Sapphire (K.F.C & Pizza Hut) Showing Good Structural Breakout NSE:SAPPHIRE
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Company has delivered good profit growth of 26.0% CAGR over last 5 years.
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FY24 Highlights
• Sapphire has delivered the best all-round
performance in the QSR industry (all parameters considered):
Revenue scale & growth ,
Adj. EBITDA margin & growth
and New restaurant additions .
• Sapphire KFC delivered highest ever annual
restaurant EBITDA margin %: 19.7% .
• Sapphire KFC and Pizza Hut being recognized
as among the top 3 franchisees of Yum
globally on customer metrics and operating
standards.
• Sapphire Foods is ranked No.1 QSR in India
and at 95th percentile amongst QSR globally on
Dow Jones Sustainability Index (DJSI).
• We achieved our best ever employee
engagement score since inception and placed
at 88th percentile amongst all companies
surveyed worldwide by Gallup.
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52weekhigh
ALKYLAMINE is Reacting & Showing Change in Structure & STORYNSE:ALKYLAMINE
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TURN-AROUND STORY IS IN PROGRES IN TERMS OF PRODUCTION FACILITY AND SUSTAINABLE PRODUCT WHICH WILL BE ABLE COMPETE CHINESE COMPATETORS
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Company has reduced debt.
Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 19.0%.
Company has been maintaining a healthy dividend payout of 26.5%.
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Strong financial risk profile and ample liquidity: Networth was healthy at Rs. 1263 crores as on March 31, 2024 (Rs 1165 crore as on March 31, 2023), with nil gearing as on March 31, 2024.The total outside liabilities to adjusted networth (TOL/ANW) ratio though had decreased to 0.25 time as on March 31, 2024 from 0.36 times as on March 31, 2023, and it is expected to improve over the medium term driven by steady accretion to reserves, absence of long term loans and moderate reliance on external debt for working capital and capex. Cash and cash equivalents of Rs 17 crore as on March 31, 2024, provide cushion to overall liquidity. Interest coverage ratio has improved to 60.4 times March 31, 2024. It is expected to remain healthy over the medium term.
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PFOCUS is Focusing on 2008's Multi-Year Long Resistance BreakoutNSE:PFOCUS
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Over Last 4 Years ... From Year 2020 to 2024 Promoter Holdings Have Been Increased by +34.93% ......
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Customers
PFL caters to players across the entire media industry value chain and the product life cycle of media content. Its major clients include top Hollywood and Indian studios and media companies across the globe:
Studios – Warner Bros., Disney, Netflix, etc.
Broadcast networks – Bloomberg, Disney, Star, etc.
Others – ICC, BCCI, Amazon, etc.
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Focus
In Creative Services, it aims to expand its global footprint and diversify the business across content formats. It also expects growth in cross-selling through bundled VFX, etc.
In Tech/Tech-Enabled Services it aims to sign more strategic deals and increase revenue from existing clients by offering new modules and analytics.
Working on top Hollywood projects
One of them is
Matrix 4
ALPHAGEO Strong Fundamental Turn-Around Story NSE:ALPHAGEO
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Incorporated in 1987, Alphageo Ltd
provides Geophysical Seismic Data
Acquisition, Processing and Interpretation
Services for exploration of hydrocarbons
and minerals
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Company is almost debt free.
Stock is trading at 1.03 times its book value.
Company is expected to give good quarter.
Company has been maintaining a healthy dividend payout of 473%.
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Due to effect of monsoon in several parts of India, only 4 seismic crews worked in the month of October 2019,
with an addition of another 5 crews in the month of November 2019. The NSP Project on Sedimentary Basins of
of Ganga-Punjab Area with Oil and Natural Gas Corporation Ltd. has been completed in the first week of January
2020.
• The field acquisition stage of the Project of Geophysical Mapping Survey for mineral exploration with Geological
Survey of India has been completed. The processing, interpretation and submission of deliverables is in progress.
• The Project for MECL is completed during the quarter ended 31st December, 2019
• No new orders were received during the quarter under review.
• Order on hand as on 31st December, 2019: INR 160 Cr (inclusive of taxes)
ADANI WILMAR Showing Breakage in Volume & Structure,NSE:AWL
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Not a Adani Lover.... But Some Bussinesses are Considered as White Collar.... Specially when you are aware of the original Product of the company.
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Strong recovery in Profitability, after subdued profits in H1 of last year.
➢ Trailing 9-Month EBITDA at INR 1,471 Crore.
➢ Profitability was volatile in FY24 due to hedge dis-alignment. However, profitability is improving over the longer-term.
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▪ Q1 volume growth of 12% YoY
▪ Steady growth in staple packaged foods. Edible oils grew by 12% YoY and Foods & FMCG grew by 42% YoY
▪ In Industry essential segment, both Oleo and Castor business grew in double digits, though overall volume impacted due to oil meal business
▪ Q1 revenue at INR 14,169 crores
▪ Revenue grew by 10% YoY in-line with volume growth as lapping of disinflationary impact of edible oil prices on revenue is complete
▪ Highest-ever EBITDA in Q1‘25 at INR 619 crores
▪ Edible oil business profitability has improved on back of stable edible oil prices
▪ Demand Environment (branded oil and foods)
▪ Demand environment stays steady in packaged staple foods on back of ongoing shift towards branded products
▪ Company stays focused on gaining market share, particularly in under-indexed markets & categories
▪ Incorporating local nuances to enhance regional engagement through customized campaigns, specialized packaging, localized pricing strategies, targeted schemes
▪ ESG Update
▪ Adani Wilmar has been included in FTSE4Good Index Series
▪ Company is committed to improve its processes for ESG performance, enhance disclosures and participate in key ESG ratings
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Key Takeaways: Q1’25
▪ Overall volumes grew by 12% YoY in Q1’25
▪ Edible Oil volumes surpasses 1 Million MT in Q1’25
▪ Food & FMCG crossed quarterly revenue of ~INR 1,500 Crores in Q1’25
▪ Edible Oil:
▪ Edible Oil volumes grew by 12% YoY in Q1’25
▪ Both Sunflower oil and Mustard oil grew double digit during the quarter.
▪ Food & FMCG:
❑ Food & FMCG volumes grew by 42% YoY (Ex-G2G business, Food volumes grew by 19% YoY)
❑ The revenue from branded products in the domestic market has been growing consistently YoY at over 30% for the past eleven quarters.
▪ Distribution:
❑ Company’s direct reach grew by 18% YoY to reach 7.4 Lac Outlets at the end of Q1’25
❑ Rural towns coverage grew by 40% YoY to 30,000+ towns at the of June 2024
▪ Channel Growth:
❑ Alternate channel grew by 19% YoY in Q1’25 (in volume terms)
❑ Branded exports grew by 36% YoY in Q1’25 (in volume terms)
❑ HoReCa business grew by 91% YoY (in volume terms), with quarterly revenues crossing ~INR 150 Crore in Q1’25
▪ ESG:
❑ Inclusion of AWL in FTSE4Good Index Series
SNOWMAN Increasing Cold Temperature & New WarehousesNSE:SNOWMAN
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• Network Advantage - Ability to offer customers the largest Pan-India cold chain networkfor storage and distribution
• Expansion Plans – Planned expansion basis our customers’ requirements to reach new markets & to address the demand of the organised sector• Technology Driven - Snowman has developed customised software & apps for increasing efficiency of operations
• 25+ Years of Experience - Snowman has innovated best practices and is a knowledge leader in the industry
• Customer Trust & Satisfaction - Full visibility & transparency provided to customer using in-house tech platforms & many uninterrupted years of satisfactory customer service
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Leading integrated temperature-controlled logistics
• Snowman Logistics Ltd was incorporated in 1993 and Gateway Distriparks acquired a majority stake in 2006• Pan India network of 45 warehouses across 20 cities
• Integrated service offering of warehousing services, transportation, and distribution bundled with value added services• Modern facilities with high quality infrastructure across the country
• Expansion plans to increase warehousing presence for catering to the fast-growing demand of the organised sector• Snowman is first Indian cold chain company to introduce 5PL services, which offer innovative and integrated solutions
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Strengths:
Established market position in the temperature-controlled logistics industry: Snowman is the largest provider in the highly fragmented temperature-controlled warehousing, transportation and logistics industry in India. The company provides quality service and end-to-end solutions to customers in the temperature-controlled industry, thereby resulting in repeat orders and long-term contracts providing around 80% revenue visibility. As on March 31, 2023, the company had warehousing capacity of 1,35,552 pallets across 44 warehouses in 18 cities. It also had 239 refeer vehicles (refrigerated trucks) providing last-mile, inter-city distribution services through a consignment agency model. It caters to marquee customers in diversified end-user industries, such as seafood, pharmaceuticals, dairy, e-commerce and quick service restaurants (QSR). Under the dedicated warehouse segment, the company has opened 4 warehouses for e-commerce and pharmaceutical clients including Amazon, Fraazo, Impelpro, among others.
Adequate financial risk profile: Gearing was 0.25 times as on March 31, 2023, and is expected to remain low in the medium term. Debt protection metrics are adequate with interest coverage and net cash accrual to total debt ratios are ~4.3 times and 0.63 times, respectively, in fiscal 2023. Any higher-than-expected debt for funding capex could adversely impact the capital structure and debt protection metrics and will remain a key rating sensitivity factor.
Continued parentage of GDL: Post settlement of agreement between Snowman and Adani Logistics Ltd (ALL) in July 2020, GDL is the single largest owner with 40.25% stake in the company and substantial control on the board. The rating continues to benefit from moderate operational and strategic linkages with GDL, as both the companies offer complementary services in the logistics industry, thereby providing cross-selling opportunities to customers. GDL is one of the largest private players in the container freight station, railways and inland container depot businesses in India. Furthermore, Snowman is well established amongst the leading organised players, providing temperature-controlled services in India
IOLCP Showing Change in Structure can go towards 52 Week HighNSE:IOLCP
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The Company’s turnover
increased to ₹ 2,133 crore in
FY24 from ₹ 983 crore in FY18
at a CAGR of 13.77%
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The share of regulated
market sale has increased
to ₹ 300 crore in FY24 from
₹100 crore in FY18
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Increased contribution
of non-Ibuprofen drugs
from ₹35 crore in FY18
to ₹431 crore in FY24,
showing a steady upward
trend over the years
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Added more than 10
products since 2017 in
APIs and chemical segments.
The Company has
recently commenced a new
plant of Acetic Anhydride
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• The Indian API market is expected to grow at a
CAGR of 13.7% over the four years.
• India hosts 500 API manufacturers, contributing
approximately 8% to the global API Industry.
• As the largest supplier of generic medicines,
India manufactures around 60,000 different
generic brands across 60 therapeutic categories.
• In FY24 India saw a 4.12% increase in the total
imports of bulk drugs and intermediates,
amounting to ₹ 37,721.88 crore, compared to ₹
36,229.15 crore in FY23.
• Indian medicines are preferred worldwide due to
their combination of low price and high quality,
earning India the title of "pharmacy of the
world."
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Positive factors
• Strongly improving operating performance, resulting in growth of more than 15% in total operating income and sustained
EBIDTA margin of more than 20%, on a sustained.
• Diversifying product portfolio and reducing dependency on its main product Ibuprofen and ethyl acetate to below 65% in the
overall revenue.
• Improving total debt to gross cash accruals (TD/GCA) and TD to profit before interest, lease rentals, depreciation, and taxation
(TD/PBILDT) to below unity.
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Established market position and diversified product offering
The company was incorporated, 1986 with the commencement of business in chemical segment.
In 2000, the company started
production of Ibuprofen.
IOLCPL is one of the largest manufacturers of Ibuprofen with significant global share and the company
is backward integrated for manufacturing Ibuprofen.
IOLCPL has a market presence across more than 50 countries with sales
contribution from exports forming around 28% of total sales in FY24 (PY: 29%).
The company’s overseas customers are spread
across Switzerland, Bangladesh, Spain, Indonesia, Hungary, United Kingdom, Nepal, China, Turkey and Japan, among others.
The company is one of the largest manufacturers of Ibuprofen (capacity of 12000 MTPA) and has the second largest manufacturing
capacity (12000MTPA) for Iso Butyl Benzene (key raw material for Ibuprofen)
INDOAMIN Showing Volume Strength near ALL TIME HIGH Zone NSE:INDOAMIN
Strengths:
Established market position: IAL was promoted by Mr Vijay B Palkar in 1979, as Techno Chemical Industries, and converted to IAL in 1992. Over the years, the promoters have developed strong expertise in the chemical industry. The company now manufactures oleo, specialty and performance chemicals, used across various industries, such as pharmaceuticals, agrochemicals, fertilizers, petrochemicals, pesticides and perfumeries. Benefits from the longstanding presence of the promoters in the chemical industry and their established relationships with customers and suppliers will continue over medium term.
Above average financial risk profile: The financial risk profile is above average with a robust net worth of around Rs. 213.86 crore as on March 31, 2023. This supports the financial flexibility of the group. Supported by a robust net worth the capital structure is moderate with total outside liabilities to adjusted networth (TOLANW) of 1.72 time as on March 31, 2023. This is expected to remain comfortable going forward. Capital structure is expected to improve over medium term on the back of healthy accruals, absence of large debt funded capex and scheduled repayments. Overall financial risk profile is expected to further improve over medium term.
SHK is Spreading its Fragrances on ChartNSE:SHK
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Q1 FY25 performance overview compared with Q1 FY24.
Revenue from operations at Rs. 470.3 crore as against Rs. 422.6 crore, up by 11.3%.
EBITDA** at Rs. 83.3 crore as against Rs. 70.6 crore, higher by 18%.
EBITDA** margin at 17.7% as against 16.7%, expanding by 100 bps.
Adjusted PBT stood at Rs. 46.5 crore as against Rs. 37.8 crore, up 23.1%.
Cash profit at Rs. 55.8 crore as against Rs. 47.7 crore, growing by 17.0% .
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Key Developments.
Incorporation of step-down subsidiary – Keva Germany GmbH.
Incorporated Keva Germany GmbH to serve as a Creative Development Centre (CDC)
for European operations, while also providing support to customers in Dubai and
Middle East.
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Update on Debt Position:
The Company’s net debt increased to ~Rs. 542 crore as on 30th June 2024 as
compared to Rs. 504 crore as on 31st March 2024.
The debt increase was due to the need to replenish inventory following the fire incident
at its Vashivali facility in April 2024 .
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Update on the Fire Incident at the Company’s Fragrance facility located at Vashivali.
A fire incident occurred at the Company’s Vashivali facility in April 2024.
There was no loss of human life, and the safety of all personnel was ensured.
The Company has comprehensive insurance coverage including cover for loss
of profit.
The Company operates five manufacturing locations in India and, in response to the
incident, swiftly implemented a Business Continuity Plan (BCP) by shifting production
to alternate sites.
The new facility is projected to be re-established within 9 to 12 months.
All facilities are now operating in double/triple shifts, ensuring adequate capacity to
meet current and future customer requirements.
Recently commissioned Indonesia facility is ramping up production to cater to both
local and export orders, ensuring continuity and fulfilling commitments to overseas
customers.
An exceptional loss of ₹120 crore (net of tax) was recorded during the quarter due to
the fire, covering plant and machinery, building, and inventory. This loss is expected
to be fully offset by insurance reimbursement in FY2025.
The Company has filed a request for interim payment of Rs. 50 crore with the Insurance
Company. The Insurance company is carrying out the necessary procedure to process
the claim .
EPL Just Have Broken 52 Week's HighNSE:EPL
Double digit revenue growth at 10.7%. All regions delivered strong growth.
Continued EBITDA margin improvement with Q1FY25 margin at 19.1%, an expansion of 160 bps YoY.
Absolute EBITDA grew by 20.8% YoY.
Adjusted PAT (excluding base year one off) has grown by 35.4% YoY. Reported PAT has grown by 18.2%.
Net Debt/EBITDA ratio improved to 0.67x vs 0.71x (YoY).
Return on Capital Employed (‘ROCE’) increased to 15.9% with YoY increase of 190 bp.
Company Profile
EPL manufactures multilayer plastic laminated collapsible tubes, providing specialty packaging solutions to the fast-moving consuming goods sector. EPL has 21 manufacturing plants in 11 countries across the world; the company commissioned a greenfield manufacturing unit in Brazil in FY23, with operations already getting ramped up at that unit.
PARAS DEFENCE Getting Support @ Previous ALL Time HighNSE:PARAS
Positive factors – The outlook will be revised to Stable if the company demonstrates a material improvement in its working
capital cycle and liquidity position, along with improvement in earnings and scale of operations.
Healthy order book provides medium-term revenue visibility – The company’s fresh order inflows over the past four fiscals
remained adequate, with orders worth ~Rs. 621 crore added in the last 21 months ending December 31, 2023.
The pending order book of Rs. 526.3 crore as on December 31, 2023 (OB/OI ratio of 2.4 times of the OI in FY2023) provides medium-term
revenue visibility.
Comfortable capital structure and healthy coverage indicators – The company’s capital structure remains comfortable with
TOL/TNW of 0.3 times as on September 30, 2023, supported by equity infusion of Rs. 162.3 crore during FY2021-FY2022 and
low debt levels.
The interest coverage stood at 12.2 times in 9M FY2024 due to the limited dependence on external borrowings
to fund its working capital. Going forward, ICRA expects the coverage indicators to remain comfortable, benefitting from the
scale-up in operations, given the strong order pipeline.
Extensive experience of management team – PDSTL’s promoters have more than three decades of experience in designing,
developing and manufacturing a wide range of engineering products and solutions for the defense and space sector in the
domain of optics, heavy engineering and electronics. Its long presence in the defence and space sector has helped to establish
strong relationships with its customers as well as suppliers. It has developed a strong management and execution team
comprising several ex-employees of BEL and DRDO, among others.
High working capital intensity due to elongated receivables cycle – The business is working capital intensive with NWC/OI of
88.3% and 114.8% in FY2023 and H1 FY2024, respectively, owing to the high inventory holding period and long receivables
cycle.
The inventory levels are high because of additional stocking of critical raw materials to avoid any disruption in the
delivery schedules and high work-in-progress due to elongated manufacturing cycle.
PDSTL has been partly managing its
working capital cycle by stretching its trade payables by more than three months as it has a longstanding relationship with
most of its suppliers and availing mobilisation advance for part orders. Going forward, the company’s ability to alleviate its
working capital intensity while scaling up its revenues and improving its operating margins will be the key rating monitorable.
Moderate scale of operations – Though the company reported a robust YoY revenue growth of 21% and 10% in FY2023 and
9M FY2024, respectively, supported by healthy order book and the timely execution of orders, the scale of operations still
remains moderate. Given the Government’s thrust on ‘Make in India’ in the defence sector, PDSTL has been mainly catering
to domestic demand (~84% of OI contributed by domestic orders in FY2023). Driven by the healthy order book status, ICRA
expects the company to sustain its revenue growth in FY2024 and FY2025.
High customer concentration risk, though largely mitigated by reputed customer base and repeat orders – The company
faces client concentration risk with top three clients contributing 46% to the total order book as on December 31, 2023 and
top five clients accounting for 51% of the revenue in FY2023. The client profile mostly comprises government organisations
with repeat orders received over the years, largely mitigating the counterparty credit risk. A major part of PDSTL’s clientele
included reputed government organisations, namely Laboratory for Electro-Optics Systems (a unit of ISRO), BEL, Instruments
Research and Development Establishment (a unit of DRDO) and private companies like RRP S4E Innovation Private Limited and
Unifab Engineering Project Private Limited. The company has long standing relationships with most of its clientele. PDSTL also
exports to companies based in Israel, Singapore and USA.
... Pure Technical Tukka ... KHADIM INDIA LTD ... NSE:KHADIM
as per Studies Thought by Institutions ... we are assuming -6.6 % of SL and Going for the Target of +24.15% ...
That means ... we are Maintaining around 1:4 RR (Risk Reward Ratio)
This Trade is Pure Tukka ...
Fundamental Ratio's Are Not Satisfying ... Every Analyst Would Say that Stay Away From Khadim India Ltd ...
Then Why Our Page is Sharing This Stock As Buying Suggestion ?
Entering a Trade with a STOP LOSS ... SL of -6.6% .... is not a Bad Practice ....
if anyone is Afraid of SL then He/She should stop or quit Trading ...
ELECTCAST 3rd Time Knocking its All Time High with Weekly HammerNSE:ELECTCAST
The company was incorporated in November 1955, as Dalmia Iron & Steel Ltd and re-incorporated under the name of ECL in May 1965. ECL manufactures DI pipes with combined installed capacity of 7,45,000 MTPA. Combined production capacity for DI fittings and cast iron pipes is 21,000 MTPA and 90,000 MTPA, respectively. Through backward integration, the company also operates a blast furnace, coke oven and waste heat recovery-based power plant. Plants are in Khardah and Haldia in West Bengal, Elavur in Tamil Nadu, and Srikalahasthi in Andhra Pradesh.
Strengths:
Established position in the pipes industry with significant backward integration: The three-decade-long experience of the promoters in the ductile iron (DI) pipes industry has helped them establish significant market presence, expand production capacities, and undertake backward integration over the years. The facility is already utilised by over 90% and ECL plans to further add capacity of more than 2.5 lakh metric tonne per annum (MTPA) over the next two fiscals. This will enable the company to retain its leadership position in the DI pipe market. The company maintains strong trade relationships with reputed overseas customers and all major players in the domestic market. Limited competition, owing to large capital requirement and necessity to have critical accreditations and customer approvals, bolster the business risk profile. Performance is further supported by improving global and domestic demand, as reflected in a strong order book providing healthy revenue visibility.
Healthy financial risk profile: Networth and gearing have improved to Rs 5,111 crore and 0.44 time, respectively, as on March 31, 2024 (Rs 4,376 crore and 0.6 time, respectively, a year earlier), backed by better profitability and hence, steady accretion to reserves. Lower dependence on external debt and better working capital management should also aid the financial risk profile. Debt protection metrics remain comfortable with interest coverage and net cash accrual to adjusted debt ratios at 5.7 times and 0.34 time, respectively, in fiscal 2024.
Order Book
6 lakh tonnes let say, so about nine to 10 months of Healthy Order Book.
worth of
Around Rs. 4,500 crores approximately.
Financial Highlights
Revenues at INR 7,580 Crores, Highest ever
yearly EBITDA and PAT at INR 1,281 Crores
and INR 740 Crores, respectively in FY24
➢ EBITDA margin and PAT margin at 16.9%
and 9.8%, respectively in FY24
➢ Adjusted FY24 ROCE at 19.0% (FY23 -
13.0%) and ROE at 19.3% (FY23 - 11.2%)
➢ Strong Order Book visibility of 10 months
Other Financial Metrics
EBITDA grew by 50.9% YoY to INR
346 Crores in Q4FY24, the EBITDA
margin expanded by 495 bps YoY to
17.0%.
• Highest ever PAT of INR 227 Crores,
up by 153.8% YoY in Q4FY24, PAT
margin expanded by 645 bps YoY to
11.1%.
• Decline in interest cost by 33.3%
during the quarter.
Effective Positive Policies
Jal Jeevan Mission (JJM): Driving Water Infra Demand
➢ The Government’s flagship scheme - Outlay of INR 3.60 lakh crores
➢ Providing water supply by to every crore rural household at a
capacity of at least 55 litres per capita, per day (lpcd) by 2024
➢ Providing Functional Household Tap Connections (FHTCs) to 19.4
crore rural households and village institutions
➢ Prioritising quality-affected villages (drought prone & desert areas
Additional Government Schemes Driving Water Infra Spending
AMRUT 2.0: INR 2,99,000 Crores
(Launched by Hon’ble PM on 1st Oct 2021)
➢ Aims to provide 2.68 Crore water taps connections in 4,800 statutory
towns
➢ New 2.64 Crore Sewerage/Septage services in 500 AMRUT cities
ELIN52 Week High Breakout.
Huge Volumes.
Accumulation Done.
Good for Short Term.
Do Like ,Comment , Follow for regular Updates...
Keep Learning ,Keep Earning...
Disclaimer : This is not a Buy or Sell recommendation. I am not SEBI Registered. Please consult your financial advisor before making any investments . This is for Educational purpose only.
20 Microns LTD have Broken All Time High With Very Good VolumeKey Activities
• 20 Microns invests in research &
development to develop innovative products
& processes that can be used in various
industries
Key Products.
White Pigment Opacifier
Synthetic Aluminium Silicate
High Performance Opacifier
Flash Calcined Clay
Matting Agent
Polyethylene Wax
Organo Clays
Calcium Carbonate
• Natural Baryte
• Natural Talc
• Natural Mica
• Natural Silica
• Calcined Kaolin
• The company works with close proximity with
its customers to provide customized
solutions based on their specific
requirements
Key Resources
• Mines
• Technology & R&D prowess
• Human Resources
• Trusted Brand Image
Cost Structure
• Raw material cost is ~50% of the revenue
• Other major costs are power & fuel, freight
& logistics accounts
Revenue Generation
• Revenue is generated from sale of industrial
minerals, specialty chemicals and branded
products.
• The company also generates revenue from
sale of its products outside India.
• The company has formed strategic alliances
and joint ventures with global players, which
help to expand its business and generate
revenue from new markets.
Revenue from Operations - ₹ 921.40 mn
EBITDA - ₹ 106.10 mn
EBITDA Margins – 11.52%
PAT - ₹ 32.40 mn
PAT Margins – 3.52%
Financial Performance Comparison FY24 v/s
FY23:
Consolidated revenue from operations
increased by 10.80% and stood at
₹7,774.93 Mn in FY24 from ₹7,016.87 Mn
in FY23. This growth was led by addition of
new customer and through enhancing our
core offerings through several strategies,
such as expanding distribution channels
and launching new products.
EBIDTA increased by 22.63% from ₹857.36
Mn in FY23 to ₹1,051.34 Mn in FY24
margins improved from 13.52% in FY24 to
12.22% in FY23.
PAT during the year stood at ₹561.60 Mn
in FY24 compared to ₹419.62 Mn in FY23
with margins improving to 7.22% from
5.98%.
52 WEEK HIGH BREAKOUT NSE:ALEMBICLTD
All information on this page is for educational purposes only,
we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made.
BJP Election Jeete ya Haare BIKAJI FOODS ki Mithai to Banti hai
Company has delivered good profit growth of 39.5% CAGR over last 5 years
Delivered overall volume growth of 14.3% and value
growth of 33% in Q4 YoY
EBITDA margin expanded by 244 bps in FY 24 over FY
23. This was led by gross margin expansion by 329 bps
due to favourable material prices along with better
product mix and realisation.
In Q4 FY PLI income has been recorded amounting to
INR 930.5 millions (for FY 20-21, FY 21-22 and FY 22-23)
as all commitments have been fulfilled. Going forward
this will be recorded on accrual basis quarter on
quarter.
Total committed investment was done by 31 March 2024 as per committed timelines.
Realised amount of INR 484 millions for FY 2021-22 and FY 2022-23 in two tranches from Government.
Since commitment is completed, from this year onwards started booking PLI income in books of account under “other operating
revenue” as per accrual concept of accounting.
In current year booked income in books pertaining to FY 2021-22, FY 2022-23 and
FY 2023-24. Going forward same will be booked quarter on quarter basis.
Bikaji Foods International Ltd (previously Shivdeep Industries Limited) was founded in 1986 as a partnership concern and was converted to a limited company in October 1995. The erstwhile firm used to sell its product under the name of Haldiram, and from 1993 onwards, the company established the BIKAJI brand for its products. The company is engaged in the manufacturing and processing of bhujia, papad, namkeens, cookies, snacks and sweets, among other products. It also exports to more than 35 countries and contributes approximately 5% of sales. The company has ISO: 9001:2015 and ISO 22000:2005 certified manufacturing facilities in Bichhwal, Bikaner.
Bikaji Foods International Limited is one of India's largest fast-moving consumer goods ("FMCG") brands. The company's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range, and cookies.
EMAMI LTD Have Broken & Sustaining at 6 Years High
Zandu Balm Mal.... Kaam pe Chal ...
Company is almost debt free.
Company has delivered good profit growth of 19.2% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33.1%
Consolidated Net Sales at ₹ 881 crore grew by 8%
Revenue from Operations at ₹ 891 crore grew by 7%
Domestic Business grew by 8% (Volume growth of 6.4%)
International Business grew by 8% (Constant currency growth of 9%)
Gross Margins at 65.8% improved by 270 bps
EBIDTA at ₹ 211 crore grew by 6% despite 39% higher investments in A&P
PAT at ₹ 149 crore grew by 3%
EID PARRY INDIA Freshly Broken 83 Weeks HighCompany has delivered good profit growth of 41.5% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 19.7%
Expected diversion for Ethanol in SY 2023-24 is ~ 20LMT of Sugar
(against 38LMT diverted in SY 2022-23). Overall blending is 12%
as of March’24.
E20 petrol is available at 12,000 fuel retail outlets and the
government targets a pan-India rollout by 2025.
Syrup/B Hy diversion to Ethanol restricted from 7
th Dec 2023 and
subsequently on 15th Dec 2023, allowed 17 LMT of Sugar
diversion (as B Hy) across the country. Additional 10LMT has
been allowed in April’24 for supply in Q3 of FY’25.
Maximize and grow the Refined / Pharma Sugar
Business
• Health and wellness segment has been identified
to focus on specialty sweetener business
• Focusing on Brown sugar and Jaggery as
alternate sweetener
• To become a sweetening solutions provider for
B2B Customers
1. Packaged staples has a large Total Addressable Market
(TAM) of ~ INR 9 L Cr
• Highly unorganised with only a few pan-India
players
2. Overall branded penetration is less than 20%.
• Significant growth expected with consumers
preferences shifting towards branded products
• Coincides with India’s overall growth and expansion
of the consumption class
3. Parry’s brand presence and the strong foundation laid
through the sweeteners to be leveraged
• To further build on the capability to ‘brand the
unbranded’
4. Aspiration to capture >10% of the kitchen shelf in every
household in South India
The Company made a pioneering leap towards community water
resource management projects through its flagship Project NANNEER
• Under the first phase, seven lakes and ponds in Oonaiyur area
(Pudukkottai and Sivagangai district in TN) were desilted across 250
acres (depth of 1-3 meter)
• Under the second phase, twelve lakes and ponds (in the Cuddalore,
Tiruppur, Villupuram and Erode districts in TN) were desilted across
127
• The excess desilted soil was utilized to create islands in each of the
water bodies. Close to 1100 Million Liters were conserved in Phase 1
and 2.
• Currently third phase being planned in TN, KN and AP.
• The Company aims to achieve Ten Billion liters of water holding
capacity through Project NANNEER by the end of 2026.
Increase in Cash Fixed Cost in FY’24 majorly due to:
• Manpower capability building for project expansion and new business
• CPG infrastructure building
• Special repairs undertaken in major plants
Lower cane volume by 1.7 LMT over last year further contributed to the
increase in CFC/MT
Increase in cane cost, drop in recovery & yield due to climatic
conditions, restriction in sugar diversion for ethanol has led to drop in
EBITDA.
The benefits on expansion of distillery capacities are expected to flow
in FY’25
PARAS DEFENCE Broken & Sustained Above 133 Weeks HighPositive factors – The outlook will be revised to Stable if the company demonstrates a material improvement in its working
capital cycle and liquidity position, along with improvement in earnings and scale of operations.
Healthy order book provides medium-term revenue visibility – The company’s fresh order inflows over the past four fiscals
remained adequate, with orders worth ~Rs. 621 crore added in the last 21 months ending December 31, 2023.
The pending order book of Rs. 526.3 crore as on December 31, 2023 (OB/OI ratio of 2.4 times of the OI in FY2023) provides medium-term
revenue visibility.
Comfortable capital structure and healthy coverage indicators – The company’s capital structure remains comfortable with
TOL/TNW of 0.3 times as on September 30, 2023, supported by equity infusion of Rs. 162.3 crore during FY2021-FY2022 and
low debt levels.
The interest coverage stood at 12.2 times in 9M FY2024 due to the limited dependence on external borrowings
to fund its working capital. Going forward, ICRA expects the coverage indicators to remain comfortable, benefitting from the
scale-up in operations, given the strong order pipeline.
Extensive experience of management team – PDSTL’s promoters have more than three decades of experience in designing,
developing and manufacturing a wide range of engineering products and solutions for the defence and space sector in the
domain of optics, heavy engineering and electronics. Its long presence in the defence and space sector has helped to establish
strong relationships with its customers as well as suppliers. It has developed a strong management and execution team
comprising several ex-employees of BEL and DRDO, among others.
High working capital intensity due to elongated receivables cycle – The business is working capital intensive with NWC/OI of
88.3% and 114.8% in FY2023 and H1 FY2024, respectively, owing to the high inventory holding period and long receivables
cycle.
The inventory levels are high because of additional stocking of critical raw materials to avoid any disruption in the
delivery schedules and high work-in-progress due to elongated manufacturing cycle.
PDSTL has been partly managing its
working capital cycle by stretching its trade payables by more than three months as it has a longstanding relationship with
most of its suppliers and availing mobilisation advance for part orders. Going forward, the company’s ability to alleviate its
working capital intensity while scaling up its revenues and improving its operating margins will be the key rating monitorable.
Moderate scale of operations – Though the company reported a robust YoY revenue growth of 21% and 10% in FY2023 and
9M FY2024, respectively, supported by healthy order book and the timely execution of orders, the scale of operations still
remains moderate. Given the Government’s thrust on ‘Make in India’ in the defence sector, PDSTL has been mainly catering
to domestic demand (~84% of OI contributed by domestic orders in FY2023). Driven by the healthy order book status, ICRA
expects the company to sustain its revenue growth in FY2024 and FY2025.
High customer concentration risk, though largely mitigated by reputed customer base and repeat orders – The company
faces client concentration risk with top three clients contributing 46% to the total order book as on December 31, 2023 and
top five clients accounting for 51% of the revenue in FY2023. The client profile mostly comprises government organisations
with repeat orders received over the years, largely mitigating the counterparty credit risk. A major part of PDSTL’s clientele
included reputed government organisations, namely Laboratory for Electro-Optics Systems (a unit of ISRO), BEL, Instruments
Research and Development Establishment (a unit of DRDO) and private companies like RRP S4E Innovation Private Limited and
Unifab Engineering Project Private Limited. The company has long standing relationships with most of its clientele. PDSTL also
exports to companies based in Israel, Singapore and USA.
HARSHA ENGINEERS INTERNATIONAL LTDCompany is almost debt free.
Company has delivered good profit growth of 56.4% CAGR over last 5 years
The combined share of operating losses at China and Romania came down significantly because of China
reporting positive profit in Q4 FY 2024. However, Romania continued to report operating losses in Q4 FY
2024.
➢ While the demand situation in Europe both on the Wind as well as on the Industrial front remains
subdued, our strategy in Romania is to improve product mix by increasing the share of cages, which is
aimed at bringing Romania to Break-even level in FY 2025.
➢ Solar Business has reported a decent growth in top-line as well as profitability, on the back of a
favourable renewable policy regime, with our strategy continued to be on limited capital allocation in this
segment, but still allowing the same to operate in its natural tangent.
➢ The progress on our Greenfield project is satisfactory and is expected to commission in FY 2025.
On a consolidated basis Q4 FY 2024 was the strongest quarter in the current fiscal FY 2024 reflecting an allround
improvement in the top line as well as the EBITDA and PAT margins. The consolidated top line of Q4
FY 2024 has shown a growth of 17% over Q3 FY 2024 and 11% over Q4 FY 2023. The consolidated EBITDA of
Q4 FY 2024 has also grown by 23% as compared to Q3 FY 2024 and 10% as compared to Q4 FY 2023.
➢ On full year basis, while consolidated top line of FY 2023-24 reflects a marginal growth over FY 2022-23, the
EBITDA and PAT of FY 2024, though lower than FY 2023, are still reflecting a significant recovery as
compared to H1 FY 2024 and are better than our expectations.
➢ The growth in Bushing business as well as additional demand growth due to China + 1 factor was in line with
our expectations. The Progress on outsourcing projects (insourcing to outsourcing) was satisfactory, and the
growth in Japan based customers’ segment, though slightly muted, has remained positive.
➢ The expected growth in large size bearing cages segment could not be achieved due to continued global
slowdown in the Wind as well as Industrial Segment, but is expected to catch up next Fiscal.
Shipping Corporation Of India Showing Expected Up-Side MomentumCompany has reduced debt.
Company has delivered good profit growth of 24.4% CAGR over last 5 years
Strengths
Long track record of operations along with diversified business segment
SCIL is one of the largest shipping companies in India with an operational track record of around six decades. It benefits from the experienced management of qualified professionals and nominees of GOI. The long track record has helped them establishing relationships with major PSUs in India like IOCL, HPCL, BPCL, ONGC, etc. The company have diversified business segments which includes crude oil/product tankers, dry bulk, offshore services, and container operations, and has a presence in passenger vessels, chemicals, and gas transportation. SCIL currently has the largest fleet size of 59 vessels; a relatively younger fleet, with an average age of around 11-12 years which helps them in getting better charter rates and achieving higher operating efficiency. Vessels on behalf of third parties, primarily Public-Sector Units (PSUs)/Government Departments/Union Territories are also managed for service income. Currently, SCIL are managing 53 third party vessels.
Acuité believes that SCIL will continue to benefit from its long operational track record and established relationship with the PSU's./b]
Strategic importance to Government of India
With more than six decades of operational track record, SCIL, remains strategically important to the Government of India. The company have been playing a pivotal role towards supplying vessels for the Indian Government key operations such as Mars Orbitter Mission of ISRO (Indian Space and Research Organisation) and other defence missions via agreement with DRDO (Defence Research and Development Organisation). Furthermore, SCIL have created strategic alliances with other governments such as Maldives, Andaman & Nicobar Islands for providing maritime services among islands. They have also been serving projects of national importance by partnering with ONGC and Geological Survey of India (GSI) for offshore services. Apart from that, the company deployed its container vessel on direct "India - Middle East Shipping Service" which connects East & West Coast of India with Middle East ports of Jebel Ali and Hamad and will also cater to other ports in Persian Gulf.
Stable business operations
The business operations of the company remained stable over the years marked by healthy growth in revenue from operations by -25% CAGR over FY21-23 period. The consolidated company achieved revenues of Rs.5794.01 Cr. in FY23 compared against Rs.4988.08 Cr. in FY22 and Rs.3698.09 in FY21. The improvement in revenue is attributable to significant improvement in liner freight indices and bulk segment due to significant improvement in charter rates. A surge in the tanker charter hire rates helped the Tanker Segment to post significant profits. The dry bulk segment is still recovering from historically bad period and loss of key cargoes such as iron ore exports from India, resulting in long non-profitable ballast legs thereby putting pressure on earnings. Although, in later parts of 2020, dry bulk trade recovered remarkably well on account of stimulus packages given by various governments and with China, the main driver of dry bulk demand, recovering quickly from COVID-19 crisis. Simultaneous occurrence of multiple factors conducive for the dry bulk shipping business, viz., spike in dry bulk materials demand, strong trade in grain, coal and iron ore segments, low active fleet growth maintaining tonnage balance etc. gave a good push to the dry bulk rates. Also. strong trade growth and tapering dry bulk carrier deliveries bode well for the near future.
Healthy Financial Risk Profile
The financial risk profile of the company remained healthy marked by strong net worth, gearing ratio and comfortable debt protection metrics. The tangible Net worth of the company stood at Rs.6902 crore in FY2023 as against Rs.5974 crore in FY2022. The debt/equity of the company improved and stood comfortably at 0.37x and 0.53x as on 31 March 2023 and 31 March 2022 respectively. The TOL/TNW of the company improved and stood low at 0.66x as on 31 March 2023 compared against 0.82 times as on 31 March 2022 respectively. The debt protection matrices of the compar mained comfortable marked by interest- coverage-ratio of 9.45x and Debt-service e ratio of 2.30x for FY2023.
Acuité believes that financial risk profile of SCIL may remain strong owing to no major capex plans and stable profit accretions.
#HAL just Broken and Closed Above its Previous All Time High
Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 23.9% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 26.7%
Company has been maintaining a healthy dividend payout of 29.6%
Company's working capital requirements have reduced from 98.4 days to 38.2 days
Strong order book providing healthy revenue visibility
HAL's order book remained healthy at ₹84,814 crore as on December 31, 2023 majorly contributed by manufacturing of various models of helicopters and aircraft of around 56,569 crore to be executed over the next five to six years. Major orders in the manufacturing segment pertains to supply of 83 Light Combat Aircraft-Mk1A version (LCA), 70 HTT-40, 6 LCA 10C/FOC, 4 Dornier apart from various aerospace structures for PSLV and GSLV. The ROH order book remained healthy at 28,277 crore and is expected to remain robust in the near to medium term as HAL undertakes the repair and maintenance work of aircraft manufactured by it for its entire life as well as for aircraft manufactured by others for which it has built infrastructure across the country. Furthermore, there remains visibility of future orders with strong order pipeline wherein orders for procurement of new platforms viz. Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Additional Su-30, AL31 FP Engines and RD-33 Engines and mid-life upgrade of D0-228 Aircraft aggregating to 55,000 crore are in the advance stage of conclusion and are anticipated to be received within next three to siz months. In addition, orders for procurement of additional 97 Nos of LCA, 156 Nos of Light Combat Helicopter (LCH), 60 Nos Utility Helicopter-Maritime (UHM) including Performance Based Logistics (PBL) Contract, among others aggregating to 158,000 crore have been approved by the Defence Acquisition Council and the orders against the same are anticipated within next 18-24 months.
Given the significantly long tenure of its contracts, HAL enters into variable price contracts with its customers, Indian Airforce, Indian Army and Indian Navy, wherein the future escalation is built into the prices excluding forex fluctuation on procurement. The forex fluctuations are paid on an actual basis by the customers. This protects its margins from forex and raw material price escalation to a large extent. However, profitability may get impacted due to time or cost overrun in case there is execution delays at HAL's end.
Strong financial risk profile marked by healthy profitability and cash accruals and continued improvement in its
collection period
HAL continues to have a sizeable scale of operations and the TOI grew y-o-y by 8% to 26,397 crore in FY23 majorly on the back of increase in revenue from repairs and maintenance services. The PBILDT margin stood healthy at 25.68% in FY23. Income tax refund of 1193 crore and ₹973 crore further supported profitability in FY22 and FY23 respectively. The company earned gross cash accruals (GCA) of ₹7,000 crore in FY23 as against 5,634 crore in FY22. Its debt coverage indicators remain strong due to low reliance on external borrowings. The revenue contribution from manufacturing activities declined in FY22 and FY23 y-o-y, as majority of the manufacturing orders were completed, and the new contracts were under manufacturing and in development phase and delivery of the same is expected to be booked in FY25 onwards. Accordingly, its income is likely to get a fillip from FY25 onwards once deliveries start for 83 LCA Mk1A in a staggered manner.
In 9MFY24, HAL registered TOI of ₹15,612 crore and profit after tax (PAT) of ₹3,303 crore as against TOI of ₹14,433 crore and PAT of ₹2,970 crore registered in 9MFY23. CARE Ratings expects the profitability and debt coverage indicators to remain healthy, going forward.
The total receivables of HAL continued to remain below ₹5000 crore as on balance sheet date for past two years ended FY23 as it had realised substantial payment from government in FY22. The collection period has improved from 135 days in FY21 to 64 days in FY23. HAL also receives advances from its customers against the contracts which constitutes a stable source of funding its working capital requirement. The advances stood robust at 28,981 crore as on March 31, 2023 which further increased to *32,588 crore as on December 31, 2023. Timely realisation of dues and increase in advances has resulted in continued low reliance on debt to fund its working capital requirement. The same resulted in the overall gearing ratio of almost nil as on March 31, 2023.
The company has strongly articulated that going forward HAL's debt level is expected to remain low on the back of sustaining its
improved collection period.
