Stock is jumping because basic customs duty on solar glass has been reinstated as reported by borosil to the exchange. The basic customs duty is 10 percent which means margins should improve almost in the same proportion. Even with this change I expect the margins to be in single digit.
What is really needed in the stock is anti dumping duty which would reinstate the margins back to previous levels.

Q4FY24 Concall Update

CAPEX
Capex has delayed from June to November due to temporary restriction caused by availability of water

Way forward for Solar Revenues
As the capacity will increase management is less likely to sell solar power as the captative requirements will Increase

Catch up with Peers in terms of key metrics

Expected ROI post CAPEX – 20% – 22%

Guidance on Utilisation Levels and Others
FY 25 – 60-65%
FY 26 – 65%
FY 27 – 75%

Which meant in FY26 management expects utilisation will be at 65% post CAPEX of 10,00,000 Capacity the volumes will be 650,000 Metric tons. If we look at FY24 Volumes it is 246,000 Metric Tons which is 164% higher volumes

EBITDA per ton without solar benefits management is targeting 900 – 1000 with solar benefits its 1500

Strictly, No Recommendation
Open for discussion!!

Disclosure: Tracking position, for educational purposes & can be biased

In the last week company has raised Rs.125 Cr. by QIP at 794 per share. I believe It will bring down the D/E to reasonable level.

Blue Dart Express Q1FY25 Concall Summary

Business Updates

• The company has invested in the new hub and two new aircrafts during the year and the costs associated to that have hurt the profits on a sequential basis

Participants

ICICI Securities

360 One AMC

Motilal Oswal

Lucky Investment Managers

Emkay

Avendus SPARK

Emkay Investment Managers

Elara Capital

QnA

• The aircraft was capitalized in June 2023 and in this quarter this has reflected fully and thus impact of it is fully visible
• From utilization perspective the North East sector that has now been introduced is still not fully utilized. The inbounds are good to Guwahati but out bounds have not been good so far
• From a margin perspective the additional costs involved for the new hubs and the aircrafts that have come in will have an impact in initial years as costs get added earlier and optimum utilization takes time
• Also surface cargo is less profitable than air cargo
• The growth in surface cargo is higher than the growth in air cargo, which is putting a pressure on yields due to the margin difference between both the products. In addition to this the additional investments made for growth have added to the drop in margins
• The objective is to increase market share in surface express business but do so profitably
• From a strategy point of view pricing is never a criteria for acquiring business but if there is a key account that will become a long term customer initial pricing could be lower post which pricing is enhanced once service quality is displayed
• From surface express standpoint the cost is not much at hub level but at vehicle hire level and idea is not to dilute prices so that hub is utilized more as it will lower yields
• Last year there was no big investment into the hubs and this year two hubs have been invested into which is a capital intensive process
• Since H2 is heavier due to the festive season as well the outlook for H2 is better than H1
• The company has a fuel surcharge clause with its customers and that is linked to global brent oil prices and hence that neutralizes the impact of fuel in the total costs of the company

From where we can find this sort of information is there any goverment site to find such information