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24 May, 6 tweets, 3 min read
7th Post on Q4FY21 Results

Businesses covered:
~AU Small Finance Bank
~Bandhan Bank
~CreditAccess Grameen
~Ujjivan Small Finance Bank
1/
AU Small Finance Bank

• PAT up 39% YoY in Q4
• AUM up 22% YoY & deposits up 38% YoY despite flat disbursements in FY21
• GNPAs rose to 4.3%
• Overall collection efficiency at >120% in Q4

Detailed Notes: bit.ly/3wsf4do
2/
Bandhan Bank

• Revenues up 13% YoY & NII up 4.6% YoY in Q4
• Added 5 Lac customers in Q4 & 29 Lac in FY21
• GNPAs rose to 6.8%
• Interest reversal of Rs 525 Cr in Q4
• Collection efficiency in WB @ 98.3% & Assam @ 83%

Detailed Notes: bit.ly/3yAmHQP
3/
CreditAccess Grameen

• Customer base declined by over 2.4 Lacs
• Disbursements rose by 42% YoY for CAGL & 41% YoY for MMFL
• GNPAs at 4.43%
• Collection efficiency in CAGL @ 97% & MMFL @ 91%
• MMFL integration to be done by H1

Detailed Notes: bit.ly/2T5NPa2
4/
Ujjivan Small Finance Bank

• Rev decline 9% YoY
• Highest ever quarterly disbursement which was up 2.2x YoY
• GNPAs at 7.1%
• Collection efficiency @ 94%
• Added 15 Lac new customers in Q4

Detailed Notes: bit.ly/3hWuOBc
All the four updates together here:

bit.ly/3ubaVJr

L&R for wider reach if you find value in our work.

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More from @SmartSyncServ

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15 May
4th Post on Q4FY21 Results

Businesses covered:
~Apcotex
~Blue Star
~Tata Consumer Products
~Ultratech Cement
1/
Apcotex

• Revenues for the quarter were up 61.5% YoY
• Reported its highest-ever revenues, export volumes, EBITDA, PBT & PAT in a quarter in Q4
• Plants running at full capacity for XNB latex for gloves

Detailed Notes: bit.ly/3w98SGY
2/
Blue Star

• Q4FY21 Consol Rev up 26% YoY
• Order book at Rs 2952 Cr
• RAC sales grew 33% YoY & market share @ 13.25%
• Launched new range of pharma cold rooms, medical freezers, ice-lined refrigerators, & vaccine transporters

Detailed Notes: bit.ly/2QqnL8Q
Read 6 tweets
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15 May
Please attend our webinar on Mahindra Holidays
16.05.2021,
11:30 am

This is not a recommendation to buy the stock.

WEBINAR IS FREE FOR MISSION SMILE MEMBERS.

pages.razorpay.com/finvents-mhril

Read on for a glimpse of what we will cover in the webinar.
How Mahindra Holidays as a good business does not require equity/debt infusion

~Role of ROA Vs cost of leverage in ROE
~Float
~Accounting BV Vs Economic BV

Read 5 tweets
Smart Sync Services Profile picture
14 May
In the book, “Thinking Fast & Slow”, Kahneman talks about Gary Klein who invented the premortem technique

This technique asks us to use “prospective hindsight”

Go in the future & analyze the past.

Like thinking today, “2-3 yrs out, how can this business go bust?”
Contra Bets are High-Risk High Reward bets.

If you win you win big, If you lose, you lose big too.

A thin line separates conviction and overconfidence in investing.

It is worth applying the Premortem technique here
In our analysis of the business potential of Mahindra Holidays, we have tried to apply the Premortem Technique to look at three ways in which MHRIL can go bust.

It will help us in the future to re-evaluate and measure its progress and try to get the warning signals early.
Read 4 tweets
Smart Sync Services Profile picture
13 May
Online screeners have made life easy for us.

Thanks to them, we have so much info available freely.

Numbers, though, do not tell you the whole story.

And if you base your decision only on the numbers shared on the screener, you run the risk of missing imp points.

Read on!
If you looked at the shared image, you will dismiss the business thinking debt is huge & reserve is negative.

You will probably say: “It is a business that should not be even looked at.”

A good question to ask: Why did that happen?

Ans: Ind AS 115 & Ind AS 116 Image
~Reserves is “Negative“ due to transition difference

~Borrowing = Lease Liabilities + HCRO (foreign debt @ 3.5%)

~Lease liabilities on the liability side match with the Lease assets on the asset side

~High cash flows but cannot do Div/Buyback ImageImageImageImage
Read 4 tweets
Smart Sync Services Profile picture
7 Apr
Stories that get sold:

“If you bought Infy in March 2000 & held it till the CY2008, you would have made 0 returns”

Stories that no one tells us:

“If you had bought 1 share of Infy each month from March 2000 until Feb 2008, you would have ended up with a 13% XIRR”.

Read on!
1/
Unpopular Opinion

“Individual investors, with long term horizons, shall not pay attention to valuations of stocks.”

That doesn’t mean valuation doesn’t matter. It does.

But with all the modern tools available, we suck at valuing businesses.
2/
Instead, getting into a system of buying good and growing businesses on a regular basis will help you counter the valuation problem effectively.

Value indeed lies in the eye (read excel models) of the investor.
Read 21 tweets
Smart Sync Services Profile picture
2 Apr
Did You Know?

CCL Products did not start with the coffee business.

Since its inception in1961, it had been in the business of Lease Finance.

In 1994, The Sahayak Finance & Inv Corp Ltd' changed its name to Continental Coffee Ltd

Rest is history!

Here’s the full story.
1/
09.04.1995: Started commercial production
Capacity: 3600 Mts
Leadership: Challa Rajendra Prasad.

Mr. Prasad is reckoned as a pioneer and 1st entrepreneur in India to have placed Indian soluble coffee in the hard currency world markets.
2/
Before starting the coffee business for CCL, Mr. Prasad set up Asian Coffee Ltd in 1989.

Asian Coffee was the first Indian non-multinational-owned company engaged in the business of producing instant coffee.
Read 19 tweets

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