Not able to Locate AGM Link or Transcript anywhere. Did any one attend it, can they share notes pls?

As someone who has collaborated with them in the past, I’ll demystify some of the hype around their business.

They make document management platform where you basically manage documents in digital format. It’s a highly competitive space and which reflects in Newgen’s modest margins for a product business.

As for their patents, one shouldn’t read too much into them. I have been working in the technology sector for last twenty years and can tell you that majority of the patents tend to be flimsy and used for marketing purposes.

On a big picture level, their business will do well as world is going paperless and advantage with small IT companies is the small base. So even if they don’t gain any market share, increasing segment pie will ensure the steady growth in their topline. But one should keep an eye on valuations. For 25% margins, and a commoditized product business, 70+ P/E is a bit stretched.

Disc- Identified this stock as a value buy when it was 300 in 2022 and invested.

Article ignores that fact that Motilal is more of a wealth management company than AMC, revenue from the latter being much smaller. So comparison with pureplay AMC firms is flawed and misguided.

Wealth management business is more secular and stickier and if we just look at the multiples that listed wealth management players such as Anand Rathi and Nuvama are getting, Motilal stock has got plenty of scope for appreciation.

Disc- Invested from 200 levels and accumulating at every dip.

What is the reason the fundamentals of all MFIs have suffered?
Is it the high interest rate that broke the back of borrowers – this time?

Thanks for the reply, Anna! Haha, there are definitely a lot of questions to ask in the conference call.

I see Tanla as a ‘Buffett-style’ business, if I may say so—it’s currently facing some industrial headwinds but has strong cash flow and an agile management team. They have a solid moat, at least in the platform side of the business, with offerings like Trubloq, ATP, and Truecaller. I recall from one of the previous calls that they mentioned having the lowest costs among peers in the enterprise segment and that they continue to invest in technology. Even in tough industrial conditions, their market share has risen. As the platform business becomes bigger, eventually their margins will increase, don’t know when though.

Of course, there are some concerns—things keep cropping up. Recently, it’s been the issue with ILD pricing and I hope they are able to diversify to other countries.

Btw, I think that they’ve signed BSNL onto their ATP platform. Just guessing it is with TP, because it mentions “before they reach you” and Mr. Bajpayee retweeted it. BSNL has around 9cr subscribers, which is slightly lesser than the number of customers of HDFC bank.