Hi,
I have spent some time on this company and finally managed to pull together what is actually going on. Made a blog here:
Hope this makes sense.
Dis: Invested.
Posts tagged Value Pickr
Polycab India ~ Connection Zindagi Ka – W&C, FMEG and EPC Player (12-01-2024)
I have some random thoughts on this matter maybe it doesn’t even make sense but here it goes:
- I’m sure lot of corporate house do this sell things after making products from their listed cos resources or have a sister concerned co from which they source things at higher prices and other sort of manipulations. I’m surprised that it came out so easily
- How come such a big co who must’ve been hustle their entire company life wasn’t able to settle this issue? I’m sure they must’ve encountered such things in the past and tackled it. This practise must’ve been going on for a while! Most cos usually clean up post listing (at least I hope to believe so)
- How come no such disclosure is out officially from the companies end?
Could it be an episode of dump and pump?
Gulshan Polyol Company Unfolding Next leg of Growth (12-01-2024)
Why create new thread ,when one is already there ? Gulshan Polyols(GPL) – Business by FMCG and Valuation by Commodity – #97 by murali603
Polycab India ~ Connection Zindagi Ka – W&C, FMEG and EPC Player (12-01-2024)
it is SOP for IT not to share information till a fresh return is filed, why is the company repeatedly stating they have not received any communication
Polycab India ~ Connection Zindagi Ka – W&C, FMEG and EPC Player (12-01-2024)
(post deleted by author)
Polycab India ~ Connection Zindagi Ka – W&C, FMEG and EPC Player (12-01-2024)
Hi @brijwanth, I agree with your thoughts. But as per me, the real issue is integrity of the Promoters now. If they are proven guilty of wrong doings, it raises the concern “what if they commit the same or some other tax evasion” again. In such cases the amount should not matter because an INR 1 Crore evasion now could be an INR 1000 crore evasion or much more in some other year!
Disclosure: No position as of now. Tracking
Yatharth Hospital & Trauma Care Services Limited (12-01-2024)
Business Overview:
Yatharth Hospital & Trauma Care Services Limited is a leading healthcare provider in the National Capital Region of Delhi, India. It operates three super specialty hospitals in Noida, Greater Noida, and Noida Extension, with an additional 305-bed hospital in Jhansi-Orchha, Madhya Pradesh. The total bed capacity is 1,405, including a robust critical care program. All hospitals are accredited by NABH, and those in Greater Noida and Noida Extension are also accredited by NABL.
Led by Dr. Ajay Kumar Tyagi and Dr. Kapil Kumar, each with over 17 years of experience, Yatharth has strong brand equity. It engages in various branding activities, including medical camps, community outreach programs, and continuous medical education. Empaneled with insurance providers and government organizations, the company’s operational beds grew at a CAGR of 27.52% from 864 in March 2021 to 1,405 in March 2023.
As of March 31, 2023, company engaged 609 doctors and offer healthcare services across several specialties and super specialties. For better and more focused patient care, company have carved out the following super specialty as Centre of Excellence (“COE”): • Centre of Medicine • Centre of General Surgery • Centre of Gastroenterology • Centre of Cardiology • Centre of Nephrology &
Urology • Centre of Pulmonology • Centre of Neurosciences • Centre of Pediatrics • Centre of Gynaecology • Centre of Orthopedics & Spine & Rheumatology.
Competitive Strength:
- Diverse Specialties and Payer Mix: Yatharth is among the leading super-specialty hospitals in Delhi NCR, offering a broad range of healthcare services across specialties and super specialties. Their Centers of Excellence cover areas such as Medicine, Cardiology, Neurosciences, General Surgery, Nephrology & Urology, Pediatrics, Gastroenterology, Pulmonology, Gynecology, Orthopedics & Spine, and Rheumatology.
- Comprehensive Healthcare Services: Operating at all levels of healthcare from primary to tertiary, Yatharth positions itself as a one-stop destination for patient needs. They completed a significant number of surgeries and dialysis procedures, showcasing their capability and reach.
- Diversified Revenue Streams: Yatharth’s revenue diversification across specialties, hospitals, and customer mix provides a de-risked business model. This allows them to implement effective pricing and marketing strategies to attract a varied customer base.
- Attractive Quality Staff: The success of Yatharth is attributed to its ability to attract highly qualified medical professionals, including doctors, nurses, paramedical, and support staff. The team includes regular faculties and attendees at premier medical conferences.
- Experienced Management Team: Yatharth is led by an experienced and qualified management team. The combination of healthcare and management professionals in the corporate setup, along with a diverse Board, contributes to the company’s growth and adherence to high corporate governance standards.
- Advanced Medical Equipment and Technology: Yatharth invests in advanced medical technology and equipment to support practitioners in delivering timely and efficient healthcare. Their commitment to introducing cutting-edge medical technology across all aspects of healthcare services demonstrates their dedication to staying at the forefront of the industry.
- Stable Operating and Financial Performance: Yatharth has maintained stable operating and financial performance over the past three fiscal years. Their growth in revenue and profitability is attributed to operational efficiency, streamlined functions, process innovations, and the maintenance of economies of scale. The company strategically manages capital expenditure, optimizing available space and working efficiently with equipment suppliers.
- Strategic Capital Expenditure: Yatharth’s prudent capital expenditure approach involves acquiring land on a long-term leasehold basis and constructing civil structures independently. This strategy helps in maintaining a lower capital expenditure per operational bed while expanding their footprint.
Key Strategies:
- Enhance Quality and Efficiency:
- Recruit experienced doctors and deepen expertise.
- Focus on advanced specialties with high demand.
- Monitor and manage operating expenses.
- Expand Scale:
- Grow organically and through acquisitions.
- Explore opportunities in adjacent regions.
- Increase bed capacity in existing hospitals.
- Introduce New Specialties:
- Add radiation therapy for oncology.
- Establish organ transplant units.
- Attract Skilled Professionals:
- Engage quality medical professionals.
- Strengthen collaborations with institutions.
- Leverage Technology:
- Adopt robotic surgery and cutting-edge tech.
- Regularly update equipment.
- Grow Medical Tourism:
- Position as a preferred destination.
- Capitalize on India’s cost advantage.
- Establish ties with tourism firms and embassies.
Peer Comparison:
Financial Performance:
Expansion and Diversification:
- The company is focused on diversifying its range of medical specialties and introducing new ones across all its hospitals, with double-digit growth seen in most specialties.
- The company is committed to enhancing its suite of Oncology services and aims to offer robotic surgeries and a comprehensive suite of Oncology treatments by Q4 of this fiscal year.
- The company has concluded around 100 kidney transplants and is expanding its organ transplant and medical tourism business.
- The company aims to double its bed capacity over the next 3-4 years through a mix of greenfield and brownfield expansion.
- The company plans to acquire one hospital before the end of the fiscal year and has a Capex plan of around ₹800 crores for the next three years.
Occupancy and Hospital Overview:
Risks and concerns
• YHTCL is highly dependent on doctors, nurses and other healthcare professionals and its business and financial performance will be impacted significantly if company unable to attract, retain or train such professionals.
• The Company depends on the strength of its brand and reputation. Failure to maintain and enhance those brand and reputation, and any negative publicity and allegations in the media against this, may materially and adversely affect the level of market recognition of, and trust in, the services, which could result in a material adverse impact on company’s business, financial condition, results of operations and prospects.
• If Company unable to increase its hospital occupancy rates, it may not be able to generate adequate returns on its capital expenditures, which could materially adversely affect the operating efficiencies and also the profitability.
Technical:
Trading above 50 DMA of 381.
Under consolidation.
Pivot Point is 441.
In short:
- Company may demonstrate operating leverage.
- Attractively priced compared to peers, specially Global Health which is most near peer.
- Aims to double its capacity in next 3-4 years.
- After IPO it become net debt free, effect of debt repayment will be more visible in Q3.
- Jhnsi Hospital occupancy is only 19%, which expected to improve.
Last company presentation: https://www.bseindia.com/xml-data/corpfiling/AttachHis/a8a49c05-2bd4-43b1-8cf4-9712c11581d2.pdf
Disclosure:
Invested and looking to add
Gulshan Polyol Company Unfolding Next leg of Growth (12-01-2024)
Industry Overview
The size of the global ethanol market was estimated at USD 99.06 billion in 2022 and is expected to reach approximately USD 162.12 billion by 2032, expanding at a compound annual growth rate (CAGR) of 5.1% between 2023 and 2032.
The projected value of the ethanol market in India in 2022 was USD 2.27 billion. India’s ethanol market is expected to grow at a compound annual growth rate (CAGR) of 9.16% between 2023 and 2029, with a projected value of USD 4.15 billion by that year.
Globally, India is the fourth-largest producer of agrochemicals after the United States, Japan and China. India accounts for 16-18% of the world production of dyestuffs and dye intermediates.
The size of the India agrochemicals market is anticipated to increase at a compound annual growth rate (CAGR) of 9.75% from USD 7.90 billion in 2023 to USD 12.58 billion by 2028.
The Indian chemicals industry stood at US$ 178 billion in 2019 and is expected to reach US$ 304 billion by 2025 registering a CAGR of 9.3%. The demand for chemicals is expected to expand by 9% per annum by 2025.
Company Profile
Founded in 1981, GPL is a multi-site, multi-product manufacturing company that operates in Grain processing, ethanol (biofuel)/distillery, and mineral processing make up its three primary business segments with global presence in 35+ countries, across 3 continents
Gulshan’s product portfolio comprises of starch sugars and native starches, calcium carbonate; agro based animal feed, alcohol business & on-site PCC plants. Gulshan is providing solution to diverse range of Industries & niche markets in core sector i.e., from toothpaste to alcohol, from sweeteners to paints, from paper to medicines, from plastics to personal care.
Gulshan has an impressive clientele comprising of the nation’s Top FMCG’s, Leading paint manufactures and many reputed brands.
Why We Are Studying?
- 20% Ethanol Blending by FY25 i.e 1000 Cr Lit may leads to save Rs 30,000cr
- Expanding its ethanol capacity to 810 KLPD from current 60 KLPD
- Company received an order worth Rs 572 crore to supply ethanol to OMC
- Mean Reversion likely To Happen
Business Model
Gulshan Polyols Ltd. (GPL) is an Indian company specializing in grain processing, biofuel (ethanol) production, and mineral processing. Here’s a breakdown of their business model
Manufacturing Units & Business Segment
- Grain Processing Unit
- Gujarat – (Sorbitol 70% Solution and Liquid Glucose)- This unit is largest production Center of Gulshan for export of Starch Derivatives using Corn as raw material and has attained the Star Export House certificate. Captive Power Plant Capacity:7 MW (Two turbines of 3+4 MW
- Uttar Pradesh – (Native Starch, MDP, DMH and Liquid Glucose)- company process NON-GMO Rice to make Dextrose Monohydrate, Malto Dextrin Powder, Glucose Powder, Rice Gluten for food and pharmaceutical applications.
- Company has facilities with a combined capacity of 1,81,800 MTPA for producing starch sugars and for Sorbitol with capacity of 72,000 MTPA with leading market share.
- Mineral Processing Unit
- Uttar Pradesh – (Calcium Carbonate (WGCC)) Captive power plant capacity: 8 MW .
- Himachal Pradesh – (GNCC and CCPG) This Unit is engaged in manufacturing of Ground Natural Calcium Carbonate (GNCC) in powder form and Calcium Carbonate Pigment Grade (CCPG) in slurry form by using limestone as raw materia.
- Rajasthan – (GCC – Coated and Uncoated) Unit of Gulshan manufactures different grades of Ground Calcium Carbonate (GCC) – Coated and Uncoated. It caters the demand of Polymer Industry and mainly supply in Central and southern part of India.
- Ethanol & Distillery Units
- Madhya Pradesh – (Ethanol/Extra Neutral Alcohol) Company had an existing set up of producing 60 KLPD ethanol at Chhindwara (Madhya Pradesh) since May 2020. Company is constantly suppling ethanol to OMC’s.
- The Company has successfully achieved another milestone by running commercial operations of its 500 KLPD Grain based Ethanol Plant at Boregaon, Distt. Chhindwara, Madhya Pradesh at 25% capacity utilization to begin with.
- Key Clients : Britannia,Yahoo Foods,Asian Paint,Colgate ,Wipro,Paragon,Dabour etc
- Company generates major chunk of its revenue from Domestic Market which is 90% & remaining from export.
Competitive Strength
- Softening of Key Input Costs Will Aid our Margins Going Forward
- Grain-based ethanol has a distinct cost advantage over sugarcane-based ethanol & there is Possibility of higher production capacity for native starch.
- For its new ethanol plants in Madhya Pradesh and Assam, the company will be eligible for Production-Linked Fiscal Assistance from multiple state governments.
- The decision of advancing 20% blending target by 2030 has created huge opportunities in the ethanol sector. Ethanol plants based on Starchy feedstock are going to drive the new capacities.
- The company has 3 decades of the Experience with experience Management Team.
Future Outlook
- By FY25 the Company plans to expand its ethanol capacity to 810 KLPD from current 60 KLPD.
- The company received an order worth Rs 572 crore to supply ethanol to OMC. The company will supply 89,404 KL of ethanol to BPCL, IOCL, and HPCL.
- The revenue mix will shift as a result of the ethanol segment’s capacity addition. The grain processing segment currently accounts for about 75% of revenue, followed by the ethanol processing segment at 17% and the mineral processing segment at 8%.
- After commissioning new facilities, management anticipates that the ethanol segment will generate about 50% of revenue, with the grain processing segment accounting for the remaining 50%. The segment responsible for processing minerals will eventually contribute less.
- The management expects EBITDA margin to improve in Q4 FY23 due to softening of basic raw material prices and declining coal prices which will lower our power and fuel cost.
- Assam – (Ethanol/Extra Neutral Alcohol). Assam for setting up of a 250 KLPD grain-based ethanol (distillery) unit expected to commission by the end of H2 FY24.
- Out of the INR 600 crore total CAPEX, the company has spent INR 250 crore, with INR 350 crore still outstanding. By the fourth quarter of this fiscal year, the ethanol plant should be operating at maximum capacity.
- The Company has entered into long term Contract with Western Coalfields Limited for procurement of Coal for its plant at Madhya Pradesh for 84000 metric ton p.a to get stability in coal price procurement.
- Companies 500 KLPD Grain Based Ethanol manufacturing unit has started commercial operations and now successfully running at 25 % capacity utilization, which should go upto 50% capacity utilization in coming quarter
Risk
- Over the last two quarters, the grain processing segment’s margins have been impacted by the increase in grain and coal prices.
- lacking a reliable raw material source. Broken rice was recently discontinued by FCI, even for the 60KLPD old plant. They recently capitalized a 500 KLPD plant, so if this issue is not resolved quickly, profitability will be worse.
- Due to rice supply halted by the Food Corporation of India (FCI) for ethanol production, the ethanol segment witnessed a marginal disruption in its operations.
- Delay in Contract /over capacity of Ethanol
Dis: Educational Purpose Only***
Liink :https://www.youtube.com/watch?v=rTRz0WbGui4&feature=youtu.be
Ranvir’s Portfolio (12-01-2024)
I also believe that, Hybrid could be the way forward for India. EV may take some time to be adopted by masses but Hybrid can act as a bridge between ICE and EV vehicles. Most of the customers may not have time to charge EV which can take up to 30 minutes to few hours.