Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
Buying unlisted shares might be a risky bet for the investors, but for those who seek value over a longer period at a discounted rate, the unlisted market is a better proposition for them. However, there are many novices and gullible retail investors who fancy seeking value in the pre-IPO industry but are trapped in the wrong bets or at lofted valuations. Here is a list of the top 10 hot and best-unlisted shares to buy in 2021 in India, which investors can buy for a longer period and make a good profit. <strong>1. Lava International (DRHP for IPO to be process next month)</strong> The IPO-bound mobile maker is a leader in various countries across the globe. The company is held strong in 11 countries of Asia, Africa, the Middle East, and Latin American nations. Its wide range of product portfolio of tablets, feature phones, and smartphones at competitive rates make it a decent play, and the PLI scheme is an added advantage for it. Noida Headquartered Lava International has filed its DRHP with markets regulator SEBI to hit the primary markets. The company recently rewarded investors with a 1:1 bonus after splitting the shares in the same ratio. In the financial year 2019-20 the company reported net revenue of Rs 5,264 crore and net profit of Rs 107 crore, with an EPS of 8.24. <strong>2. Sterlite Power Transmission (DRHP Filed for IPO)</strong> Another IPO-bound firm from the Anil Agarwal-led Vedanta Group is a hot cake in the unlisted share. The company is highly undervalued and if thanks farewell to it, it can be a game-changer for investors. The company brags 12,500 km of the circuit and 22,719 MVA, giving a strong penetration in India and Brazil. The company is rapidly focusing on the reduction of debt and rapid electrification along EV play will add to more opportunities for the company. Also, the business is a high-margin one. The company reported a revenue of Rs 2,933.85 crore in the fiscal year 2021 with a net profit of Rs 362.92 crore. <strong>3. AGS Transact (DRHP Filed for IPO)</strong> A leading player in end-to-end cash and digital payment solution provider, AGS Transact is a prime fintech player. Covering more than 2,200 cities and towns of the country, the Mumbai-based player has more than 4.2 lakh touchpoints, through which it provides banking, retail, petroleum, and other services. In the financial year 2020, the company reported a revenue of more than Rs 1,800 crore and incurred a profit of Rs 83 crore with an EPS of 7. The company will likely file its IPO draft soon with Sebi. Increasing digital payment and banking reach open the gateway for more business opportunities for the company. <strong>4. Studds Accessories (IPO in 1-2 years)</strong> Incorporated in 1972, Studds Accessories is a global leader in helmets, motorcycle luggage, and riding gear. It is the only Indian player, which is certified by the European Safety Agency. The company has a vast network of dealers to showcase their more than four dozen products, marking their presence in more than 40 nations in the world. In the FY2020, the Faridabad-based company made more than 6.6 million helmets as the demand for personal mobility rose exponentially. In FY 2019-20, the company reported a revenue of Rs 484.2 crore, with a Profit after Tax of Rs 74 crore, with an EPS of 37. The IPO of Studds is much awaited by the investors on Dalal Street. <strong>5. Elofic Industries</strong> The lubricant manufacturer was incorporated in 1973, and later also added automobile filters in the foray. As of present, it manufactures a complete range of filters and lube in its half a dozen facilities located in Haryana, Himachal Pradesh, Tamil Nadu, supplying the products to more than a score of global and international clients. The Faridabad-based lube maker reported a net profit of Rs 30.96 crore in the financial year ended on March 31, with an income of Rs Rs 266.61 crore during the year. The company reported a super-strong EPS of 123.44 during the fiscal. The company has a wholly-owned subsidiary in the United States. <strong>6. Martin and Harris Laboratories</strong> It is part of well known Apeejay Group, which is among the oldest and largest business conglomerates. The company is engaged in the business of pharmaceuticals, medicinal chemicals, and botanical products through its units in Himachal Pradesh, along with a significant share of the derivative and investment business. The pharmaceutical-cum-investment player reported a total income of Rs 296 crore in the fiscal year ended on March 31, 2021. The company clocked a net profit of Rs 70 crore with a strong EPS of 70. The company's investment business contributes little less than half of its revenue, which makes it a decent play for high-risk plays. <strong>7. Chennai Super Kings</strong> Who is not aware of the MS Dhoni-led Chennai Super Kings, which is one of the most buzzed unlisted counters. The multi-time champion is one of the companies facing the wrath of a global pandemic, but once the normalcy is restored, things are expected to be on track. The company is expected to be the most valued and profit-making IPL franchise. The auction of forthcoming two franchises, the company is likely to be related, thanks to the strong topline despite the covid-19. However, the bottom line of the company has suffered due to the higher expenses. The Chennai-based IPL franchise has reported a net profit of Rs 40.26 crore, with a revenue of Rs 247.83 crore in the FY2020-21. <strong>8. Ncl-Buildtek (IPO in 1-2 years)</strong> The company is the sole licensee from India for ICP plasters. The company has recently bagged a multi-million order from the Andhra Pradesh State Housing Corporation Limited (APSHCL). The company has a super stronghold in southern India including states like Tamil Nadu, Andhra Pradesh, and Telangana, and Maharashtra. The company is eyeing to expand its product portfolio and exploring more business segments into the arsenal. The company reported a revenue of Rs 265 crore in the financial year 2020-21, with a net loss of Rs 7 crore. However, the company is expected to be in the black soon. <strong>9. Paytm (DRHP Filed for IPO)</strong> The largest unicorn in India is just a few steps away from its initial public offering (IPO). The fintech player is one of the largest payment gateway and service aggregators in India, with eyes on multiple businesses like broking, mutual funds, bill payments, insurance, gold, and more. Paytm has incurred a huge capital expenditure and is likely to reap fruits now. Paytm is the only domestic player, which is backed by both Jack Ma and Warren Buffet. The company reported total revenue of Rs 3,186.80 crore in the financial year 2020-21, narrowing its net loss to Rs 1,701 crore. The company is likely to value itself about $30 billion (Rs 2.2 lakh crore) in the IPO. It is a good time to buy this share. <strong>10. Reliance Retail </strong> Back by Mukesh Ambani's Reliance Industries, Reliance Retail is one of the most demanded unlisted shares in the country. Despite all hiccups and negative new flows like compulsory buyback or jitted to its deal with Kishor Biyani's Future Group in the market, the company is commanding more market value than its parent company, only due to super-strong demand. After raising funds via stake sale to the global private equity funds, the company is eyeing to become the one-stop solution for the needs of households. The strong physical presence and partnership with Jio for e-commerce, make it an all-around play. The company clocked a revenue of Rs 1,31,926 crore in FY21, with a net profit of Rs 4,586 crore and EPS of 8.92. <strong>For buying and selling of Pre-IPO or Unlisted Shares in India, please visit our website www.unlistedzone.com or drop us an email at [email protected].</strong> <script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script> <script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script> <script src="chrome-extension://lmnganadkecefnhncokdlaohlkneihio/enable.js"></script>
<p><span style="font-size: 14pt;"><strong>A)</strong> <strong>Documentation Charges</strong> (<strong>Non-refundable</strong>)</span></p> <p class="p3">As an investor, you need to pay the stamp duty for share purchase agreement and stamp paper cost. The rough cost of these documentation is Rs. 8k-10k. The cost of documentation will go to the Government. Our company will not take any fees for the documentation process.<span class="Apple-converted-space"> </span></p> <p><strong><span style="font-size: 14pt;">B) Payment Schedule (Refundable in case of rejection)</span></strong> <br /><br /><strong>1.</strong> 25% Payment of total consideration shall be paid at the time of deal confirmation i.e. execution of deal confirmation contract between buyer and seller. <br /><br /><strong>2.</strong> Next 25% shall be paid at the time of documentation i.e. before submission of documents to the NSE. The name clearance is the time consuming process which generally takes 3 months. <br /><br /><strong>3.</strong> Rest 50% of total consideration shall be paid after receiving the permission from NSE.</p> <p class="p5"><span class="s1"><strong>Note</strong></span><strong>:</strong><span class="s2">- </span>If for any reasons permission is not being granted from NSE, then the 50% of total consideration i.e. paid before submission of documents to NSE shall be refunded in full without any interest/any other benefit.</p> <p><span style="font-size: 14pt;"><strong>C) KYC Documents list</strong></span> <br /><br /><strong>1. </strong>Pan</p> <p class="p7"><strong>2.</strong> Aadhaar</p> <p class="p7"><strong>3.</strong> Qualification</p> <p class="p7"><strong>4. </strong>Experience</p> <p class="p7"><strong>5.</strong> Mobile</p> <p class="p7"><strong>6.</strong> Email</p> <p class="p7"><strong>7.</strong> CIBIL Score</p> <p class="p7"><strong>8.</strong> Net-worth Certificate</p> <p class="p7"><strong>9.</strong> DIN (applicable in case you are director in a company)</p> <p class="p7"><strong>10.</strong> list of unquoted or unlisted shares</p> <p class="p7"><strong>11.</strong> Client master list</p> <p><span style="font-size: 14pt;"><strong>D) Buyer Stage 1 Documents </strong></span></p> <p class="p1"><strong>1.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-1-Format-of-undertaking-Associate.doc">https://unlistedzone.com/storage/knowledge-logo/Annexure-1-Format-of-undertaking-Associate.doc</a></p> <p><strong>2.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-2-Format-of-undertaking-Fit-Proper-Person.doc">https://unlistedzone.com/storage/knowledge-logo/Annexure-2-Format-of-undertaking-Fit-Proper-Person.doc</a> <br /><br /><strong>3.</strong> <span class="s1"><a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-3-Format-of-confirmation-from-the-Group.doc">https://unlistedzone.com/storage/knowledge-logo/Annexure-3-Format-of-confirmation-from-the-Group.doc</a></span> <br /><br /><strong>4.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-3A-Format-of-confirmation-explaining-source-of-funds.docx">https://unlistedzone.com/storage/knowledge-logo/Annexure-3A-Format-of-confirmation-explaining-source-of-funds.docx</a> <br /><br /><strong>5.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-4-Format-of-confirmation-of-compliance.doc">https://unlistedzone.com/storage/knowledge-logo/Annexure-4-Format-of-confirmation-of-compliance.doc</a> <br /><br /><strong>6.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-5-Declaration-cum-Undertaking-from-the-Foreign-Direct-Investor.docx">https://unlistedzone.com/storage/knowledge-logo/Annexure-5-Declaration-cum-Undertaking-from-the-Foreign-Direct-Investor.docx</a> <br /><br /><strong>7.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-6-Confirmation-cum-Undertaking-not-acting-in-concert-with-any-NSE-Shareholder.docx">https://unlistedzone.com/storage/knowledge-logo/Annexure-6-Confirmation-cum-Undertaking-not-acting-in-concert-with-any-NSE-Shareholder.docx</a> <br /><br /><strong>8.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-7iii-Format-of-confirmation-Purchaser.docx">https://unlistedzone.com/storage/knowledge-logo/Annexure-7iii-Format-of-confirmation-Purchaser.docx</a> <br /><br /><strong>9.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-8-Confirmation-with-regard-to-contributors.docx">https://unlistedzone.com/storage/knowledge-logo/Annexure-8-Confirmation-with-regard-to-contributors.docx</a> <br /><br /><strong>10.</strong> <a href="https://unlistedzone.com/storage/knowledge-logo/Annexure-9-Format-of-Indemnify-from-selling-purchasing-entity.docx">https://unlistedzone.com/storage/knowledge-logo/Annexure-9-Format-of-Indemnify-from-selling-purchasing-entity.docx</a> <br /><br /><span style="font-size: 14pt;"><strong>E) Buyer Stage 2 Documents </strong></span> <br /><br />1. <a href="https://unlistedzone.com/storage/knowledge-logo/Format-of-the-Letter-from-DP-of-the-Purchaser.doc">https://unlistedzone.com/storage/knowledge-logo/Format-of-the-Letter-from-DP-of-the-Purchaser.doc</a> <br /><br />2. <a href="https://unlistedzone.com/storage/knowledge-logo/2.2-Letter-from-the-Purchaser.docx">https://unlistedzone.com/storage/knowledge-logo/2.2-Letter-from-the-Purchaser.docx</a></p> <h4><span style="font-size: 18pt;">For any other query, please drop us an email at [email protected] or Watsapp at 8010009625</span></h4>
Utkarsh Small Finance Bank has come up with its annual report 2021 and same is available with UnlistedZone. Let us see how it has performed in the last one year. <!--more--> <strong>About Utkarsh Small Finance Bank</strong> Utkarsh Small Finance Bank has commenced Banking operations on Jan 23, 2017 and has since spread its footprint consistently to include a customer base that covers the unserved and underserved segment across various States and UTs of India. The Bank re- envisioned its Vision, Mission and Value Statements during FY 2020-21 to signify its ability to offer excellence in banking services across social strata. Utkarsh Small Finance Bank mainly provides loans under various categories such as; a. Micro-Finance Individual and Group. b. Retail loan - Personal, Business, Commercial Vehicles etc. c. Wholesale banking Loan d. Housing Loans In the pandemic, the micro-finance loan book was most affected. <strong>P.S-</strong> In the unlisted market, the shares of Utkarsh Microfinance are available which is a holding company of Utkarsh Small Finance Bank. As per information available in the market, before the IPO the shareholders of Utkarsh Microfinance will get shares of Utkarsh Small Finance bank in the proportion as per calculated valuation. <strong>Highlights of FY20-21</strong> <strong>a)</strong> Launched digital on-boarding of accounts. <strong>b)</strong> Launched non-fund based facility and working capital loans. <strong>c)</strong> Utkarsh Small Finance Bank has filed its Draft Red Herring Prospectus (DRHP). <strong>d)</strong> They have tied up with Mastercard for International Debit Card offering. <strong>e)</strong> BT-KPMG – Best Small Finance Bank in 2021- SFB category. <strong>f)</strong> Team Marksmen and Media partner CNBCTV18 have recognised Utkarsh Small Finance Bank as one of the Most Trusted Brands of India FY 2020-21 • <strong>g)</strong> Utkarsh Small Finance Bank was awarded State Level Outstanding Performance Award by NABARD Year – 2020 for Joint Liability Group under Small Finance Category by NABARD. <strong>Utkarsh Small Finance Bank Presence</strong> We have a presence in 16 states, 2 Union Territories, 188 districts and having 558 branches. <strong>Financial Highlights of FY20-21</strong> <strong>a)</strong> Utkarsh Small Finance Bank has clocked revenue of 1,725 Crore in FY 2020-21, compared to 1,406 Crore in FY 2019-20, clocking a year-on-year growth of 22.68%. The growth is mainly attributed to increase of gross loan portfolio and increase in deposits. <strong>b)</strong> The operating profit of the Bank stood at 438 Crore in FY 2020-21 compared to 350 Crore in FY 2019-20, clocking a year-on year growth of 25.13%. <strong>c)</strong> Utkarsh Small Finance bank in order to counter the impact of Pandemic has made provisions of 286 Crore in FY 2020-21 compared to 100 Crore in FY 2019-20, registering a year-on-year increase of 187.25%. ( <strong>This is the main problem which is happening with Small Finance banks). d) Due to higher provisions, </strong>PAT stood at 111 Crore in FY 2020-21 compared to 186.74 Crore in FY 2019-20. <strong>e) </strong>The Return on Assets (RoA) stood at 1.04% and Return on Net Worth (RoNW) at 9.99% for the year ended March 31, 2021. <strong>f)</strong> The Loan Book during this period was at <strong>8,416 Crore</strong> across various business units namely Micro-banking, Wholesale Banking, Retail Assets (MSME and personal Loans), Housing Loans, Business Correspondents, Commercial Equipment and Construction Vehicles and others. The Micro-finance portfolio contributed to around 82% while other businesses contributed around 18% towards the Loan Book. <strong>g)</strong> During FY 2020-21, the Bank successfully opened 16 new micro banking branches. Bank’s micro-finance loan portfolio has grown by 17.82% during FY 2020-21 to reach 6,899 Crore as on March 31, 2021. <strong>Micro-finance Loan is the Core business- Most affected by Covid-19</strong> <strong>a)</strong> Utkarsh Small Finance being an NBFC-MFI, micro-finance remains a focused business segment for the Bank. <strong>b)</strong> Micro-finance lending comprised 81.98% of the gross loan portfolio of the Bank as on March 31, 2021. Under micro-finance lending, the Bank focuses on financial inclusion of the underprivileged and economically weaker sections of the society, who get very limited or no access to financial services. The Bank provides JLG loans, individual loans, swacchata loan and two-wheeler loans under micro Loan Composition mix as on March 31, 2021 <strong>c)</strong> Bihar and Uttar Pradesh has been core geography for the Bank’s micro-finance portfolio. Micro-finance loans continues to be substantially diversified with an average ticket size of 27K (based on outstanding loan portfolio), with tenors ranging between 12 to 24 months. <strong>d)</strong> As on March 31, 2021, the Bank had more than 25 lakh active loan accounts under micro-finance lending spread across 141 districts and 11 states, serving through 420 micro banking outlets. <img class="alignnone wp-image-21682" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2021-09-21-at-12.40.06-PM.png" alt="" width="516" height="357" /> <strong>NPA Situation of Utkarsh Small Finance Bank</strong> a) As on 31.03.2021, the GNPA stands at 315 Crores and Net NPA stand at 108 Crores. b) As on 31.03.2020, the GNPA was at 44 Crores and Net NPA was at 11 Crores. So, massive jump has seen in the NPA levels due to Covid-19. And, due to high provisioning of NPA, the PAT has suffered for the bank. <strong>Valuation and Expected price band of Utkarsh Small Finance Bank</strong> Book Value as on 31.03.2021 = 16 If we see the current P/B of Ujjivan Small Finance which is also doing major loans in micro-finance, it is available at 1.1x. However, the G.NPA levels of Ujjivan Small Finance as on 31.03.2021 stands at 7% which is way above Utkarsh Small Finance which is having 3% G.NPA. So, if we give the P/B of 2x to Utkarsh Small Finance Bank, then Expected Price band of Utkarsh Small Finance Bank would be 32-35 per share. <strong>Valuation</strong> = ~2700-2800 Crores.
Incorporated in 1965, Merino Industries has turned into the largest manufacturer of exporters of laminates in India. With experience spanning over half a century, the company has expanded its forte into multiple segments over the years. Kolkata based company has manufacturing units in Hapur (Uttar Pradesh), Rohad (Haryana), Hosur (Tamil Nadu), and Dahej (Gujarat), through which it marks its presence in more than 60 nations of the world, thanks to a strong network of more than 4,000 dealers. <strong>Financial updates in FY20-21</strong> Merino Industries reported a profit after tax (PAT) of Rs 131.86 crore in the fiscal year 2020-21, which is about 6.5% higher than than the profit of Rs 129.43 crore reported in the previous fiscal year. The company reported a 12% fall in the revenue from operations to Rs 1,296.88 crore in the financial year ended on March 31, 2021, as against an income of Rs 1,473.72 crore in the year-ago period. However, the EBITDA for the company rose marginally, 5.3% to be precise, to Rs 251.78 crore in the FY2021 as compared to Rs 238.95 crore in the FY2020. Earnings per share (EPS) of the company marginally improved to Rs 117.95 from Rs 115.78 during the period under review. <strong>Business updates in FY20-21</strong> The company has announced a dividend of 60% or Rs 6 per equity share with a face value of Rs 10 each. The proposal was considered and approved by the company board and shareholders in the Annual General Meeting (AGM) of the company held on 3rd September 2021. The company board has attributed the improved bottom line to the growth in exports and domestic sales and they are expecting better performance in the coming years. The outbreak of the Covid-19 pandemic has been a headwind for the company's growth, leading to lockdown and travel bans which has ultimately resulted in the economic slowdown. During the year under review, the company merged its subsidiary, Merino Panel Products Limited, to itself following an order from NCLT. Thus the company had no subsidiary, associate, or joint venture companies at the end of March 2021. <p class="aLF-aPX-K0-aPE"><strong>Company Performance on Various Parameters</strong></p> <div class="table-overflow-init"> <table dir="ltr" style="width: 96.8341%;" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="100" /> <col width="100" /> <col width="100" /> <col width="109" /> <col width="100" /> <col width="209" /> <col width="80" /> <col width="130" /></colgroup> <tbody> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":2,"2":"Year "}"><strong>Year</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":2,"2":"Revenue"}"><strong>Revenue</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":2,"2":"EBITDA"}"><strong>EBITDA</strong></td> <td style="width: 14.1579%;" data-sheets-value="{"1":2,"2":"EBITDA Margin"}"><strong>EBITDA Margin</strong></td> <td style="width: 8.55665%;" data-sheets-value="{"1":2,"2":"PAT"}"><strong>PAT</strong></td> <td style="width: 13.7932%;" data-sheets-value="{"1":2,"2":"PAT Margin"}"><strong>PAT Margin</strong></td> <td style="width: 14.8435%;" data-sheets-value="{"1":2,"2":"Equity"}"><strong>Equity</strong></td> <td style="width: 12.95%;" data-sheets-value="{"1":2,"2":"EPS"}"><strong>EPS</strong></td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2016}"><strong>2016</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1088}">1088</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":234}">234</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.215}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">21.50%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":117}">117</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.108}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">10.80%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":111.75}">111.75</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2017}"><strong>2017</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1164}">1164</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":239}">239</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.205}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">20.50%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":139}">139</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.119}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">11.90%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":13276}">13276</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2018}"><strong>2018</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1239}">1239</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":230}">230</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.186}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">18.60%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":123}">123</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.099}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">9.90%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":117.48}">117.48</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2019}"><strong>2019</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1491}">1491</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":260}">260</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.175}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">17.50%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":160}">160</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.107}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">10.70%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":152.82}">152.82</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2020}"><strong>2020</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1488}">1488</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":235}">235</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.158}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">15.80%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":134}">134</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.09}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">9%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":127}">127</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2021}"><strong>2021</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1339}">1339</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":252}">252</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.1882}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">18.82%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":132}">132</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.1}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">10%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.118}">1.118</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":117.95}">117.95</td> </tr> </tbody> </table> </div> <p class="aLF-aPX-K0-aPE">(Note: All figures in crores, elsewhere stated)</p> <p class="aLF-aPX-K0-aPE"><strong>Comparison of Marino with its various listed peers on various parameters</strong></p> <div class="table-overflow-init"> <table dir="ltr" style="width: 65.4801%; height: 137px;" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="191" /> <col width="100" /> <col width="100" /> <col width="109" /> <col width="100" /> <col width="226" /> <col width="80" /></colgroup> <tbody> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Company"}"><strong>Company</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":2,"2":"Revenue"}"><strong>Revenue</strong></td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":2,"2":"PAT"}"><strong>PAT</strong></td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":2,"2":"NPM"}"><strong>NPM</strong></td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":2,"2":"EPS"}"><strong>EPS</strong></td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":2,"2":"P/E"}"><strong>P/E</strong></td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":2,"2":"M-Cap"}"><strong>M-Cap</strong></td> </tr> <tr style="height: 22px;"> <td style="width: 21.0584%; height: 22px;" data-sheets-value="{"1":2,"2":"Merino Industries"}"><strong>Merino Industries</strong></td> <td style="width: 11.0254%; height: 22px;" data-sheets-value="{"1":3,"3":234}">1339</td> <td style="width: 4.91063%; height: 22px;" data-sheets-value="{"1":3,"3":117}">132</td> <td style="width: 8.23857%; height: 22px;" data-sheets-value="{"1":3,"3":0.108}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">10.80%</td> <td style="width: 7.35651%; height: 22px;" data-sheets-value="{"1":3,"3":111.75}">118</td> <td style="width: 5.71061%; height: 22px;" data-sheets-value="{"1":2,"2":"-"}">27x</td> <td style="width: 7.70716%; height: 22px;" data-sheets-value="{"1":3,"3":3354}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">3,354</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Century Plyboards"}"><strong>Century Plyboards</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":2113.48}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">2,113</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":192.07}">192</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.0909}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">9.09%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":8.64}">8.64</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":39.51}">39x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":9263.5}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">9,263</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Greenply Industries"}"><strong>Greenply Industries</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":1015.39}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">1,015</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":57.93}">57</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.0571}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">5.71%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":4.72}">4.72</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":29.68}">29x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":2125.75}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">2,125</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Greenpanel Industries"}"><strong>Greenpanel Industries</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":1019.97}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">1,019</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":76.17}">76</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.0747}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">7.47%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":6.21}">6.21</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":27.52}">27x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":3819.84}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">3,819</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Stylam Industries"}"><strong>Stylam Industries</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":475.85}">475</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":55.31}">55</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.1162}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">11.62%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":32.63}">32.63</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":28.66}">28x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":1828.27}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">1,828</td> </tr> </tbody> </table> </div> <p class="aLF-aPX-K0-aPE"><strong>Note: </strong> <strong>1.</strong> All figures in crores, elsewhere stated <strong>2.</strong> Financial data of FY21 is taken for calculation <strong>3.</strong> Unlisted Share Price of Rs.3200 is taken for Merino Unlisted Shares for calculating P/E.</p>
Mohindra Fasteners has come up with its annual report 2021 and same is available with UnlistedZone. Let us see how it has performed in the last one year.<!--more--> <strong>About Mohindra fasteners</strong> <div class="table-overflow-init">Mohindra Fasteners was formed in the year 1995 and began the commercial production in beginning of 1997. Over the years, it has successfully emerged as a name to reckon with in the Indian Fastener industry. The company offers a wide range of cold and hot forged fasteners and precision machined components for automotive and industrial applications.</div> <strong>FY20-21 Analysis</strong> <strong>1.</strong> Total revenue from the operations of MFL for the year ended March 31, 2021 was at Rs. 108 Crores as against Rs. 104 Crores in the previous year. <strong>2</strong>. Despite a sharp fall in revenues in the first quarter, Mohindra Fasteners has earned a higher net profit of Rs. 10.38 Crores for the year 2021 as compared to corresponding figure in the previous year was Rs. 9.36 Crores for the year 2020. <strong>3.</strong> Mohindra fasteners export sales for the year ended March 31, 2021 was at Rs. 74 Cores as against Rs. 64 Crores in the previous year 2020. However, the domestic sales remains at par in FY20-21 as compared to last year. <strong>4</strong>. Mohindra Fasteners has clocked an EBITDA of ~17 Crores against ~16 Crores last year. <strong>5.</strong> The Earnings per share(EPS) for the year ended March 31, 2021 was higher at Rs. 19.38 compared to Rs. 17.49 in the previous year. <strong>Financial Performance last 5 years </strong> <div class="table-overflow-init"> <table width="100%"> <tbody> <tr> <td><strong>Year</strong></td> <td><strong>Revenue</strong></td> <td><strong>EBITDA</strong></td> <td><strong>OPM</strong></td> <td><strong>PAT</strong></td> <td><strong>NPM</strong></td> <td><strong>Equity</strong></td> <td><strong>EPS</strong></td> </tr> <tr> <td>2016</td> <td>94</td> <td>10</td> <td>11.10%</td> <td>4.5</td> <td>4.80%</td> <td>5.3568</td> <td>8.4</td> </tr> <tr> <td>2017</td> <td>100</td> <td>12</td> <td>11.80%</td> <td>5.03</td> <td>5.00%</td> <td>5.3568</td> <td>9</td> </tr> <tr> <td>2018</td> <td>115</td> <td>13</td> <td>11.90%</td> <td>5.5</td> <td>4.80%</td> <td>5.3568</td> <td>10</td> </tr> <tr> <td>2019</td> <td>135</td> <td>17</td> <td>12.70%</td> <td>9.55</td> <td>7.00%</td> <td>5.3568</td> <td>17</td> </tr> <tr> <td>2020</td> <td>104</td> <td>16</td> <td>15.6%</td> <td>9.36</td> <td>9.0%</td> <td>5.3568</td> <td>17</td> </tr> <tr> <td>2021</td> <td>108</td> <td>17</td> <td>15.7%</td> <td>10.38</td> <td>9.6%</td> <td>5.3568</td> <td>19</td> </tr> </tbody> </table> <strong>Dividend History of Mohindra fasteners</strong> </div> <div class="table-overflow-init"> <table style="width: 100%; height: 120px;" width="100%"> <tbody> <tr style="height: 24px;"> <td style="height: 24px;">Year</td> <td style="height: 24px;">Dividend per share</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2016-17</td> <td style="height: 24px;">2.2</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2017-18</td> <td style="height: 24px;">2.5</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2018-19</td> <td style="height: 24px;">3</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2019-20</td> <td style="height: 24px;">3.50</td> </tr> <tr> <td>2020-21</td> <td>5</td> </tr> </tbody> </table> </div> <strong>Valuation of Mohindra Fasteners</strong> The current unlisted market price of Mohindra Fasteners is Rs.225 per share. Total Outstanding Shares = 6 Crores Mcap = 1350 Crores EPS (FY21) = 19 P/E = 11.84x
Reliance Retail has come up with its annual report 2021 and same is available with UnlistedZone. Let us see how it has performed in the last one year.<!--more--> <strong>About Reliance Retail</strong> Reliance Retail was founded with a view to revolutionise retail in India. Today, it is the largest, fastest growing and most profitable retail company in India with diversified omni-channel presence through integrated store concepts and digital commerce platforms. It is the only Indian retailer to feature in the list of ‘<strong>Global Powers of Retailing’.</strong> As a market leader, Reliance Retail caters to five key consumption baskets – 1)<strong> Consumer Electronics</strong> 2) <strong>Fashion & Lifestyle </strong>3) <strong>Grocery</strong> 4) <strong>Pharma Retail</strong> and 5) <strong>Connectivity</strong>. <strong>Operation Analysis of Reliance Retail in FY20-21</strong> <strong>1.</strong> Despite of spread of COVID-19 and lockdown imposed by government of India, Reliance Retail delivered a resilient performance last year. On a consolidated basis, Reliance Retail delivered revenue of 1,55,209 crore against 1,60,965 crore for the previous year. <strong>2. </strong>The revenues were impacted on account of store closures (80% stores operational), lower footfalls (65% of last year) and operational disruptions through the year. <strong>3.</strong> The Company delivered a consolidated EBITDA of 8,373 crore for FY 2020-21 against 9,518 crore for the previous year, driven by the gradual rebound of revenue streams and judicious cost management initiatives. <strong>4.</strong> The Company has earned profit after tax of 4,587 crore against 5,540 crore for the previous year. <strong>Business Analysis of Reliance Retail</strong> <strong>1.</strong> The petro-retail dealership between Reliance Industries Limited (‘RIL’) and the Company’s subsidiary Reliance Petro Marketing Limited (‘RPML’) has ended. Consequently, the consolidated revenues of the Company have been impacted. RPML has continued to operate its bulk Lubricants business and packing and distribution of Liquefied Petroleum Gas business. <strong>2.</strong> Reliance Retail has transferred its supply chain business to Reliance Retail Ventures Limited (‘RRVL’), its holding Company as a ‘going concern’ on ‘slump sale’ basis. <strong>3.</strong> Reliance Retail business continued to attract and serve millions of customers across the country far and wide. The registered customer base now stands at 15 Crores, a growth of 25% Y-o-Y. <strong>4.</strong> Reliance Retail business has been launched and rapidly scaled-up Jio-Mart and built last-mile fulfilment capacity a fresh to enable home delivery of essentials across 200 cities. <strong>5.</strong> Jio-Mart has since grown to become India’s leading hyperlocal delivery platform with more users, more orders, and more products with each passing month. <strong>Industry Trend in Retail Market</strong> <strong>1.</strong> India’s retail market is estimated at US$822 billion in FY 2019- 20 and is expected to grow at a CAGR of 10% over next five years to reach US$1,315 billion by FY 2024-25. <strong>2.</strong> The penetration of organised retail market is estimated at 11% in FY 2019-20 and is expected to grow to 18% by FY 2024-25. <strong>3.</strong> The unorganised retail market is poised to grow to over US$1 trillion over this period, making it amongst the most attractive consumer sector opportunities across the world. <strong>Financial Performance of Reliance Retail</strong> <strong> Figures in Crores</strong> <div class="table-overflow-init"> <table width="100"> <tbody> <tr style="height: 23px;"> <td style="height: 23px;" width="64"><strong>Year</strong></td> <td style="height: 23px;" width="89"><strong>Revenue</strong></td> <td style="height: 23px;" width="98"><strong>EBITDA</strong></td> <td style="height: 23px;" width="135"><strong>OPM</strong></td> <td style="height: 23px;" width="98"><strong>PAT</strong></td> <td style="height: 23px;" width="64"><strong>NPM</strong></td> <td style="height: 23px;" width="89"><strong>Equity</strong></td> <td style="height: 23px;" width="64"><strong>EPS</strong></td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2015</td> <td style="height: 23px;">16169</td> <td style="height: 23px;">854</td> <td style="height: 23px;">5.3%</td> <td style="height: 23px;">272</td> <td style="height: 23px;">1.7%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">0.55</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2016</td> <td style="height: 23px;">18418</td> <td style="height: 23px;">932</td> <td style="height: 23px;">5.1%</td> <td style="height: 23px;">306</td> <td style="height: 23px;">1.7%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">0.61</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2017</td> <td style="height: 23px;">26473</td> <td style="height: 23px;">1200</td> <td style="height: 23px;">4.5%</td> <td style="height: 23px;">440</td> <td style="height: 23px;">1.7%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">0.88</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2018</td> <td style="height: 23px;">51501</td> <td style="height: 23px;">2411</td> <td style="height: 23px;">4.7%</td> <td style="height: 23px;">1246</td> <td style="height: 23px;">2.4%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">2.50</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2019</td> <td style="height: 23px;">102085</td> <td style="height: 23px;">6064</td> <td style="height: 23px;">5.9%</td> <td style="height: 23px;">3140</td> <td style="height: 23px;">3.07%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">6.30</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2020</td> <td style="height: 23px;">130627</td> <td style="height: 23px;">9405</td> <td style="height: 23px;">7.19%</td> <td style="height: 23px;">5526</td> <td style="height: 23px;">4.2%</td> <td style="height: 23px;">4,999.40</td> <td style="height: 23px;">11.07</td> </tr> <tr> <td>2021</td> <td>131926</td> <td>8312</td> <td>6.3%</td> <td>4586</td> <td>3.4%</td> <td>4,999.40</td> <td>8.92</td> </tr> </tbody> </table> </div> <strong>Valuation of Reliance Retail: </strong> (i) Mcap - 13 Lakh Crores (at CMP of 2600). (ii) EV - 13.14 Lakh Crores (iii) EBITDA - 8312 Crores (Based on FY21 Financials) (iv) EV/EBITDA - 158 (v) Mcap/Revenue - 10x <strong>Peer Comparison:</strong> <div class="table-overflow-init"> <table width="100"> <tbody> <tr> <td colspan="9" width="576">Avenue Super Mart Snapshot (Figures in Crores)</td> </tr> <tr> <td width="64">Year</td> <td colspan="2" width="128">Revenue</td> <td width="64">EBITDA</td> <td width="64">OPM</td> <td width="64">PAT</td> <td width="64">NPM</td> <td width="64">Equity</td> <td width="64">EPS</td> </tr> <tr> <td width="64">2015</td> <td colspan="2" width="128">6,457</td> <td width="64">477</td> <td width="64">7.40%</td> <td width="64">211</td> <td width="64">3.30%</td> <td width="64">561</td> <td width="64">4</td> </tr> <tr> <td width="64">2016</td> <td colspan="2" width="128">8,601</td> <td width="64">682</td> <td width="64">7.90%</td> <td width="64">320</td> <td width="64">3.70%</td> <td width="64">561</td> <td width="64">6</td> </tr> <tr> <td width="64">2017</td> <td colspan="2" width="128">11,926</td> <td width="64">1011</td> <td width="64">8.50%</td> <td width="64">478</td> <td width="64">4.00%</td> <td width="64">624</td> <td width="64">8</td> </tr> <tr> <td width="64">2018</td> <td colspan="2" width="128">15,102</td> <td width="64">1423</td> <td width="64">9.40%</td> <td width="64">806</td> <td width="64">5.30%</td> <td width="64">624</td> <td width="64">13</td> </tr> <tr> <td width="64">2019</td> <td colspan="2" width="128">20,052</td> <td width="64">1682</td> <td width="64">8.40%</td> <td width="64">902</td> <td width="64">4.50%</td> <td width="64">624</td> <td width="64">14</td> </tr> <tr> <td>2020</td> <td colspan="2">24,930</td> <td>2189</td> <td>8.70%</td> <td>1300</td> <td>5.21%</td> <td>647</td> <td>20</td> </tr> <tr> <td>2021</td> <td colspan="2">24143</td> <td>1855</td> <td>7%</td> <td>1100</td> <td>4.55%</td> <td>648</td> <td>17</td> </tr> </tbody> </table> </div> <strong>Valuation of Avenue Super Mart: </strong> (i) Mcap - 2.54 Lakh Crores (at CMP of 3921) (ii) EV - 2.54 Lakh Crores (iii) EBITDA - 1855 Crores (Based on FY21 Financials) (iv) EV/EBITDA - 136 (v) Mcap/Revenue - 10x <strong>Conclusion:</strong> Valuation of Reliance Retail looks similar to its listed peer i.e. D-mart if we don't consider any dilution of equity of Reliance Retail. However, with Reliance Retail focus on different segments like online medicine which is a high margin business and other businesses which Reliance is acquiring will definitely create value for shareholders in future.
Care Health has come up with an Annual Report 2021 in the last week and same is available with UnlistedZone. In this article, we will check the performance of the Care Health Insurance in the year FY20-21.<!--more--> <strong>Business Performance</strong> <strong>1.</strong> In the financial year ended March 2021, Care Health Gross Domestic Premium Income (GDPI) rose to Rs. 2,559 Crores from Rs. 1,975 Crores, (excluding Ayushman Bharat) registering a growth of 29.5 % over financial year 19-20. <strong>2.</strong> Profit After Tax (PAT) for the year increased to Rs. 102 Crores, registering a growth of 55.7 %. <strong>3.</strong> Solvency ratio was at 2.45, one of the highest in the industry and significantly above the minimum regulatory requirement of 1.50x. This shows that company is well capitalised. <strong>4.</strong> The Company has launched a few new products, namely, Care Advantage, Arogya Sanjeevani, Corona Kavach, Covid Care, Group Care 360, Care Shield Add- on, Explore V2. <strong>5.</strong> During the last year 4 new branches were opened and total count of branches is 158. There are around 9,904 permanent employees in the Company. The agent strength, which is back bone of any insurance company has increased from 1,32,474 to 1,69,183 as compared to last financial year. <strong>6.</strong> Care Health Insurance has tied up with more than 16,000 healthcare network providers to facilitate cashless services to its customers. <strong>Raises funds in FY20-21</strong> 1. Care Health has raised Rs. 337 Crores by allotting 7,98,67,980 Equity Shares of Rs. 10 each on preferential allotment/ private placement basis to M/s Trishikhar Ventures LLP and a few other shareholders at a premium of Rs. 27.89/- per equity share. 2. Care Health has also issued 3.32 Crores of ESOPs. <strong>Financial Results of FY20-21</strong> <div class="table-overflow-init"> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="218" /> <col width="100" /> <col width="100" /></colgroup> <tbody> <tr> <td data-sheets-value="{"1":2,"2":"Particulars (Cr)"}">Particulars (Cr)</td> <td data-sheets-value="{"1":3,"3":44276}" data-sheets-numberformat="{"1":5,"2":"mmmm-d","3":1}">March-21</td> <td data-sheets-value="{"1":3,"3":44275}" data-sheets-numberformat="{"1":5,"2":"mmmm-d","3":1}">March-20</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Revenue- from Operation"}">Revenue- from Operation</td> <td data-sheets-value="{"1":3,"3":262}">262</td> <td data-sheets-value="{"1":3,"3":256}">256</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Revenue- from Investement"}">Revenue- from Investment</td> <td data-sheets-value="{"1":3,"3":56}">56</td> <td data-sheets-value="{"1":3,"3":21}">21</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Other Income"}">Other Income</td> <td data-sheets-value="{"1":3,"3":0.8}">0.8</td> <td data-sheets-value="{"1":3,"3":3.5}">3.5</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Total Revenue"}">Total Revenue</td> <td data-sheets-value="{"1":3,"3":322}">322</td> <td data-sheets-value="{"1":3,"3":278}">278</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Total Expenses"}">Total Expenses</td> <td data-sheets-value="{"1":3,"3":247}">247</td> <td data-sheets-value="{"1":3,"3":213}">213</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td data-sheets-value="{"1":3,"3":102}">102</td> <td data-sheets-value="{"1":3,"3":65}">65</td> </tr> </tbody> </table> </div> <strong>Valuation of Care-Health Insurance</strong> Care-health Unlisted Share Price = 235 Total Shares Outstanding = 84.1 Crores Mcap = ~19763 Crores The valuation looks very stretched.
<div class="gmail_default"> <strong>TamilNad Mercantile Bank (TMB)</strong> is eyeing to raise funds from the primary markets via an initial public offering (IPO). The lender has filed its draft red herring prospectus (DRHP) with the capital markets regulators for the same. According to the DRHP, the bank will issue 15,840,000 equity shares with a face value of Rs 10 each. The issue will consist of the issuance of fresh equity of 15,827,495 equity shares and an offer for sale (OFS) of 12,505 equity shares by existing shareholders. Investors participating in OFS include D. Prem Palanivel (up to 5,000 equity shares), Priya Rajan (up to 5,000 equity shares), Prabhakar Mahadeo Bobde (up to 1,000 equity shares), Narasimhan Krishnamurthy (up to 505 equity shares), M. Malliga Rani (up to 500 equity shares) and Subramanian Venkiteshwaran Iyer (up to 500 equity shares). The bank is not considering any issuance or placement of equity shares by way of pre-offer placement from the date of the DRHP filing until the listing of the equity shares on the exchanges. Tuticorin-based Tamilnad Mercantile Bank is a professionally managed lender and does not have an identifiable promoter. Earlier this year, the managing director and CEO of the bank KV Rama Moorthy said that the bank will raise Rs 1,000 crore via IPO in the ongoing financial year. 75 percent of the net offer has been reserved for qualified institutional buyers (QIBs). 15% of the net offer is for allocation to Non-Institutional Investors (NIIs) and the remaining 10 percent shall be available for allocation to retail bidders. According to the draft papers, Tamilnad Mercantile Bank will utilize the net proceeds from the fresh issue for augmenting its Tier–I capital base to meet its future capital requirements and to meet the expenses related to the offer. Axis Capital, Motilal Oswal Investment Advisors, and SBI Capital Markets will be the Book Running Lead Managers. Link Intime has been appointed as the registrar. As of March 31, 2019, 2020, and 2021, the deposits and advances in the state of Tamil Nadu contributed to 71.62%, 75.93%, and 76.33%, respectively, of the total business. As of March 31, 2021, the bank said it had 4.18 million customers in Tamil Nadu comprising. It constitutes 85.07% of the overall customer base. TMB had reported a 48% rise in net profit to Rs 603.3 crore for the financial year ended on March 31, 2021, as against Rs 407.69 crore in the year ended on March 31, 2020. Net interest income increased 16.52% to Rs 1,537.5 crore during the period. The gross non-performing assets declined to 3.44% in FY21 from 3.62% percent in FY20. However, the net NPAs were up at 1.98% in March 2021 from 1.8% in March 2020. At present, TMB has around 509 branches, of which 106 branches are in rural areas, whereas 247 in semi-urban, 80 in urban, and 76 are in metropolitan centers. As of June 30, 2021, it had a customer base of around 4.93 million of which 70 percent comprised customers who were associated with the bank for more than five years. </div>
Philips India is a leader in the business of Health System, Personal Health and Innovation Services. Below is the business performance of Philips India for the year FY202-21. <strong>Health System</strong> <div class="page" title="Page 24"> <div class="layoutArea"> <div class="column"> <strong>a)</strong> During the year 2020-21, Health Systems business of Philips India delivered another year of strong performance irrespective of Market de-growth, driven by growth in Image Guided Therapy (IGT) (47.6% Market Share) and Connected Care (CC) Business. <strong>b)</strong> In Image Guided Therapy(IGT),Philips Market share improved by 11.2%. <strong>c) </strong>Magnetic Resonance (MR), Philips Market share increased by 1.5% fuelled by PMRS. <strong>d)</strong> Ultrasound business of Philips India has improved market share from 17% to 19.7% driven by strong performance of the India. <strong>Personal Health</strong> <div class="page" title="Page 25"> <div class="layoutArea"> <div class="column"> <strong>a)</strong> Personal Health business continued its transformation journey by adopting to the external dynamic headwinds and delivered 16% growth over the previous financial year. <strong>b)</strong> Under Domestic Appliances business, Philips India has launched New Urban living range of Air Purifiers with an idea to create a safe in home environment and also a new range of Oven Toast and Grill (OTG) products to support the In-home Cooking trend. <strong>Demerger of Domestic business</strong> <div class="page" title="Page 25"> <div class="layoutArea"> <div class="column"> Domestic Appliance Business will stand transferred to and vested with Philips Domestic Appliances India Limited with effect from the appointed date i.e. July 1, 2021. So existing shareholders of the Philips India will get shares of Domestic Appliances. And, accordingly the unlisted shares value of Philips India will reduce. </div> <div class="page" title="Page 114"> <div>Domestic Appliances business including the Company’s subsidiary “Preethi Kitchen Appliances Private Limited” will be carved out from the Business segment “Personal Health” which primarily involves sale of kitchen appliances (juicers, blenders, Air fryer, food processors), home care (vacuum cleaners, air purifiers), garment care (irons, steam generators) and coffee makers (appliances and accessories).</div> <div class="layoutArea"> <strong>Financial Performance of Domestic Business</strong> <table dir="ltr" style="width: 30.6709%; height: 120px;" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="185" /> <col width="100" /></colgroup> <tbody> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"FY20-21"}">FY20-21</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"Revenue from operations"}">Revenue from operations</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":706}">1475</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"Operating expenses"}">Operating expenses</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":693}">1373</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"PBT"}">PBT</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":13}">101</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":11}">80</td> </tr> </tbody> </table> </div> </div> <div class="column"> <div class="page" title="Page 181"> <div class="layoutArea"> <div class="column"> In accordance with the Scheme, the assets and liabilities pertaining to Domestic Appliance business will stand transferred to and vested with Philips Domestic Appliances India Limited with effect from the appointed date i.e. 01 July 2021 and shareholders of the Company will be allotted 1 fully paid equity share of Philips Domestic Appliances India Limited for each fully paid equity share held by them in the Company on or before the Effective date and the transfer of the De-merged Undertaking shall be on a going concern basis. <strong>Innovation Campus</strong> </div> </div> </div> <div class="page" title="Page 25"> <div class="layoutArea"> <div class="column"> Philips Innovation Campus, Bengaluru (PIC-B) established in 1996 as a premier software research and development organisation of Royal Philips, today hosts 4500+ top-notch professionals working on developing products and innovative solutions across the healthcare continuum to improve people’s health. It is one of the four major Philips innovation hubs globally. <strong>Subsidiaries of Philips India</strong> <div class="page" title="Page 27"> <div class="layoutArea"> <div class="column"> During the financial year 2020-21, Philips India had three wholly owned subsidiaries, Preethi Kitchen Appliances Private Limited (“Preethi”), Philips Home Care Services India Private Limited (“Philips Home Care”) and Philips Domestic Appliances India Limited (“Philips Domestic Appliances”). Now as said above, the Domestic Appliance India business was de-merged from Philips India w.e.f o1.07.2021. <strong>Financial Performance of Philips India</strong> <div class="table-overflow-init"> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="218" /> <col width="100" /> <col width="100" /></colgroup> <tbody> <tr> <td data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td data-sheets-value="{"1":2,"2":"FY20-21"}">FY20-21</td> <td data-sheets-value="{"1":2,"2":"FY19-20"}">FY19-20</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Revenue "}">Revenue</td> <td data-sheets-value="{"1":3,"3":5639}">5639</td> <td data-sheets-value="{"1":3,"3":5253}">5253</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"EBITDA"}">EBITDA</td> <td data-sheets-value="{"1":3,"3":512}">512</td> <td data-sheets-value="{"1":3,"3":447}">447</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"OPM"}">OPM</td> <td data-sheets-value="{"1":3,"3":0.09079624046816812}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-2]C[0]">9.08%</td> <td data-sheets-value="{"1":3,"3":0.08509423186750428}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-2]C[0]">8.51%</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Profit from continous operation"}">Profit from continuous operation</td> <td data-sheets-value="{"1":3,"3":164}">164</td> <td data-sheets-value="{"1":3,"3":143}">143</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Profit from discontinous operation"}">Profit from discontinuous operation</td> <td data-sheets-value="{"1":3,"3":101}">101</td> <td data-sheets-value="{"1":3,"3":0}">0</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"EPS"}">EPS</td> <td data-sheets-value="{"1":3,"3":43}">43</td> <td data-sheets-value="{"1":3,"3":25}">25</td> </tr> </tbody> </table> </div> If you see the above financial carefully, company has shown two types of profit in the books, first from continuous i.e. 164 Crores and Second is discontinuous i.e. 101 Crores. This discontinuous profit will not be available from next year as this business is de-merged. Current Unlisted market price of Philips India is 1600 and P/E 37x based on EPS of 43. After demerger of the domestic appliances business EPS would become 28. So, price of Philips India should trade around level of Rs.1000 if we give P/E of 35x to its business after de-merger. For 30x P/E, the price would be ~800 per share. </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>
<p>The company began its operations in 1973. It is remarkable from where the company has come from, manufacturing 7 million helmets each year from a garage. It has continually innovated in the past five decades so that we remain focused on delivering safety to a two-wheeler rider. As a result, the company is the world’s largest helmet manufacturer of helmets. The four manufacturing facilities are located in Faridabad which is strategically situated in the vicinity of the market. The company also has a strong global presence across Europe, Asia, Latin America and the Middle East, spanning over 40 countries.</p> <!--more--> <p><strong>Some Stats of Studds Accessories Unlisted Shares in FY2021?</strong> <br /><br />1. Total helmets manufactured by Studds stands at ~64 lakh. <br /><br />2. Exported to more than 45 countries. <br /><br />3. Largest manufacturer of helmet in the world. <br /><br />4. Studds Accessories has 4 manufacturing units in Haryana. <br /><br />5. Having human capital of 2722. <br /><br /><strong>Covid-19 Impact?</strong> <br /><br />Despite of washout of business and almost shutdown of manufacturing units in the first quarter of FY2021 due to nation wide lockdown announced by government of India to mitigate the spread of corona virus, Studds in the second half of the fiscal managed to deliver all the orders received during the year. Because of Covid, the availability of raw materials remained a challenge for the company throughout a year. However, Studds worked closely with their suppliers and tried to get all the raw materials in time so to complete the orders in time. <br /><br /><strong>Studds Accessories 5 years Financial performance at glance?</strong> <img class="alignnone wp-image-20697" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2021-09-03-at-8.56.29-AM.png" alt="" width="600" height="515" /> <br /><br /><strong>Opportunities available for Studds Accessories? <br /><br /></strong> With growing safety concerns, governments around the world have mandated the use of helmets for riders. It has added impetus to a largely fragmented helmet market and continues to open newer opportunities in domestic as well as international markets for Studds Accessories. <br /><br /><strong>New Products Launches in FY2021</strong> <img class="alignnone wp-image-20698" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2021-09-03-at-9.01.01-AM.png" alt="" width="600" height="576" /> <br /><br /><strong>Industry Overview of 2W and helmet Market</strong> <br /><br />1. The two-wheeler market in India shrank significantly in 2020 due to the COVID-19 pandemic, resulting in several state and national level lockdowns across the nation. <br /><br />2. In the month of March-2021, Scooters, motor cycles, and mopeds all posted increases in sales as compared to the same period a year ago, with gains of 74.0%, 74.1%, and 36.2% respectively. This is mainly due to very less activity done last year in the same period. <br /><br />3. India is the largest market for 2-wheelers (e.g. scooterettes, mopeds, and motorcycles) as well as home to one of the world’s most competitive manufacturers of 2-wheeler helmets with 3.5 Crores units produced each year. <br /><br />4. In India, the market for two-wheeler helmet is expected to grow around 25% by 2022 . As consumers become more aware of safety, coupled with advanced safety features being introduced in two-wheeler helmets, the market for two-wheeler helmets is expected to grow significantly. <br /><br />5. According to the Motor Vehicle Act, it is mandatory for all two-wheeler riders to wear helmets. Furthermore, the government has adopted a policy that prohibits the production, sale, and use of helmets that lack an ISI certification. The policy became effective on June 1, 2021. This will be a major step for improving the safety of riders of two-wheelers. The government has taken a number of steps aimed at ensuring the safety of riders, which is a positive development. The helmet industry will benefit from all these factors. <br /><br /><strong>Financial Analysis by UnlistedZone Team</strong> <br /><br /><strong>1.</strong> In FY20-21, the revenue of Studds Accessories has increased by 15% despite problems in the economy due to COVID-19. In FY20-21, they clocked a revenue of Rs.484 Crores as compared to 420 Crores last year. <br /><br /><strong>2.</strong> EBITDA for FY21 stands at 115 Crores as compared to 103 Crores in FY20. This translate into margins of 23.7% in FY21 as compared to 24.5% last year. <br /><br /><strong>3</strong>. PAT remains flat at 73 Crores similar to last year. PAT remains same, due to high depreciation as they have added new manufacturing plants and increase of finance cost. <br /><br /><strong>Balance Sheet Analysis</strong> <br /><br /><strong>a</strong>. In FY20-21, the Property, Plants and Equipment has increased from 154 Crores to 260 Crores, as company is focussing on Capex. <br /><br /><strong>b</strong>. They have a debt of ~27 Crores in FY21 and Net-worth of 290 Crores. So, D/E is less than 1. <br /><br />c. Current ratio = 1.43x ( Very comfortable) <br /><br />4. ROE stands at 25% which is quite decent. <br /><br />5. In FY20-21, Studds has generated a Free cash flow of 37 Crores. Last year it was Zero. <br /><br /><strong>Valuation of Studds Accessories</strong> <br /><br />Total Outstanding Shares = 1.96 Crores <br /><br />Studds Unlisted Market Price = 2000<br /><br />Mcap = ~4000 Crores <br /><br />The current valuation looks stretched.</p>
<strong>What is the difference between listed and Unlisted Market?</strong> The unlisted or the pre-IPO market has been in a lot of buzz among the select section of investors. However, earlier this market was primarily confined to a few wealthy investors but now the popularity of this marketplace has allowed active participation from the retail investors. Before diving deep into the topic, one must understand what is unlisted and what are unlisted shares. One also needs to understand how it is different from the mainstream or the so-called listed markets. <strong>What are unlisted shares?</strong> Unlisted shares are those equity shares or securities which are not traded on any particular exchange. Such stocks are bought and sold from the dealers, which are active in the informal markets. For any company to be listed on an exchange, it has to comply with various norms and float its primary issue. Companies, which are not able to comply with those norms or operate at the nascent stage, are traded in the unlisted space. If a company is trading in an unlisted market, it does not mean that it has some issues. Various startups also trade in the pre-IPO market. It is simply because either the company is not making enough profits to be listed or it's looking for minimal capital for its funding needs. An unlisted public company can have an unlimited number of shareholders to raise capital. Not all listed companies are successful and not all unlisted companies are unsuccessful. Unlisted share markets are the key market for value hunters who invest a decent amount in a strong business model at an early stage to see their wealth multiply over the years. <strong>Buying of shares</strong> In the listed markets, most investors are unaware of the buyers or sellers of the stock. However, the fair price discovery takes place on exchanges that are based on the demand-supply mechanism of the scrip and investors have to deal at the same price shown at the exchange at the particular time only during the market hours. Unlisted markets differ from this practice at multiple steps. There are ample differences between the two. Investors know the buyer or seller and the price discovery is fair but can be bargained by both parties. So both have to agree on the given price and given quantity. Also, the deals can take place beyond the market hours as well. If you are able to find a reliable and supportive dealer in the unlisted space, half of the battle is won. Buying or selling of the share is very much simple when the dealer is finalized and the buy/sell price and quantity are agreed upon between the two parties. An Investor will need to share his details with proofs including the DEMAT account, Client Master Report (CMR). The investor needs to transfer the unlisted share which he/she wants to sell with the quantities to the buyers or broker's DEMAT account. The same day when the dealer receives the unlisted shares in his DEMAT Account, the payment is done by the latter via the preferred mode of transfer. <strong>Client Master Report (CMR)</strong> copy is a paramount document, required to buy unlisted and Pre IPO shares. CMR contains Depository Participant Identity (DP ID), Client ID, PAN number, Bank Account Number, along with more details. This can be easily obtained by sending an email to the broker and the same is delivered within a few hours. The dealer will require a PAN Card, Aadhar Card, and a copy of DIS Slip, which is used to transfer shares into the account. <strong>Opportunity Size</strong> Indian listed markets have more than 2,000 companies listed on the various exchanges. However, not all companies are investment-worthy. Stock exchanges have different groups based on the settlement and activeness of the stocks. However, unlisted stocks are not widely classified and not all unlisted shares are available. As mentioned above unlisted markets do not have a fixed mechanism of fair price discovery and the pool size is very less. In the unlisted market, the number of good opportunities is very scarce. Also, the free float of such shares is very less as either private equity players or employees getting shares through ESOPs exit their positions through the private market. However, valuation stock in unlisted markets is quite conservative as it is a more risky bet. Also, the liquidity in this space is pretty much. Though, it is not a space for traders or short-term investors. The unlisted market is an investment space for the investors who have enough spare funds, a longer investment horizon, and a strong knack to identify amazing business opportunities at an early age. <strong>Why is an Unlisted Market needed?</strong> It is always better to have an alternative market. It gives you more variety and options, along with an alternative to investing in the new age companies at an early stage. Investors are rushing towards the pre IPO market simply for one reason- to buy quality at competitive rates. They believe that by the time a company floats its IPO, the entire juice is squeezed out of it. Most of the companies and merchant bankers demand supernormal valuations in the IPOs which leaves limited room for upside for the retail investors. The unlisted market gives him a better, if not equal, opportunity to hunt for multi-baggers. <strong>Taxation on the Unlisted Shares?</strong> The pre-IPO shares will be taxed either as short-term capital gains (if held for less than 24 months) at the rate depending upon the tax slab of individuals or long-term capital gains (if held more than 24 months) at the rate of 20% (excluding surcharge and cess but with indexation benefits). However, the unlisted shares have a mandatory lock-in of six months, which was a year earlier. Even if the investor sell shares in the listed market, the applicable rates of unlisted market will prevail. <strong>Conclusion</strong> Unlisted shares give the same and equal rights to shareholders as those of the listed ones. The market might be unregulated but it is completely legal and the legitimacy of the transfer of shares from one owner to another cannot be challenged by the company.
Despite experiencing a sharp fall in revenue in the first quarter where the country was in lockdown, BVG India has progressively strengthened during the year, displaying a robust and resilient performance. BVG India has announced its annual results for the financial year 2020-21. The company reported a fall in the consolidated profit after tax (PAT) to Rs 91 crore in the financial year 2020-21, as against a net profit of Rs 118 crore in the financial year 2019-20. In June this year, the Company successfully handed over to the customer its maiden Solar EPC project of 100 MW at Chennai, having commissioned it well within the given time. Owing to its award-winning performance in this contract, BVG India further received similar solar EPC contracts in the states of Rajasthan and Uttar Pradesh The total income generated from operations is Rs. 1669 Crores as compared to Rs. 1933 Crores in 2019-20. The Company had commenced providing emergency medical services in the union territories of Jammu, Kashmir, and Leh towards the end of last year, and further consolidated it in the current year, gaining wide recognition and appreciation for the services during the COVID outburst, especially from local communities. EBITDA from continuing operations during the year under review stood at Rs. 232 Crores as against Rs. 252 Crores in the previous year. In FY20-21, receivables days are very high. It stands at 193 days which shows that company is not able to receive cash in time. CFO/EBITDA stands at 60% which is a little bit on the lower side. Under Solid Waste Management as being a key contributor in BVG growth, winning contracts in Haryana and Maharashtra. <strong>Financials</strong> Company's Debt = 510 Crores, Equity = 780 Crores. So, D/E <1 ( comfortable position). ROE = 11.67% Despite restrictions imposed due to COVID, BVG India bagged certain prestigious contracts such as RBI Mumbai and IIM Ahmedabad for providing facility management services, while continuing its foray into Infrastructure sector through key contracts for airports and road transport.
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