Chintan,
Just read your OP and going through the other posts now. Would you say that - solar is their main line of business? Is it comparable to Moser Baer Solar? Solar REC is like Carbon Credit?
From what I understand, most of these Indian vendors only provide the installation & engineering services for sourcing done from China (like an EPC provider).
Hi Donald,
Thanks for your constant prodding to have a structured Management Quality and Business Quality worksheet for the businesses where we have worked seriously - it has been a tough task as I really struggled when I first started and used to keep procrastinating it but finally with your help on 2-3 companies, I have been able to put down my thoughts. And this exercise has been really helpful and I would strongly recommend it to everyone.
Here is my attempt for MPS - MPS_MQ_Insights.pdf (1.2 MB)
Views invited.
Regards,
Ayush
Just a query, should we be taking the working capital debt (that is covered by Inventory) in the EV calculations. i beleive we should take only the long term debt for calculating the EV. The LTD should be much lower than reported here for all companies.
Q2 results (in Rs. cr):
Qtr. Q2FY15 Q2 FY14 Q1FY15
Sales 52.7 28.8 11.8
PAT 3.28 1.89 1.43
TTM PAT: 13.1 cr
TTM EPS: Rs. 0.654
Around 46 cr. of revenue from setting up solar systems ~ 7 MW; slight improvement. But eagerly waiting concall for details of order book which I expect to start increasing in the coming quarters.
Came across this article on Mint on 'Why E-commerce companies prefer advertising in print media' -
http://www.livemint.com/Opinion/FxIiMl8ogX822gHkei6oVI/Why-ecommerce-firms-advertise-offline.html
It's an interesting read as it helps understand behavioral patterns of people reading newspapers and why advertisers prefer advertising in newspapers.
Disc: Invested
Came across this article on Mint on 'Why E-commerce companies prefer advertising in print media' -
http://www.livemint.com/Opinion/FxIiMl8ogX822gHkei6oVI/Why-ecommerce-firms-advertise-offline.html
It's an interesting read as it helps understand behavioral patterns of people reading newspapers and why advertisers prefer advertising in newspapers.
Disc: Invested
rajesh,
The leader DB corp is stuck with negligible growth. Its more to do with the geography where it is present. i.e MP and chattisgarh. Once it starts showing growth it too might become interesting.
Jagran is present in UP and Bihar where things seem to be quite good in terms of economic activity as is evident from the numbers and management commentary.
Thanks Donald and team for a detailed Q&A.
The discussion provides a lot of insight into management thinking. I did have a chance to speak to speak to Nishith during AGM and he is very consistent in his thoughts/plan which is evident from the Q&A.
It has been my core holding since more than a year.
Regards,
Raj
At VP, we are always on the quest of bringing everyone on the same page - as quickly as possible.
An extensive Management Q&A such as the MPS one above is obviously an important first step. This ensures that a rich information base, industry & business data points are now available to everyone who wants to analyse/track the business.
But as we mature as investors, we have seen a big difference between the way this information base/data points are INTERPRETED - a novice, a senior practitioner, an expert - often derive pretty different conclusions (not about investment-worthiness but about BQ or MQ) from the same. Sometimes, the REAL INSIGHTS are completely missed. (they are all before us, but somehow the dots don't get connected)
We were alerted to this early on in 2013/14 when some of the experts/gurus told us - If you had told me this (some useful insight) a year back I would have loaded up on the opportunity. (Astral as an example, PolyMed as another). An industry domain insider will actually add lot more nuance to such interpretations because of his superior understanding.
That led us to struggle with producing Business Quality Insights and Management Quality Insights presentations that forces attention to what patterns we should be looking for/value.
Thankfully with our constant prodding Rohit Balakrishnan and Ayush have produced just what is needed to spur on a more meaningful and insightful discussion on MPS - MPS BQ and MPS MQ Insights documents. Requesting them to share this, ASAP 
for our passionate Learners at VP !!
Cheers
A recent report from Motilal Oswal
http://www.motilaloswal.com/site/rreports/HTML/635820540119163918/index.htm
Discl: Invested