Thread by @MultipieSocial

Continuing with our Q4 and FY21 results coverage.

𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐞𝐱𝐭𝐫𝐚𝐜𝐭𝐬: In this thread, we will highlight select extracts from company presentations that we found interesting.
PS: None of it is an investment advice.
#Q4withMultipie
1/n

1. L&T Infotech: Between 2019 and 2021, LTI has deepened its' capabilities and offerings into top tier of partners across key platforms such as AWS, Google Cloud, IBM, Services Now and Snowflake.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/LTI_…
2/n

2. Supreme Industries: Supreme has market leadership (or among Top 3) in each of its segments - Plastic piping, furniture, packaging and industrial products.

Both P&L and Balance sheet look stronger at FY21 end as highlighted.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/SUPR…

3/n

3. Matrimony.com: Overview of the Indian matchmaking opportunity size.
👫1.1-1.3 crore weddings per year
👫6% online matchmaking = 6.6-7.8 lks per year

👫Matrimony saw 20% jump in paid subscriptions in FY21 to 8.4 lks
#Q4withMultipie
Link:
archives.nseindia.com/corporate/MATR…

4/n

4. Saregama: Apart from improvement in financials (highlighted), we find the growth in licensing revenue interesting.
#Q4withMultipie

Good thread on music streaming:


Link:
archives.nseindia.com/corporate/SARE…

5/n

5. Lodha/ Macrotech Developers:

The presentation makes a case for start of a real estate upcycle, along with consolidation towards Tier I players due to inability of Tier II players to sell.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/LODH…

6/n

6. HDFC Limited:

Interesting slide that argues that while nominal mortgage rates are pretty low at 6.75%, effective interest rate on a Home Loan is as low as 3.1% after factoring current tax incentives.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/HDFC…

7/n

7. Apollo Tyres:

Significant expansion in rural outlets (including sub-dealers) in FY21 - over 4x from 1,350 to 5,800.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/APOL…

8/n

8. Jindal Steel and Power:

Planned expansion of steel capacity by 66% and pellet capacity by 133% over next 4 years (by FY25E).
#Q4withMultipie

Link:
archives.nseindia.com/corporate/JIND…

9/n

9. Avadh Sugar:

Details of structural changes in Ethanol that is expected to drive profitability for sugar players. Government target of 20% Ethanol blending by 2025 to resolve problem of excess sugar production.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/AVAD…

10/n

10. Sonata Software:

🧑‍💻Proprietary Platformation approach at Sonata.
🧑‍💻Details on long time partnership with Microsoft (over 25 years), which contributes over 45% of its IT services revenues.
#Q4withMultipie

Link:
archives.nseindia.com/corporate/SONA…

11/n

11. UPL:

🌱Demonstrated track record of profitable growth in last 5 years (Revenue CAGR: 21%, EBITDA CAGR: 26%) along with deleveraging of B/S in last 2 years.
🌱UPL's capabilities and pipeline/ outlook on OpenAg innovation

#Q4withMultipie

Link:
archives.nseindia.com/corporate/UPL_…

12/n

12. Prince Pipes:

🧑‍🏭Good financial traction with steady revenue growth (Q4FY21/ FY21: 77%/27% yoy) along expansion of EBITDA margins by ~6%
🧑‍🏭Improvement in WC days from 58 to 36 days, mainly due to lower inventory

#Q4withMultipie

Link:
archives.nseindia.com/corporate/PRIN…

13/n

13. Aarti Drugs:

💊 Recommended presentation to learn pharma basics
💊 Details of Pharma PLI scheme with INR 15,000 crore of incentives over next 6 years
💊 Aarti 2.0: INR 600 cr Capex, ~INR 4,200-4500 cr revenue potential
#Q4withMultipie

Link:
archives.nseindia.com/corporate/AART…

14/n

14. Butterfly Gandhimathi - Liked this presentation

🦋Into kitchen appliances, cooker/ware, misc home appliances
🦋Shift towards branded sales; no B2G business since last 4 years
🦋Prominent improvement in WC+ Debt reduction
🦋New launches

Link: archives.nseindia.com/corporate/BUTT…

15/n

15. Firstsource Solutions

💻ROCE 🔼 by 5.3%, but stagnant ROE
💻ROCE 🔼= Good op. results + debt 🔽in FY21
💻ROE flat = One time P&L charge of 110 cr
💻Op. metrics: Traction in Banking & FS; higher offshoring
💻Revenue/ employee is flattish

Link: mk0firstsourcecw8t7d.kinstacdn.com/wp-content/upl…

16/n

16. IIFL Wealth: 👍

💰Focus on advisory/ ARR model (fees) over distributor (transactional). Higher repeat rev. & sticky
💰Good🔼in ARR AUM (up 63% vs 32% overall)
💰ARR share: FY16/20/21 = 33%/40%/49%
💰Strong guidance on ROE (12% to 19%) & PAT

Link
archives.nseindia.com/corporate/IIFL…
17/n

17. Heritage Foods: Promising

🐄Strengthening Bal. Sheet (comments in Image 1)
🐄Improving OCF & WC; financial metrics (Image 2)
🐄Due to focus on high margin Value Added prod.
🐄Focus on technology (Heritage TUCH) & omni-channel supply chain

Link
archives.nseindia.com/corporate/HERI…
18/n

18. Cosmo Films: On fast pedal

📦Strong guidance by mgmt.
📦Details on India & Global BOPP industry. Indian BOPP industry growth 2x of GDP.
📦Focus on increasing specialized business to 80%
📦De-commoditized model -->Higher return metrics

Link:
archives.nseindia.com/corporate/COSM…

19/n

19. Acrysil:

🏠Good FY21: Revenue 🔼13%, but RM cost ↔️ = Margin expansion
🏠~57% Gross Margins - among Top tier
🏠Export focused (~80%); domestic traction in Carysil
🏠IKEA (Switz) partnership - dispatches start in Mar 21; Capacity expansion

Link: archives.nseindia.com/corporate/ACRY…
20/n

20. Dr. Lal Pathlabs:

💉Q4FY21: Revenue growth of 27% in non-Covid biz is impressive (patient volume gr. of 33% to 59 lakhs)
💉FY21 EPS of 35.3; trades at 80X FY21
💉Genevolve: Genomics division focused on Genetic testing - interesting

Link: archives.nseindia.com/corporate/LALP…
21/n

21. Meghmani: Demerger play

🧪Guidance of 34% revenue growth over FY21-24 vs 21% in last 5 yrs
🧪Focus on higher margin derivatives (H2O2, CMS, ECM, CPVC). Rev. share 26 --> 56%
🧪Capacity expansion
🧪Demerger focus to unlock Derivatives business
Link: archives.nseindia.com/corporate/LALP…

Correct link for Meghmani:
archives.nseindia.com/corporate/MEGH…

22. SBI: The worst is behind

🏦NPA: Incremental slippages low at 1.18%; 88% PCR provides cushion against shocks
🏦Key indicators - Stable + improving
🏦Digital & YONO (Slide 38 to 42): This is SBI's edge! 40K home loan leads; 1 Mn A/L products

Link: sbi.co.in/documents/1783…
23/n

23. Grasim - "In the works" (Capex 🔼, Debt🔽)

🧥 Viscose - "Green" fibre for textiles looks promising
🧥 Balance sheet - Visible improvement; standlone/ consol debt repayment of INR 2084/12050 cr in FY21
🧥Planned capex of ~2600 cr in FY22

Link: archives.nseindia.com/corporate/GRAS…
24/n

24. Tata Power - Green Future

⚡️ESG & green energy is top focus (Slides 5-11); exited non-ESG biz such as Defense
⚡️Largest Solar EPC company; Good offtake in Solar EPC in FY21
⚡️Solar pumps: Big opportunity with GoI (Kusum)
⚡️Distribution 4x

Link: tatapower.com/pdf/investor-r…
25/n

25. Polymed - Leading player in Medical devices 🌞

🔬Overview of industry and outlay under PLI scheme
🔬Vision 2025: Transform from devices maker to solution provider
🔬INR 400 cr QIP in 2021 from prominent investors - to aid capex plan

Link: archives.nseindia.com/corporate/POLY…

26/n

26. Newgen Software - Transitioning into a SAAS player

✍️Focus on low code/ no code automation
✍️Annuity (repeat) revenue now 57% of mix
✍️83% yoy growth in EBITDA (FY21 vs FY20)
✍️Q4 - Received patent for "Image Processing System"

Link: archives.nseindia.com/corporate/NEWG…

27/n

27. Polyplex - Leader in plastic packaging

📦#1 BOPET film producer in SEA
📦22% EBITDA margins in Q4 vs 26% for FY21
📦Export freight rate pressure to remain in 2021
📦High capacity utilization leading to expansion
📦Talks of promoter exit

Link: archives.nseindia.com/corporate/POLY…

28/n

28. Goldiam - Another Vaibhav Global?

💎Transitioning from Brick & mortar to e-com omni-channel = Working capital optimisation
💎Debt free; Cash of 310 Cr
💎Focus on Lab grown diamonds market (expected to be 10% of market by 2030 vs 3% now)

Link: archives.nseindia.com/corporate/GOLD…

29/n

29. Godavari Power & Ispat - FY21 best year ever

💡Bumper year - strong operating & financial metrics, cash flows & debt reduction
💡Green focus: Replacing thermal with 250 MW captive Solar PV power plant
💡Captive mining gives strategic edge

Link: archives.nseindia.com/corporate/GPIL…

30/n

30. Burger King - Not healthy

🍔QSR industry to grow at 23% CAGR (FY21-25)
🍔Aggressive expansion plans (265 to 700 stores by 2026)
🍔Store economics not in place; restaurant EBITDA of -2.1%
🍔Weak SSSG across FY21 - negative in Q4 as well

Link: archives.nseindia.com/corporate/BURG…

31/n

31. J. Kumar Infraprojects

🏗️Slide on Mumbai metro line project depicts the state of Mumbai - underground construction has been slow, but elevated construction in works
🏗️Good traction in flyover work
🏗️Turned Net debt -ive in FY21; WC issues

Link: archives.nseindia.com/corporate/JKIL…

32/n

32. Precision Camshaft - Interesting

🚚Acquired MFT and EMOSS in 2018 - fully integrated now
🚚EMOSS (e-mobility) business - Loss making currently, but outlook is promising - integrated electric powertrains for trucks, buses, etc

Link:
archives.nseindia.com/corporate/PREC…
33/n

33. Solar Industries - Explosive

💣Significant increase in rate of explosives (25% yoy)
💣Increase in last 2 quarters has aided sales & margin expansion
💣Rate increase due to increasing share of EXPORTS in revenue mix (high margin)

Link:
archives.nseindia.com/corporate/SOLA…
34/n

34. Jamna Auto - "Spring" effect in Q4

♨️4 point financial & op. strategy - 33% target; on path; expect ROE 🔼
♨️11 plants (3 new) at strategic locations close to CV OEMs; new plants for Tata M, Ashok, Force
♨️Strong Q4 with margin expansion

Link:
archives.nseindia.com/corporate/JAMN…
35/n

35. Marksans Pharma - Underrated

💊Good detailed presentation
💊Key therapy focus: Pain mgmt (growth driver), anti-diabetic, CVS (OTC & prescription)
💊Strong FY21 with consistent improvement
💊Focus on regulated markets (US, UK, Aus, etc)

Link:
archives.nseindia.com/corporate/MARK…
36/n

36. Affle -

📲 Mobile spend in India expected to grow 3x faster than global (32.4% vs 11.3%)
📲 Cash flow 35% CAGR amongst best in India Tech; 99% OCF/ PAT
📲 Strong user conversion (5.5/10.5 cr in FY19/ FY21); key revenue driver (+ive)

Link:
archives.nseindia.com/corporate/AFFL…
37/n

37. Dilip Buildcon - B2G Infra play

🛣️Highest ever orderbook
🛣️Diversified in last 3 yrs - Roads (87-->52%); Irrigation & Mining (32%)
🛣️Improving WC (104 to 82 days in Q4); D/E🔽
🛣️Timely completion of projects
🛣️To divest HAM proj. (2000 cr)

Link:
archives.nseindia.com/corporate/DBL_…
38/n

38. Camlin Fine Sciences: Watch out

🧪Fwd integration of business model from food ingredients to high value food additives
🧪Dahej plant utilisation to🔼from 65% to 90% by Sep-21. Expected to🔼margins by 3-4%
🧪PL expects 70% PAT CAGR till FY23

Link
bseindia.com/xml-data/corpf…
39/n