We can search for Patents on WIPO, a search for Zen technologies return 1502 results. It is not humanly possible to even go through even the title let alone the full patents.

Lot of the patents are there for Simulation business. In between I have found possible one for Anti-drone system.

My understanding is this patent is for “Video based drone identification and tracking”.

The components mentioned in this patent are –

1. Live image capturing device (Camera) – Possibly imported
2. Control unit to establish communication between motors and camera. – I think this should be a software – ??? Will this be imported ???
3. A user interface to show images – A computer monitor – Possibly imported
4. Deep neutral network which output images from camera to monitor and shows box around them – ??? Again a software – Will it be imported ???

From this my understanding is Zen is a military grade software company which imports the hardware and put them together to work with in-house Software.

I need fellow members help, to go thru 1500 patents to find the once related to anti-drone and analyse them to reject or accept my understanding.

Thanks.

Syrma SGS Q3 FY24 concall notes (rough cut)

1. Flattish Q3, push out of delivery/revenue of 100-110 crores during Q3 resulted in flattish revenue.
2. Management has guided for 3000 crores revenue in FY24, which means Q4 shall be ~980 crores (January 2024 company did revenue/shipment of 362 crores so sounds on track). Margin for full year is guided in 7 to 7.5%. So Q4 might have EBITDA of 85 cores to 115 crores or 8 to 12% margin range.
3. Margins in Q3 were also impacted by unused capacity which was ramped up recently. Company hired talent to address the upcoming growth hence sequential increase in operational cost.
4. FY25 revenue guidance is of 40-45% growth so this might put revenue in 4200 crore to 4350 crores range. While EBITDA margin guidance is 7-8%.
5. Exports grew YoY 50%.
6. Commissioned new facility at Gurgaon, Noida and few others. Cumulatively April – to December- smt capacity increased from 3.2 m tonne per hour to 6.3m tonne per hour
7. Net debt low at 65-80 crores.
8. Capex in 9m was 240 crores capex. 40-50 crores capex planned in next quarter.
9. Gross block is 720 crores including 150 crores of CWIP. Asset turnover should be in 6x to 7x range once fully utilised (current asset turnover is in 4x to 5x range).
10. 4500 crore order backlog (OB). Exports book about 20% of OB. Exports to grow further in coming year on the back of healthcare. Order book break-up – consumer – 40%, industrial – 30%, auto-18-20%, healthcare-8-10%.
11. Focussed on maintaining or increasing margin of each vertical however commenting on overall margin is difficult due to mix changes. IT business (I think laptops) will have entirely different margins (I believe 1-2% based on earlier calls).
12. Strategy is to grow at industry+ rate for next several years.
13. Railway business has just started. Base of railway expands then it will not fluctuate much. Railways is long gestation business. Next year 70-75 crores contribution from railways possible.
14. Healthcare should be about – 335 to 400 crore next year.
15. 9M CFO – negative. Likely to be positive on year end basis in FY24. Next year net working capital days should come down, currently just over 70 days and target to bring it to 60 days.
16. Large accounts and volume-based business will help in reducing working capital days so company is targeting ROCE of 25% in one to two years. Capital employed is around 1500.
17. Johari digital did a revenue of 30 crores with 30% EBITDA margin, revenue was flat YoY. Next year target is to grow it by 25-40%
18. Onboarded few high-volume clients in IOT, Energy, Automative, etc. In consumer no change in clients. New clients will contribute from FY25 to FY26.
19. Hired consultant – McKinsey for operating efficiency, and to understand where to double down.

Below is my own work on how FY24 and next year will look based on lower and upper range guidance by management:

Disclosure: Bought today in fall so biased.

Disclaimer: I am not a financial advisor and nor a SEBI registered Analyst. The content shared here is only for learning purpose. All the names mentioned here are for example purpose. I may buy more, exit or partly sell the stock/bonds without any prior intimation.

The pros and cons of it are secondary, given that IEX has 95% of the market most of the price discovery would have in any case happened on IEX, as of now it is not clear what logic will be used but we are investors not policy makers.

What is clear is that if this is done IEX would lose its pole position as market maker and would become a market taker of sorts. As price would be the same i would also render it vulnerable to price competition from other exchanges and kills the main competitive advantage , namely of pretty much being a monopoly player.

Volumes would continue to increase in power trading and it may even command a majority of the same but the logic of being a business with a huge moat is totally lost if this is implemented, as is the premium multiple it would have commanded, essentially it may become a commodity business and the brilliant return ratios it currently has may or may not sustain.

Disclosure – had a large position, sold when the news came out.

Please confirm what is a super app? Which paytm service will immediately stop without PPBL? And what would be the revenue impact of it?