Sahil Sharma Profile picture
Jan 17 β€’ 6 tweets β€’ 2 min read
πŸŒ‹πŸŒ‹ has filed 2 DMFs in Q3FY22:
1. ARIPIPRAZOLE MONOHYDRATE (C23H29Cl2N3O3): used for schizophrenia.

Five other DMF holders.
Only Gland & Neuland have DMF for sterile API
2. TAFAMIDIS MEGLUMINE: used to delay nerve damage in adults who have transthyretin amyloidosis with polyneuropathy

Only 3 DMF filers.
Tafamidis prices are 71000$/kg. US medicaid sales were 130M$ in 2020. Image
Aripiprazole prices are 1000$/kg. Us medicaid sales are 9B$.
Another thing to note is that Aripiprazole comes in many forms. Aripiprazole overall has 44 active DMF holders. Image

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More from @sahil_vi

Jan 19
Tatva chintan πŸ§ͺβš—οΈβš—οΈ concall happened yesterday.

My key takeaways:
1. Margin compression in this quarter was a perfect storm.

In b/w the lines: transportation costs went up 2.5% of sales, power costs went up 2% of sales. SDA sales were muted due to semicon shortage.
Despite all of this the operating margin was 23%. Towards lower end of their 23-27% guidance. Semicon shortage expected to ease from may. So sda sales should pick up in Q1fy23. q4 will be muted as well. Gross margins have expanded to 57% from 55% last quarter.
2. Super capacitor Electrolyte salt sales are now 2% of the product mix.

In b/w lines: The conservative guidance is of 5-7% of sales mix 4 years from now. The upside is absolutely huge though. These super capacitors are needed to store solar & wind energy. The upside is massive
Read 8 tweets
Jan 18
Angel one πŸ˜‡ concall was today. Some key takeaways from Q3Fy22 results:

🧡🧡 Image
1. Conventional wisdom goes that broking industry volumes drop off the cliff during bear markets. Angel data reveals that while volumes do decline, this is generally a temporary phenomenon. Image
This is NOT to say that broking is not cyclical (it is), but the cyclicality might not be as bad as we think it is. Do note that this data includes cash segment volumes from which brokers dont earn anything so take it with a pinch of salt.
Read 11 tweets
Jan 13
Price was X a year ago
Price is 4X today.

That’s a pity isn’t it?

Nope, its pitti. 🀣🀣 And it is still undervalued imo.

A thread to understand whether pitti deserves our pity or our interest.

Plz retweet if you find it useful. πŸ™πŸ™

πŸ§΅πŸ§΅πŸ§΅πŸ‘‡πŸ‘‡
Let's dive right into the belly of the beast.
We cover the analysis in 7 sections:
1. Products
2. Industry Analysis
3. Durable Competitive Advantages
4. Growth Triggers
5. Profitability Triggers
6. Valuation
7. Anti thesis
8. What am I doing?
1. Products
Before we understand pitti’s products let us understand the user facing product they go into. Do you know how Electricity is generated at a Hydro power project? Its a turbine.
Read 56 tweets
Jan 9
One of my key learning with yes bank was that if the corporate governance or regulatory compliance is worsening (or perceived to be worsening) it's better for the small investor to get out, evaluate, then decide.
Not investment advice but I would have sold RBL, HGS, Hikal.0
Unless you have the md or ceo on speed dial, it's very hard for you to know what is going on

If you're right in selling you save 80%.

If you're wrong you lose 20% but live to fight another day.
The ONLY exception I would add is if you have 96% confidence that the event is a non issue.

A very seasoned investor I know of didn't sell RBL because he had done very deep research & is convinced it's a non issue. πŸ™πŸ™
Agar itna research kiya toh alag baat hai.
Read 6 tweets
Jan 7
Mirza International.

Red Tape. Mode. Oaktrak. A thread.

Let us try to understand the possible reason(s) behind recent ferocious price increases. Let us also understand how to analyse a business through innovative means.

Please ReTweet if you find it useful.

🧡🧡🧡 πŸ‘‡
I will structure the deep dive into 5 segments:
1. Industry Trends & Opportunity size
2. Brands/segments
3. Corporate Governance
4. Recent Triggers
5. Scuttlebutt
6. Valuation
7. Anti-thesis
8. Thesis/Conclusion
1. Industry Trends
Mirza international is in the business of building consumer brands for Shoes & Related Athleisure clothes (sports wear, sweat shorts & the likes). Imagine it to be like a middle or low income person’s Nike.
Read 90 tweets
Jan 7
Racl βš™οΈπŸ’»

How it started.
Versus how it's going.

Hopefully 1st of many 10 baggers. πŸ™πŸ™

Disc: valuations are now discounting lot of the future. I will be very selective in deploying new capital to this position. For sake of portfolio balancing.

All credit to VP & ayush sir πŸ™
Btw does anyone want to guess which company is closest to 10x among other portfolio companies?
Read 5 tweets

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