Some notes from the concall (transcript is out):

• prices with solar manufacturers are hedged. So no advantage right now due to lower prices of solar panels.
• market share remains 25 to 30%
• reiterated that in Q4 will do 500cr topline and then 25% growth in FY25
• there was a repeat question about Maharashtra Letter of empanelment, management reiterated that whole order is theirs and they have executed 20-25 cr so far
• do not get any margin in solar (which was 150-170 cr of rev in Q3 out of 342 cr sale of solar pumps?)
• Very strict about taking orders where they see that they won’t have stuck receivables and good margins. They have not accepted orders in the past due to this
• Haryana first order fully executed, 2nd ongoing, 3rd order hopeful
• Bangladesh is talking about 45k solar pumps, so clarity might come around the process in next quarter
• Margin will be better in non-KUSUM orders being done by some south states and Odisha – Tenders have higher prices
• EV motors production expected to start in June

For a couple of questions, management told that they will tell that separately to the participant which felt weird. Also if you go through the con-call they don’t give very straight answers.They will tell a lot of things in a round-about way. Also keep saying “very good question”.

Most weird is the QIP. They are asking shareholders for raising money of 200cr (not immediately) but anytime in future. This is for pumps and not for EV division.

Here is the question from the concall right on the money:

“Sir many congratulations to you for this excellent performance. Sir you told that your order execution capacity is of Rs. 2,500 crores and if more order book is there then you have enabling resolution for that Rs. 2,500 crores QIP, but sir when you talk about execution means this year your revenue will be of Rs. 1,250 crores, next year let us say the revenues can be about anywhere between Rs. 1,600 crores to Rs. 1,700 crores and even beyond that if you are
taking a run rate of 25% to 30% then also you can go up to Rs. 2,200 crores. What I am asking is that you gave us a guidance of the order book, but actually the execution is annual, sir you still have that much capacity and you don’t have to necessarily expand, can you help me understand this?”

Dinesh Patidar: Yes, I understand very well because you have known me for a long time and understand me. We have just taken the permission from the shareholders for QIP, when we feel that we are confident then only we will go for QIP. Though nothing has been finalized yet. Currently we are going for fund raising nothing is finalized. After getting permission from shareholders for
fund raising and after that we will see the visibility and after that we will think about the expansion plan if we are able to bring good orders to our shareholders.

Wouldn’t a loan of 200 cr make more sense instead of diluting equity by 7.5% (current marketcap is 2682 cr)? They can repay that in just a year if they are going to continue making 45cr+ quarterly profit.

Just renewed my Annual Subscription.

I was wondering if there is any plans to add a Portfolio Tracking tool?
Thankyou

I believe they get 45% margins from simulators and 20-25% from antidrones. Blended they have guided for 35%

Results announced. Source: Trendlyne

Consolidated Financial Performance:

• Revenue: Increased by 29% YoY to Rs 9,997 crore in Q3FY24.
• Profit Before Tax (PBT): Grew by 38% YoY to Rs 1,050 crore in Q3FY24.
• Profit After Tax (PAT): Rose by 39% YoY to Rs 736 crore in Q3FY24.

Lending Portfolio:

• Overall Portfolio: Saw a 34% YoY increase to Rs 1.15 lakh crore for NBFC and HFC.

Asset Management:

• Mutual Fund Quarterly Average AUM: Grew by 11% YoY to Rs 3.12 lakh crore.

Life Insurance:

• Individual First Year Premium (FYP): Increased by 8% YoY to Rs 1,974 crore for 9M FY24.
• General Written Premium (GWP) for Health Insurance: Improved by 29% YoY to Rs 2,399 crore for 9MFY24.

B2B Platform for MSMEs:

• Udyog Plus AUM: Reached Rs 100 crore as of December 31, 2023.

NBFC Business Highlights for Q3FY24:

• Disbursements: Up by 26% YoY to Rs 16,550 crore in Q3 FY24.
• Loan Portfolio: Increased by 35% YoY to Rs 98,601 crore.
• Net Interest Margin (NIM): Stood healthy at 6.88%.

Housing Finance Highlights for Q3FY24:

• Disbursements: Saw a 45% YoY growth to Rs 2,016 crore in Q3 FY24.
• Loan Book: Grew by 27% YoY to Rs 16,538 crore.
• Profit Before Tax: Increased by 28% YoY to Rs 100 crore.

Asset Management Business Highlights for Q3FY24:

• Equity Mix: Constituted 43.7% of the Mutual Fund Quarterly Average AUM.
• Passive AUM: Grew by 36% YoY to Rs 29,299 crore.

Disc: invested

I have come across this co recently and i was trying to decipher the projections they have made in their annual reports because of the multiple verticals that the co is into. Can anyone explain how much revenue the company is planning to achieve?