Transcript of Q3 FY24 earnings conference call released by the Company
https://nsearchives.nseindia.com/corporate/KRISHCA_10022024094248_Q3EarningsCallTranscriptFeb0724.pdf

Hi Viraj. If you can kindly update performance on low volatility in this bull market, it will give lot of perspective to ponder upon. Thanks!

Quite a bit of churn in the folio, sold 12% of folio from banks, Ujjivan financial totally sold off and RBL reduced by half, reduced KPI green by 8% of folio, also pruned Beta drugs, Caplin point, Phantom digital, Ugro, Arman, Tinna altogether by 5%.

Put equally in 7 new buys with 3% allocation each Indraprastha medical, Zen tech, Kotyark, Interglobe aviation, Godawari power, HBL power and RBM infra only 1.5%.

Banks will rise slowly, were oversold when bought, still have 4 financial sector stocks. KPI green is running ahead of fundamentals, it’s just a solar EPC mostly in few places in Gujarat.

Indraprastha medical is just a cheap hospital stock, growth has come back inspite of it being an Apollo joint venture with Delhi govt, medical tourism is growing faster. Indraprastha medical has only 2 hospitals, no addition since 2009, Delhi govt may be uninterested in the business, Apollo hospitals too can go it alone. Central govt can obstruct state govt plans. It’s cheap, can be the only positive thing if any growth trigger comes true.

Zen tech is making defence simulators for tanks, rifles, trucks etc. it’s also making anti drone systems now. Looks promising but it’s expensive🤞 simulators can be difficult since end product can face rejection even after long development time, but track record looks good, govt contract payment issues and lumpy nature makes quarterly results highly variable. Anti drone systems can become commodity due to developing competition. I think they have got good connections. Anti drone popularity can grow fast.

Kotyark is SME stock, only listed purely bio-diesel player, they collect used cooking oil and after some processing mix with diesel and supply to oil companies based on tenders. They won lots tenders recently, should be doing 3x business soon. Margins depend on tender competition and government/PSU is the only customer.

Godavari started to rise just when I sold it few months ago, iron ore is still trending strong, while global growth issues can be a problem. They expect clearance from govt to increase production 2.5x by March. Project will still take 1 year to execute. Maybe get 3rd time lucky

Indigo is survival of fittest, while oil price should remain low, competition is lower as market keeps growing. People are valuing it a bit cheaper due to issues with airlines. Actually margins are better for IndiGo with more efficient use of lower number of aircraft, so capacity issues work both ways.

HBL power, more hi-tech and stable growth expected from railway and defence electronics and batteries, but very expensive may need to wait few months to see growth.

RBM infra is maybe fraud kinda but working like subcontractors in jamnagar refinery construction boom, Russian crude oil is processed by reliance and rosneft, and the Indian petrol, diesel sold to Europe.

Ujjivan merger is delayed now till April, bit slow working style. Also 36% allocation was too much in financial sector. Need to reduce further perhaps by 3%, will do that when thinking about next buy decision, or tax amount withdrawal etc.

Total number of Holdings increase from 19 stocks to 25.

4 year anniversary of starting this thread, zerodha has now increased the time duration of folio graph to 4 years.

140% growth in past year, including withdrawals, and 10x since 4 years, with 20x from market bottom in April 2020. Many thanks to value pickr folks!

In interviews management mentioned that, they are trying for inorganic growth also in O&M…so 6GW for Inox green may not translate in to similar growth for Inox wind