@Avs1 Pls Don’t be harsh. 249 pricing is purely based on how much hour I had spent on this project from base sheet to this form, Nothing more or less and mainly not to sell free sheet in open forum. It was purely created for my use case.

I had thought will build something better based on feedback and suggestions from community as this year plan, maybe I had messed up in monetisation or something and had no regret in pricing or donation.

If all find it offensive and I will delete all my previous post and I also don’t think I will make any progress in this project here, now. Anyway Thanks.

14 PE Good roce orders n opp size Jkil. can PE n Eps expand in 2024?

J. Kumar Infraprojects: Eye On Demand Drivers;Project Completion Timeline & Vision 2027 |Nalin Gupta

I guess only a few people have done their home work in this story including – @rajpanda
This is getting extremely interesting since April, 2023. Both the quarters of Fy24 so far have produced results in line with management guidance and expectation. Look at their PPT.

• Active Paid Campaigns
• Total Active Business listings
• Quarterly unique visitors (users)
• Penetration in tier 2+ cities
• Realizations per customer

All the above metrics have been consistently increasing in last 6-7 quarters after hitting the rock bottom in 2021. In fact in the latest quarter, all are above pre-covid levels.
On top of that the employee count is going to remain steady as per mgmt. going forward which will contribute to better margins and profitability. This is a very prudent approach taken by the mgmt to maximise profitability – just read their concall to understand their reasoning. Their advertising has become more efficient, prod. development expenses aren’t going increase further as they have already invested in development of JD Experts, Omni and Mart.

I see only 2 big threats in this story:

1. Capital allocation: CFO himself is not clear what would be done with 4200cr of cash which is currently giving 7.2% yield. He is deferring those decisions to the board which consists mainly of Reliance folks. My guess is that the market is also quite suspicious of this and hence such valuations.
2. Doubling down of investments from Google in this space. I can see Google is getting more aggressive in Indian markets in last few years – loans via Gpay, listings on Maps, partnerships with banks and credit cards companies, etc. As of now I don’t think they have a dedicated focus in this SME space, but could happen in future…

Other than these two, there is a little bit of concern from the promoter as someone already mentioned earlier in this thread that they would try to maximise their overall value instead of this subsidaries value – conflict of interest with Jio platforms. However, I think this is quite unlikely because otherwise they wouldn’t have infused capital at 1100 share price.

@rajpanda your take?

Happy new year 2024, everyone.

Scuttlebutt from EPFO website to get a feeling of salaries and increments, number of employee etc. I will be doing that in coming days.

I did some analysis of the number of employee data reported to EPFO. Company has been recruiting people continuously and currently have 121 employee as of Nov 23.

They are consistently adding more than 20% workforce every year except for last couple of years where the growth is >15%. Though we still have 4 months left in 2023/24. There is a sudden dip in Dec-18 causing a substantial reduction in number of employee and they are back to Mar-18 numbers in Mar-20.

Interestingly revenue per employee peaked in Mar-20 (~1cr) and again started rising after Covid dip, they are still behind the Mar-20 peak. Profit per employee is consistently around 16 lakhs. New business orders in coming quarters should help increase these numbers (operating leverage kicking in), as long as company is hiring workforce this should be a good sign that company is in expansion phase and trying to become a pioneer in the field they are operating in.