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
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
#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
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
👫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
#Q4withMultipie
Good thread on music streaming:
https://twitter.com/mehrotra_saket/status/1393088709734453249?s=20
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
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
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
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
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
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
🧑💻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
🌱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
🧑🏭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
💊 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
🦋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
💻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
💰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
🐄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
📦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
🏠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
💉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…
🧪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…
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
🏦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
🧥 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
⚡️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
🔬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
✍️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
📦#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
💎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
💡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
🍔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
🏗️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
🚚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
💣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
♨️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
💊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
📲 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
🛣️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
🧪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
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