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Tar ⚡ Profile picture
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29 Jul, 12 tweets, 5 min read
Lets talk results #lauruslabs

Always zoom out and view the results, never take a QoQ approach.

Here is how Sales, Op.Profit and PAT looks like when you zoom out.

The upwards trends continues.

No business will move linearly up or linearly down.
You can get all the numbers from their filings, so I won't talk about them.

Company Statement: bseindia.com/xml-data/corpf…

Investor Presentation: bseindia.com/xml-data/corpf…

Result Filing: bseindia.com/xml-data/corpf…
Lets talk qualitative results, what stood out for me.

Growth in FDF, this is where the major earnings will come from in the near term (1-2 years)

Healthy 21% QoQ growth even though they are building a lot more capacities.
Synthesis

Growth area for medium term.
95% YoY growth but the base is lower.

The only have 4 commercial products.
While the active projects stand at 50.

When those 46 get commercialized, this will be the main growth engine of the company.
Laurus Bio

1% of the Revenue Pie

This segment only started yielding results from late May 2021, so the revenue you see before you of ~14cr is only for a month. Next Quarter this should contribute more.
Q4 of this year or Q1 of next year is when you should see a good increase in earnings.

Why?

Their new additions towards FDF capacity will get commercialized and in effect will double the FDF earnings of Q4FY21.
Generic APIs

They are moving away from ARV to other areas like oncology, CVS and Diabetes.

Moving from one product API company to a diversified basket of APIs.

Oncology showed a robust growth.
CVS and Diabetes witnessed shipment disruptions
(my #1 risk to monitor this Q)
Synthesis, CDMO business
(the most exciting slide from their investor presentation)

550KL+ capacity is no small feat.
No pharma company is complete with continuous R&D. They spent 3.8% of Sales on R&D this Quarter.
All in all, great results. I am happy, remain invested.

Fin.

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More from @itsTarH

Tar ⚡ Profile picture
31 Jul
It's the weekend!

Grab a cup of coffee, in this thread I will explain

1. What drives valuation of a company?
2. Why some companies are valued at high multiples while others aren't?
3. What you should be looking for while buying a business?

Lets dive right in. Image
Not so long ago, Maruti released an ad campaign - 'Kitna Deti Hai'? (What's the mileage?)

Here is one of the ad's from the campaign.

The ad was on point - Indians before buying a car or any vehicle obsess over the mileage the most among all the other specifications.

We as a society are very value conscious.

Nobody has to teach us to drive a good bargain.
Read 43 tweets
Tar ⚡ Profile picture
31 Jul
The two main Q's are

a) Is demand outpacing supply?
b) Are the margins of companies sustainable?

Answer to both the Questions and you can see the Investment thesis.
Part A is answered, lots been written about it.

Google it. spend sometime understanding the energy sector and shift happening in the industry and you can see why and how demand is outpacing supply.

Good to be skeptic but also equally important to acknowledge facts and figures.
Part B can be answered if you look at international peers in this segment.

BR is the largest outside China and third largest in the world.

The only two peers above it are

Xinyi Solar
Flat Glass

Here is their 10 year history.
Read 8 tweets
Tar ⚡ Profile picture
25 Jul
It's the weekend!

Grab a cup of coffee, in this thread I will explain

1. How I achieved financial independence before my 28th Birthday?
2. How a janitor become a millionaire?
3. How even you can live a financially healthy life by following a few concepts?

Lets dive right in.
This year before my 28th Birthday.

My Net Worth surpassed my Lifetime Earnings and I achieved my goal of becoming Financially Independent.

Financial Independence = When you do not have to work to earn for a living, you work cause you like to on whatever that makes you happy.
Talking about money is hard and uncomfortable and writing this thread, even I do feel a tad bit uncomfortable and exposed but its a conversation we need to have, cause its an Important one.
Read 48 tweets
Tar ⚡ Profile picture
23 Jul
Asset Allocation doesn't have one clear answer and shouldn't depend on stage of the market.

It depends on your

- Risk Appetite
- Goals
- Psychology
- Age
- Responsibilities

1/n
Someone who is

Young
Right out of College
Doesn't Need Money for Next 10 years
Doesn't Have any Dependents

should be allocated more towards Equities than someone who is

Old
Heading for Retirement
Needs Consistent Income
Has Many Dependents

2/n
Your psychology also has the biggest impact. Are you someone who gets afraid and loses sleep over 5 to 10% drawdowns and wants to book profits as soon as an investment gains in value

or Are you someone who can sit peacefully and do not let the daily movement of market impact you
Read 4 tweets
Tar ⚡ Profile picture
20 Jul
There are many reasons to sell, but only one reason to buy.

Jubilant Ingrevia's promoter bought significant stakes just a month back.

Earnings Call today at 5pm IST.

Company still branded as commodity chemicals when it derives ~50% of its revenue from specialty chemicals.
Results, Earnings Commentary and Presentation 👇🏼

bseindia.com/xml-data/corpf…
Most of the EPS increase this Quarter is due to increase revenue from Life Science Segement.
LS revenue grew mainly due to global increase in Acetic Acid prices and they had stock.

Not sure how sustainable is Rs10 EPS / Quarter.

Still good progress in overall business.
Read 4 tweets
Tar ⚡ Profile picture
19 Jul
There is probably around 1 stock out of 100 that will give you a 100x return in over 10 years

That means out of 4000 listed stocks, there are less than 40 stocks that will turn 100 baggers in year 2032

40/4000 = Less than ~1%

You have better luck winning a lottery!

Aim Low.
A 100 bagger needs following characterstics

1⃣ It's unloved by the market
2⃣ It's not discovered and unknown
3⃣ Nil institutional ownership
4⃣ Management can dream big
5⃣ Management can execute
6⃣ Promoters are honest
7⃣ Business evolving into newer products
Few 100 baggers of Last Decade include

Deepak Nitrite
Bajaj Finance
Relaxo (almost a 100 bagger)

Nobody knew or loved them in the year 2010, very few discovered them, even fewer held onto them for an entire decade to deliver 100x returns.
Read 5 tweets

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