Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<h4>Key Takeaways from IXIGO Annual Report 2022</h4> <strong>1.</strong> In FY22, Ixigo has completed 15 Years. They started the journey in 2007 by launching meta-search engine for Indian travelers, then train focussed application in 2013 and in 2022, it is a full stack application which provides various travel booking services such as bus ticket, Train Ticket, Railways and Flight tickets. <strong>2.</strong> In FY21-22, Ixigo has acquired ConfirmTkt, a fast-growing train-focused business. After acquisition, the Ixigo has become the #1 OTA for train bookings in India with over 42% market share among OTAs by the end of FY21. <strong>3.</strong> In FY21-22, Ixigo has clocked a revenue of 385 Crores and out of that 128 Crores was contributed by ConfirmTkt. So, big chunk of revenue is coming from the acquisition. <strong>4.</strong> In FY21-22, they have acquired one more company called Abhibus. After acquiring this company, Ixigo has become 2nd largest player in Bus ticket booking. <strong>5.</strong> In March-2022, they have touched 5 Million daily users who are coming on the application for booking various Bus, Train and Flight tickets. <strong>6.</strong> They have achieved 84 Lac monthly downloads in the month of March-22. <strong>7.</strong> The total Indian travel market has grown at an approximate CAGR of 10% from Fiscal 2015 reaching ₹ 4 Lac Crores in Fiscal 2020. This market size is expected to grow by 7% and reach ₹ 5 Lac Crores by 2024. <strong>8.</strong> Revenue has grown from 138 Crores in Fy21 to 384 Crores in Fy22. This much high growth has come due to acquisition of ConfirmTkt and Abhibus. However, if you check revenue on standalone basis, they have clocked revenue of 260 Crores. <strong>9.</strong> Despite showing excellent revenue growth, Ixigo is still in loss. The main reason for the loss is high Employees Cost, and Other Expenses (297 Crores) almost accounted for 77% of total revenue. <strong>10.</strong> Other expenses are one of the highest contributors. Let us understand them. <ol style="list-style-type: lower-alpha;"> <li>Distribution Cost - The commission given to partners who are bringing business for the company. This cost was 61 Crores in Fy22.</li> <li>Partner Support Cost - Cost to support Partner. It depends on volumes. This cost was 61 Crores in Fy22.</li> <li> Customer Refunds - Refunds to be given in case of cancellation. This has increased after August 2021, as “Free Cancellation Product” was launched by Ixigo. This cost was 61 Crores in Fy22.</li> <li>Advertising and Sales Promotions - The amount spent on brand awareness. This cost was 57 Crores in Fy22.</li> <li> Payment Gateway Charges - When user book tickets from Ixigo Platform, they have an option to pay via online methods. These online payment methods are secured by third Party Payment Gateways like Razor Pay, Cash-Free etc. So, for every ticket booking, some charge will go these payment gateways. This cost was 21 Crores in FY22.</li> </ol> <strong>11.</strong> In FY22, they incurred a loss of 21 Crores after they made 8 Crores of Profit last year. For more details about Ixigo Unlisted Shares, Please visit - <a href="https://unlistedzone.com/shares/ixigo-unlisted-shares/">IXIGO Unlisted shares</a>
Mohan Meakin, the manufacturer of popular brands like Old Monk has come up with annual results of FY22 yesterday on the MSEI exchange. <strong>Let us see the key takeaways from the Annual results.</strong> <ol> <li>The revenue has increased from 1100 Crores in FY21 to 1370 Crores in FY22. Excellent growth of 25%.</li> <li>EBITDA Margin in FY22 stands at 5.70% and in FY21 it was 5.53%.</li> <li> PAT has increased from 40 Crores in FY21 to 51 Crores in FY22. A growth of 27%.</li> <li>Total EPS in FY22 is Rs.60 per share.</li> <li> The <strong>Unlisted Share Price</strong> of Mohan Meakin is <strong>Rs. 1300 per share.</strong> So, <strong>P/E is 21.66x</strong>. Looks reasonable priced as compared to its peers.</li> <li>Mohan Meakin is a debt-free company.</li> <li> Current Ratio is 2.09x. Anything Above 1.5x is considered as good. So, Mohan Meakin will not face any issues in short term.</li> <li> In Fy22 Mohan Meakin has generated Cash from the operation of 47 Crores. In FY22, they purchased a PPE of 10 Crores. So, the net free cash flow is 37 Crores.</li> <li> ROE = 24%. Anything above 20% is considered good. In Fy22, Mohan Meakin has sold land in Lucknow for 3 crores. This 3 Crore is booked as an exceptional item in P&L.</li> <li> As of 31.03.2022, they have cash of Rs.32 Crores on their balance sheet.</li> </ol>
Tata Technologies, a Tata group company, is technical services provider in multiple industries like engineering and design, product lifecycle management, manufacturing, product development, automotive and aerospace among others. Tata Technologies has reported a 8.6 per cent rise in the profit after tax (PAT) to Rs 106.4 crore for the quarter ended on March 31, 2022, as against a profit of Rs 98 crore in the corresponding period previous fiscal. The total revenue from the operations jumped more than 40 per cent to Rs 922.3 crore in March 2022 quarter as against an income of Rs 658.2 crore clocked in the March 2021 quarter. Tata Technologies, a subsidiary of Tata Motors, was founded in 1989 and primarily operates in North America, Europe, the Middle East and the Asia Pacific region. On a sequential basis, the company has reported a 31.7 per cent drop in the net profit and 10.8 per cent decline in the revenue from Rs 154.6 crore and Rs 1,034.1 crore, respectively, for the period ended in December 31, 2021. Tata Technologies is one of the best available electric vehicle (EV) plays in the listed and unlisted space. It is driving towards strong revenue generation in the current fiscal to be back on the growth track via new business opportunities. For the entire financial year 2021-22, the profit-after-tax (PAT) increased 82.65 per cent to Rs 436.9 crore compared to a bottomline of Rs 239.2 in the previous fiscal. The revenue from operations increased 47.5 per cent to Rs 3,578.4 crore from Rs 2,425.7 crore during the same period under review. Recently, the global engineering and product development digital services firm has entered into a collaboration with the Assam government to transform 34 state polytechnics and 43 Industrial Training Institutes (ITIs) into futuristic Centres of Excellence (CoEs) entailing an investment of about Rs 2,390 crore. The company has signed a Memorandum of Agreement (MoA) with the Assam government for a period of 10 years for the purpose, Tata Technologies said in a statement. On an operational basis, the company reported a profit before taxes (PBT) of Rs 141.3 crore in Q4 FY22, 16.7 per cent higher than the 121.1 crore in the Q4 FY21, but slumped 29.8 per cent lower than Q3 FY22 from Rs 201.2 crore. In August 2005, Tata Technologies acquired INCAT International, a UK-and US-based automotive and aerospace puter engineering company for £53.4 million. INCAT was established in 1989. In October 2021, the Tata Motors' engineering arm had bagged new orders worth $100 million (750 crore). At the current pace, the company is poised to achieve its revenue target of Rs 3,600 crore. Tata Technologies is headquartered in Singapore, with regional offices in the United States (Novi, Michigan), India (Pune) and the UK (Warwick) with a combined global workforce of more than 8,500 employees serving clients worldwide. For the financial year 2020-21, Tata Technologies had posted a net profit of Rs 239.2 crore with a total income of Rs 2,425.7 crore. The technology company claims to have seen a strong uptick in the various segments like the embedded technology business segment, even in the pandemic. Tata technologies has been partnering with automakers from India, China, US, Japan, and Sweden for more adoption. The company is bagging majority of overseas orders from four-wheeler OEMs, it is eyeing two-wheeler OEM's too. Tata Technologies' mechatronics has enabled infotainment integration and validation for a premium European luxury carmaker.
<p>New Delhi: Adding another feather in the cap, the National Stock Exchange (NSE) has reported its earnings for the year ended March 31, 2022. The leading exchange continues to impress investors. On a consolidated basis, NSE reported a net profit of Rs 5,198 crore for the financial year 2021-22, a rise of over 45 per cent compared to a profit after tax (PAT) of Rs 3,573 crore in the previous financial year. <br /><br />According to the World Federation of Exchanges, (WFE), NSE is the second largest exchange in the world. Also, According to the Futures Industry Association (FIA), NSE emerged the world’s largest derivatives exchange in the world. <br /><br />The leading domestic exchange reported a 53 per cent jump in the Total revenue to Rs 9,500 crore during the year. It had reported a total income of Rs 6,202 crore in the previous fiscal. Among the income, transaction charge continues to be the main component, giving out a share of 6,965 crore. Listing services contributed Rs 184, Colocation charges brought Rs 443 core and treasury income yielded Rs 423 crore during the year. <br /><br />The operational income of NSE rose 59 per cent to Rs 8,929 crore, while the ratio of operating income and total income improved to 94 per cent from 91 per cent earlier. <br /><br />Incorporated in 1992, NSE was elevated to the status of stock exchange by Sebi in 1994 and commenced operation in the same year. NSE owns a number of subsidiaries including NSE Clearing, NSE Investments, NSEIT, NSEIT (US), NSDL, NSE Indices, NSE Data & Analytics and a few more. Life Insurance Corporation of India (LIC) is the largest shareholder of NSE with a 12.51 per cent stake. Other key stakeholding entities include SBI (4.42 per cent), Stock Holding Corporation of India (4.44 per cent), Aranda Investment (5 per cent) and SBI Capital Markets (4.33 per cent). The earning per share (EPS) of India's largest surged about 46 per cent to Rs 104.95 from Rs 75 earlier. NSE's net worth improved to 15,418 crore from 11,636 crore, whereas the book value of per share moved higher to Rs 311 from Rs 235 during the same period. <br /><br />The number of new investor registrations in India witnessed a substantial growth since 2020, with close to 10 million new registrations, thanks to the rising inflation and charm of the IPOs.</p> <div> </div>
<div class="page" title="Page 1"> <div class="section"> <div class="layoutArea"> <div class="column"> If you see the average returns of the top 15 shares and the some new entrants traded at UnlistedZone platform, most of them are giving negative returns in the last 6 months. <strong>Top 15 Shares Price movement in last 6 months.</strong> <div class="table-overflow-init"> <table style="width: 100%;" width="100%"><colgroup> <col width="111" /> <col width="134" /> <col width="134" /> <col width="104" /></colgroup> <tbody> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Share Name "}"><strong>Share Name</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":2,"2":"Price on 01.10.2021 "}"><strong>Price on 01.10.2021</strong></td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":2,"2":"Price on 31.03.2022 "}"><strong>Price on 31.03.2022</strong></td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":2,"2":"% Gain or Loss"}"><strong>% Gain or Loss</strong></td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Reliance Retail"}"><strong>Reliance Retail</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":3900}">3900</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":3400}">3400</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.13}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-13%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"CSK"}"><strong>CSK</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":185}">185</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":215}">215</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":0.16}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">16%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Studds"}"><strong>Studds</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":1900}">1900</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":1500}">1500</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.21}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-21%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"PharmEasy"}"><strong>PharmEasy</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":140}">140</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":69}">69</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.5}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-50%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Care Health"}"><strong>Care Health</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":240}">240</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":158}">158</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.35}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-35%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Five-Star"}"><strong>Five-Star</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":750}">750</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":550}">550</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.27}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-27%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"HDB Financials"}"><strong>HDB Financials</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":1050}">1050</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":785}">785</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.25}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-25%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Hero-Fin Corp"}"><strong>Hero-Fin Corp</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":1050}">1050</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":950}">950</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.1}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-10%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Fino-Paytech"}"><strong>Fino-Paytech</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":400}">400</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":195}">195</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.5}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-50%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Orbis"}"><strong>Orbis</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":65}">65</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":80}">80</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":0.23}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">23%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Tata Technology"}"><strong>Tata Technology</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":4000}">4000</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":6250}">6250</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":0.56}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">56%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Capgemeni"}"><strong>Capgemeni</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":9000}">9000</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":13250}">13250</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":0.47}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">47%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Sterlite Power"}"><strong>Sterlite Power</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":1400}">1400</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":1100}">1100</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":-0.21}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">-21%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Mohan Meakin"}"><strong>Mohan Meakin</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":1300}">1300</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":1525}">1525</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":0.17}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">17%</td> </tr> <tr> <td style="width: 28.3843%; text-align: center;" data-sheets-value="{"1":2,"2":"Signify"}"><strong>Signify</strong></td> <td style="width: 23.5808%; text-align: center;" data-sheets-value="{"1":3,"3":900}">900</td> <td style="width: 25.5458%; text-align: center;" data-sheets-value="{"1":3,"3":1300}">1300</td> <td style="width: 21.2882%; text-align: center;" data-sheets-value="{"1":3,"3":0.44}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">44%</td> </tr> </tbody> </table> </div> </div> <div class="layoutArea"> <div class="column"> Some unlisted shares like Fino, Care-health, HDB Financials, Hero-Fin Corp, Studds, Five- Stars, Reliance Retail etc are facing the heat as they had become overvalued in the unlisted market and the early investors who had bought at lower levels have started booking profit. Here, selling is more and buying is less, so prices are falling in the last 6 months. Reliance Retail will be a fairly valued under Rs.1500 per share. Currently, it is highly overvalued.If you see the above table, barring few unlisted stocks, most of them are trading in negative territory. There are many reasons for that like, over-valuations, low demand for stocks due to poor broader market conditions, delay in launching new IPOs and poor results by some unlisted stocks.For example, PharmEasy was down by 50% was mainly due to the heavy selling across the world stock market in the loss making tech startups. We have seen shares like Zomato, Policy Bazaar, Car-Trade, Paytm etc have lost their market capitalisation by massive % in India, and similar story was there in US markets as well. The valuations in the private market ( i.e. before IPO ) was skyrocketing, but IPO market is not willing to put money at such high valuation, so correction is happening. Delhivery IPO which was initially looking to raise money at $5 Billion dollars already cut down the valuation due to poor response in the IPO Market. </div> </div> </div> </div> <div class="page" title="Page 2"> <div class="section"> <div class="layoutArea"> <div class="column"> Some unlisted shares like Mohan Meakin, Signify, Capgemini, Orbis, Tata Tech, and CSK have given good returns as continuous demand was there for these stocks as they were fairly priced 6 months back. But now even some of these have become overvalued like Capgemini, Signify, Tata Tech, & Orbis. If you see the new entrants, Like Delivery, Boat, OYO etc all are trading at high valuation. So, buying them at the current prices looks overvalued. Actually, equation has changed in the last 6 months for the new age tech startups after dismal performance of Paytm post IPO. So, in nutshell we can say that due to overvaluation and poor results by some of the companies, the prices have come down in the unlisted market. </div> </div> </div> </div> </div>
Domestic smartphone maker Lava is planning to expand its 5G portfolio and launch two more 5G smartphones this year. The brand is closely coordinating with telecom operators also to ensure our devices deliver the right 5G network experience to consumers. We are planning to grow our market share 5X this year in low end smartphones. We have reach of 120k outlets and partnering with online platforms to ensure the right distribution of products. We will bring innovative products even in this segment powered by the Design Team. Indian Government’s PLI scheme for Indian brands will power this growth in low end smartphones,” Tejinder Singh, Product Head at Lava International said. The company currently has a production capacity of 50 million devices annually, of which 70% is consumed locally and the rest 30% is exported. The brand admits a challenge in the supply chain of smartphones, which will continue this year but will ease in the second half of year. The company earlier launched Lava Agni 5G which was powered by 6 nm MediaTek 810 chipset. According to the firm, the initial roll out of the 5G in the country will be limited to cities and with time the technology will be further relevant for areas like smart agriculture, telemedicine. Meanwhile, Lava International recently acquired Latin American handset brand China Bird CentroAmerica S.A to expand its presence in the Latin American market
Hexaware Technologies is setting up smaller centres with limited capacities across the smaller markets, challenging the traditional practices in the existing IT sector format, where companies set up mammoth campuses to host thousands of employees. In an interview with Hindu Business Line (HBL), R Srikrishna, CEO of Hexaware Technologies said that this is going to be a big shift in the company's strategy. During the pandemic period, the company hired the talent from smaller markets, with no centre or offices in those regions. The company roped in talent from Sub Africa, Lebanon, Turkey and Portugal. The company intends to add another 10,000 employees to its existing 25,000 workforce. Remote working and small centers are the future of the BPO industry. Srikrishna said that talent can be found even in smaller markets and the company can hire, say 50-100 people as opposed to the industry thinking of setting large campuses and hiring thousands of employees. "Due to this policy, we have marked our hiring presence at multiple new centers." Is the small new big? The compnay has three-fourth of headcount in India and is in the process to open up another center in Bhopal, Madhya Pradesh. This office would have a capacity of 1,000 employees. The company's attrition rate is moving northwards, in the range of 17-22 per cent, but the numbers have began to stablize lately. In the first quarter of 2022, Hexaware has hired 900 people from various colleges. The company was delisted from the bourses in the later end of 2020, after it was acquired by The Carlyle Group. The company has recently opened its second center in the Philippines. The company recently rejigged its boards, announcing new members added. It has inducted half a dozen Carlyle representatives from across the regions. It has introduced Michael W Bender, Non-Executive Chairman and Senior Partner Emeritus of McKinsey & Company as the new Non-Executive Chairman on the board. Joseph McLaren Quinlan, former CIO of Deloitte has joined the board.
<div class="page" title="Page 1"> <div class="section"> <div class="layoutArea"> <div class="column"> <strong>B91 is focussing on Premium Beer to Beat Inflation</strong> India’s fastest growing craft beer maker Bira is planning to increase the sale of its premium beer to beat the inflation. We all know due to supply chain issues around the world, the inflation is very high. In India, we have seen the WPI is at 13% and CPI a 7%. This has affected the whole sectors in the economy. <strong>Raw materials used in Beer?</strong> The main raw material used for making and packaging of beer is Wheat or Barley, Glass, and Aluminium. And, the prices of these commodities are soaring in the market. As per Motilal Oswal Report, Barley prices have been surged by 65% in the last one year and 5% quarter on quarter in the month of March. The barley prices are affected due to Russia and Ukraine war, as Ukraine exports world 18% barley. As per Jain, the founder of Bira Beer, the current environment is extremely tough as cost has risen by 30-70%. <strong>How bira is planning to tackle this?</strong> We all know, Bira beer has a double digit market share in the premium beers. In fact, when Bira was started in the year 2015 at that time they were selling only premium beers. However, they have slowly started manufacturing other beers to target smaller tier-2, tier-3 and tier-4 cities. Now, to beat inflation and pass on the cost to the consumers, they are focusing on selling premium beers. As wealthy people who consumes premium beers are not price sensitive. <strong>How many beers bira produces every month?</strong> As per Jain, B9 Beverages has also ramped up its capacity to 22 lakh cases a month (a case has 12 bottles), up from 6 lakh pre-Covid, with consumers returning to bars and liquor shops remaining functional. So, bira is producing ~2.64 Crores bottles a month. <strong>Market size of Beer Industry</strong> India’s beer industry, according to Expert Market Research estimates, was worth nearly Rs 37,100 crore in 2020, and is likely to reach Rs 66,200 crore by 2026 at an estimated annualised growth rate of about 9.2%. So, very good growth opportunities are available in the beer market for the company. <strong>Valuation of Bira Beer</strong> Currently, the Bira Beer Unlisted Share is available in the unlisted market at Rs.850 per share and with ~6 Crores shares outstanding, the Mcap or Valuation is ~5000 Crores. In FY22, they clocked a revenue of ~800 Crores, so Mcap/Sales = 6.25x. </div> </div> </div> </div> <div class="page" title="Page 2"></div>
<p>Leading brokerage firm HDFC Securities has announced its results for the period ending March 31, 2022 on April 13. <br /><br />The company was able to clock a total income from operation of Rs 505.61 crore, an increase of 21 per cent compared to Rs 417.7 crore in the same period previous year. However, the company reported a marginal drop of 4 per cent in the profit after tax to Rs 235.62 crore in Q4FY22 from Rs 244.53 crore in Q4FY21. However, the operation profit (EBIT) remained almost flat to Rs 316.2 crore in the quarter ended on March 31, 2022. On a sequential basis, the company reported a decline of 9 per cent in the net profit from 258.03, whereas the total revenue plunged 5 per cent from Rs 532.61 crore. Operational profit in the December 2021 quarter stood at Rs 347.09 crore. <br /><br />HDFC Securities is the broking arm of HDFC Bank, which is the largest private lender of the company. The company is entitled with a strong parentage of HDFC group, which is the largest and most premium financial services group in the country. HDFC group is among the largest conglomerates of India. For the financial year 2021-22, the brokerage firm reported a 40 per cent rise in the net profit to Rs 984.34 crore from Rs 703.23 crore. <br /><br />Revenue from the operation jumped 44 per cent to Rs 1,975.57 crore from Rs 1,368.16 crore during the period under review. For the entire financial year 2021-22, HDFC Securities announced an interim dividend aggregating to Rs 547 per equity share in four tranches, with a total sum payable as dividend aggregating to Rs 864.62 crore. <br /><br />During the period, the Company had issued commercial papers of Rs 16,650.00 crore and redeemed commercial papers of Rs 14,250.00 crore. The COVID -19 pandemic continues to have a considerable impact on economic activities across the various parts of the country and across the globe, the company said in its statement. <br /><br />"The Government of India and various state governments have introduced a series of initiatives over the past year including lockdowns in order to contain the impact of the virus," it added. <br /><br />Stock broking and depository services have been declared as essential services all through the year and accordingly, the Company has faced nobusiness stoppage/interruption on account of the lockdown, said Dheeraj Relli, Managing Director of HDFC Securities. <br /><br />HDFC Securities has completed more than two decades in the industry and brags an extensive network of branches across all major cities and towns in the nation. Mumbai headquartered HDFC Securities is a corporate member of both the BSE and the NSE. HDFC securities is well known with professional traders for its comprehensive online trading portal offerings. <br /><br />As of March 31, 2021, the broking firm had about 300 branches in more than 160 cities in the country. It also has multiple digital platforms to enable its customers to have easy access to its products.</p>
<div class="gmail_default"> Dalmila OCL recenlty announced to demerge its entire refractory business under one single roof named Dalmia Bharat Refractories Ltd (DBRL). The new entity is expecting a 20-25 per cent growth in the business in the fiscal year 2022-23. THe company is bullish on the positive sentiment which is backed by a steady demand from Indian steel and cement sectors. The company is also aiming to rope in more global customers, who might be looking for an alternative to China. According to a report from Hindu Business Line, Sameer Nagpal, MD and CEO of DBRL has grown around 20-25 per cent in the pre-pandemic years and is likely to close FY23 with a turnover close to Rs 1,200 crore. The company management is hopeful of doubling the revenue by 2025. The refractory industry is still going through uncertainty and turbulence. The circumstance in China continues to remain volatile and the rise in ocean freight is a big challenge for the industry. Even in Europe, the spike in energy cost is playing out and reduction in steel production is hurting the markets. However, the company finds a comfort seat in India, which is likely to be the growth driver for the production of steel and cement. </div> <div class="gmail_default"> Nagpal said that the company is already above 20-25 per cent above the pre-pandemic levels and expects similar growth in FY23.Refractory products are vital in all high-temperature processes in the making of metals, cement, glass and ceramics. The steel industry is one of the biggest consumers of these products, accounting for up to two thirds of the total production. However, the domestic refractory industry is highly dependent on China for raw materials such as magnesite and bauxite. DBRL has diversified its source base and has created a stock of raw material to meet the growing demand. Nagpal said that the company would be able to build on the two mega trends, which includes the growth in Indian market and rejigging of the supply chain away from China. Consolidation of Company Dalmia Bharat Group recently announced to demerge all of its domestic refractory business into a single consolidated entity and named it Dalmia Bharat Refractory Limited. Post consolidation, the three entities namely - Refractory unit of Dalmia Cement Bharat, GSB India and Dalmia Bharat Refractories - will be transitioned into DBRL. The company plans to list itself on BSE during the financial year starting on April 1, 2022. It is also exploring inorganic growth possibilities in Europe which has a large steel producing capacity. After the merger process, DBRL will be able to accelerate capex, allocate larger resources to Research and Development (R&D) and quicken its digital transformation to serve its growing customer base. The consolidation is aimed at strengthening DBRL’s financial standing, increasing its investment capabilities, expanding its talent base, and positioning the new entity as a trustworthy and long-term partner for its customers in steel, cement and other industries having high temperature processes. </div>
<p><strong>1.</strong> Vedanta Limited has announced today that it has signed a Power Delivery Agreement (PDA) with affiliates of Sterlite Power Technologies Pvt Ltd. <br /><br /><strong>2.</strong> Vedanta aims to partially replace existing captive thermal power capacities with Renewable Energy for smelting and associated operations, and meeting power requirements of capacity expansion at Vedanta Aluminium Limited‐ Jharsuguda, Balco and Hindustan Zinc. <br /><br /><strong>3.</strong> The overall arrangement is to procure 580 MW of renewable power where SPTPL and its affiliates are setting up a 1960 MW hybrid‐based renewable energy capacity to achieve this generation in a combination of Solar, Wind and Storage solutions <br /><br /><strong>4.</strong> The Sterlite Power is expected to start delivering the power within 24 months of the PDA signing. <br /><br /><strong>5.</strong> The project will be funded on 70:30 debt to Equity basis. <br /><br /><strong>About Sterlite Power</strong> <br /><br /><strong>1.</strong> Sterlite Power is an end‐to‐end energy solutions company enabling large‐ scale heavy energy intensive industries and sector to accelerate their clean energy transition. The company is focused on industrial decarbonisation solutions by providing assured renewable energy (RE) through a combination of solar, wind, energy storage and balancing solutions to the Commercial & Industrial segment. It is led by senior professionals who have executed over 3000 MW of RE projects globally. <br /><br /><strong>2</strong>. Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 27 projects across India and Brazil with a total capex of ~Rs.36,000 Crores. <br /><br /><strong>3.</strong> SPTL provides bespoke and integrated power solutions for the upgrade, uprate and fiberization of existing transmission infrastructure projects. It also has a portfolio of high‐performance power conductors, extra high voltage (EHV) cables and optical ground wires(OPGW). Advancing the carriage towards a green energy efficient future, SPTL has an increasing focus on integrating renewable energy into the grid. This is a positive news for Sterlite Power that it has won a 580 MW energy project under his kitty. Though the project is from same group.</p>
<div class="gmail_default">The governing council of Indian Premier League (IPL) will soon take the final call on the sale of media rights. The broadcasting and digital streaming rights of the largest T-20 cricket league in the world will be auctioned soon for the third time in 15 years. <br /><br />The Board of Cricket Control in India (BCCI) is all set with the invitation to tender (ITT) for the 2023-27 cycle and the process of e-tender is likely to kick off in the upcoming week. To ensure transparency in the process, BCCI has opted to go ahead with e-auction. The entire process is overseen by Jay Shah, who serves as the secretary of the board, and is positive that IPL is the hottest sports property in the country and continues to attract domestic and global players in India. <br /><br />Market participants believe that media rights may fetch Rs 45,000 crore mark in the latest round of auction, which were sold for Rs 16,247 crore for the 2018-22 cycle. Interestingly, for the first 10 years (2008-17), the media rights were sold only for Rs 8,200 crore. In an interview to Times of India (TOI), Jay Shah said that the board is keen on maintaining transparency in the entire process, which is feasible via e-auction. Also, it wants the true valuations justified for the brands like IPL. The latest auction of two new teams- Lucknow and Ahmedabad- have boosted the morale of the board which fetched robust valuations lately. <br /><br />The popularity and confidence of investors lifted high after the recent franchise sale. "We are very clear that the process we shortlist should fetch the league the right value it deserves, though the processes should remain transparent throughout. E-auction will provide all bidders an equal and fair platform to stake their claim," said Shah. <br /><br />The latest round of auction will include new and innovative features, exploring the bidding package for digital streaming as well. BCCI is planning to conduct the entire process via intranet, instead of internet. Shah says that the numbers from the auction will benefit Indian cricket eventually. <br /><br />Digital streaming and OTT players are going aggressive after the pandemic to compete with the television broadcasting and explore the digital space. There are multiple players lined up to host the upcoming season of the IPL on their platform for the digital subscribers. Amid the pandemic years, when there was no crowd allowed in the stands, IPL viewership on the digital platforms sky-rocketted and is likely to increase over in the near future. <br /><br />In 2008, digital rights were an elephant in the room, attracting only 5 per cent of the overall value, whereas within a decade, Facebook's Rs 3,900 crore bid addressed the online space as a heavyweight. Its share increased 25 per cent of the overall value. However, by the end of 2022, when the second half of IPL was completed, the new technology captured the market shares to little less than 50 per cent. Changing the game now, the digital technology is now expected to attract bids in the range of Rs 18,000-22,000 crore, which is about half of the overall value. <br /><br />To ease up the process of valuation mathematics, BCCI has hired the professional consultancy firm KPMG to support the bidding process. The next seasons of IPL are likely to fetch more ratings because the number of games will be increased to 94 from existing 60 games a season after the addition of two new teams. The IPL governing council shares the amount from the media rights with franchises and thus, the high valuations for broadcasting leads to higher shares for the franchises. This will not only boost the topline for the teams like Chennai Super Kings, but the more number matches leads to higher advertisers display in the cricket league. <br /><br />The new auction of media rights will set the benchmark for the valuations of the Indian Premier League as a whole and uplift the brand value of franchises. The new teams fetched the valuations of about Rs 7,000 crore, whereas the profit making existing franchises are likely to become unicorns soon.</div>
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