Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<h3>A) Business Overview</h3> <p>The company in focus is Lakeshore Hospital and Research Centre Limited (LHRC), which is a part of VPS Healthcare. LHRC is a healthcare service provider that operates mainly through one hospital and has slightly diversified by starting a Medical Centre in Kozhikode. It offers a range of services including surgeries, transplants, dialysis, and preventive health check-ups among others. As of March 31, 2022, Lakeshore Hospital and Research Centre Limited (LHRC) employs a distinguished cadre of healthcare professionals. The staff includes 254 doctors, approximately 729 nurses, more than 450 individuals in medical support roles, and nearly 429 additional support staff. Among the doctors are several high-profile experts who have been affiliated with the hospital for over 15 years. The institution also boasts 129 specialist doctors serving as full-time consultants.</p> <h3>B) Key Strengths</h3> <p><strong>1. Part of a Reputed Group</strong>: Being a part of VPS Healthcare gives LHRC a strong backing and credibility in the healthcare industry.<br /><br /></p> <p><strong>2. Strong Medical Team</strong>: LHRC has an extensive and experienced team of doctors, nursing staff, and medical support staff.<br /><br /></p> <p><strong>3. Solid Financial Performance</strong>: The Total Operating Income for FY23 witnessed a year-on-year growth of 17%, rising to ₹419 crores from ₹358 crores in FY22. Similarly, Profit After Tax (PAT) also escalated, moving from ₹42 crores in FY22 to ₹57 crores in FY23.<br /><br /></p> <p><strong>4. Diverse Specializations</strong>: The revenue streams are well-diversified across various medical specialties, mitigating risks associated with dependency on a single domain.</p> <p><strong>5. Healthy Capital Structure</strong>: The company has favorable debt protection metrics, and a low overall gearing ratio, suggesting a comfortable capital structure.</p> <h3>C) Key Weaknesses</h3> <p><strong>1. Moderate Occupancy Rates</strong>: Despite an uptick in FY23, the occupancy rates have remained moderate due to competition from lower-cost service providers.</p> <p><strong>2. Dependence on Skilled Professionals</strong>: The company’s success is heavily contingent on retaining its scarce, highly-qualified medical professionals. Plus retaining nurses is also a challenge as they get good opportunity outside India.</p> <p><strong>3. Geographical Concentration</strong>: A large portion of the company's revenue is generated from a single location, making it susceptible to local market conditions.</p> <p><strong>4. Liquidity</strong>: Though marked as strong, the company has to manage its obligations carefully, given its strong accruals.</p> <h3>D) Management Quality</h3> <p>The management of LHRC appears to be highly experienced and competent, backed by a strong promoter group in VPS Healthcare. They have successfully managed to improve both financial and operational performance over the years.</p> <h3>E) Company Inception and Growth</h3> <p>LHRC has grown over the years to become a significant part of VPS Healthcare. While details about its inception are not available in the information provided, its alignment with VPS Healthcare suggests a well-structured and strategically planned growth trajectory.</p> <h3>F) Lakeshore Hospital and Research Center Performance Overview for FY22-23</h3> <h4>Financial Metrics</h4> <p><strong>1. Total Income</strong>: The company recorded a total income of ₹424 crores for this fiscal year, which is a 17% YoY increase compared to ₹362 crores in FY22.</p> <p><strong>2. Net Profit</strong>: The net profit surged impressively by 34%, growing from ₹43 crores in FY22 to ₹58 crores in FY23.</p> <p><strong>3. Earnings Per Share</strong>: An increase in EPS from ₹4.29 to ₹5.75 demonstrates a favorable return on investment.</p> <p><strong>4. Dividend</strong>: The Board has sanctioned a dividend of ₹1.70 per share (17%), to be disbursed following the Annual General Meeting's approval.</p> <h4>Operational Metrics</h4> <p><strong>1. Patient Volumes</strong>: LHRC provided healthcare to 343,876 out-patients and 21,087 in-patients this year, a notable uptick in service delivery.</p> <p><strong>2. Foreign Patient Influx</strong>: The hospital has successfully expanded its global reach, with foreign patient numbers soaring from 6,008 to 20,047.</p> <p><strong>3. Revenue Diversification</strong>: The healthcare specializations contributing to revenue are diversified, including Nephrology, Medical Oncology, and Orthopedics, among others.</p> <p><strong>4. Organ Transplants</strong>: A significant milestone was achieved in conducting 53 liver and 212 renal transplants, with a staggering success rate above 95%.</p> <h4>Future Outlook</h4> <p>For FY23-24, the company projects a high single to mid-double-digit growth in revenue and a corresponding increase in profitability. Management has projected a turn over 473 crores and profit before tax of 117 crores for the financial year 2023-24.</p> <h4>Additional Insights</h4> <p>The Kozhikode Medical Centre, although in its nascent stage, has already catered to over 12,000 patients.</p> <h4>Risk and Compliance</h4> <p>The company adheres to government regulations, especially in sensitive areas like organ transplants.</p> <h3>G) UnlistedZone's Take</h3> <p>Based on the aforementioned data, the performance of Lakeshore Hospital and Research Center appears strong on both financial and operational fronts. The future outlook also remains bullish. This suggests a positive investment scenario for the upcoming fiscal year. <br /><br />At present, the unlisted shares of Lakeshore Hospital are trading at ₹80 per share. With a total of 10 crore outstanding shares, this results in a Market Capitalization (Mcap) of ₹800 crores. The Price-to-Earnings (P/E) ratio, based on this pricing, stands at 13x, which appears to be reasonably valued.</p>
<p>Oravel Stays Limited, the parent Company of Oyo Rooms has recently published its annual financial report for the fiscal year 2022-23. This report uncovers significant financial trends across various parameters, including revenue, expenses, profits, and cash flows. <br /><br /><strong>Financial Performance Highlights</strong> <br /><br /><strong>1. Impressive Revenue Growth</strong> <br /><br />In FY 2022-23, Oravel Stays Limited reported an outstanding 14% increase in revenue from operations, reaching Rs. 5463 crore, up from Rs. 4781 crore in FY22. Concurrently, the company managed to reduce expenses by 2.6%, with expenses totaling Rs. 6800 crore compared to Rs. 6985 crore in FY22. The growth was primarily driven by demand recovery, resulting in revenue growth, enhanced gross margins, and streamlined fixed cost structures, ultimately contributing to long-term sustainable growth and profitability. <br /><br /><strong>2. Strong EBITDA Improvement</strong> <br /><br />The Company's consolidated adjusted EBITDA witnessed a significant improvement, reaching INR 277 crore for FY 2022-23, compared to INR (471) crore in FY 2021-22. <br /><br /><strong>3. Decrease in Loss Before Tax</strong> <br /><br />The loss before tax for the Company decreased by an impressive 39% to Rs. (1286) crore in FY23, compared to Rs. (2141) crore in FY22. Similarly, the loss for the year saw a significant reduction of 34%, amounting to Rs. (1286) crore as opposed to Rs. (1941) crore in FY22. <br /><br /><strong>Balance Sheet Overview</strong> <br /><br /><strong>1. Total Assets and Equity & Liabilities</strong> <br /><br />During FY23, the Company experienced a 6% decrease in total assets, which amounted to Rs. 7932 crore, down from Rs. 8452 crore in FY22. Correspondingly, the total equity and liabilities also decreased by 6%, totaling Rs. 7932 crore in FY23 compared to Rs. 8452 crore in FY22. <br /><br /><strong>Cash Flow Insights</strong> <br /><br /><strong>1. Strong Operating Cash Flow</strong> <br /><br />The Company generated robust net cash from operating activities in FY23, amounting to Rs. 141 crore, in stark contrast to the cash used in operating activities, which was Rs. (921) crore in FY22. <br /><br /><strong>2. Investing and Financial Activities</strong> <br /><br />Notably, there was a positive trend in cash flow from investing activities in FY23, with a net cash generation of Rs. (108) crore. This was a significant improvement from the cash used in investing activities, which was Rs. (711) crore in FY22. In addition, cash flow from financial activities showed improvement, with cash used decreasing to Rs. (704) crore in FY23, compared to the cash generated of Rs. 703 crore in FY22. <br /><br /><strong>Company Overview</strong> <br /><br />OYO is an innovative technology platform dedicated to empowering small entrepreneurs and property owners to efficiently manage and operate their hotels and homes. By offering a full-stack of technology products and services, OYO simplifies operations and provides easy-to-book, affordable accommodation options for customers. <br /><br /><strong>Business Model</strong> <br /><br />Since its inception in 2012, OYO has been at the forefront of reshaping the short-stay accommodation industry. The company has developed a unique two-sided technology platform designed to comprehensively address the pain points of both Patrons (property owners, lessors, and operators) and Customers (travelers and guests). OYO's approach helps Patrons transform their unbranded and underutilized properties into digitally enabled, branded storefronts with increased revenue potential. Simultaneously, it provides Customers access to a wide range of high-quality accommodations at compelling price points through OYO's various platforms, including the OYO app, web, mobile web, online travel agents, and corporate partnerships. <br /><br /><strong>Strategic Focus</strong> <br /><br />Throughout the year, OYO maintained its global strategy, shifting from rapid growth to sustainable growth with a heightened emphasis on profitability. The company achieved this by optimizing its cost structure, reducing General & Administrative expenses, and refining marketing investments. Simultaneously, OYO doubled down on technology and product development to ensure operational efficiency. <br /><br /><strong>IPO Plans</strong> <br /><br />Subject to obtaining the necessary approvals and fulfilling other considerations, OYO is planning an Initial Public Offering (IPO) in accordance with the applicable regulations of the Securities and Exchange Board of India (SEBI). The company has submitted a Pre-filed draft red herring prospectus dated March 30, 2023 (Pre-filed DRHP) to SEBI in connection with this IPO. <br /><br /><a href="https://unlistedzone.com/shares/oyo-share-price-buy-sell-oyo-shares/">https://unlistedzone.com/shares/oyo-share-price-buy-sell-oyo-shares/</a></p> <p> </p>
<h2>A) Introduction of SBI General Insurance Unlisted Share</h2> <p>SBI General Insurance has been a stalwart in the insurance sector in India, providing a diverse range of general insurance products since its inception in 2009. With its strong foundation and a commitment to trust and security, the company has been making strides year after year. In this blog post, we will delve into the key highlights from SBI General Insurance's 2023 Annual Report and examine the company’s performance, offerings, and future outlook. SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI. Ever since its establishment in 2009, the growth has been exponential in various aspects. They have expanded their presence from 17 branches in 2011 to over 141 branches pan-India. SBI General Insurance demonstrates an astute strategic approach to distribution, leveraging a multi-faceted model that encompasses Bancassurance, Agency Channels, Broking Networks, Retail Direct Outlets, and Digital Collaborations. This wide-ranging network is underpinned by the formidable backbone of over 22,437 SBI branches, augmented by an extensive roster of agents, strategic financial partnerships, and Original Equipment Manufacturers (OEMs). Moreover, the company has intelligently formed multiple digital alliances to broaden its reach.</p> <h2>B) Exponential Growth and Awards</h2> <p>The company has seen exponential growth since its inception, expanding its branch network from 17 in 2011 to over 141 pan-India. In the fiscal year 2022-23 alone, the Gross Written Premium (GWP) stood at INR 10,888 crore, a growth of 17.6%. These figures indicate a robust financial position and promising prospects. SBI General Insurance has been recognized for its performance, winning the 'Insurer of the Year' award in the non-life category at the FICCI Insurance Industry Awards for 2020 and 2021. In 2022, it was named 'Best General Insurance Company of the Year' at the Third Emerging Asia Insurance Awards, a testament to its commitment and excellence.</p> <h2>C) Operational Highlights of SBI General Health Insurance</h2> <h3>i) Claims Management</h3> <p>One of the key operational highlights is the handling and settlement of claims. The company received 6,20,651 fresh claim intimations in FY23, down 24% compared to the previous year, largely due to reduced Covid-related claims in Health and negligible CAT-event-related claims in Property Lines. With a commendable claims settlement ratio of 98%, customer satisfaction remains at the forefront.</p> <h3>ii) Motor and Health Insurance</h3> <p>In the Motor OD segment, new claims went up by 12% over the previous year, mainly driven by the two-wheeler (2W) segment. In Health Insurance, the company has achieved a 95% claims settlement ratio, further solidifying its reputation as a reliable insurer.</p> <h3>iii) Commercial Lines</h3> <p>In the Commercial Lines area, the Net Promoter Score stands at 92 as of March 2023. Specialised claims management teams have been formed to handle different types of claims, including liability, trade credit, event, cyber, and crop insurance. </p> <h2>D) Digital Initiatives and Customer Focus</h2> <p>Digital transformation has been a key driver for SBI General Insurance. It has enabled the company to handle claims more efficiently and offer better services to its customers. These digital initiatives have not only reduced overheads but also increased customer satisfaction, as evidenced by the Net Promoter Scores in various segments.</p> <h2>E) Gross Written Premium SBI General Insurance Growth in Last 5 years</h2> <p>Gross Written Premium is the total premium collected by insurance companies whenever they sell insurance policy. Growth of this figure indicates how well company is growing. </p> <h2>F) Valuation and Investment Opportunity in SBI General Insurance</h2> <p>Currently, <a href="https://unlistedzone.com/shares/sbi-general-insurance-unlisted-shares/">SBI General Insurance Unlisted Share</a> is available in the unlisted market at INR 1150 per share with a Market Capitalization of INR 24,150 crore. The Mcap/GWP ratio stands at 2.2x, indicating that the company is fairly valued. For investors looking for a stable and reliable opportunity, this could be a worthy consideration.</p> <h2>G) Conclusion</h2> <p>SBI General Insurance's performance, as outlined in its 2023 Annual Report, is both promising and inspiring. The company's financial health, robust operational metrics, and customer-centric approach make it a formidable player in the Indian insurance market.</p> <hr /> <h2>FAQs for Analyzing General Insurance Companies</h2> <h3>1. What is Gross Written Premium (GWP) and how is it significant?</h3> <p><strong>Answer:</strong> GWP is the total revenue generated from premiums before any deductions like reinsurance costs. It serves as a primary revenue measure and indicates the size and market share of an insurance company.</p> <hr /> <h3>2. How does Net Written Premium (NWP) differ from GWP?</h3> <p><strong>Answer:</strong> NWP is the GWP minus premiums ceded to reinsurers. This metric provides a more accurate depiction of the revenue that the insurance company retains.</p> <hr /> <h3>3. What does Net Earned Premium (NEP) indicate?</h3> <p><strong>Answer:</strong> NEP is the portion of NWP that is earned over a specific period. It accounts for the risk covered during that period and is a better measure of the company's operational efficiency.</p> <hr /> <h3>4. Why is Claims Settlement Ratio important?</h3> <p><strong>Answer:</strong> This ratio indicates the percentage of claims settled by the insurer against the claims received. A higher ratio is generally favorable, as it signifies the company’s reliability in settling claims.</p> <hr /> <h3>5. What does the Combined Ratio reveal?</h3> <p><strong>Answer:</strong> The combined ratio is the sum of the loss ratio and expense ratio. A combined ratio under 100% indicates underwriting profitability, while a ratio over 100% suggests an underwriting loss.</p> <hr /> <h3>6. What is Mcap/GWP and how does it help in analysis?</h3> <p><strong>Answer:</strong> Mcap/GWP is the ratio of the company’s market capitalization to its Gross Written Premium. It helps in evaluating the valuation of the insurance company relative to its premium income.</p> <hr /> <h3>7. How is Claim Ratio different from Claims Settlement Ratio?</h3> <p><strong>Answer:</strong> Claim Ratio is the ratio of claims incurred to the premiums earned. It helps in assessing the profitability and risk associated with the insurance portfolio. Claims Settlement Ratio, on the other hand, focuses on the company's ability to settle claims.</p> <hr /> <h3>8. How do these metrics interact with each other?</h3> <p><strong>Answer:</strong> Understanding the interplay between these metrics can provide a holistic view of the company’s financial health. For example, a high Claims Settlement Ratio coupled with a low Combined Ratio would typically indicate a strong, customer-centric, and profitable insurer.</p> <hr /> <h3>9. Should all these metrics be used in conjunction for analysis?</h3> <p><strong>Answer:</strong> Yes, relying on a single metric may not provide a comprehensive view. Investors should consider all these metrics to make an informed decision.</p> <hr /> <h3>10. Where can I find the data for these metrics?</h3> <p><strong>Answer:</strong> These financial metrics can be found in a company's annual report, financial statements, or through regulatory filings available on stock exchange websites</p> <hr /> <p><em>Disclaimer: This blog post is for informational purposes only and should not be considered as financial advice. Always consult with your financial advisor before making any investment decisions.</em></p>
<h2>Introduction</h2> <p>Ixigo, one of India's leading travel and hotel booking e-commerce websites, has emerged as a formidable player in the Online Travel Agency (OTA) sector. With its diverse suite of services including flight bookings, hotel reservations, and railway ticketing, Ixigo has been at the forefront of disrupting the Indian travel market. The company has further strengthened its position through strategic acquisitions like ConfirmTkt and AbhiBus. In this blog, we delve into the financial performance of Ixigo’s unlisted shares, offering a comprehensive analysis for prospective investors.</p> <h2>Impressive Milestones</h2> <p>As of March 2023, Ixigo has surpassed the commendable milestone of 6.6 Crore monthly active users across all its platforms. This is a testament to the company's growing influence in the Indian travel industry. Ixigo processes around 5 Crore bookings annually, catering to over 8 Crore passenger segments.</p> <h2>Financials: A Five-Fold Growth</h2> <p>For the Financial Year 2023, Ixigo recorded an operating revenue exceeding Rs. 500 crores, marking nearly a five-fold growth compared to its pre-COVID levels. Most OTAs have only managed a 1-2x growth in the same period. The company attributes this success to its customer-centric approach during the pandemic and strategic acquisitions that were culturally and economically aligned. ConfirmTkt and AbhiBus, the acquired businesses, are operating at a significantly higher scale in terms of both revenue and profitability compared to their pre-COVID levels.</p> <h2>Market Position</h2> <p>According to the recent VIDEC travel industry report, Ixigo stands as India’s 2nd largest OTA by revenue for FY22 and FY23. The company leads the market in train bookings, holding nearly a 50% market share, and is the 2nd largest OTA for bus bookings.</p> <h2>Revenue and Expenses</h2> <p>Revenue increased from 384 Cr in FY22 to 517 Cr in FY23. Major expenses include Customer refunds (~100 Cr), Advertising and Sales Promotion (~93 Cr), and Partner support costs (~67 Cr). These together make up around 50% of the revenue. Gross revenue from operations saw an increase of 41.87% from 451 Cr in FY22 to 640 Cr in FY23.</p> <h2>Cash EBITDA and Profitability</h2> <p>The Cash EBITDA for FY23 stands at 60 Cr, a significant rise from last year's 11 Cr. The company also moved from an EBITDA loss of 7 Cr in FY22 to a profit of 45 Cr in FY23.</p> <h2>Revenue Segmentation</h2> <p>Ticket revenue increased to 467 Cr in FY23 from 361 Cr in FY22. Advertising income also saw a boost, moving from 14 Cr to 24 Cr. The company saw revenue and GTV growth across multiple segments - Flights, Trains, and Buses, with trains emerging as a significant contributor. <br /><br /><img class="alignnone wp-image-26407" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-11.34.15.jpeg" alt="" width="440" height="194" /></p> <h2>Valuation and Comparison</h2> <p>In the current market scenario, Ixigo unlisted shares are available at Rs. 100 with a market capitalization of 3800 Cr. With a PAT of 23 Cr, the P/E ratio stands at 165x, which is expected to rationalize with future growth. For comparison, EaseMyTrip trades at a P/E of 48x with a market cap of 6300 Cr.</p> <h2>Conclusion</h2> <p>Ixigo has demonstrated a robust financial performance, backed by strategic moves and a customer-centric approach. While the company has deferred its plans for an IPO due to market conditions, its unlisted shares offer an intriguing opportunity for investors. With a high growth trajectory and strong market position, Ixigo is well-poised for future success in the ever-growing Indian travel industry. For investors looking at pre-IPO opportunities, Ixigo presents a compelling case for consideration.</p> <hr /> <p><em>Disclaimer: This blog is for informational purposes only and should not be construed as financial advice. Always consult with your financial advisor before making any investment decisions.</em></p>
<h3>Introduction of Studds</h3> <p>Studds, a prominent player in the helmet manufacturing industry, has shown a rather modest 7% growth in total revenue for the fiscal year 2022-23, increasing from approximately INR 467 Cr last year to INR 500 Cr this year. This blog aims to delve deeper into the company's financials, market position, and potential growth drivers to evaluate its investment viability in the unlisted share market.</p> <h3>Revenue Growth: A Closer Look</h3> <p><strong>Domestic Market</strong> <br /><br />Studds has been experiencing growth in the domestic Indian market. The company's domestic sales grew from INR 378 Cr in FY22 to INR 447 Cr in FY23, marking an 18% growth. However, when compared to the FY21 figure of INR 442 Cr, the growth appears to be negligible.<br /><br /><strong>Export Market</strong> <br /><br />The export market has been a challenge for Studds, showing a decline from INR 97 Cr in FY22 to INR 67 Cr in FY23, a de-growth of 30%. This is a concern, as 20% of the company's business comes from exports. In coming years, the Exports gaining prominence with the <br /><br /><strong>Make in India initiative.</strong> <br /><br />The government’s Make in India initiative has given a boost to the manufacturing of helmets in the country. As a result, Indian-made helmets are becoming popular in other countries as well. The export market for helmets is expected to grow in the coming years due to rising demand and the government’s support for domestic manufacturing. This has created new opportunities for manufacturers to expand their customer base. <img class="alignnone wp-image-26396" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-09.14.33.jpeg" alt="" width="681" height="439" /></p> <h3>Factors Impacting Growth</h3> <p><strong>The Two-Wheeler Industry</strong> <br /><br />The two-wheeler industry has been experiencing a consistent decline since its peak in 2019. According to data from SIAM, two-wheeler sales have been following a downward trend from 1.7 Cr in 2019 to 1.25 Cr in 2023. This directly impacts the demand for helmets and, consequently, Studds' growth. <br /><br /><strong>Emergence of Electric Vehicles</strong> <br /><br />The electric vehicle market in India is showing signs of growth, with around 7 lakh EVs sold last year. Although this figure is still small, the growth in EV sales can potentially fuel the helmet market in the future. <br /><br /><img class="alignnone wp-image-26397" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-09.21.35.jpeg" alt="" width="618" height="368" /></p> <h3>Financial Health of the Company</h3> <p>Studds has maintained a robust balance sheet with an Interest Coverage Ratio above 1.31x and a Debt-to-Equity Ratio below 0.5. The company has generated a total cash flow from operations of INR 112 Cr in the last three years. The working capital cycle is well-managed, and most of the capital expenditures in the past three years have been covered by cash flows from operations. The finance cost for FY23 was only INR 3 Cr, indicating a strong financial standing. <br /><br /><img class="alignnone wp-image-26395" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-09.15.04.jpeg" alt="" width="621" height="308" /></p> <p>a) Revenue increased from INR 467 Cr in FY22 to INR 506 Cr in FY23.</p> <p>b) PAT saw a jump, from INR 28 Cr in FY22 to INR 33 Cr in FY23.</p> <h3>Valuation Insights</h3> <p>At present, Studds' unlisted shares are available at INR 900, with a market capitalization of INR 1800 Cr. With a PAT of INR 33 Cr for this fiscal year, the P/E ratio stands at 54x, which appears to be on the higher side. The growth trajectory for the next 2-3 years would need to be analyzed for a more accurate valuation.</p> <h3>Conclusion</h3> <p>While Studds has shown moderate growth and maintains a strong financial position, challenges in the export market and the broader two-wheeler industry could pose hurdles to its future growth. Further information from the management regarding their future growth plans will be critical in deciding the investment worthiness of Studds in the unlisted share market. Investors and advisory firms must exercise due diligence and await further information before making investment decisions. <br /><br /><a href="https://unlistedzone.com/shares/studds-accessories-limited-share-price-buy-sell-preipo-unlisted-shares-of-studds-accessories-limited/">https://unlistedzone.com/shares/studds-accessories-limited-share-price-buy-sell-preipo-unlisted-shares-of-studds-accessories-limited/</a></p>
<p>Sterlite Power Transmission Limited has released updates covering the key business development, activities and financial information for the Quarter and year ending March 31, 2023. <br /><br /><strong>Business Highlights for Q4 and FY23:</strong> <br /><br /><strong>Here are some key business highlights for the fourth quarter (Q4) and the full fiscal year 2023-</strong> <br /><br /><strong>1. Infrastructure Projects in India:</strong> Sterlite Power successfully won a significant project in Rajasthan known as 'Part G,' valued at approximately INR 1,500 Crores during Q4. <br /><br /><strong>2. Infrastructure Projects in Brazil :</strong> In 2023, the company completed four projects, and in Q4, two of these became operational: <br /><br /><strong>A)</strong> Solaris II was energized in January '23, which was 9 months ahead of schedule. <br /><br /><strong>B)</strong> Goyaz, including SS Barro Alto SVC, was energized in February '23. <br /><br /><strong>3. Order Wins</strong> In the last quarter of FY'23, our company secured new orders worth Rs. 1,438 Crores in our Products, MSI, and Convergence business units. <br /><br /><strong>4. Capital Funding</strong> In March 2023, the Company successfully obtained a debt funding of Rs. 1,318 Crores from Power Finance Corporation (PFC) Ltd for our GTTPL project. The Company is currently working on securing equity capital from a large Sovereign Wealth Fund (SWF) for itse 'Infra' business unit. <br /><br /><strong>5. Awards & Recognition</strong> The Company got 'The Power Transmission Company of the Year' award at the 'Economic Times Energy Leadership Summit 2023.' The company has been also honored as one of India's top 50 companies, earning a spot on the prestigious Great Mid-Size Workplaces list by Great Place to Work. The snapshot of the company's consolidated financials (incl. Brazil business) for the year ending March 31st, 2023 is as follows: <br /><br /><strong>1. Total Income - Rs. 6,297 Cr</strong> This figure represents the total revenue earned by the company in the financial year ending on March 31st, 2023. It encompasses all the money generated from the company's various business activities during that period. <br /><br /><strong>2. EBIDTA - Rs. 1,150 Cr</strong> In this case, it indicates that the company earned Rs 1,150 Crores before accounting for interest expenses, depreciation, taxes, and amortization during FY23. <br /><br /><strong>3. PAT - Rs. (33) Cr</strong> PAT stands for Profit After Tax. In this instance, the company experienced a loss of Rs 33 Crores in FY23, which is a significant decline compared to the previous year. The company's FY23 financial performance was negatively impacted by a one-time provision in the Brazil project and higher short-term borrowing costs in Brazil. These factors led to a 15.1% decrease in EBIDTA and a substantial 107.5% increase in losses (PAT) compared to the previous fiscal year. According to Mr. Pratik Agarwal, Managing Director (MD) of Sterlite Power, “With continued focus on garnering new opportunities and operational efficiencies, Sterlite Power is happy to report remarkable progress and achievements in the last quarter and financial year 2023." <br /><br /><strong>Future Outlook</strong> <br /><br /><strong>1. CTU ISTS Rolling Plan 2027-28 (India):</strong> By 2027-28, India plans to add 41,255 ckm of transmission lines and 3,84,925 MVA transformation capacity, costing Rs 2,23,954 Cr, impacting the order book for Infra and Products businesses. <br /><br /><strong>2. FY24 Transmission Projects (India):</strong> In FY24, 5 TBCB bids worth Rs 8,420 Cr have closed, 23 more bids worth ~Rs 52,089 Cr are in progress, and 16 TBCB tenders worth ~Rs 75,909 Cr are approved for the next 12-18 months. <br /><br /><strong>3. MSI Business Growth (India ):</strong> MSI business has been growing at a 17% CAGR, expecting significant orders for transmission network updates in FY24 & FY25. <br /><br /><strong>4. MBiT Report 2023 (India):</strong> Data traffic in India has increased 3.2 times in five years. 5G applications will drive further data growth, creating opportunities in OPGW fiber infra leasing. <br /><br /><strong>5. Brazil Electricity Transmission Plan (POTEE):</strong> Brazil plans to invest BRL 56 billion ($11b) for power transmission networks in the northeast region, mainly through PPP. https://unlistedzone.com/shares/sterlite-power-transmission-limited-share-price-buy-sell-unlisted-shares-of-sterlite-power-transmission/</p>
<p><strong>Introduction</strong> <br /><br />Bharat Hotels Limited (BHL), a prominent player in the Indian hospitality sector, has recently released its annual financial report for the fiscal year 2022-23. The report reveals a compelling narrative of remarkable financial recovery and growth, following a challenging period due to the COVID-19 pandemic. In this blog, we will dissect the key highlights from the annual report and what they signify for investors evaluating BHL's prospects. <br /><br /><strong>Financial Performance Highlights</strong> <strong>A Surge in Revenue</strong> <br /><br /><img class="aligncenter wp-image-26363" src="https://unlistedzone.com/storage/knowledge-logo/Bharat-Hotels.jpeg" alt="Bharat hotels unlisted share price" width="385" height="255" /><br /><br />The first thing that stands out from the report is the phenomenal revenue growth. BHL recorded a 117% increase in its revenue from operations, climbing to Rs. 800 crore in FY 2022-23 from Rs. 369 crore in FY 2021-22. This surge can be attributed to the successful vaccination drive, reopening of international borders, and the overall economic growth in the country. <br /><br /><strong>A Closer Look at Expenses and Profits</strong> <br /><br />While total expenses also increased by 88% to Rs. 444 crore, the rise is considerably less than the revenue growth, indicating improved operational efficiency. More impressively, BHL's EBITDA soared by 162% to Rs. 364 crore, showcasing an enhanced ability to generate income from its operations. Profit Before Tax (PBT) and Net Profit also displayed significant improvements. PBT registered a 230% increase, reaching Rs. 134 crore, turning around from a loss of Rs. (103) crore in the previous fiscal. Net Profit rose to Rs. 50 crore, marking a 129% increase and recovering from a loss of Rs. (59) crore in FY 2021-22. <br /><br /><strong>Cash Flow Insights</strong> <br /><br />Strong cash flow management is crucial for any business, and BHL appears to have excelled in this area. The company generated robust net cash from operating activities, reaching Rs. 317 crore, an increase from Rs. 136 crore in the previous year. BHL also showed positive trends in cash flow from investing activities and improved cash flow from financial activities. <br /><br /><strong>Strategic Financial Moves</strong> <br /><br />During FY 2022-23, BHL issued 1,10,000 Non-Convertible Debentures to repay existing debt. This move not only helped the company clear its loans but also signaled strong financial management to potential investors. <br /><br /><strong>The Bigger Picture</strong> <br /><br />Founded in 1981 by Lalit Suri, BHL has been a leader in the Indian hospitality industry. Its portfolio includes premium properties such as The Lalit New Delhi, The Lalit Mumbai, and The Lalit Jaipur. The financials for FY 2022-23 indicate that the company has not only weathered the storm of the COVID-19 pandemic but is also well-positioned for future growth. <br /><br /><strong>Conclusion</strong> <br /><br />Bharat Hotels Limited's financial performance for FY 2022-23 reveals a success story of resilience and strategic financial management. The company has managed to turn the tide with impressive revenue growth, profitability, and cash flow management. For those looking to invest in the hospitality sector, BHL's recent financial performance offers compelling evidence of a company on the rise, making it a candidate worthy of consideration. <br /><br /><a href="https://unlistedzone.com/shares/bharat-hotels-limited-share-price-buy-sell-unlisted-shares-of-bharat-hotels/">https://unlistedzone.com/shares/bharat-hotels-limited-share-price-buy-sell-unlisted-shares-of-bharat-hotels/</a></p> <p> </p>
<h3>Introduction</h3> <p>Orbis Financial Corporation Limited, established in 2005, has carved a niche for itself in the realm of financial services, particularly in investor servicing. This article aims to provide an in-depth analysis of the company's performance for the financial year 2022-2023, examining its Asset Under Management (AUM), revenue sources, and valuation.</p> <h3>A) Key Performance Indicators</h3> <h4>Asset Under Management (AUM)</h4> <p>Orbis Financial's AUM witnessed a robust growth of 20%, increasing from approximately INR 6500 crores in the previous year to around INR 8100 crores. With an extensive clientele that includes 250+ Foreign Portfolio Investors (FPIs), 300 Portfolio Management Services (PMSs), 150+ Alternative Investment Funds (AIFs), 2 Mutual Funds, and 800+ Non-Resident Indians (NRIs), the company's diversification strategy seems to be paying off.</p> <h4>Geographical Expansion</h4> <p>The company has expanded its geographical presence by opening an office in GIFT City, Gujarat. This strategic move is likely to enhance its global outreach and attract more foreign clients due to the numerous advantages GIFT City offers to financial services.</p> <h4>Customer Base and Assets under Custody</h4> <p>Orbis crossed the 2,700 mark for onboarded custody clients, with assets under custody rising to INR 81,160 crores. This is indicative of the company's strong focus on customer acquisition and retention, despite a high cost of acquisition.</p> <h3>B) Financials and Capital Raising</h3> <p>The company successfully raised another round of capital, amounting to INR 112 crores, from marquee investors in January 2023. This influx of capital is likely to strengthen the company's balance sheet and fund future expansion plans.</p> <h3>C) Revenue Sources</h3> <h4>1. Custodian and Clearing Services</h4> <p>These operational revenue sources showed significant growth, rising from INR 47 crores in FY22 to INR 83 crores in FY23.</p> <h4>2. Interest Income</h4> <p>Another major driver of revenue has been the interest income from bank fixed deposits, which shot up from INR 96 crores to INR 204 crores. This suggests that the company has been effective in treasury management and optimizing its float income. <br /><br /><img class="alignnone wp-image-26322" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-02-at-10.12.14.jpeg" alt="" width="384" height="232" /></p> <h3>D) Valuation and Share Price of Orbis Financials</h3> <p>At present, shares of Orbis Financial are unlisted and are trading at INR 110 per share. Looking ahead to FY24, the management is optimistic about achieving a topline revenue of INR 500 crores and a Profit After Tax (PAT) ranging from INR 100 to 125 crores. Assuming a Price-to-Earnings (P/E) ratio of 25x for Orbis Financial's unlisted shares, the projected market capitalization would be approximately INR 2500 crores. Given the 11.36 crore outstanding shares, this would translate to a share price of INR 220. This represents a substantial upside potential compared to the current share price, making it an intriguing option for investors.</p> <h3>E) Risks in Orbis Financials</h3> <p>It's essential to consider the inherent risks in Orbis Financial’s business model. Regulatory changes and a decline in client trading volumes could pose challenges to the company's financial performance.</p> <h3>F) Conclusion</h3> <p>Despite a competitive and challenging market, Orbis Financial has demonstrated strong performance in FY22-23. With diversified sources of revenue, a broadening customer base, and strategic geographic expansion, the company appears to be on a solid growth trajectory. Its current valuation suggests that there is substantial room for growth, making it an attractive investment option. However, potential investors should be cautious of the associated risks and conduct thorough due diligence.<br /><br /><a href="https://unlistedzone.com/shares/orbis-financial-corporation-limited/">https://unlistedzone.com/shares/orbis-financial-corporation-limited/ </a><br /><br /><em>Disclaimer: This article is intended for informational purposes only and should not be construed as financial advice. Consult a financial advisor before making any investment decisions</em></p>
<h2>Table of Contents</h2> <ol> <li>Introduction</li> <li>Financial Highlights <ul> <li>Revenue and Profit After Tax (PAT)</li> <li>Operational Profit</li> </ul> </li> <li>Key Drivers of Growth <ul> <li>Tariff Rules and User Development Fee (UDF)</li> <li>Non-Aero Revenue</li> </ul> </li> <li>Operational Performance</li> <li>Future Projections</li> <li>Dividends and Capital Raising</li> <li>Cash Flow and Capex</li> <li>Valuation</li> <li>Subsidiaries</li> <li>Conclusion</li> </ol> <hr /> <h3>Introduction</h3> <p>Cochin International Airport Limited (CIAL) has showcased remarkable growth in FY23, both in terms of revenue and operational efficiency. While the standalone revenue skyrocketed from INR 418 Cr in FY22 to INR 717 Cr in FY23, the consolidated revenue level also saw a significant boost, reaching approximately INR 940 Cr as compared to INR 500 Cr in FY22. In this article, we will delve into the factors contributing to CIAL's extraordinary performance.</p> <h3>Financial Highlights</h3> <p>a) Revenue and Profit After Tax (PAT) CIAL's standalone PAT experienced a massive uptick from INR 22 Cr in FY22 to INR 267 Cr in FY23. On the consolidated level, the PAT reached an impressive INR 290 Cr in FY23, a substantial increase from INR 32 Cr in FY22. b) Operational Profit CIAL also witnessed nearly a twofold increase in its operational profit, surging from INR 217 Cr to INR 521 Cr in FY23.</p> <h3>Key Drivers of Growth</h3> <p>a) Tariff Rules and User Development Fee (UDF) The revision of User Development Fee (UDF) and aeronautical tariffs have been primary drivers for the surge in CIAL's performance at the standalone level. UDF is a fee levied per ticket, contributing directly to the airport's maintenance and operational costs. The renewal of these charges for the next five years has been pivotal in boosting CIAL's income. b) Non-Aero Revenue The company also saw an increase in non-aero revenue, such as rental income and royalty income from CIAL Duty Free Subsidy, by almost INR 140 Cr compared to FY22.</p> <h3>Operational Performance</h3> <p>CIAL's airport facilitated the travel of approximately 42 lakh international and 47 lakh domestic passengers in 2022-23, totaling about 89 lakh passenger movements. Interestingly, this figure reaches 90% of the pre-COVID levels of 97 lakh passengers in 2019-20.</p> <h3>Future Projections</h3> <p>With a forecasted 17% growth in the domestic aviation sector, CIAL's management is optimistic that the annual passenger figures will cross the 1 Cr mark in FY23-24.</p> <h3>Dividends and Capital Raising</h3> <p>This year, the company announced a dividend of INR 167 Cr and raised about INR 478 Cr via a rights issue.</p> <h3>Cash Flow and Capex</h3> <p>CIAL generated a Cash Flow from Operations (CFO) of approximately INR 645 Cr, a significant increase from last year's INR 158 Cr. The company also invested around INR 124 Cr in capital expenditures.</p> <h3>Valuation</h3> <p>With a total of 47 Cr outstanding shares and an unlisted share price of INR 190, CIAL's market capitalization stands at approximately INR 8930 Cr.</p> <h3>Subsidiaries</h3> <p>CIAL Duty Free and CIAL Infrastructure are the major subsidiaries contributing to revenue. CIAL Duty Free pays 45% of its revenue as royalty to CIAL, while CIAL Infrastructure focuses on Solar Power setups, making CIAL the world's first fully solar-powered airport.</p> <h3>Conclusion</h3> <p>CIAL has outperformed its previous years with significant growth in both revenue and profitability. As the aviation sector in India is the fastest-growing in the world, CIAL is well-positioned to capitalize on this upward trend. With excellent financials and a strong operational base, CIAL stands as a promising investment avenue in the burgeoning aviation sector. <br /><br /><em>Disclaimer: The information contained in this article is for informational purposes only and should not be considered financial advice. Always consult a financial advisor before making any investment decision.</em> https://unlistedzone.com/shares/buy-sell-cochin-international-airport-shares-for-sale-share-price-shareholders/</p>
<h3>Introduction:</h3> <p>Sterlite Power, a leader in the development of power transmission infrastructure, has once again demonstrated its expertise in the green energy sector by securing a significant project in Rajasthan. This marks their second foray into developing renewable energy corridors in the region, underlining their commitment to India's sustainable energy future.</p> <h3>Project Overview:</h3> <p>Sterlite Power has been awarded the project through a competitive bidding process, emphasizing their competitive pricing strategy. They received the Letter of Intent from REC Power Development and Consultancy Ltd., a subsidiary of Rural Electricity Corp. The project, which they will build on a BOOT (build, own, operate, transfer) basis, spans a period of 35 years.</p> <h3>Project Components:</h3> <p>The project encompasses three critical components:</p> <p><strong>1. Construction of a Robust 350 km Power Line</strong>: This line will connect Fatehgarh III to Beawar, laying the foundation for enhanced energy transmission.<br /><br /></p> <p><strong>2. Establishment of a High-Capacity Power Station in Beawar</strong>: Designed to handle substantial power loads, this station represents a leap in local energy infrastructure.</p> <p><strong>3. Development of Two Additional Power Lines</strong>: Each stretching approximately 120 km, these lines are integral to the project's expansive scope.</p> <h3>Company Statement:</h3> <p>Pratik Agarwal, Managing Director of Sterlite Power, expressed enthusiasm over winning their second green energy corridor project in Rajasthan. He emphasized that developing these vital renewable infrastructure assets is crucial for advancing India's renewable energy objectives. The company is committed to delivering world-class assets to support the country's transition to a greener future.</p> <h3>Previous Achievements and Future Scope:</h3> <p>In March 2023, Sterlite Power secured another segment of this expansive project. The integration of both segments will result in an extensive 700 km transmission network, pivotal for distributing vast quantities of green energy across various regions. This network is set to become one of India's largest. Sterlite Power, with its impressive track record of completing 32 projects, has established extensive power transmission networks spanning over 15,350 km across India and Brazil, marking them as a significant player in the global power infrastructure sector.</p> <h3>Conclusion:</h3> <p>Sterlite Power's latest project in Rajasthan not only reinforces their position in the Indian energy sector but also contributes significantly to the nation's renewable energy ambitions. With these developments, Sterlite Power is at the forefront of India's journey towards sustainable and reliable energy solutions<br /><br /><a href="https://unlistedzone.com/shares/sterlite-power-transmission-limited-share-price-buy-sell-unlisted-shares-of-sterlite-power-transmission/">https://unlistedzone.com/shares/sterlite-power-transmission-limited-share-price-buy-sell-unlisted-shares-of-sterlite-power-transmission/</a></p> <p> </p>
<h3>Introduction and Background</h3> a) ICEX is a recognized Commodity Exchange regulated by the Securities and Exchange Board of India (SEBI). b) It resumed trading operations on August 28, 2017, with the launch of Diamond Derivatives contracts, a first of its kind globally. <h3>Product Offerings and Innovations</h3> a) Subsequently launched SteelLong contracts on August 28, 2018. b) Introduced Paddy Basmati derivative contracts on July 11, 2019. c) Launched ICEX MF transactions, a mutual fund platform, on December 27, 2019. <h3>Regulatory Compliance and Partnerships</h3> a) Outsourced services related to clearing, settlement, and risk management to Metropolitan Clearing Corporation of India Limited (MCCIL) as per SEBI requirements. <h3>Impact of Covid-19 Pandemic</h3> a) The pandemic-induced lockdown led to the closure of the underlying physical market, adversely impacting price discovery and liquidity. b) The volume and revenue of ICEX were severely impacted due to its focus on delivery-based contracts. <h3>Financial and Regulatory Issues</h3> a) Failed to maintain minimum Net worth and other infrastructural compliances as per SEBI regulations. b) The board decided to temporarily suspend trading operations and mutual fund transactions as of April 1, 2022, and April 14, 2022, respectively. <h3>Regulatory Actions and Appeals</h3> a) SEBI withdrew its permanent recognition of ICEX effective from May 18, 2022. b) ICEX filed an appeal and was granted a one-year period for revival by the Securities Appellate Tribunal (SAT). <h3>Requests to SEBI and Board Decisions</h3> a) ICEX requested SEBI to allow new investors up to a 51% stake, which was declined by SEBI. b) The board approved the voluntary surrender of recognition on February 14, 2023, but decided to request SEBI once more for investor participation. <h3>Final Outcomes</h3> a) SEBI declined the second request but agreed to consider the voluntary surrender upon submission of shareholder approval. b) An Extraordinary General Meeting (EOGM) was held on May 24, 2023, where the voluntary surrender of recognition was approved and submitted to SEBI. This summary encapsulates the significant developments and challenges faced by ICEX, as well as its regulatory interactions. <h3>Future of ICEX Business</h3> On exit from Commodity business and compliance of SEBI guidelines, the Management will consider taking up other businesses most appropriate with the limited funds available with the Exchange.
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