I see SG Mart a bit differently, Infra market is getting ready for the IPO, during last round they raised funding at $2.5 billion in May’24, per the articles the IPO would be at higher valuations than last round. Infra Market had a revenue of ~12k crores in FY2023 and PAT of 155 crores which is expected to grow at 15% to 20% in FY2024 (~10k crores in first 9 months of FY2024), company’s working capital days are longer as it extends credit by itself(company’s net debt at the end of Dec’2024 was ~2.8k crores) and its liquidity was marked as weak during the latest rating by the rating agency. SG mart can generate ~6k crores of revenue in the current year with PAT crossing 100 crores and with better working capital management (because the credit days are extended through SG finserve just like in case of Off Market), SG Mart can have at least half of the market cap (~12k crores to ~15k crores) that Infra Market will demand. I may be wrong but risk reward seems reasonable from here.
X- @amitsinghpal
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