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Abhishek Murarka 💹🐂 Profile picture
@abhymurarka
Feb 7, 2021 • 8 tweets • 3 min read • Read on X
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Over 75% of corporate India (by market cap) has declared Q3 results and the verdict is - We are on a roll!

Highlights of last 6 month performance (July-Dec) for 809 results (ex-financials) declared till Friday, Feb 5th.

1/n 👇 Image
2/n
 While revenue growth is close to pre-Covid levels (down 5%), there is a strong profitability growth lead by both gross margin expansion and operating leverage. No wonder everyone is talking EPS growth!

How do we compare with US on this front? Here.
FIIs: Note 👇 Image
3/n
52.5% PAT growth overall and 43.9% ex financials!
How does this look across industries?

Ans: Broad based Image
4/n
Is this profitability growth due to one time cost savings?

Numbers reflect that is not the case. Most of the margin expansion is flowing from COGS (lower raw material/ cost of service) as against other opex!

Industry wise trend is healthy👇 Image
5/n
Which names are driving the profitability growth?

Top contributors 👇 Image
6/n

Companies directly impacted by Covid are gradually making a comeback but not yet back to normalized levels (highlighted in yellow). Image
7/n
This brings is the moot question - Has the declining corp profit to GDP trend bottomed out?

Enough indicators to say yes.

This, by no means, is a recommendation on valuation levels. But it re-enforces the view that Mr. Market has the best pulse of the economy and doesn't wait for reported numbers.

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More from @abhymurarka

Abhishek Murarka 💹🐂 Profile picture
Sep 15
Edited @akshat96jain's notes from the @TIA_Investors Summit and sharing with some of my highlights:

Speaker 1: S Naren (ICICI Pru)
Highlights:
- Current bull markets resemble 1994-97
- Mistakes to avoid in a liquidity-fuelled bull market
Image
Image
Speaker 2: Ridham Desai (Morgan Stanley India)

Highlights:
1. "At peak, oil formed 14% of the economy. Today, with oil at $70 per barrel, it’s just 3.5% of the economy."
2. Private Banks can see Corporate lending boom
3. RBI's inflation targeting since 2016
Image
Image
Speaker 3: Utpal Sheth (RARE Enterprises)

Highlights:
1. His concept of investing in Gorilla companies (intangibles, leadership, and megatrends)
2. Keeping a probabilistic mind in investing
3. Management (leaders and legends) - smart on capital allocation, great at execution.
Image
Image
Read 10 tweets
Abhishek Murarka 💹🐂 Profile picture
Jul 21
Reading on this company:🦚🦄🧥
Feel it's a good business with good management and outlook. Growth and margins should improve over next 2-3 years. Also building own brand that can change the story. Available at fair valuation of 21x PE.
#MayurUniquoters: Snapshot of key financials basis my own dashboard. Image
3/
 Supplies leather clothing to BMW, Merc and few other global auto cos. The CEO Mr Poddar says they consciously stay away from low margin orders.

Auto OEM Export growth this yr will be better and next 3 year also it will be minimum 30 to 35% growth in export OEM.

Supply to BMW should show in Q1 results and should improve every qtr going forward. Merc continuously buying from them every month…added another big customer in USA.

Shoe business is slow and looking to add more brands.
Has expanded into Marine exports (seats for boats, small yachts) which is low competition new growth area.

Parallelly, they are building their own brand called Texture and Hues () which is doing well and looking to double dealer distribution from 500 soon. From Q3 earning call: "once the retail furnishing business scales up, my bottom line will go up like hell"textureandhues.com
Read 4 tweets
Abhishek Murarka 💹🐂 Profile picture
Jun 30
RBI released a 163 page Financial Stability Report this week. It's the most exhaustive database and commentary on Banking

Will share my key highlights in this thread.
1/n
Check back this thread at 10 pm tonight for details.
2/n
Overall health of Indian Banking is strong!
- Gross NPA is at multi-year lows of 2.8%
- Capital adequacy is strong at 16.8% and
- Provision coverage comfortable at 76.4%.
- Slippages are negligible at 1.6%

In short, Banking never looked better! Now let's try to go deeper. Image
Read 13 tweets
Abhishek Murarka 💹🐂 Profile picture
Aug 4, 2023
Yesterday, India announced it is "restricting" the import of laptops, tablets, all-in-one personal computers and servers with immediate effect. Big, right?

This thread tries to explain the background, impact, the laptop value chain and stocks to play the shift.

1/n
2/n
Here's the official communication.

We imposed a "licensing requirement" for import of laptops, tablets, etc. This means Apple, Dell, Samsung cannot just make these somewhere else and export to India.

Effectively, Government has said - "India chahiye, to India mai banao". Image
3/
Background: While Apple is expanding its manufacturing of iPhones in India, it had almost backed out of the Rs 17000 cr PLI 2.0 for Hardware including laptops.

Instead, it chose Vietnam as the hub to make Macbooks. See the contrast:
Image
Image
Read 20 tweets
Abhishek Murarka 💹🐂 Profile picture
Jun 8, 2023
RBI announced no change in policy rates in its meet today. But was this MPC a non-event then?

No. Infact, this was a very progressive policy.

RBI made 4 key announcements that further strengthen India's position as a Digital superpower.

A thread
1/n
2/n
 Summary:

RBI Allowed:
1. FLDG between Bank/ NBFC and Fintech partners - will deepen credit & Digital lending
2. Use of RuPay Forex Cards for overseas transactions
3. Issue of eRuPi vouchers by non-bank PPI holders
4. BBPS - membership rationalisation

I''ll explain below:
3/n
RBI Meet 1: FLDG arrangement

FLDG stands for First Loan Default Guarantee. As the name suggests, it is a guarantee by Fintech (loan service provider) to compensate the Bank/NBFC up to a certain percentage of default in the loan portfolio that it originates for them.
Read 15 tweets
Abhishek Murarka 💹🐂 Profile picture
Jun 7, 2023
Germany's leading shipbuilder ThyssenKrupp will collaborate with India to build 6 world class submarines in partnership with Mazagon Dock. This will enhance our Naval prowess significantly. Image
Here's a file picture of German Defence Minister Mr. Boris Pistorious with Indian Defence Minister ⁦Rajnath Singh yesterday. Image
A partnership mindset with the right partners is the need of the hour if we really have to become a super power. Germany is a great partner for all things infra and manufacturing

Note: This is why I had tweeted my anger on chest thumping on news of Germany entering recession.
Read 4 tweets

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