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Rajarshi Shome Profile picture
@shome_rajarshi
May 24 • 7 tweets • 3 min read Twitter logo Read on Twitter
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Bharat Wire Ropes Ltd:-

The company is one of the largest manufacturers of Steel Wire Ropes in India. The company is one of the leading manufacturers of speciality steel wires, steel wire ropes, slings and strands, with over thousands of varieties of products.

Industry… twitter.com/i/web/status/1… ImageImage
The company has turned around from posting losses of Rs 61 CR in FY20 to posting profits of Rs 62 CR in FY23.

Strong balance sheet with no ALM mismatch. Negligible debt on the books.

Improving cash conversion cycle. Image
Q4FY23 Con Call Updates:-

1. First ever Con Call with investors
2. The company has machines made in South Korea and Germany that allows Bharat Wires to compete with global manufacturers of Steel wires.
3. The company has transformed in the last few years.
4. Sales volumes up… twitter.com/i/web/status/1…
The company is confident of growing Volumes at 15-20% CAGR. However, value growth (realisations) would depend on steel price movements yet the company is improving ASP with improving product mix and selling high-value products. Image
The management wants to forget about the past and move on to better days for the company. Image
The promoter group has infused Rs 42 CR used to reduce debt on the balance sheet by the same amount. Image
WC cycle is around 3-4 months.

Receivables: 45 days
Inventory (WIP>Finished Goods): 2 months
Payables: 10 days

WC Days= 45+60-10 Image

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More from @shome_rajarshi

Rajarshi Shome Profile picture
Jan 14
Stock allocation matter more than stock name.

A short thread!

Questions:-
1. What is the percentage of your net worth in stocks?

Most people have 90% of their net worth in debt instruments so the amount of time you give to analyse stocks become meaningless.

Contd..
2. What is the percentage allocation of individual stocks in the equity portfolio?

Any allocation less than 5% would mean that the stock movement in either direction would not make any difference to the portfolio. So why have such allocations?

Contd…
3. If you are here to change your life in the market, you must have a big chunk of your networth in stocks and hold a concentrated portfolio. It gives you a chance to outperform. Everybody knows the names. It is how much money you deploy that matters in the end.

Contd..
Read 7 tweets
Rajarshi Shome Profile picture
Jan 13
We track businesses by writing threads. The threads containing the Investor Presentations and Con Call highlights. It helps us to validate management guidance.

Sharing the thread on the banking space. It will be be great refresher before the Q3 earnings season.
1. HDFC Bank:

2. AU Small Finance Bank:


3. Axis Bank:


4. Bandhan Bank:


5. CSB Bank:


6. CUB Bank:
7. DCB Bank:


8. Equitas SFB:


9. Federal Bank:


10. ICICI Bank:


11. IndusInd Bank:


12. Karnataka Bank:
Read 5 tweets
Rajarshi Shome Profile picture
Sep 18, 2022
Sanghvi Movers Q1FY23 Update:-

1. Revenue down 23% QOQ and up 42% YOY to Rs 100 CR

2. PAT down 22% QOQ to Rs 14.5 CR

3. The company suffered a loss of Rs 2.5 CR in Q1FY22
Business Model:

Sanghvi Movers is the largest crane rental company in India.

CAPEX (FY23): Rs 130 CR Image
A proxy-play on the CAPEX Cycle in India across Industries! Image
Read 4 tweets
Rajarshi Shome Profile picture
Sep 17, 2022
Gokaldas Exports:-

1. Revenue up 5% QOQ and up 154% YOY to Rs 612 CR

2. PAT down 35% QOQ to Rs 39 CR.

3. The company suffered a loss of Rs 2.5 CR in Q1FY22
Business Model: Image
Growth Triggers:- Image
Read 4 tweets
Rajarshi Shome Profile picture
Aug 26, 2022
Banking Sector Q1FY23 Update:-

1. Credit Growth has picked up across the spectrum. Both Private and PSU banks have been lending aggressive.

The QOQ and YOY growth in the Loan Book of the Banks:

HDFC Bank 1.6%, 21.6%
Kotak Mahindra Bank 3.32%, 29%
(1/N)
ICICI Bank 4.1%, 21.2%
Axis Bank -0.8%, 14%
IndusInd Bank 4%, 18%
Federal Bank 4.6%, 16%
AU SFB 6%, 37%
Equitas SFB 6%, 22%
RBL Bank 0%, 7%
CSB Bank 2%, 16.8%
IDFC First Bank 6.4%, 22%
DCB Bank -13%, 17.8%
SBI 3.5%, 14.9%
Bandhan Bank -3%, 20%
Ujjivan SFB 7%, 38%
(2/N)
The credit growth in the system has picked up from a 5.6% in FY21 to 14.4% in July 2022. Deposits continue to grow at 9.5-10.5% in the last 5 quarters.

(3/N)

Credit Growth is outpacing deposit growth:
ndtv.com/business/bank-…
Read 21 tweets
Rajarshi Shome Profile picture
May 5, 2020
Bajaj Finance has a Cash/AUM of 12.5%
Cash Rs 18000 CR
AUM Rs 1,47,000 CR

It means that they lose 12.5% of their book and yet could survive with ease. Irrational fear has engulfed everybody.

Possibility of 12.5% is next to impossible.Their NPA have to rise by 900%
The average Cash/AUM book of the NBFC sector is at 6.5%.
Bajaj Finance has been increasing its AUM by an amount the size of a small NBFC in India. This point would have been of no interest to me had their asset quality been poor.
Read 17 tweets

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