Blogs, insights, guides and videos on India's unlisted market — all in one place.
<h2>Introduction</h2> <p>Ixigo, one of India's leading travel and hotel booking e-commerce websites, has emerged as a formidable player in the Online Travel Agency (OTA) sector. With its diverse suite of services including flight bookings, hotel reservations, and railway ticketing, Ixigo has been at the forefront of disrupting the Indian travel market. The company has further strengthened its position through strategic acquisitions like ConfirmTkt and AbhiBus. In this blog, we delve into the financial performance of Ixigo’s unlisted shares, offering a comprehensive analysis for prospective investors.</p> <h2>Impressive Milestones</h2> <p>As of March 2023, Ixigo has surpassed the commendable milestone of 6.6 Crore monthly active users across all its platforms. This is a testament to the company's growing influence in the Indian travel industry. Ixigo processes around 5 Crore bookings annually, catering to over 8 Crore passenger segments.</p> <h2>Financials: A Five-Fold Growth</h2> <p>For the Financial Year 2023, Ixigo recorded an operating revenue exceeding Rs. 500 crores, marking nearly a five-fold growth compared to its pre-COVID levels. Most OTAs have only managed a 1-2x growth in the same period. The company attributes this success to its customer-centric approach during the pandemic and strategic acquisitions that were culturally and economically aligned. ConfirmTkt and AbhiBus, the acquired businesses, are operating at a significantly higher scale in terms of both revenue and profitability compared to their pre-COVID levels.</p> <h2>Market Position</h2> <p>According to the recent VIDEC travel industry report, Ixigo stands as India’s 2nd largest OTA by revenue for FY22 and FY23. The company leads the market in train bookings, holding nearly a 50% market share, and is the 2nd largest OTA for bus bookings.</p> <h2>Revenue and Expenses</h2> <p>Revenue increased from 384 Cr in FY22 to 517 Cr in FY23. Major expenses include Customer refunds (~100 Cr), Advertising and Sales Promotion (~93 Cr), and Partner support costs (~67 Cr). These together make up around 50% of the revenue. Gross revenue from operations saw an increase of 41.87% from 451 Cr in FY22 to 640 Cr in FY23.</p> <h2>Cash EBITDA and Profitability</h2> <p>The Cash EBITDA for FY23 stands at 60 Cr, a significant rise from last year's 11 Cr. The company also moved from an EBITDA loss of 7 Cr in FY22 to a profit of 45 Cr in FY23.</p> <h2>Revenue Segmentation</h2> <p>Ticket revenue increased to 467 Cr in FY23 from 361 Cr in FY22. Advertising income also saw a boost, moving from 14 Cr to 24 Cr. The company saw revenue and GTV growth across multiple segments - Flights, Trains, and Buses, with trains emerging as a significant contributor. <br /><br /><img class="alignnone wp-image-26407" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-11.34.15.jpeg" alt="" width="440" height="194" /></p> <h2>Valuation and Comparison</h2> <p>In the current market scenario, Ixigo unlisted shares are available at Rs. 100 with a market capitalization of 3800 Cr. With a PAT of 23 Cr, the P/E ratio stands at 165x, which is expected to rationalize with future growth. For comparison, EaseMyTrip trades at a P/E of 48x with a market cap of 6300 Cr.</p> <h2>Conclusion</h2> <p>Ixigo has demonstrated a robust financial performance, backed by strategic moves and a customer-centric approach. While the company has deferred its plans for an IPO due to market conditions, its unlisted shares offer an intriguing opportunity for investors. With a high growth trajectory and strong market position, Ixigo is well-poised for future success in the ever-growing Indian travel industry. For investors looking at pre-IPO opportunities, Ixigo presents a compelling case for consideration.</p> <hr /> <p><em>Disclaimer: This blog is for informational purposes only and should not be construed as financial advice. Always consult with your financial advisor before making any investment decisions.</em></p>
<h3>Introduction of Studds</h3> <p>Studds, a prominent player in the helmet manufacturing industry, has shown a rather modest 7% growth in total revenue for the fiscal year 2022-23, increasing from approximately INR 467 Cr last year to INR 500 Cr this year. This blog aims to delve deeper into the company's financials, market position, and potential growth drivers to evaluate its investment viability in the unlisted share market.</p> <h3>Revenue Growth: A Closer Look</h3> <p><strong>Domestic Market</strong> <br /><br />Studds has been experiencing growth in the domestic Indian market. The company's domestic sales grew from INR 378 Cr in FY22 to INR 447 Cr in FY23, marking an 18% growth. However, when compared to the FY21 figure of INR 442 Cr, the growth appears to be negligible.<br /><br /><strong>Export Market</strong> <br /><br />The export market has been a challenge for Studds, showing a decline from INR 97 Cr in FY22 to INR 67 Cr in FY23, a de-growth of 30%. This is a concern, as 20% of the company's business comes from exports. In coming years, the Exports gaining prominence with the <br /><br /><strong>Make in India initiative.</strong> <br /><br />The government’s Make in India initiative has given a boost to the manufacturing of helmets in the country. As a result, Indian-made helmets are becoming popular in other countries as well. The export market for helmets is expected to grow in the coming years due to rising demand and the government’s support for domestic manufacturing. This has created new opportunities for manufacturers to expand their customer base. <img class="alignnone wp-image-26396" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-09.14.33.jpeg" alt="" width="681" height="439" /></p> <h3>Factors Impacting Growth</h3> <p><strong>The Two-Wheeler Industry</strong> <br /><br />The two-wheeler industry has been experiencing a consistent decline since its peak in 2019. According to data from SIAM, two-wheeler sales have been following a downward trend from 1.7 Cr in 2019 to 1.25 Cr in 2023. This directly impacts the demand for helmets and, consequently, Studds' growth. <br /><br /><strong>Emergence of Electric Vehicles</strong> <br /><br />The electric vehicle market in India is showing signs of growth, with around 7 lakh EVs sold last year. Although this figure is still small, the growth in EV sales can potentially fuel the helmet market in the future. <br /><br /><img class="alignnone wp-image-26397" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-09.21.35.jpeg" alt="" width="618" height="368" /></p> <h3>Financial Health of the Company</h3> <p>Studds has maintained a robust balance sheet with an Interest Coverage Ratio above 1.31x and a Debt-to-Equity Ratio below 0.5. The company has generated a total cash flow from operations of INR 112 Cr in the last three years. The working capital cycle is well-managed, and most of the capital expenditures in the past three years have been covered by cash flows from operations. The finance cost for FY23 was only INR 3 Cr, indicating a strong financial standing. <br /><br /><img class="alignnone wp-image-26395" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-09-at-09.15.04.jpeg" alt="" width="621" height="308" /></p> <p>a) Revenue increased from INR 467 Cr in FY22 to INR 506 Cr in FY23.</p> <p>b) PAT saw a jump, from INR 28 Cr in FY22 to INR 33 Cr in FY23.</p> <h3>Valuation Insights</h3> <p>At present, Studds' unlisted shares are available at INR 900, with a market capitalization of INR 1800 Cr. With a PAT of INR 33 Cr for this fiscal year, the P/E ratio stands at 54x, which appears to be on the higher side. The growth trajectory for the next 2-3 years would need to be analyzed for a more accurate valuation.</p> <h3>Conclusion</h3> <p>While Studds has shown moderate growth and maintains a strong financial position, challenges in the export market and the broader two-wheeler industry could pose hurdles to its future growth. Further information from the management regarding their future growth plans will be critical in deciding the investment worthiness of Studds in the unlisted share market. Investors and advisory firms must exercise due diligence and await further information before making investment decisions. <br /><br /><a href="https://unlistedzone.com/shares/studds-accessories-limited-share-price-buy-sell-preipo-unlisted-shares-of-studds-accessories-limited/">https://unlistedzone.com/shares/studds-accessories-limited-share-price-buy-sell-preipo-unlisted-shares-of-studds-accessories-limited/</a></p>
<p>Sterlite Power Transmission Limited has released updates covering the key business development, activities and financial information for the Quarter and year ending March 31, 2023. <br /><br /><strong>Business Highlights for Q4 and FY23:</strong> <br /><br /><strong>Here are some key business highlights for the fourth quarter (Q4) and the full fiscal year 2023-</strong> <br /><br /><strong>1. Infrastructure Projects in India:</strong> Sterlite Power successfully won a significant project in Rajasthan known as 'Part G,' valued at approximately INR 1,500 Crores during Q4. <br /><br /><strong>2. Infrastructure Projects in Brazil :</strong> In 2023, the company completed four projects, and in Q4, two of these became operational: <br /><br /><strong>A)</strong> Solaris II was energized in January '23, which was 9 months ahead of schedule. <br /><br /><strong>B)</strong> Goyaz, including SS Barro Alto SVC, was energized in February '23. <br /><br /><strong>3. Order Wins</strong> In the last quarter of FY'23, our company secured new orders worth Rs. 1,438 Crores in our Products, MSI, and Convergence business units. <br /><br /><strong>4. Capital Funding</strong> In March 2023, the Company successfully obtained a debt funding of Rs. 1,318 Crores from Power Finance Corporation (PFC) Ltd for our GTTPL project. The Company is currently working on securing equity capital from a large Sovereign Wealth Fund (SWF) for itse 'Infra' business unit. <br /><br /><strong>5. Awards & Recognition</strong> The Company got 'The Power Transmission Company of the Year' award at the 'Economic Times Energy Leadership Summit 2023.' The company has been also honored as one of India's top 50 companies, earning a spot on the prestigious Great Mid-Size Workplaces list by Great Place to Work. The snapshot of the company's consolidated financials (incl. Brazil business) for the year ending March 31st, 2023 is as follows: <br /><br /><strong>1. Total Income - Rs. 6,297 Cr</strong> This figure represents the total revenue earned by the company in the financial year ending on March 31st, 2023. It encompasses all the money generated from the company's various business activities during that period. <br /><br /><strong>2. EBIDTA - Rs. 1,150 Cr</strong> In this case, it indicates that the company earned Rs 1,150 Crores before accounting for interest expenses, depreciation, taxes, and amortization during FY23. <br /><br /><strong>3. PAT - Rs. (33) Cr</strong> PAT stands for Profit After Tax. In this instance, the company experienced a loss of Rs 33 Crores in FY23, which is a significant decline compared to the previous year. The company's FY23 financial performance was negatively impacted by a one-time provision in the Brazil project and higher short-term borrowing costs in Brazil. These factors led to a 15.1% decrease in EBIDTA and a substantial 107.5% increase in losses (PAT) compared to the previous fiscal year. According to Mr. Pratik Agarwal, Managing Director (MD) of Sterlite Power, “With continued focus on garnering new opportunities and operational efficiencies, Sterlite Power is happy to report remarkable progress and achievements in the last quarter and financial year 2023." <br /><br /><strong>Future Outlook</strong> <br /><br /><strong>1. CTU ISTS Rolling Plan 2027-28 (India):</strong> By 2027-28, India plans to add 41,255 ckm of transmission lines and 3,84,925 MVA transformation capacity, costing Rs 2,23,954 Cr, impacting the order book for Infra and Products businesses. <br /><br /><strong>2. FY24 Transmission Projects (India):</strong> In FY24, 5 TBCB bids worth Rs 8,420 Cr have closed, 23 more bids worth ~Rs 52,089 Cr are in progress, and 16 TBCB tenders worth ~Rs 75,909 Cr are approved for the next 12-18 months. <br /><br /><strong>3. MSI Business Growth (India ):</strong> MSI business has been growing at a 17% CAGR, expecting significant orders for transmission network updates in FY24 & FY25. <br /><br /><strong>4. MBiT Report 2023 (India):</strong> Data traffic in India has increased 3.2 times in five years. 5G applications will drive further data growth, creating opportunities in OPGW fiber infra leasing. <br /><br /><strong>5. Brazil Electricity Transmission Plan (POTEE):</strong> Brazil plans to invest BRL 56 billion ($11b) for power transmission networks in the northeast region, mainly through PPP. https://unlistedzone.com/shares/sterlite-power-transmission-limited-share-price-buy-sell-unlisted-shares-of-sterlite-power-transmission/</p>
<p><strong>Introduction</strong> <br /><br />Bharat Hotels Limited (BHL), a prominent player in the Indian hospitality sector, has recently released its annual financial report for the fiscal year 2022-23. The report reveals a compelling narrative of remarkable financial recovery and growth, following a challenging period due to the COVID-19 pandemic. In this blog, we will dissect the key highlights from the annual report and what they signify for investors evaluating BHL's prospects. <br /><br /><strong>Financial Performance Highlights</strong> <strong>A Surge in Revenue</strong> <br /><br /><img class="aligncenter wp-image-26363" src="https://unlistedzone.com/storage/knowledge-logo/Bharat-Hotels.jpeg" alt="Bharat hotels unlisted share price" width="385" height="255" /><br /><br />The first thing that stands out from the report is the phenomenal revenue growth. BHL recorded a 117% increase in its revenue from operations, climbing to Rs. 800 crore in FY 2022-23 from Rs. 369 crore in FY 2021-22. This surge can be attributed to the successful vaccination drive, reopening of international borders, and the overall economic growth in the country. <br /><br /><strong>A Closer Look at Expenses and Profits</strong> <br /><br />While total expenses also increased by 88% to Rs. 444 crore, the rise is considerably less than the revenue growth, indicating improved operational efficiency. More impressively, BHL's EBITDA soared by 162% to Rs. 364 crore, showcasing an enhanced ability to generate income from its operations. Profit Before Tax (PBT) and Net Profit also displayed significant improvements. PBT registered a 230% increase, reaching Rs. 134 crore, turning around from a loss of Rs. (103) crore in the previous fiscal. Net Profit rose to Rs. 50 crore, marking a 129% increase and recovering from a loss of Rs. (59) crore in FY 2021-22. <br /><br /><strong>Cash Flow Insights</strong> <br /><br />Strong cash flow management is crucial for any business, and BHL appears to have excelled in this area. The company generated robust net cash from operating activities, reaching Rs. 317 crore, an increase from Rs. 136 crore in the previous year. BHL also showed positive trends in cash flow from investing activities and improved cash flow from financial activities. <br /><br /><strong>Strategic Financial Moves</strong> <br /><br />During FY 2022-23, BHL issued 1,10,000 Non-Convertible Debentures to repay existing debt. This move not only helped the company clear its loans but also signaled strong financial management to potential investors. <br /><br /><strong>The Bigger Picture</strong> <br /><br />Founded in 1981 by Lalit Suri, BHL has been a leader in the Indian hospitality industry. Its portfolio includes premium properties such as The Lalit New Delhi, The Lalit Mumbai, and The Lalit Jaipur. The financials for FY 2022-23 indicate that the company has not only weathered the storm of the COVID-19 pandemic but is also well-positioned for future growth. <br /><br /><strong>Conclusion</strong> <br /><br />Bharat Hotels Limited's financial performance for FY 2022-23 reveals a success story of resilience and strategic financial management. The company has managed to turn the tide with impressive revenue growth, profitability, and cash flow management. For those looking to invest in the hospitality sector, BHL's recent financial performance offers compelling evidence of a company on the rise, making it a candidate worthy of consideration. <br /><br /><a href="https://unlistedzone.com/shares/bharat-hotels-limited-share-price-buy-sell-unlisted-shares-of-bharat-hotels/">https://unlistedzone.com/shares/bharat-hotels-limited-share-price-buy-sell-unlisted-shares-of-bharat-hotels/</a></p> <p> </p>
<h3>Introduction</h3> <p>Orbis Financial Corporation Limited, established in 2005, has carved a niche for itself in the realm of financial services, particularly in investor servicing. This article aims to provide an in-depth analysis of the company's performance for the financial year 2022-2023, examining its Asset Under Management (AUM), revenue sources, and valuation.</p> <h3>A) Key Performance Indicators</h3> <h4>Asset Under Management (AUM)</h4> <p>Orbis Financial's AUM witnessed a robust growth of 20%, increasing from approximately INR 6500 crores in the previous year to around INR 8100 crores. With an extensive clientele that includes 250+ Foreign Portfolio Investors (FPIs), 300 Portfolio Management Services (PMSs), 150+ Alternative Investment Funds (AIFs), 2 Mutual Funds, and 800+ Non-Resident Indians (NRIs), the company's diversification strategy seems to be paying off.</p> <h4>Geographical Expansion</h4> <p>The company has expanded its geographical presence by opening an office in GIFT City, Gujarat. This strategic move is likely to enhance its global outreach and attract more foreign clients due to the numerous advantages GIFT City offers to financial services.</p> <h4>Customer Base and Assets under Custody</h4> <p>Orbis crossed the 2,700 mark for onboarded custody clients, with assets under custody rising to INR 81,160 crores. This is indicative of the company's strong focus on customer acquisition and retention, despite a high cost of acquisition.</p> <h3>B) Financials and Capital Raising</h3> <p>The company successfully raised another round of capital, amounting to INR 112 crores, from marquee investors in January 2023. This influx of capital is likely to strengthen the company's balance sheet and fund future expansion plans.</p> <h3>C) Revenue Sources</h3> <h4>1. Custodian and Clearing Services</h4> <p>These operational revenue sources showed significant growth, rising from INR 47 crores in FY22 to INR 83 crores in FY23.</p> <h4>2. Interest Income</h4> <p>Another major driver of revenue has been the interest income from bank fixed deposits, which shot up from INR 96 crores to INR 204 crores. This suggests that the company has been effective in treasury management and optimizing its float income. <br /><br /><img class="alignnone wp-image-26322" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-09-02-at-10.12.14.jpeg" alt="" width="384" height="232" /></p> <h3>D) Valuation and Share Price of Orbis Financials</h3> <p>At present, shares of Orbis Financial are unlisted and are trading at INR 110 per share. Looking ahead to FY24, the management is optimistic about achieving a topline revenue of INR 500 crores and a Profit After Tax (PAT) ranging from INR 100 to 125 crores. Assuming a Price-to-Earnings (P/E) ratio of 25x for Orbis Financial's unlisted shares, the projected market capitalization would be approximately INR 2500 crores. Given the 11.36 crore outstanding shares, this would translate to a share price of INR 220. This represents a substantial upside potential compared to the current share price, making it an intriguing option for investors.</p> <h3>E) Risks in Orbis Financials</h3> <p>It's essential to consider the inherent risks in Orbis Financial’s business model. Regulatory changes and a decline in client trading volumes could pose challenges to the company's financial performance.</p> <h3>F) Conclusion</h3> <p>Despite a competitive and challenging market, Orbis Financial has demonstrated strong performance in FY22-23. With diversified sources of revenue, a broadening customer base, and strategic geographic expansion, the company appears to be on a solid growth trajectory. Its current valuation suggests that there is substantial room for growth, making it an attractive investment option. However, potential investors should be cautious of the associated risks and conduct thorough due diligence.<br /><br /><a href="https://unlistedzone.com/shares/orbis-financial-corporation-limited/">https://unlistedzone.com/shares/orbis-financial-corporation-limited/ </a><br /><br /><em>Disclaimer: This article is intended for informational purposes only and should not be construed as financial advice. Consult a financial advisor before making any investment decisions</em></p>
<h2>Table of Contents</h2> <ol> <li>Introduction</li> <li>Financial Highlights <ul> <li>Revenue and Profit After Tax (PAT)</li> <li>Operational Profit</li> </ul> </li> <li>Key Drivers of Growth <ul> <li>Tariff Rules and User Development Fee (UDF)</li> <li>Non-Aero Revenue</li> </ul> </li> <li>Operational Performance</li> <li>Future Projections</li> <li>Dividends and Capital Raising</li> <li>Cash Flow and Capex</li> <li>Valuation</li> <li>Subsidiaries</li> <li>Conclusion</li> </ol> <hr /> <h3>Introduction</h3> <p>Cochin International Airport Limited (CIAL) has showcased remarkable growth in FY23, both in terms of revenue and operational efficiency. While the standalone revenue skyrocketed from INR 418 Cr in FY22 to INR 717 Cr in FY23, the consolidated revenue level also saw a significant boost, reaching approximately INR 940 Cr as compared to INR 500 Cr in FY22. In this article, we will delve into the factors contributing to CIAL's extraordinary performance.</p> <h3>Financial Highlights</h3> <p>a) Revenue and Profit After Tax (PAT) CIAL's standalone PAT experienced a massive uptick from INR 22 Cr in FY22 to INR 267 Cr in FY23. On the consolidated level, the PAT reached an impressive INR 290 Cr in FY23, a substantial increase from INR 32 Cr in FY22. b) Operational Profit CIAL also witnessed nearly a twofold increase in its operational profit, surging from INR 217 Cr to INR 521 Cr in FY23.</p> <h3>Key Drivers of Growth</h3> <p>a) Tariff Rules and User Development Fee (UDF) The revision of User Development Fee (UDF) and aeronautical tariffs have been primary drivers for the surge in CIAL's performance at the standalone level. UDF is a fee levied per ticket, contributing directly to the airport's maintenance and operational costs. The renewal of these charges for the next five years has been pivotal in boosting CIAL's income. b) Non-Aero Revenue The company also saw an increase in non-aero revenue, such as rental income and royalty income from CIAL Duty Free Subsidy, by almost INR 140 Cr compared to FY22.</p> <h3>Operational Performance</h3> <p>CIAL's airport facilitated the travel of approximately 42 lakh international and 47 lakh domestic passengers in 2022-23, totaling about 89 lakh passenger movements. Interestingly, this figure reaches 90% of the pre-COVID levels of 97 lakh passengers in 2019-20.</p> <h3>Future Projections</h3> <p>With a forecasted 17% growth in the domestic aviation sector, CIAL's management is optimistic that the annual passenger figures will cross the 1 Cr mark in FY23-24.</p> <h3>Dividends and Capital Raising</h3> <p>This year, the company announced a dividend of INR 167 Cr and raised about INR 478 Cr via a rights issue.</p> <h3>Cash Flow and Capex</h3> <p>CIAL generated a Cash Flow from Operations (CFO) of approximately INR 645 Cr, a significant increase from last year's INR 158 Cr. The company also invested around INR 124 Cr in capital expenditures.</p> <h3>Valuation</h3> <p>With a total of 47 Cr outstanding shares and an unlisted share price of INR 190, CIAL's market capitalization stands at approximately INR 8930 Cr.</p> <h3>Subsidiaries</h3> <p>CIAL Duty Free and CIAL Infrastructure are the major subsidiaries contributing to revenue. CIAL Duty Free pays 45% of its revenue as royalty to CIAL, while CIAL Infrastructure focuses on Solar Power setups, making CIAL the world's first fully solar-powered airport.</p> <h3>Conclusion</h3> <p>CIAL has outperformed its previous years with significant growth in both revenue and profitability. As the aviation sector in India is the fastest-growing in the world, CIAL is well-positioned to capitalize on this upward trend. With excellent financials and a strong operational base, CIAL stands as a promising investment avenue in the burgeoning aviation sector. <br /><br /><em>Disclaimer: The information contained in this article is for informational purposes only and should not be considered financial advice. Always consult a financial advisor before making any investment decision.</em> https://unlistedzone.com/shares/buy-sell-cochin-international-airport-shares-for-sale-share-price-shareholders/</p>
<h3>Introduction:</h3> <p>Sterlite Power, a leader in the development of power transmission infrastructure, has once again demonstrated its expertise in the green energy sector by securing a significant project in Rajasthan. This marks their second foray into developing renewable energy corridors in the region, underlining their commitment to India's sustainable energy future.</p> <h3>Project Overview:</h3> <p>Sterlite Power has been awarded the project through a competitive bidding process, emphasizing their competitive pricing strategy. They received the Letter of Intent from REC Power Development and Consultancy Ltd., a subsidiary of Rural Electricity Corp. The project, which they will build on a BOOT (build, own, operate, transfer) basis, spans a period of 35 years.</p> <h3>Project Components:</h3> <p>The project encompasses three critical components:</p> <p><strong>1. Construction of a Robust 350 km Power Line</strong>: This line will connect Fatehgarh III to Beawar, laying the foundation for enhanced energy transmission.<br /><br /></p> <p><strong>2. Establishment of a High-Capacity Power Station in Beawar</strong>: Designed to handle substantial power loads, this station represents a leap in local energy infrastructure.</p> <p><strong>3. Development of Two Additional Power Lines</strong>: Each stretching approximately 120 km, these lines are integral to the project's expansive scope.</p> <h3>Company Statement:</h3> <p>Pratik Agarwal, Managing Director of Sterlite Power, expressed enthusiasm over winning their second green energy corridor project in Rajasthan. He emphasized that developing these vital renewable infrastructure assets is crucial for advancing India's renewable energy objectives. The company is committed to delivering world-class assets to support the country's transition to a greener future.</p> <h3>Previous Achievements and Future Scope:</h3> <p>In March 2023, Sterlite Power secured another segment of this expansive project. The integration of both segments will result in an extensive 700 km transmission network, pivotal for distributing vast quantities of green energy across various regions. This network is set to become one of India's largest. Sterlite Power, with its impressive track record of completing 32 projects, has established extensive power transmission networks spanning over 15,350 km across India and Brazil, marking them as a significant player in the global power infrastructure sector.</p> <h3>Conclusion:</h3> <p>Sterlite Power's latest project in Rajasthan not only reinforces their position in the Indian energy sector but also contributes significantly to the nation's renewable energy ambitions. With these developments, Sterlite Power is at the forefront of India's journey towards sustainable and reliable energy solutions<br /><br /><a href="https://unlistedzone.com/shares/sterlite-power-transmission-limited-share-price-buy-sell-unlisted-shares-of-sterlite-power-transmission/">https://unlistedzone.com/shares/sterlite-power-transmission-limited-share-price-buy-sell-unlisted-shares-of-sterlite-power-transmission/</a></p> <p> </p>
<h2>Key Highlights:</h2> <ul> <li>Revenue surges from INR 246 Cr in FY22 to INR 316 Cr in FY23.</li> <li>Sharp decline in profits from INR 4 Cr to INR 1.8 Cr.</li> <li>Capital Expenditure (CapEx) of approximately INR 17 Cr.</li> <li>Accumulated debts due to CapEx fulfilment and negative cash generated from operations.</li> <li>Current unlisted share price at INR 325, P/E ratio at 62x. <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="223" /> <col width="110" /> </colgroup><colgroup> <col width="100%" /></colgroup></table> <table width="100%"> <tbody> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Particulars (in Crores)"}"><strong>Particulars (in Crores)</strong></td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":2023}"><strong>2023</strong></td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":2022}"><strong>2022</strong></td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Revenue From Operations"}">Revenue From Operations</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":316}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">316</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":242}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">242</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Cost of Material Consumed"}">Cost of Material Consumed</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":118}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">118</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":86}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">86</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Change in Inventories"}">Change in Inventories</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":-6}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">-6</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":-8}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">-8</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Manufacturing Expenses"}">Manufacturing Expenses</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":127}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">127</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":100}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">100</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Employees Benefit Expenses"}">Employees Benefit Expenses</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":51}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">51</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":47}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">47</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Other Expenses"}">Other Expenses</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":17}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">17</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":12}">12</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"EBITDA"}">EBITDA</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":9}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-6]C[0]-R[-5]C[0]-R[-4]C[0]-R[-3]C[0]-R[-2]C[0]-R[-1]C[0]">9</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":5}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-6]C[0]-R[-5]C[0]-R[-4]C[0]-R[-3]C[0]-R[-2]C[0]-R[-1]C[0]">5</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"OPM"}">OPM</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.028481012658227847}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-7]C[0]">2.85%</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.02066115702479339}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-7]C[0]">2.07%</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Other Income"}">Other Income</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":5}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">5</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":6}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">6</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Depreciation"}">Depreciation</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":9}">9</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":9}">9</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Finance Cost"}">Finance Cost</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":2}">2</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0}">0</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"PBT"}">PBT</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":3}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-5]C[0]-R[-2]C[0]-R[-1]C[0]+R[-3]C[0]">3</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":2}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-5]C[0]-R[-2]C[0]-R[-1]C[0]+R[-3]C[0]">2</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Exceptional Items"}">Exceptional Items</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0}">0</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":3}">3</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Tax"}">Tax</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":1}">1</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":1}">1</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":2}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-3]C[0]-R[-1]C[0]">2</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":4}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-3]C[0]+R[-2]C[0]-R[-1]C[0]">4</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"NPM"}">NPM</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.006230529595015576}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/(R[-15]C[0]+R[-7]C[0])">0.62%</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.016129032258064516}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/(R[-15]C[0]+R[-7]C[0])">1.61%</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Shares"}">Shares</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.35}">0.35</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.35}">0.35</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"EPS"}">EPS</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":5.714285714285714}" data-sheets-numberformat="{"1":2,"2":"0.00","3":1}" data-sheets-formula="=R[-3]C[0]/R[-1]C[0]">5.71</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":11.428571428571429}" data-sheets-numberformat="{"1":2,"2":"0.00","3":1}" data-sheets-formula="=R[-3]C[0]/R[-1]C[0]">11.43</td> </tr> </tbody> </table> </li> </ul> <hr /> <p>The latest financial report for Anugraha Valve for the fiscal year 2022-23 has been released, reflecting a tale of two distinct financial paths. On one hand, the company’s revenue paints a picture of growth, while on the other, its profit margins reveal a dwindling trend.</p> <h2>Revenue and Growth:</h2> <p>Anugraha Valve Unlisted Share has reported an impressive rise in its revenue, which climbed from INR 246 Cr in FY22 to INR 316 Cr in FY23. This indicates a Compound Annual Growth Rate (CAGR) of approximately 28.5%. However, the raw material cost is still high affecting the Gross Margins.</p> <h2>Profit Margins:</h2> <p>However, the company has experienced a significant drop in profits, which dwindled from INR 4 Cr in FY22 to INR 1.8 Cr in FY23. Two main factors contribute to this decline.</p> <h3>a) Capital Expenditure:</h3> <p>Firstly, Anugraha Valve has invested nearly INR 17 Cr in capital expenditure this year. This investment has affected the cash reserves, as the company failed to generate enough cash from its operations due to high inventory and receivables amounting to ~INR 40 Cr. To meet its CapEx requirements, the company had to take out loans amounting to ~INR 26 Cr, both short-term and long-term, thereby increasing its finance cost by approximately INR 2 Cr.</p> <h3>b) Dues Woes:</h3> <p>Secondly, the company's client in Germany, Phonix ArmaturenWerke Bregel GmbH, has filed for bankruptcy. Anugraha Valve had dues of around INR 13.67 Cr from that company, of which a 20% loss amounts to INR 2.7 Cr is booked this year. Combining these factors, the company incurred an extra expense of ~INR 4.7 Cr this fiscal year.</p> <h2>Valuation and Risks:</h2> <p>The Earnings Per Share (EPS) for the year stands at INR 5.19. The shares are currently available in the unlisted market at around INR 325 per share. This leads to a Price to Earnings (P/E) ratio of 62x, which suggests that the shares are highly overvalued. Investors must also be cautious about the overhang of bad debt provision, which will continue to loom until the bankruptcy proceedings of the German client are concluded.</p> <h2>Conclusion:</h2> <p>While the revenue growth for Anugraha Valve looks promising, the decline in profits due to filing of bankruptcy by German Client raises several red flags and potential loss of revenue. The high P/E ratio also points towards overvaluation. Investors must exercise caution and consider these variables before making any investment decisions.</p> <p><em>Disclaimer: This article is for informational purposes and should not be considered as financial advice.</em></p>
<h3>Introduction and Background</h3> a) ICEX is a recognized Commodity Exchange regulated by the Securities and Exchange Board of India (SEBI). b) It resumed trading operations on August 28, 2017, with the launch of Diamond Derivatives contracts, a first of its kind globally. <h3>Product Offerings and Innovations</h3> a) Subsequently launched SteelLong contracts on August 28, 2018. b) Introduced Paddy Basmati derivative contracts on July 11, 2019. c) Launched ICEX MF transactions, a mutual fund platform, on December 27, 2019. <h3>Regulatory Compliance and Partnerships</h3> a) Outsourced services related to clearing, settlement, and risk management to Metropolitan Clearing Corporation of India Limited (MCCIL) as per SEBI requirements. <h3>Impact of Covid-19 Pandemic</h3> a) The pandemic-induced lockdown led to the closure of the underlying physical market, adversely impacting price discovery and liquidity. b) The volume and revenue of ICEX were severely impacted due to its focus on delivery-based contracts. <h3>Financial and Regulatory Issues</h3> a) Failed to maintain minimum Net worth and other infrastructural compliances as per SEBI regulations. b) The board decided to temporarily suspend trading operations and mutual fund transactions as of April 1, 2022, and April 14, 2022, respectively. <h3>Regulatory Actions and Appeals</h3> a) SEBI withdrew its permanent recognition of ICEX effective from May 18, 2022. b) ICEX filed an appeal and was granted a one-year period for revival by the Securities Appellate Tribunal (SAT). <h3>Requests to SEBI and Board Decisions</h3> a) ICEX requested SEBI to allow new investors up to a 51% stake, which was declined by SEBI. b) The board approved the voluntary surrender of recognition on February 14, 2023, but decided to request SEBI once more for investor participation. <h3>Final Outcomes</h3> a) SEBI declined the second request but agreed to consider the voluntary surrender upon submission of shareholder approval. b) An Extraordinary General Meeting (EOGM) was held on May 24, 2023, where the voluntary surrender of recognition was approved and submitted to SEBI. This summary encapsulates the significant developments and challenges faced by ICEX, as well as its regulatory interactions. <h3>Future of ICEX Business</h3> On exit from Commodity business and compliance of SEBI guidelines, the Management will consider taking up other businesses most appropriate with the limited funds available with the Exchange.
<strong>Introduction</strong> Maharashtra Knowledge Corporation Limited (MKCL) has recently published its annual financial report for the fiscal year 2022-23. The report showcases significant financial growth across various metrics, including total income, revenue from operations, and profits before and after tax. This blog aims to provide a comprehensive analysis of MKCL's financial performance for the last fiscal year, focusing on key indicators that would be of interest to investors and stakeholders. <strong>Highlights of Financial Performance</strong> <strong>1. Substantial Growth in Total Income</strong> For the fiscal year 2022-23, MKCL's total income saw an impressive hike of 33.75%, standing at Rs. 20,323.90 lakhs compared to Rs. 15,195.51 lakhs in FY 2021-22. This rise represents an increase of Rs. 5,128.39 lakhs year-over-year. <strong>2. Spike in Revenue from Operations</strong> MKCL's revenue from operations for FY 2022-23 amounted to Rs. 17,750.84 lakhs, marking a 47.71% growth compared to Rs. 12,017.23 lakhs in the previous fiscal year. This represents an increase of Rs. 5,733.61 lakhs. <strong>3. Increase in Expenditure</strong> The company's total expenditure also went up by 36%, escalating from Rs. 10,404.47 lakhs in FY 2021-22 to Rs. 14,194.45 lakhs in FY 2022-23. <strong>4. Profit Metrics: Before and After Tax</strong> The PBT for the fiscal year 2022-23 stood at Rs. 6,129.45 lakhs, a 27.94% growth over last year's Rs. 4,791.04 lakhs. This increase amounts to Rs. 1,338.41 lakhs. <strong>5. Profits After Tax (PAT)</strong> MKCL's Profit After Tax for the fiscal year 2022-23 was Rs. 4,776.24 lakhs, up by 23.49% from Rs. 3,867.65 lakhs in FY 2021-22. The increase amounts to Rs. 908.59 lakhs. <img class="wp-image-26276 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/Maharashtra-Knowledge-Corporation-Limited.jpeg" alt="" width="619" height="365" /> <strong>Balance Sheet Indicators</strong> <strong>1. Growth in Total Assets and Liabilities</strong> Both the total assets and the total equity and liabilities of MKCL increased by 12%, each reaching Rs. 55,929.75 lakhs compared to Rs. 49,835.48 lakhs in the previous fiscal year. <strong>Cash Flow Statement Insights</strong> <strong>1. Cash Generated from Operating Activities</strong> The net cash generated from operating activities was Rs. 4,538.23 lakhs, a significant improvement over the cash used of Rs. (569.37) lakhs in FY 2021-22. <strong>2. Cash Used in Investing and Financial Activities</strong> The company used Rs. 4,273.92 lakhs in investing activities and Rs. (327.04) crore in financial activities during FY 2022-23, compared to Rs. (694.50) crore and Rs. (103.84) crore, respectively, in the previous year. <strong>Conclusion</strong> MKCL's financial performance in FY 2022-23 reflects a robust growth trajectory across various financial metrics. The company has shown an admirable ability to increase revenues while effectively managing expenditures. The significant upticks in PBT and PAT further highlight the company's profitability. With a stable balance sheet and positive cash flow from operating activities, MKCL appears well-positioned for future growth. These factors make it an entity worth considering for investors looking for sustainable and profitable investment opportunities. https://unlistedzone.com/shares/buy-sell-share-price-maharashtra-knowledge-corporation-mkcl-limited-unlisted-shares/
<h3>1. Steps taken to improve Profitability by Pharmeasy in Fy23</h3> <p>a) Marketing and growth expenses are reduced as a % of revenue from 7.9% in FY’22 to 3.3% in FY’23, with Q4’23 at 0.6% of revenue. It means total reduction of INR ~504 Cr in Fy22 to INR ~201 Cr in FY23. <br /><br />b) EBITDA margins (normalised) improved from -13.6% in FY22 to -8.4% in FY23 and 1.6% in three months ended June 2023. <br /><br />c) Increasing share of margin accretive private label in our products business from 0.7% to 1.4% during this period from FY22 to FY23. <br /><br />d) They are now focussing on investing significantly in enhancing their cross-sell capabilities to offer high margin services to customers across the businesses. e) Significant savings were realized on our employee benefit expenses as we brought synergies across multiple acquired business by consolidating team and streamlining organisation structure.</p> <h3>2. Pharmeasy Interesting Facts in Fy23</h3> <p>a) On the PharmEasy marketplace, the diagnostics business expanded due to cross-sell strategy. In Fiscal 2023, 50 lacs customers, or 13.8% of total PharmEasy consumers, used their diagnostic services. <br /><br />b) Thyrocare business has now fully recovered from the Covid led sectoral growth in FY21 & FY22 and is now growing its non-covid business. Thyrocare revenue & sample growth of non-covid business has grown +22% (non-covid revenue growth), +39% (sample growth) YoY in FY23.<br /><br /><img class="alignnone wp-image-26255" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2023-08-23-at-4.02.04-PM.png" alt="" width="735" height="313" /></p> <h3>3. Revenue and Variable Expenses of Pharmeasy in Fy22, Fy23 and Q1Fy24</h3> <p><img class="alignnone wp-image-26250" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-08-23-at-15.27.43.jpeg" alt="" width="730" height="424" /> <img class="alignnone wp-image-26251" src="https://unlistedzone.com/storage/knowledge-logo/WhatsApp-Image-2023-08-23-at-15.33.18.jpeg" alt="" width="732" height="425" /> <br /><br />a) The revenue has increased by 5% from INR 6381 Cr in Fy22 to INR 6702 Cr in Fy23. Revenue from sale of goods increased by 6.8% to INR 5983 Cr in Fiscal 2023 from INR 5600 Cr in Fiscal 2022. All segments reported growth in FY22 and FY23, except for sale to Retailers, which grew in FY22 by about 52.7% but declined in FY23 by 19.3%. The historical growth was mainly due to increased marketing in FY22, which was reduced in FY23. The drop in FY23 sales to Retailers resulted from Management's strategy to prioritize profitability, disincentivizing low-value orders, and cutting marketing spends. This affected the Retailer segment, but there was growth in the chemists and hospitals network for other products. <br /><br />b) Pharmeasy has significantly reduced the Sales and Promotion expenses by 281 Cr in Fy23. Overall, Other expenses have reduced from INR 1566 Cr in FY22 to INR 938 Cr in FY23. Reduction of 40%.<br /><br />c) The Contribution margin ( Revenue - Variable Cost ) has improved slightly from INR 316 Cr in FY22 to INR 389 Cr in Fy23. <br /><br />d) However, still due to high Sales and Administration expenses Pharmeasy is in losses. The losses has however, reduced considerably from 3970 Cr in Fy22 to 2283 Cr in Fy23.</p> <h3>4. Capital Structure and Total Outstanding Shares of Pharmeasy</h3> <p>a) As on 31.03.2023, they have ~614 Cr Equity Shares and ~5.48 Cr Series A CCPS outstanding. b) These ~5.48 Cr Series A CCPS were issued via Right Issue in Sept and Nov-22, in three tranches at INR 100 per share thereby raising ~548 Cr. However, the conversion formula for these Series A CCPS into equity shares is as below. <img class="alignnone wp-image-26252" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2023-08-23-at-4.14.14-PM.png" alt="" width="535" height="164" /> <br /><br /><strong>Pharmeasy's Right Issue Details:</strong> <br /><br />a) Pharmeasy is planning to raise approximately INR 3500 Cr through a Right Issue. b) The price per share for the Right Issue is set at Rs.4.84. c) The company will issue around ~723 Cr Series B CCPS. <br /><br /><strong>Conversion Details for Right Issue done by Pharmeasy in Sept and Nov-22</strong> <br /><br />a) Investors who participate in the Right Issue at Rs.100 will undergo a conversion process for their shares. <br /><br />b) The Conversion Price is calculated as:</p> <div class="math math-display"><img class="alignnone wp-image-26254" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2023-08-23-at-4.27.53-PM.png" alt="" width="748" height="124" /></div> <p>c) With this conversion price, for every 1 Series A CCPS, investors will receive 21 Equity Shares. d) As a result, the initial ~5.48 Cr shares will be converted into ~115.08 Cr shares. <br /><br /><strong>Total Shares Post Right Issue:</strong> <br /><br />a) After the Right Issue and conversion, the total shares outstanding will be:</p> <div class="math math-display"><span class="katex-display"><span class="katex-display"><span class="katex"><span class="katex-mathml">b) Total Shares=614 Cr+115 Cr+723 Cr= 1452 Cr. <br /><br />( <strong>Please note</strong>: <em>We have not taken into Account the Anti-Dilutive rights of Shares held by investors in different classes prior to conversion to Equity Shares before IPO</em> ).</span></span></span></span> <h3>5. Valuation of Pharmeasy</h3> Currently, in the unlisted market the Pharmeasy Unlisted Share Price is INR 15 per share. Mcap = 15*1452 = ~21000 Cr ( Current Unlisted Market Price) = $2.6 Billion Mcap = 5*1452 = 7260 Cr ( Current Right Issue Market Price ) = $0.90 Billion <h3>6. Conclusion</h3> "The growth of Pharmeasy in FY23 has slowed down a bit. The primary reason for this is their retail business, where they have reduced marketing expenses and discounts. There has been a 20% decline in the retail sector and a 20% decline in the diagnostic business. On the other hand, there has been a growth of 16% in the distribution to chemists and 33% in the hospital business. Overall, looking at FY23, it seems to have been a year of consolidation for the company. Rather than focusing on growth, the company has emphasized profitability. This approach has reduced their loss from ~4000 Cr in FY22 to ~2200 Cr in FY23. In addition, they have aligned the operations of many of their businesses and have undertaken cost-cutting measures. If the proposed rights issue is successful, Pharmeasy will have the funds necessary for survival. The most significant advantage will be that they won't have to sell any of their businesses. As the company is focusing on reducing expenses, there's hope that in the next 2-3 years, the company might become profitable."</div>
<h4>1. About Arohan Financials</h4> Arohan is a leading, digitally advanced, NBFC-MFI, regulated by the Reserve Bank of India. Headquartered in Kolkata, the Company is present in 17 states spanning rural, semi-urban, and urban geographies in India catering to the bottom of the socio - economic pyramid through a range of financial inclusion products. <h4>2. Key Performance Indicator in Fy23</h4> <img class="alignnone size-full wp-image-26239" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2023-08-21-at-5.34.31-PM.png" alt="" width="2406" height="988" /> <h4>3. Updates on Business of Arohan Financials in Fy23</h4> a) During the year, total disbursed loans amounting to approximately INR 5300 Cr, which helped millions of families in starting their own businesses, pay for their children’s education, build their own homes, or meet their medical expenses. b) They have dedicated to upholding top-tier corporate governance standards and have introduced 'Nirnay', their credit scoring system, using data analytics to evaluate client creditworthiness and reduce chances of NPA. c) In Fy22-23, they started operations in Rajasthan, Haryana, and Uttarakhand. To serve the 'missing middle' segment, Arohan hs introduced Micro-Enterprise Loans under its 'Bazaar' product, with loan amounts between INR 1,05,000 and INR 1,50,000. d) In April 2023, Arohan Financial secured one of the sector's largest fund raises of over INR 730 Cr, with four new investors backing the management and business model. This funding is raised INR 85 per share. e) In FY 2023, they have opened about 100 branches, totaling 829 by March 31, 2023. Arohan plans to expand into Gujarat and Maharashtra by establishing branches in adjacent regions. <h4>4. Financials Performance of Arohan Financials in Fy23</h4> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="172" /> <col width="100" /> <col width="100" /></colgroup> <tbody> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"FY23"}">FY23</td> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"FY22"}">FY22</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Net Interest Income"}">Net Interest Income</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":931}">931</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":859}">859</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Other Income"}">Other Income</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":21}">21</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":19}">19</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Total Income"}">Total Income</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":1091}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">1,091</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":920}">920</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Operational Cost"}">Operational Cost</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":804}">804</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":696}">696</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Profit Before Provisioning"}">Profit Before Provisioning</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":287}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">287</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":224}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">224</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Provisioning"}">Provisioning</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":193}">193</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":135}">135</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Profit After Provisioning"}">Profit After Provisioning</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":94}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">94</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":89}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">89</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"PBT"}">PBT</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":90}">90</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":83}">83</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Tax"}">Tax</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":19}">19</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":22}">22</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":71}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">71</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":61}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">61</td> </tr> </tbody> </table> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="145" /> <col width="100" /> <col width="100" /></colgroup> <tbody> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"FY23"}">FY23</td> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"FY22"}">FY22</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Loan Book "}">Loan Book</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":4782}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">4,782</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":3710}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">3,710</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Revenue"}">Revenue</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":1091}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">1,091</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":920}" data-sheets-formula="=R[1]C[-4]">920</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":71}">71</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":61}">61</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"NIM"}">NIM</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.096}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">9.60%</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.134}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">13.40%</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"ROA"}">ROA</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.011797939514788967}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-2]C[0]/6018">1.18%</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.011665710460891184}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-2]C[0]/5229">1.17%</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Gross NPA"}">Gross NPA</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.028}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">2.80%</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.045}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">4.50%</td> </tr> <tr> <td style="text-align: center;" data-sheets-value="{"1":2,"2":"Net NPA"}">Net NPA</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.0021}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">0.21%</td> <td style="text-align: center;" data-sheets-value="{"1":3,"3":0.0132}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">1.32%</td> </tr> </tbody> </table> <h4>5. Valuation of Arohan Financials</h4> (i) As on 31.03.2023, total shares outstanding is ~15 Cr and total Net-worth is ~1340 Cr. (ii) Book Value = 1340/15 = INR 89 per share (iii) Arohan Financials Unlisted Share Price ( as on 21.08.2023 ) = INR 160 per share (iv) P/B = 1.74x which in line with other listed peers in the market. https://unlistedzone.com/shares/arohan-financial-services-unlisted-shares/
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