of employees other than managerial personnel was 6.47% and for managerial personnel was 15.95%
- Executive Directors forgave ~40% of remuneration
- Contractual employee: 341 (vs 335 in FY21), Permanent: 700 (vs 809 in FY21)
- R&D: 94.68 lakhs (vs 1.86 cr. in FY21)
Below are the detailed business metrics since FY07
In crores | FY07 | FY08 | FY09 | FY10 | FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales | 121.77 | 80.39 | 116.81 | 119.85 | 201.59 | 298.29 | 362.86 | 429.25 | 490.07 | 528.00 | 472.19 | 551.22 | 661.35 | 617.51 | 290.27 | 286.34 |
Raw material cost | 91.60 | 156.20 | 241.86 | 283.15 | 330.39 | 372.20 | 384.87 | 346.15 | 402.20 | 494.97 | 443.13 | 239.19 | 240.39 | |||
Employee cost | 7.03 | 10.54 | 16.48 | 21.01 | 27.36 | 30.30 | 34.91 | 39.04 | 40.13 | 47.68 | 54.55 | 37.74 | 39.66 | |||
EBITDA | 8.75 | 6.86 | 5.69 | 14.20 | 20.06 | 28.14 | 42.06 | 48.31 | 57.61 | 71.52 | 59.86 | 75.12 | 88.35 | 74.46 | -5.76 | -19.16 |
Depreciation | 1.95 | 2.29 | 2.46 | 3.87 | 4.25 | 4.26 | 4.44 | 5.21 | 5.60 | 5.29 | 5.28 | 5.26 | 5.54 | 6.40 | 6.56 | 9.33 |
Exceptional items | - | - | 0.23 | - | - | 0.13 | - | - | 1.65 | - | - | - | - | - | - | - |
Interest | 2.78 | 1.71 | 0.76 | 0.40 | 0.35 | 0.59 | 0.78 | 0.58 | 0.42 | 0.86 | 1.03 | 0.88 | 4.00 | |||
PBT | 7.15 | 14.06 | 23.24 | 37.22 | 42.75 | 59.25 | 71.53 | 56.52 | 69.43 | 81.95 | 67.03 | -13.20 | -32.49 | |||
Tax | 2.61 | 4.64 | 8.40 | 11.30 | 12.95 | 19.20 | 24.35 | 19.20 | 23.24 | 28.83 | 14.64 | -3.00 | -7.62 | |||
Cash tax | 1.22 | 4.94 | 6.96 | 12.19 | 13.37 | 16.47 | 25.36 | 19.53 | 23.20 | 27.10 | 19.40 | 0.29 | 0.46 | |||
PAT | 3.15 | 1.27 | 0.46 | 4.54 | 9.42 | 15.59 | 25.92 | 29.79 | 40.57 | 47.40 | 37.32 | 46.19 | 53.12 | 52.39 | -10.20 | -24.87 |
Dividend | 0.54 | 0.29 | 0.29 | 1.17 | 2.34 | 3.66 | 6.58 | 8.23 | 10.98 | 11.51 | 11.51 | 9.33 | 11.52 | 6.03 | - | - |
Dividend tax | 0.38 | 0.59 | 1.12 | 1.40 | 2.22 | 2.35 | 2.35 | 1.90 | 2.37 | 1.24 | - | - | ||||
Equity share capital | 5.58 | 5.58 | 6.08 | 6.08 | 6.08 | 7.55 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 |
Reserves | 20.52 | 21.08 | 24.39 | 27.56 | 34.27 | 48.54 | 63.10 | 83.27 | 109.86 | 143.40 | 169.50 | 208.42 | 247.63 | 292.28 | 282.26 | 257.82 |
Net worth | 26.10 | 26.67 | 30.48 | 33.65 | 40.36 | 56.09 | 74.07 | 94.47 | 121.07 | 154.60 | 180.70 | 219.39 | 258.60 | 303.25 | 293.23 | 268.79 |
Debt | - | - | - | 15.00 | 80.38 | |||||||||||
Gross fixed asset | 40.51 | 50.23 | 57.34 | 59.28 | 63.30 | 61.13 | 68.63 | 83.45 | 146.84 | 149.64 | 152.25 | 272.38 | ||||
Net fixed asset | 32.32 | 39.80 | 44.78 | 42.82 | 42.65 | 41.54 | 48.07 | 53.33 | 93.36 | 92.10 | 88.77 | 198.41 | ||||
Market cap | 41.31 | 28.10 | 12.84 | 26.19 | 67.88 | 83.93 | 162.38 | 394.59 | 1’221.25 | 1’139.50 | 1’024.64 | 968.13 | 745.96 | 305.78 | 392.23 | 354.27 |
CAPEX | 4.03 | 8.47 | 9.60 | 10.57 | 33.59 | 10.79 | 7.91 | 6.85 | 69.83 | 143.47 | 39.57 | 10.51 | ||||
Outstanding shares | 5’851’520.00 | 7’314’400.00 | 10’971’600.00 | 10’971’600.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | ||||
Low price | 42.55 | 86.00 | 89.95 | 143.15 | 328.35 | 330.00 | 391.00 | 389.30 | 266.95 | 116.80 | 130.85 | 146.50 | ||||
High price | 159.90 | 155.00 | 226.90 | 379.75 | 834.80 | 635.00 | 567.95 | 512.00 | 466.75 | 372.90 | 203.40 | 270.00 | ||||
Total shareholders | 1’537.00 | 1’905.00 | 2’833.00 | 3’555.00 | 14’764.00 | 19’007.00 | 21’653.00 | 21’573.00 | 21’108.00 | 21’342.00 | 35’247.00 | 43’525.00 | ||||
Disputed taxes | 1.06 | 1.06 | 1.52 | 1.56 | 1.80 | 2.87 | 3.30 | 2.44 | 1.86 | 1.37 | 1.36 | 0.78 | ||||
CFO | 9.58 | 16.73 | 18.79 | 40.66 | 30.71 | 35.79 | 10.86 | 72.30 | 26.11 | 34.55 | 57.40 | 52.09 | -18.98 | |||
Director remuneration | 1.79 | 1.41 | 1.74 | 2.17 | 2.51 | 2.88 | 2.95 | 3.21 | 3.76 | 1.98 | 2.30 | |||||
Auditor remuneration | 0.07 | 0.09 | 0.10 | 0.12 | 0.12 | 0.17 | 0.15 | 0.18 | 0.06 | 0.07 | 0.07 | 0.06 | 0.10 | |||
Employees | 951.00 | 919.00 | 808.00 | 868.00 | 927.00 | 993.00 | 809.00 | 700.00 | ||||||||
Median employee salary | 116’808.00 | 142’836.00 | 166’416.00 | 179’712.00 | 192’072.00 | 202’680.00 | 171’089.00 | 204’057.00 |
Disclosure: Invested (position size here, no transactions in last-30 days)
Valuepickr goes Europe (06-09-2022)
Hey there,
I am also a fellow Value investor trying to learn the ropes. I am based in Belgium, I would like to be a part of this community and contribute as well.
Ujjivan Financial – Small Finance Bank (06-09-2022)
6 months? First bank needs to do QIP to bring MPS to 25% ,then they need approval from RBI, exchanges, SEBI, NCLT etc which is at least 15 months process.
KPIT – CASE (connected, autonomous, shared, electric) – Focused Automotive Play (06-09-2022)
I think it is Sentient Labs not KPIT
Curious Case of Coal India (06-09-2022)
No post here in a year, stock has given good return during this time.