It literally states “Ratio of …” in the vertical column, it means the Executive Director is getting paid the salary of 8136 workers
Posts tagged Value Pickr
Ranvir’s Portfolio (09-06-2024)
Windlas Biotech –
Company overview, Q4 and FY 24 results and concall highlights –
Its a contract maker of generic formulations for Domestic branded companies, GoI ( Jan Aushadhi Kendras ) and also export generic formulations
Vertical wise revenue split –
Generic Formulations CMO Domestic – 77 pc of sales. Last 5 yrs sales CAGR @ 14 pc
Trade generics + Govt Supplies – 19 pc of sales. Last 5 yrs sales CAGR @ 42 pc
Exports – 4 pc of sales. Last 5 yrs sales CAGR @ 45 pc
Therapy wise revenue split –
Acute therapies – 34 pc of sales
Chronic therapies – 66 pc of sales
Product wise revenue split –
Complex generics – 64 pc
Conventional generics – 36 pc
Focus therapy areas – Respiratory, Anti-Diabetic, GI
No of manufacturing facilities @ 4. All 4 located in and around Dehradun. Dosage forms manufactured – oral solids, chewable, liquid bottles, sachet / powdered products, Injectables. Injectables facility commenced operations in Mar 24
Q4 outcomes –
Sales – 171 vs 141 cr, up 22 pc
EBITDA – 22 vs 16 cr, up 34 pc ( margins @ 13 vs 12 pc )
PAT – 17 vs 11 cr, up 48 pc
FY 24 outcomes –
Sales – 631 vs 513 cr, up 23 pc
EBITDA – 78 vs 60 cr, up 30 pc ( margins @ 12 vs 12 pc )
PAT – 58 vs 43 cr, up 37 pc
CFO > 100 cr for FY 24
Cash on books @ 206 cr as on 31 Mar 24
GoI planning to triple the number of Jan Aushadhi stores to 25k inside next 2 yrs. should act as major catalyst to the Trade generics segment
Company’s CMO – domestic vertical grew by 20 pc in FY 24 – that’s 3X of IPM
As company’s capacity utilisation grows (and specially for injectables segment which is a high margin segment) – company’s EBITDA margins should expand going forward
Guiding for 1000 cr topline in FY 26
Capex guidance for FY 25 @ 20 cr for expansion of Dehradun plant – 2. For FY 26, it should be around 30-35 cr
The Capex spend for the Injectable facility was @ 75 cr
Company’s trade generics segment generates greater EBITDA margins vs CMO for branded companies as the company gets to retain the distribution margins in addition to the manufacturing Margins
Govt’s focus on better quality of generic medicines and crackdown on non-compliant players is a structural tail wind for the company
At peak capacity utilisation, the Injectables facility can do an asset turns of 1.2 times ( so that amounts to 90 odd cr of annual revenues. However, the EBTDA margins here are > 15-16 pc )
Company’s expansion plans for medium – long term will be a mix of organic + inorganic – given the healthy cash flow generation by them
Company’s employee costs are in the 13-14 pc band vs Innova Captab’s 7-8 pc band. Company believes that employee cost is an investment
Company believes that complying with all GMP / Schedule M regulations is not easy for smaller non-compliant players. It does cost significant money and a complete change in operating mindset
Disc: holding, biased, not SEBI registered
Wheels India Rights – Free money for minorities? (09-06-2024)
Wheels India reported good set of numbers. As management communicated in previous concalls margin improved to 8% in Q4FY24. 1% being contributed by discount by customers which normally gets accumulated in Q4.
Some points from concall
- Expecting flat growth in FY25. Possible to grow if market situation improves
- Planned capex of in excess of 200Cr across Wind components machining, cast aluminum wheels, earth moving & tractors, hydraulic cylinders and CV. All capex to be from internal accruals. If there is any moderation of capex, then 35-40Cr of debt to be retired.
- Business opportunity in Railways – Looks not really focused here. They don’t directly wok with railways. They supply to customers like Alstom
- Cast alloy wheels supply to domestic customer to start from Jun-24. Ramp up might happen in Q2 or Q3 of FY25. Since the ramp up has not happened, I believe this segment is not contributing to bottom line yet.
- Machining / Fabrication of Wind castings – Supplies to both domestic and exports. Ramp will be inline with ramp of customers.
- Monetizing of any assets / or rights issue to reduce the burden of interest – There is no non – core assets as of now to monetize. Will look for rights issue only for greenfield capex (as and when it happens).
Outlook for FY25:
Press release:
Q4FY24 – Investor PPT:
Rajesh’s portfolio (09-06-2024)
They have changed model to make it asset light and houses will be built by partners and they will focus on services, it is integrated player with products including digital products. They are just fulfilling 5% of demand pls refer to their presentation and from 2 to 5 and will go to all million plus cities in decades ahead. Longevity and aging with need of sr citizen health care is never ending trend hence it is permanent trend as they scale then profitability will shoot up , still two years away but will have operational leverage kicking in esp for digital and product side.
Digitization- A game changer for TV18? (09-06-2024)
Can someone please help me understand what exactly is happening in Tv18 & why is stock down 40%?
What is the latest nclt filing for?
Gulshan Polyols(GPL) – Business by FMCG and Valuation by Commodity (09-06-2024)
Company will start depreciating the assets only once assets is put to use. That might be reason.
SBI Cards & Payment Services Limited (09-06-2024)
Can you explain this. By merchant you mean the bank?
Dream FIRE Portfolio (09-06-2024)
Do not believe in such future predictions – This could be the key learning.
It only acts as a hindrance to an investor’s own conviction and theory.
Mostly all such predictions are of no use in the world of investing and Doing nothing is the safe approach!! I also have not acted on any of these predictions for my Indian stock portfolio.
Your conviction is US stocks when most of the consensus was suggesting not to invest in them (or there were some concerns about their valuations even in 2020), have given you stellar returns.
TARSONS products ltd (09-06-2024)
Concall Notes – Jun 2024
Capex:
- Total capex planned is ₹600 crores.
- Already incurred ₹180 crores in the current year.
- Remaining amount to be spent in the next 7 to 8 months.
- Panchla facility at peak capacity can generate revenue of ₹400 crores.
Acquisition – Nerbe:
- Strategic acquisition of Nerbe in FY ’24.
- Acquisition aimed at capitalizing on growing opportunities in the international market.
- Integration of Nerbe to expand in the European market leveraging its distribution network.
- Acquisition unlocks new avenues of growth and propels business to greater heights overseas.
Revenue Performance:
- Stand-alone revenue from operations in Q4 FY ’24 was ₹87 crores, highest ever quarterly revenue.
- Stand-alone revenue for FY ’24 stood at ₹277 crores, lower by 2% from the previous year.
- Consolidated revenue from operations for FY ’24 stood at ₹296 crores.
- Revenue from export for FY ’24 was ₹83 crores and domestic at ₹194 crores.
- Export sales contributed around 30% and domestic sales around 70% for FY ’24.
Margins:
- Stand-alone EBITDA for Q4 FY ’24 stood at ₹34 crores.
- Stand-alone EBITDA for FY ’24 stood at ₹103 crores.
- EBITDA margin for Q4 FY ’24 stood at 39.1%.
- Adjusted EBITDA for Q4 FY ’24 stood at ₹38 crores.
- Adjusted EBITDA for FY ’24 stood at ₹110 crores with margins at 40%.
- Stand-alone profit after tax for FY ’24 was ₹51 crores with PAT margin of 18.5%.
Industry & Market Outlook:
- Labware industry experienced a decline of 18-20% in CY ’23.
- Tarsons aims to outperform the industry growth.
- Optimistic about the improving demand scenario.
- Expectation of gradual improvement in the industry.
- Industry trends showing signs of rebound.
Customer Engagement & Market Strategy:
- Engage with distributors and end customers in international markets.
- Participate in international exhibitions to engage with partners.
- Leveraging relationships with distributors to drive sales.
- Strong focus on building brand presence in Europe through Nerbe acquisition.
Challenges & Opportunities:
- Geopolitical tensions impacting global supply chain.
- Logistics and supply chain disruptions affecting operations.
- Focus on leveraging synergies and enhancing cross-selling opportunities.
- Confidence in maintaining excellence despite external challenges.
- Opportunities for growth in the international market.
Domestic Business & Growth Strategy:
- Positive outlook for domestic business growth.
- Optimistic about returning to industry level growth.
- Focus on customer relationships and product quality.
- Tarsons positioned to penetrate the cell culture market effectively.
- Continued efforts to drive growth and expand market presence.