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Intrinsic Compounding

@soicfinance

30 Oct

Pi Industries Concall Update *Q2 FY20*

Industries Q2FY21 Concall

I will be dividing this concall into 3 parts: Business, Risk and Management

Business

Both the existing molecules and the recently commercialized molecules have seen a good uptick.

More than 10 products in the

R&D pipeline in pharma. Commentary of Global Agri Innovators has shown robust strength.

Domestic Business improved by 33% and the export business grew by 25%. Topline grew by 28%.ISAGRO forms 11% of the consolidated topline.

Utilization levels are heading back to Pre-covid levels. Going forward, focusing more to improve the asset utilization levels.

EBITDA margins expanded by 293 bps due to better product mix and operating leverage. Capex done till H1FY21 is 116 crores, target for the entire year

Read 17 tweets

Intrinsic Compounding

@soicfinance

24 Oct

Q2FY21 Concall Updates: Business, Risk and Management

Business

-Credit Rating has been upgraded by ICRA on back of the upgrade by Crisil in the last quarter.

-Topline was up by 12% (YOY) and 23% on QoQ basis.

-Margins remained at 32% and experienced 150BPS reduction in expenses primarily due to power cost and RM cost coming down,

and change in mix of the business.
-Staff cost increased by 22% to 161 crores as compared to 132 Crores last year, which led to a 15% increase in employee cost.

-Currently we have 5200 employees as compared to 4700 employees last year

Read 17 tweets

Intrinsic Compounding

@soicfinance

1 Oct

How cycles turn?

Gujarat Ambuja exports limited🌽 fell from a peak mutliple of 30 to 10 times. As the maize prices rose due to fall Armyworm infestations etc from Rs14-15 to Rs 24-25 . Since Gael entered into Fixed contracts and is partly a commoditized player, margins fell

In the maize segment to low single digits. They have consistently made a 15% Roce in this business for the last decade. This was part 1 of the cycle, when the markets perception changed from Growth PE to a steady state mutliple as business experienced headwinds

Part 2- nearly 10% of the industry capacity collapsed as they couldn't bear the hike in RM prices. In terms of competitive scenario, competitive intensity just lessened. Yet it was being valued below 10 times due to uncertainty in the short run.

Read 8 tweets

Intrinsic Compounding

@soicfinance

10 Sep

Stock Visualisation🔗: Bal Krishna Industries🚜

Video Link🎥:

Look for a low cost producer with expanding margins. #BKT

Read 6 tweets

Intrinsic Compounding

@soicfinance

9 Sep

@SamitVartak

Banking🏛 is all about the DNA 🧬of the management

@SamitVartak @unseenvalue @dmuthuk @rohitchauhan @Gautam__Baid @varinder_bansal @HDFC_Bank @MarcellusInvest

Read 10 tweets

Intrinsic Compounding

@soicfinance

4 Sep

Variant Perception 🎯

“To be able to take advantage of such divergences, you have to think in a way that departs from the consensus; you have to think different and better. This goal can be described as second-level thinking or variant perception”
- Howard Marks

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