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Posts in category All News
IPO pipeline: 10 cos aim to raise Rs 20K cr in Dec (24-11-2024)
The primary market is expected to remain vibrant, with at least 10 companies, including supermart major Vishal Mega Mart and Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd expected to raise a combined Rs 20,000 crore in the next month, merchant bankers said. Education-focused NBFC Avanse Financial Services, TPG Capital-backed Sai Life Sciences, hospital chain operator Paras Healthcare, and investment bank DAM Capital Advisors are also among the companies planning to launch their IPOs in December, they added. The companies aim to raise a total of Rs 20,000 crore through their public offerings.
Ex-CJI Chandrachud removed fear of law from political defectors, claims Sanjay Raut (24-11-2024)
Shiv Sena (UBT) leader Sanjay Raut criticized former Chief Justice of India D Y Chandrachud, alleging his inaction on disqualification petitions facilitated political defections in Maharashtra. Raut claimed this significantly impacted the recent assembly election results, where the Shiv Sena (UBT) suffered a major setback.
No hope of SP coming to power till 2047: UP Deputy CM Keshav Prasad Maurya (24-11-2024)
Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya asserted that the Samajwadi Party, following its recent by-election performance, stands no chance of securing power in the state until at least 2047. Maurya highlighted the BJP’s success in the bypolls, contrasting it with the SP’s failure to secure the sweeping victory it had predicted.
8 factors that may’ve been decisive in settling the Maharashtra matter (24-11-2024)
The BJP’s landslide victory in the Maharashtra elections can be attributed to several factors, including successful consolidation of Hindu and Dalit votes, strategic alliances, and effective social welfare schemes. The party capitalised on the fractured opposition, a favourable agricultural climate, and a perception of strong leadership to secure a decisive win.
The Anti-Portfolio (24-11-2024)
Mentioned Long Term and exited in 11 Days. I admire your speed of decision. Was speaking with someone in my circle.He has a couple of positions in red for a long time. They hardly come to black, but he intends to keep them for the long term. On enquiring what he meant by long-term, he said it will be passed to his son who is just 8 Yrs. old right now. What a contrast in Long Term thinking!!!
Sandhar Technologies – An emerging market leader (24-11-2024)
Sandhar Technologies –
Q2 FY 25 results and concall highlights –
Revenues – 989 vs 888 cr, up 11 pc
EBITDA – 104 vs 84 cr, up 24 pc ( margins @ 10.5 vs 9.4 pc )
PAT – 42 vs 28 cr, up 55 pc
Category wise revenue breakup –
2Ws – 62 pc
PVs – 17 pc
OHVs ( off highway vehicles ) – 14 pc
CVs – 2 pc
Others – 5 pc
Products wise revenue breakup –
Cabins and Fabrication – 14 pc
Sheet metal parts – 18 pc
Aluminium Dye Castings – 26 pc
Locking systems – 18 pc
Vision systems – 5 pc
Others – 8 pc
Assemblies – 10 pc
EV parts under development with tentative timelines for commencement of production –
Motor controllers for 2Ws and 3Ws – Apr 25
Battery chargers – Feb 25
AC-DC converters – Apr 25
Company is localising a lot of the parts that go into these EV components. In medium term, company expects margins in these EV products to be as good or better than company level margins
32 pc of company’s revenues come from TVS, 19 pc from Heromotocorp, 8 pc from JCB. These are company’s top 3 customers. Other important customers contributing 4-5 pc of sales each include Honda, Bosch
Company has 07 operational JVs. 06 of them are PAT positive. Combined together, the 07 JVs make an EBITDA of 10 pc
Company is guiding for a topline of 4000-4100 cr for FY 25 and 4500-4600 cr for FY 26. EBITDA margins for full FY 25 and 26 should be around 10.5 and 11 pc respectively
Capex spends lined up for their FY25 @ 250 cr. Next year onwards, company is guiding for an annual capex equivalent to annual depreciation ( or thereabouts )
Company expects H2 to be better than H1 – both for 2W and construction equipment segments. As such, company generally does 40-45 of its business in H1 and 55-60 pc of the business in H2
The order from Suzuki 2Ws for smart locks has been delayed from Nov 24 to Jan 25. These r high value products ( vs the traditional mechanicals locks )
Gross Debt @ 620 cr
Net Debt @ 580 cr
Do not intend to breach Gross Debt figure of 700 cr. As such, the capex intensity should taper off wef next FY
According to FADA, rural demand has picked up in Q3 ( against general expectations ). Also ( as of Nov ), the 2Ws inventory has dropped to < 30 days at the dealer levels. This has happened after several Qtrs and is a very healthy sign for the Industry
Company has started supplying Castings, Mechanical locks to Honda 2Ws. Already doing business worth > 100 cr / yr with them. They r also slated to supply smart locks to Honda 2Ws as well ( after Suzuki 2Ws ). They expect Honda to also become one of their major clients going fwd
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation