Portfolio update
Company name | Allocation |
---|---|
Tata Elxsi Ltd. | 31% |
Central Depository Services (India) Ltd. | 14% |
RPSG ventures | 13% |
Borosil Ltd. | 12% |
Tata Consumer Products Ltd. | 7% |
Avenue Supermarts Ltd. | 7% |
Hindware Home Innovation Ltd. | 6% |
FSN E-Commerce | 4% |
Swiss Military Consumer Goods* | 4% |
Studds Accessories Ltd | 2% |
Tata Elxsi
Growth remains strong and demand is intact in spite of inflation. Attrition rate increased but is still lowest amongst the sector. Rupee depreciation decreased the effect of inflation. Valuation remains high at present.
A portion of it has been reallocated to other stocks.
Central Depository Services Ltd.
Growth rate has slightly reduced due to the market downturn.
BSE will have to reduce its holding from 20% to 15% due to directions by SEBI following which it will not remain as the promoter. This company will always operate without promoters under professional management.
They have bought 6% of ONDC.
A portion of it has been reallocated to other stocks.
RPSG Ventures
FSL is having growth reduction and margin contraction due to inflation. This will be mitigated to some extent by revenue growth from IPL rights. Performance of the LSG team was good in this IPL.
Naturali is getting good response in the FMCG division.
Borosil Ltd.
Anti dumping duty on China should help the glassware segment.
The Scientificware division has good growth rate, better margins and higher profitability than the Consumerware division. BOROSIL is the market leader in laboratory glassware in India. I will increase my position when the demerger happens according to cash availability.
Avenue Supermarts Ltd.
Company has nicely recovered from Covid disruption. Growth is back on track and margins have improved. The market size is large enough to accommodate any threat from quick commerce.
The E-commerce division is growing rapidly but is loss making at present.
Tata Consumer Products Ltd.
Recently acquired Tata Coffee has a better margin.
Tata SmartFoodz, NourishCo, Sampann, Tata Soulfull, and Tata Q have high growth.
Tata Starbucks is expanding nicely. Himalayan brand will also sell honey now.
It is an overall nice, defensive, full fledged FMCG company now.
Hindware Home Innovation Ltd
Acquisition of the manufacturing unit of the Building products division from AGI Greenpac Ltd (formerly HSIL) should improve the margin in coming quarters.
Smart appliances and pipes division is growing rapidly.
Margins will remain low due to the higher input and commodity prices.
Swiss Military Consumer Goods Limited
There is no conflict of interest with Swiss Military Lifestyle Products Pvt. Ltd as all business will be integrated with this company. Integration of all Swiss Military product categories like Bags, Luggage and Travel Gear, Travel Accessories, Electronics and other accessories should increase the revenue in coming quarters.
Its book value should turn positive when the rights issue is over.
*Price was halved when rights entitlement was given, so allocation decreased.
Studds Accessories Ltd
Price has fallen in unlisted market. Margins may take a hit this year due to increase in raw material prices. Waiting for annual report to come out.
No quarterly report is given in unlisted shares. Nothing to track at present.
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