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<p>In the latest financial report for the Q2FY24, the company has demonstrated remarkable progress, although not without its challenges. NSE continues to be the world’s largest derivatives exchange for the 4th consecutive year. Let's delve into the key figures that define the performance: <br /><br /><strong>1. Total Revenue:</strong> The total revenue has surged to an impressive Rs. 4,023 crores, marking a significant year-on-year increase of 28% from the previous year's Rs. 3,149 crores. This substantial growth in revenue underscores the Company's commitment to expanding its market presence. <br /><br /><strong>2. Operating Revenue:</strong> The Company has achieved an operating revenue of Rs. 3,652 crores, representing a 24% y-o-y increase from the previous year's Rs. 2,937 crores. <br /><br /><strong>3. Efficiency:</strong> Notably, a substantial 91% of the total revenue is attributed to operating activities, reflecting the efficiency of the core business operations. <br /><br /><strong>4. Total Expenses:</strong> While the Company's revenue has seen substantial growth, total expenses have also surged, increasing by a significant 145% from the previous year, reaching Rs. 1,420 crores, compared to Rs. 578 crores in the previous year. <br /><br /><strong>5. Cash Expenses:</strong> A significant portion of the expenses, amounting to Rs. 1,313 crores, was allocated to cash expenses, as compared to Rs. 482 crores in the previous year. <br /><br /><strong>6. Drivers of Expense:</strong> The increase in total expenses is primarily attributed to two key factors: a substantial contribution of Rs. 560 crores to the Core SGF maintained by NCL and regulatory fees amounting to Rs. 137 crores. <br /><br /><strong>7. Operating EBITDA:</strong> The operating EBITDA reflects the company's ability to generate earnings before interest, taxes, depreciation, and amortization: <strong>(i)</strong> Without Core SGF, it stands at 79% amounting to Rs. 2,899 crores, compared to 84% at Rs. 2,455 crores in the previous year. <strong>(ii)</strong> With Core SGF, it's at 64%, amounting to Rs. 2,339 crores, compared to 84% at Rs. 2,455 crores in the previous year. <br /><br /><strong>8. Associates' Contribution :</strong> The associates have contributed Rs. 26 crores to the profits, showing an increase from Rs. 19 crores in the previous year. <br /><br /><strong>9. Discontinued Operations:</strong> A net negative effect of Rs. 13 crores was observed due to discontinued operations, net of taxes. <br /><br /><strong>10. Profit After Tax:</strong> The profit after tax stands at 50%, amounting to Rs. 1,999 crores, compared to 56% at Rs. 1,774 crores in the previous year. <br /><br /><a href="https://unlistedzone.com/shares/nse-india-limited-unlisted-shares">https://unlistedzone.com/shares/nse-india-limited-unlisted-shares</a>.</p> <p> </p>
<h3 class="p1"><strong>Kurl-On Enterprise Shareholders:</strong></h3> <p class="p2">Recently, shareholders were notified via email about a buyback offer for the remaining 5.34% of KEL shares at INR 588.20 per share, which matches the rate at which Sheela Foam acquired its stake. It's important to note, however, that last year KEL's acquisition of stakes from Motilal Oswal PE Fund valued the company at approximately INR 3200 crore, or INR 870 per share. Given this context, the current buyback offer at INR 588.20 per share raises significant questions about the fairness of the valuation, potentially suggesting an undervaluation by the management.</p> <h3 class="p3"><strong>Should Investors Participate in the Buyback?</strong></h3> <p class="p2">- <strong>Hold</strong>: If investors have the holding capacity, it might be advantageous to hold the shares. The rationale behind this is that Sheela Foam’s acquisition could potentially boost Kurl-On Enterprise's operational efficiency, thereby potentially increasing revenue and net profit. This, in turn, could enhance the company’s future valuation.</p> <p>- <strong>Sell</strong>: For those facing liquidity issues, participating in the buyback could be a feasible option. Howver, the offer comes at a discount to last year value.</p> <p class="p4">For those who decide to sell, the process involves sending a request letter to the company via email.</p> <h3 class="p1"><strong>Kurl-ON Limited Shareholders:</strong></h3> <p class="p2">Having sold its 94.66% stake in Kurl-On Enterprise for INR 2035 Cr, Kurl-ON Limited now faces the significant question of how to allocate this capital.</p> <h3 class="p3"><strong>What Are the Expectations?</strong></h3> <p class="p2">- <strong>Capital Allocation</strong>: Shareholders would be keen to know if this capital will be used for debt repayment, strategic investments, or possibly returned to shareholders in some form.</p> <p>- <strong>Dividend or Share Buybacks</strong>: A special dividend or a share buyback program could be an immediate way to benefit shareholders. <br /><br />- <strong>Strategic Focus:</strong> With the major stake now sold, what will be the company’s new strategic direction? Will it diversify or double down on existing operations?</p> <h3 class="p3"><strong>Hypothetical Special Dividend Scenario:</strong></h3> <p class="p2">If we assume that Kurl-ON Limited decides to distribute the entire INR 2035 Cr as a special dividend, we can calculate the per-share dividend. Given that Kurl-ON Limited has 1.488 Cr total outstanding shares, the special dividend would amount to approximately INR 1367 per share.</p> <p><strong>However, Before we give the above fair value to Kurlon Ltd share out of sale proceeds we have to keep in mind the following, <br /><br /></strong> 1. Recently, KL acquired a 10.06% stake in KEL, purchasing it from Motilal PE Fund for a consideration of INR 325 crore. Notably, KL did not have sufficient liquid funds on its books to complete the transaction, indicating that the capital was likely borrowed. At the time of this acquisition, Motilal PE Fund's valuation for KEL stood at approximately INR 3200 crore. <br /><br />2. And, when KL has purchased the KEL shares the book value was around INR 40 Cr and today the value is INR 2035 Cr. So, they need to pay LTCG. Overall, we can say 30-35% from INR 2035 Cr will go for Debt repayment and Taxes. So, per share value would be INR 880-900 per share.</p> <p class="p2">In summary, the next moves from the management will be critical and highly anticipated by Kurl-ON Limited shareholders. It remains a compelling situation worth monitoring closely.</p>
<h3 class="p1"><strong>Dear Valued Subscribers,</strong></h3> <p class="p2">We are back with some riveting updates on Sterlite Power, a leading player in the Indian power sector.<span class="Apple-converted-space"> </span>As your trusted advisors in the Pre-IPO market, it's our duty to keep you abreast of pivotal shifts that<span class="Apple-converted-space"> </span>could influence your investment strategy. Today, we delve into Sterlite Power's latest strategic moves,<span class="Apple-converted-space"> </span>which include a business demerger and a subsequent IPO.</p> <h3 class="p3"><strong>Demerger of Infra Business: Birth of SGL5</strong></h3> <p class="p4">In a landmark decision made in September 2023, Sterlite Power has opted to demerge its infrastructure business<span class="Apple-converted-space"> </span>into a separate entity named SGL5. This is not just a corporate restructure; it is a joint venture with Singapore's<span class="Apple-converted-space"> </span>sovereign wealth fund GIC. GIC is anticipated to invest a colossal $500 Million for a 49% stake, valuing the separated transmission business at approximately INR 8000 Cr.</p> <h3 class="p3"><strong>Sterlite Power Post-Demerger</strong></h3> <p class="p2">Post this demerger, Sterlite Power will primarily consist of its Products, MSI, and Convergence businesses,<span class="Apple-converted-space"> </span>collectively valued at around INR 9000 Cr. This move strategically positions Sterlite Power to focus on its<span class="Apple-converted-space"> </span>core competencies while leveraging the strength of GIC in the infrastructure business.</p> <p>Check our video on Product, MSI and Convergence Business Valuation -<br /><br /><iframe style="width: 370px; height: 208px;" title="YouTube video player" src="https://www.youtube.com/embed/EU0C9Wpl7yQ?si=Hy_kJmDufCx1OjBP" width="370" height="208" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <h3 class="p3"><strong>Regulatory Approvals</strong></h3> <p class="p2">The company has already filed for the demerger with the National Company Law Tribunal (NCLT). The entire process is<span class="Apple-converted-space"> </span>expected to conclude within 8-9 months, paving the way for its much-anticipated IPO.</p> <h3 class="p3"><strong>Shareholding Structure</strong></h3> <p class="p2">For every share you hold in Sterlite Power, you will be entitled to receive one share in the newly formed SGL5,<span class="Apple-converted-space"> </span>effectively doubling your investment avenues.</p> <h3 class="p3"><strong>Financials at a Glance</strong></h3> <p class="p4">The overall order book for the Products, MSI, and Convergence business stood at INR 3400 Cr for H1FY23.<span class="Apple-converted-space"> </span>With the demerger, the total business value before the split is estimated at INR 17,000 Cr. With a total of 12 Cr outstanding shares, this pegs the per-share value at approximately INR 1400. Currently, it is available at around INR 600 per share in the unlisted market. But whoever wants to invest have to wait for 2 years minimum to get value unlocking. So, invest accordingly.</p> <h3 class="p3"><strong>What's Next: The IPO</strong></h3> <p class="p4">Once the demerger is complete, Sterlite Power is expected to go public. This IPO represents not just a liquidity event<span class="Apple-converted-space"> </span>but a milestone in the company's journey toward sustainable growth.</p> <h3 class="p3"><strong>Conclusion</strong></h3> <p class="p2">The strategic reorganization of Sterlite Power into two distinct entities serves as a groundbreaking development,<span class="Apple-converted-space"> </span>opening new investment horizons. It's not just a demerger; it's a transformation that offers diversified avenues for<span class="Apple-converted-space"> </span>both Sterlite Power and its investors.</p> <p class="p2">If you are intrigued and want to explore investment opportunities in Sterlite Power's Pre-IPO shares, feel free to reach<span class="Apple-converted-space"> </span>out to us.</p>
<div class="min-h-[20px] flex flex-col items-start gap-3 overflow-x-auto whitespace-pre-wrap break-words"> <div class="markdown prose w-full break-words dark:prose-invert light"> <h4>A) Introduction</h4> The financial sector in India has seen a flurry of Initial Public Offerings (IPOs) recently, with Capital Small Finance Bank being the latest entrant. Having filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Bank of India (SEBI), the bank is poised to raise ₹450 crore through a fresh issue and an additional 2.4 million shares via an Offer for Sale (OFS). This blog aims to provide an in-depth analysis of the upcoming IPO, focusing on key areas like the bank's financial performance and valuation metrics. <h4>B) What is Capital Small Finance Bank?</h4> Capital Small Finance Bank commenced its operations in 2016 and has since focused on secured lending. As a small finance bank, it plays a critical role in driving financial inclusion in India, offering banking services to underserved sections of the society. The Bank pioneered in bringing modern banking facilities to the rural areas at a low cost. From day one 7-Day Branch Banking was introduced with extended banking hours. The focus to serve the common man and the local touch advantages has given the Bank a competitive edge over other banks operating in the region. Within a short period, most of the Branches become market leaders of their respective centers. The Bank is providing a safe, efficient, and service-oriented repository of savings to the local community while reducing their dependence on moneylenders by making need-based credit easily available. <h4>C) IPO Details</h4> <strong>1. Fresh Issue</strong> The fresh issue of equity shares aims to raise ₹450 crore primarily to boost the bank's Tier-I capital base, thereby strengthening its financial stability. <br /><br /><strong>2. Offer for Sale (OFS)</strong> The OFS includes shares from multiple investors such as Oman India Joint Investment Fund II, PI Ventures, and Amicus Capital, among others. <h4>D) Financial Performance</h4> <strong>1. Gross Advances</strong>: ₹5,507 crore <br /><br /><strong>2. Deposits</strong>: ₹6,561 crore <br /><br /><strong>3. Revenue</strong>: ₹725 crore <br /><br /><strong>4. Profit After Tax (PAT)</strong>: ₹94 crore <br /><br /><strong>5. Book Value</strong>: ₹178 <br /><br />The bank has showcased impressive growth in its financial metrics, with a considerable rise in gross advances and net profit, indicating robust operational efficiency. <h4>E) Valuation</h4> Currently, the price of the unlisted shares stands at ₹450. <br /><br />To calculate the Price-to-Book (P/B) ratio:<br /><br /> <div class="math math-display"><span class="katex-display"><span class="katex"><span class="katex-mathml">P/B Ratio=450/178 = 2.53x<br /></span><span class="katex-html" aria-hidden="true"><span class="base"><span class="mord"><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist-s"></span></span></span></span></span></span></span></span></span></div> </div> </div> <div class="min-h-[20px] flex flex-col items-start gap-3 overflow-x-auto whitespace-pre-wrap break-words"> <div class="markdown prose w-full break-words dark:prose-invert light">The Price-to-Book (P/B) ratio for Capital Small Finance Bank, based on the unlisted share price, is approximately 2.53. This valuation suggests that the shares are trading at a multiple of 2.53 times their book value, making it an important metric for potential investors to consider in their analysis. <h4>Conclusion</h4> Capital Small Finance Bank's upcoming IPO appears to be a well-calculated move to solidify its capital base and facilitate future expansion. The financial performance and valuation metrics are promising, but as always, investors should perform due diligence before making investment decisions. For more detailed information, you can visit <a href="https://unlistedzone.com/shares/buy-sell-share-price-capital-small-finance-bank-sfb-unlisted-shares/" target="_new" rel="noopener">UnlistedZone</a>. <h4>Disclaimer</h4> This blog is intended solely for informational purposes and should not be construed as financial advice. Always consult a qualified financial advisor before making any investment decisions.</div> </div>
<h3>Introduction</h3> <p>ESDS Software Solution Ltd is a leading player in the Cloud and Data Centre industry. The company has been offering versatile and robust solutions to a broad range of industries including but not limited to, banking, healthcare, and government sectors. As the company is poised to go public soon, it is crucial for investors to understand the dynamics of its performance in FY 2023, as well as the prospects it holds for the future.</p> <h4>A) Financial Performance in FY 2023</h4> <p><strong>1. Revenue and Operational Costs</strong> <br /><br />While the revenue saw a moderate increase from INR 195 crores in FY 2022 to INR 205 crores in FY 2023, the operational costs have surged significantly. Employee benefit expenses alone rose by INR 7 crores, and other operational expenses increased by INR 18 crores. This increment in operational costs has resulted in a 7% dip in EBITDA margins, a significant pressure point for the company. <br /><br /><strong>2. Debt and Interest Costs</strong> <br /><br />The company's total debt has escalated to approximately INR 136 crores in FY 2023, from INR 110 crores in the previous fiscal year. Subsequently, the interest cost has also surged from INR 17 crores to INR 25 crores, raising concerns about the company's debt management. <br /><br /><strong>3. Silver Lining</strong> <br /><br />Despite the operational challenges, the company managed to generate cash from operations of approximately INR 54 crores, an increase from INR 31 crores in FY 2022. This uptick is primarily due to high Depreciation and Amortization (D&A) which is a non-cash item, suggesting underlying operational strength.</p> <h4>B) Business Updates in FY 2023</h4> <p><strong>1. New Launches and Customer Relationships</strong> <br /><br />ESDS has expanded its footprint by launching new Data Centres in Mohali and has plans for one in Navi Mumbai in H1FY24. The company has also strengthened its relationship with existing customers like L&T, EDF, and Tech Mahindra, who have scaled up their businesses significantly with ESDS. <br /><br /><strong>2. Revenue Recognition and New Orders</strong> <br /><br />Several new projects and contracts have been bagged, projecting a promising revenue stream for the upcoming fiscal years. The Mohali Data Centre alone has secured an order worth INR 25.40 crores, indicating robust revenue recognition in the near future.</p> <h4>C) Upcoming IPO and Valuation</h4> <p>ESDS issued 1,322,500 shares at INR 220 per share. With a total of approximately 9.28 crore outstanding shares, the company is currently valued at around INR 2041 crores. With its IPO on the horizon, ESDS presents an intriguing option for investors. To invest in ESDS's unlisted shares, you can contact <a href="http://www.unlistedzone.com">UnlistedZone</a>, India's leading Pre-IPO Shares Provider.</p>
<h4>Introduction</h4> <p>Pharmeasy, a significant player in India's digital pharmacy landscape, has recently announced its plan to raise INR 3500 Cr through a Right Issue of Compulsorily Convertible Preference Shares (CCPS) B. This move has stirred interest and curiosity among investors and industry experts alike. This blog aims to dissect the nuances of this financial action, its impact on the company's valuation, and what it means for potential and current investors.</p> <h4>Why is Pharmeasy Raising Capital?</h4> <p>The primary reason behind raising this massive amount is to pay back a loan that Pharmeasy took from Goldman Sachs. According to the original loan agreement, Pharmeasy was supposed to raise future capital through equity. However, Goldman Sachs extended this deadline to July 2023, providing the company with the flexibility to opt for issuing CCPS B.</p> <h4>Investor Commitment: A Confidence Booster</h4> <p>MEMG International India Private Limited, which is wholly owned by Dr. Ranjan Pai and his family, along with other co-investors, have already committed around INR 1300 Cr. Such a significant commitment not only instills confidence among other investors but also underlines the robust financial planning behind this Right Issue.</p> <h4>The Nature of CCPS B</h4> <p>These are not regular equity shares. They are Compulsorily Convertible Preference Shares (CCPS B), and they are being issued at INR 96.8 per share. Eligibility for this issue is open to holders of API Holdings’ equity shares, CCPS A, or ESOPS as of August 11, 2023.</p> <h4>The Conversion Game: Decoding the Price</h4> <p>The market was abuzz with rumors suggesting a Right Issue price of INR 4.84 per share. However, the actual price stands at INR 96.8. Now, the catch here is that these CCPS B can be converted into 20 equity shares at a future date. So, in essence, the effective price becomes INR 4.84, aligning with the market whispers.</p> <h4>Subscription Ratio</h4> <p>For every 17 equity shares you hold, you will be entitled to receive 1 CCPS B. These shares offer considerable flexibility, as they can be converted into equity shares whenever the investor chooses to do so.</p> <h4>Past Context: CCPS A Conversion</h4> <p>For investors who participated in last year’s Right Issue involving CCPS A, the conversion price has been fixed at INR 4.356 per CCPS A, following a Board meeting held on July 24, 2023.</p> <h4>Valuation Post Right Issue</h4> <p>Now, let's dive deep into the valuation metrics. Currently, the company holds:</p> <p>a) Equity Shares: 614 Cr</p> <p>b) CCPS A: 5.48 Cr</p> <p>c) CCPS B: 36.1 Cr ( After Successful Right Issue )</p> <p>If we assume that all these shares are converted into equity, we'll have a total of 1456 Cr shares (614 Cr from existing equity shares, 120 Cr from CCPS A, and 722 Cr from CCPS B). With an assumed share price of INR 5, the valuation will be approximately INR 7280 Cr or close to 1 Billion USD.</p> <h4>Timelines and Objectives</h4> <p>The Right Issue is scheduled to be open from September 29, 2023, to October 27, 2023. The funds raised through this Right Issue will be utilized for debt repayment, fulfilling working capital needs, and maintaining specific cash reserves, as mandated by the agreements with debtors.</p> <h4>Conclusion: A Strategic Lifeline and Bright Prospects Ahead</h4> <p>The Right Issue of CCPS B provides Pharmeasy with a significant capital infusion, offering the company a new lifeline for growth and innovation. Additionally, this capital raise will extinguish the debt obligations to Goldman Sachs, further strengthening the company’s balance sheet. If you examine the financials for FY23, you'll notice a drastic reduction in losses—from approximately INR 4000 Cr in FY22 to around INR 2200 Cr in FY23. This improvement in the bottom line indicates effective cost management and possibly increasing revenue streams. Based on this trend, we believe that the company is well-positioned to perform strongly in the next two years.</p> <h4>Investment Dilemma: Unlisted Market Shares or Right Issue?</h4> <p>For those contemplating an investment in Pharmeasy, the quandary often boils down to whether to buy shares from the unlisted market or to apply in the Right Issue. Our analysis suggests that applying in the Right Issue would be more advantageous as it offers shares at a more attractive price point. This Right Issue, therefore, not only solidifies Pharmeasy's financial standing but also presents an enticing investment opportunity for those looking to capitalize on the company's future growth.</p>
<h4>Introduction</h4> <p>In a recent interview with CNBC-TV 18, Sunil Raina, President and Business Head of Lava, shed light on the company's ambitious plans for the future. From focusing on contract manufacturing to embracing 5G technology, Lava aims to be a game-changer in the industry. This blog delves into the key takeaways from the interview and what they mean for the future of Lava and the Indian smartphone market.</p> <h4>Contract Manufacturing and Localization: The New Mantras</h4> <p>Lava's Biz President, Sunil Raina, emphasized the company's push towards contract manufacturing. The brand has also welcomed the Indian government's import curbs on laptops, tablets, and personal computers. With 100% manufacturing and 40% localization already achieved in India, Lava is setting new benchmarks for the industry.</p> <h4>Emotional Appeal Backed by Quality</h4> <p>While the emotional appeal of 'Made in India' resonates with the masses, Lava understands that it needs to be backed by quality products. Significant investments have been made in product development to ensure that the brand stands up to global standards.</p> <h4>The 5G Revolution: Democratizing Technology</h4> <p>The affordable 5G segment is witnessing increasing competition, and Lava aims to be a significant player in this space. With plans to launch 100 models within a year, the company is committed to making 5G accessible to the masses. Lava was among the first to introduce an affordable 5G smartphone, proving its mettle against global competitors.</p> <h4>Policy and Ecosystem: The Road Ahead</h4> <p>While Lava has achieved significant localization, the brand acknowledges that localizing bigger components like chipsets and memory is still a couple of years away. A policy tweak may be required to foster the local ecosystem further.</p> <h4>India's Focus on Innovation and R&D</h4> <p>The Indian government's import restrictions have sparked a discussion within the domestic manufacturing industry. While the industry push is to delay the implementation, Lava believes that change, although uncomfortable, is necessary for growth in manufacturing.</p> <h4>Global Expansion: South America and Beyond</h4> <p>Lava is not just limiting its vision to India. The company is actively looking at acquisitions in South America and exploring contract manufacturing as a potential growth trajectory. It aims to become the Foxconn of India, providing world-class manufacturing services.</p> <h4>Organic and Inorganic Means of Growth</h4> <p>Lava has already acquired a company with a presence in 21 countries in Latin America. This acquisition is part of the brand's strategy to grow both organically and inorganically.</p> <h4>Conclusion: Building a Global Indian Brand</h4> <p>Lava's aspiration is clear: to build a strong Indian brand that can go global. The company is not open to the idea of being acquired by a larger player, emphasizing its commitment to becoming a multinational global smartphone brand. As you've seen, Lava is not just another smartphone company; it's a brand with a vision, aiming for global expansion and technological innovation. With its focus on contract manufacturing, 5G technology, and localization, Lava presents a unique investment opportunity that's poised for significant growth. <br /><br /><strong>Why wait for the IPO when you can invest today and be part of this incredible journey?</strong> 👉 <br /><br /><strong>Contact Us Now to Learn More About Investing in <a href="https://unlistedzone.com/shares/lava-international-limited-share-price-buy-sell-unlisted-shares-of-lava-international/">Lava's Unlisted Shares.</a></strong></p>
<h2>Introduction</h2> <p>The financial landscape of the pharmaceutical industry is ever-changing, and Martin and Harris have been a significant player in this sector. The company has recently released its financial results for the fiscal year 2023, and there are some interesting takeaways. While the company has shown a decent growth in revenue, the Profit After Tax (PAT) and Earnings Per Share (EPS) have remained flat. In this article, we will delve deep into the financials of Martin and Harris, focusing on key metrics like revenue, PAT, and EPS. We will also discuss the impact of increased expenses on the company's bottom line.</p> <h2>Revenue Growth: A Positive Sign</h2> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="189" /> <col width="100" /> <col width="100" /></colgroup></table> <table style="width: 60.7046%;" width="100%"> <tbody> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":2023}">2023</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":2022}">2022</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Revenue From Operations"}">Revenue From Operations</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":205}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">205</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":186}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">186</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Cost of Material Consumed"}">Cost of Material Consumed</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":47}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">47</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":50}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">50</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Employees Benefit Expenses"}">Employees Benefit Expenses</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":25}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">25</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":19}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">19</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Other Expenses"}">Other Expenses</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":61}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">61</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":46}">46</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"EBITDA"}">EBITDA</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":72}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-4]C[0]-R[-3]C[0]-R[-2]C[0]-R[-1]C[0]">72</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":71}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-4]C[0]-R[-3]C[0]-R[-2]C[0]-R[-1]C[0]">71</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"OPM"}">OPM</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":0.35121951219512193}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-5]C[0]">35.12%</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":0.3817204301075269}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-5]C[0]">38.17%</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Other Income"}">Other Income</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":24}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">24</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":26}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">26</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Depreciation"}">Depreciation</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":4}">4</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":4}">4</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Finance Cost"}">Finance Cost</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":0}">0</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":0}">0</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"PBT"}">PBT</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":92}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-5]C[0]+R[-3]C[0]-R[-2]C[0]">92</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":93}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-5]C[0]+R[-3]C[0]-R[-2]C[0]">93</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Tax"}">Tax</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":24}">24</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":23}">23</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":68}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">68</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":70}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]">70</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"NPM"}">NPM</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":0.29694323144104806}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/(R[-12]C[0]+R[-6]C[0])">29.69%</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":0.330188679245283}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/(R[-12]C[0]+R[-6]C[0])">33.02%</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"Shares"}">Shares</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":0.399}">0.399</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":0.399}">0.399</td> </tr> <tr> <td style="width: 40.7159%;" data-sheets-value="{"1":2,"2":"EPS"}">EPS</td> <td style="width: 28.5999%;" data-sheets-value="{"1":3,"3":170.42606516290726}" data-sheets-numberformat="{"1":2,"2":"0.00","3":1}" data-sheets-formula="=R[-3]C[0]/R[-1]C[0]">170.43</td> <td style="width: 30.6842%;" data-sheets-value="{"1":3,"3":175.43859649122805}" data-sheets-numberformat="{"1":2,"2":"0.00","3":1}" data-sheets-formula="=R[-3]C[0]/R[-1]C[0]">175.44</td> </tr> </tbody> </table> <p>On a standalone basis, Martin and Harris have reported a revenue of 207 Cr for FY23, which is a commendable 20% increase from the 172 Cr in FY22. This growth indicates a strong performance in the company's core pharma business and suggests that the company has been able to capitalize on market opportunities effectively.</p> <h2>Flat Profit: A Closer Look</h2> <p>Despite the impressive revenue growth, the company's PAT remained flat at 53 Cr. The reason behind this stagnation can be traced back to the Profit and Loss (P&L) statement. The employee benefit expenses have increased from 18 Cr in FY22 to 24 Cr in FY23. Additionally, other expenses have surged from 44 Cr to 60 Cr in the same period. This amounts to an overall increase in expenses by almost 22 Cr.</p> <h3>Breakdown of Expenses</h3> <p>A significant portion of the increased expenses comes from legal and professional fees, along with consultancy charges, which have seen a 7 Cr increase. These rising costs have offset the revenue growth, leading to a flat PAT and EPS.</p> <h2>Subsidiary Performance: Delite Infrastructure</h2> <p>Delite Infrastructure, a subsidiary of Martin and Harris, primarily earns its income from Rent and Interest. The income for FY23 remained around 21 Cr, similar to the 25 Cr in the previous year.</p> <h2>Consolidated Financials</h2> <p>On a consolidated level, the revenue for FY23 was 229 Cr compared to 212 Cr in FY22. The PAT was 68 Cr in FY23, slightly lower than the 70 Cr in FY22. The EPS for FY23 stood at approximately 170.</p> <h2>Conclusion: A Mixed Bag</h2> <p>To sum up, Martin and Harris have shown promising growth in their pharma business with a 20% increase in revenue. However, the increased expenses have negated the impact of this growth on the PAT. Investors looking at Martin and Harris Unlisted Share Price should consider these factors carefully. For those interested in investing in <a href="https://unlistedzone.com/shares/martin-and-harris-laboratories-limited-unlisted-shares/">Martin and Harris Unlisted Share</a>, it's crucial to weigh the growth prospects against the rising operational costs. While the top line shows promise, the bottom line needs careful evaluation</p>
<h4>Introduction</h4> <p>In the increasingly complex landscape of India's financial sector, Tata Capital stands as a beacon of trust and versatility. As a significant arm of the globally recognized Tata Sons Limited, the firm offers a diverse and comprehensive suite of financial services. This article aims to provide an in-depth analysis, focusing on <a href="https://unlistedzone.com/shares/tata-capital-limited-unlisted-share/">Tata Capital Unlisted Share</a>. Specifically, it will dissect Tata Capital Unlisted Share Financials, scrutinize Tata Capital Unlisted Share Valuation, and discuss <a href="https://unlistedzone.com/5-major-risks-in-investing-in-unlisted-shares/">Tata Capital Unlisted Share Risk.</a></p> <h4>Tata Capital's Services</h4> <h4>A Wide Spectrum of Financial Solutions</h4> <ol> <li><strong>Consumer Loans</strong>: Tata Capital provides a multitude of loans catering to various individual needs, including personal loans, home loans, and auto loans. These offerings make Tata Capital Unlisted Share an attractive investment option.</li> <li><strong>Business Loans</strong>: Specializing in loans for Small and Medium Enterprises (SMEs), the performance and demand for these business loans have a substantial impact on Tata Capital Unlisted Share Financials.</li> <li><strong>Insurance Services</strong>: The firm offers a wide range of insurance products, adding another layer of versatility to Tata Capital Unlisted Share offerings.</li> <li><strong>Investment Services</strong>: Through its subsidiary, Tata Securities Limited, the company provides a plethora of investment banking services and mutual fund distribution.</li> </ol> <h4>Global Footprint: An International Perspective</h4> <p>Tata Capital's sphere of influence isn't confined to India. With strategically located international offices in financial hubs like Singapore and London, the company's global reach positively impacts Tata Capital Unlisted Share Valuation.</p> <h4>Financial Milestones: A Close Look at Tata Capital Unlisted Share Financials</h4> <h4>A Comprehensive Five-Year Growth Analysis</h4> <p>The Assets Under Management (AUM) of Tata Capital have seen a robust growth trajectory, soaring from ₹51,847 Crores in 2016-17 to ₹1,16,756 Crores in 2022-23. This growth is also mirrored in the revenue, which has escalated from ₹6,324 Crores to ₹13,637 Crores. The Profit After Tax (PAT) has significantly risen from ₹459 Crores to ₹2,946 Crores over the same period. Additionally, the Net Worth of the company has surged from ₹4,210 Crores to ₹16,959 Crores.</p> <h4>How It Reflects on Tata Capital Unlisted Share Financials</h4> <p>This impressive increase in AUM, revenue, PAT, and Net Worth not only reflects a strong financial standing but also has positive implications on Tata Capital Unlisted Share Financials. However, the valuations of Tata Capital is already overvalued in the unlisted market.</p> <h4>Tata Capital Unlisted Share Valuation: A Critical Assessment</h4> <h4>Current Market Valuation: An Overview</h4> <p>As of the latest data, Tata Capital Unlisted Shares are trading between ₹500 to ₹520 per share. With a book value as of 31st March 2023 standing at approximately ₹50 per share, this equates to a Price-to-Book (P/B) ratio of over 10x.</p> <h4>Tata Capital Unlisted Share Risk: A Caution on Valuation</h4> <p>This elevated P/B ratio, which is significantly above the industry average, raises Tata Capital Unlisted Share Risk factors associated with overvaluation. Investors need to exercise due diligence and approach this investment opportunity with caution.</p> <h4>Comparison with Upcoming Rights Issue</h4> <p>The company has announced a rights issue at ₹162 per share, which creates an even greater urgency to examine Tata Capital Unlisted Share Valuation critically. This substantial difference between the rights issue price and the current trading price further amplifies the risks of overvaluation.</p> <h4>Investor Advisory: Exercise Caution</h4> <p>Due to the high Tata Capital Unlisted Share Valuation and the discrepancy in the rights issue price, investors are advised to exercise extreme caution. A detailed risk assessment is crucial for understanding Tata Capital Unlisted Share Risk before making any investment decisions.</p> <h4>Conclusion: A Balanced Perspective</h4> <p>Tata Capital has exhibited impressive growth metrics and offers a broad and diversified portfolio of services. However, the current Tata Capital Unlisted Share Valuation demands that investors approach this investment opportunity with a balanced perspective and an informed mind. Due diligence is especially critical considering the upcoming rights issue and the apparent high valuation of Tata Capital Unlisted Shares.</p>
<p>Merino Industries Limited (MIL) has released its annual financial report for the fiscal year 2022-23, providing valuable insights into its financial performance across key indicators. <br /><br /><strong>Financial Performance Highlights</strong> <br /><br /><strong>1. Strong Revenue Growth</strong> <br /><br />MIL achieved substantial revenue growth in FY 2022-23, with a notable increase of 23.06%. Revenues surged to Rs. 2,205 crore, up from Rs. 1,792 crore in FY 2021-22. <br /><br /><strong>2. Increase in Total Expenses</strong> <br /><br />The company's total expenses also saw a significant uptick, rising by 25% to reach Rs. 2,031 crore compared to Rs. 1,618 crore in FY 2021-22. <br /><br /><strong>3. EBITDA Growth</strong> <br /><br />MIL's EBITDA increased by 7.35% in FY 2022-23, reaching Rs. 270 crore, compared to Rs. 251 crore in FY 2021-22. <br /><br /><strong>4. Exports on the Rise</strong> <br /><br />Exports exhibited a growth of 20.07%, with figures climbing to Rs. 640 crore in FY 2022-23 from Rs. 533 crore in FY 2021-22. <br /><br /><strong>5. Net Profit Decline</strong> <br /><br />In FY 2022-23, the company's net profit decreased by 10%, settling at Rs. 117 crore, compared to Rs. 131 crore. This decline was primarily driven by increased raw material prices, repayment of unsecured loans, and higher finance costs. <br /><br /><strong>Balance Sheet Overview</strong> <br /><br /><strong>1. Net Asset Growth</strong> MIL reported a 25% increase in net assets, which reached Rs. 2,310 crore in FY 2022-23, up from Rs. 1,845 crore in FY 2021-22. <br /><br /><strong>2. Equity and Liabilities</strong> The net equity and liabilities of the company also showed a 25% increase, amounting to Rs. 2,310 crore in FY 2022-23, compared to Rs. 1,845 crore in FY 2021-22.<br /><br /><strong>Insights from Cash Flow Statement</strong> <br /><br /><strong>1. Operating Activities Cash Flow</strong> <br /><br />MIL generated Rs. 184 crore in net cash from operating activities in FY 2022-23, compared to Rs. 128 crore in FY 2021-22. <br /><br /><strong>2. Investing Activities Cash Flow</strong> <br /><br />The company's net cash used in investing activities amounted to Rs. (458) crore in FY 2022-23, a significant change from Rs. (219) crore in FY 2021-22. <br /><br /><strong>3. Financial Activities Cash Flow</strong> <br /><br />MIL experienced a boost in net cash generated from financial activities, amounting to Rs. 246 crore in FY 2022-23, compared to Rs. 103 crore in FY 2021-22. Merino is a leading integrated manufacturer and marketer of interior solutions. With the commitment to innovation and investment in enhancing and diversifying its product portfolio, the Company offers a diverse bouquet of multiple surfaces with infinite design possibilities that showcase the world-class manufacturing prowess. Headquartered in Kolkata, the Company has a strong presence in all major states in India and exports its products to 81 countries worldwide. The Company is managed by a dynamic leadership team and a group of professionals with diverse competencies and backgrounds. <br /><br /><strong>Diverse Solutions</strong> <br /><br />The portfolio of surface solutions is designed for homes, offices, commercial and public areas. The Company has consistently focused on making the products more affordable, improving their value, and maintaining transparency. As a pioneer in the industry, the Company has continuously evolved through technological innovations, retaining its competitive advantage. Since the establishment of the first manufacturing unit for high-pressure decorative laminates in Hapur in 1981, the Company made significant progress and has enjoyed a high brand recall through decades of market presence and satisfied customers. <br /><br /><strong>Achieving Milestones in Progress</strong> <br /><br />During the year, the Company achieved remarkable progress, primarily attributed to its burgeoning market presence and increasing recognition of the brand. A consistent and noteworthy aspect of the performance has been the sustained momentum in introducing innovative products across various categories. https://unlistedzone.com/shares/merino-industries-limited-unlisted-shares/</p>
<h3>A) Business Overview</h3> <p>The company in focus is Lakeshore Hospital and Research Centre Limited (LHRC), which is a part of VPS Healthcare. LHRC is a healthcare service provider that operates mainly through one hospital and has slightly diversified by starting a Medical Centre in Kozhikode. It offers a range of services including surgeries, transplants, dialysis, and preventive health check-ups among others. As of March 31, 2022, Lakeshore Hospital and Research Centre Limited (LHRC) employs a distinguished cadre of healthcare professionals. The staff includes 254 doctors, approximately 729 nurses, more than 450 individuals in medical support roles, and nearly 429 additional support staff. Among the doctors are several high-profile experts who have been affiliated with the hospital for over 15 years. The institution also boasts 129 specialist doctors serving as full-time consultants.</p> <h3>B) Key Strengths</h3> <p><strong>1. Part of a Reputed Group</strong>: Being a part of VPS Healthcare gives LHRC a strong backing and credibility in the healthcare industry.<br /><br /></p> <p><strong>2. Strong Medical Team</strong>: LHRC has an extensive and experienced team of doctors, nursing staff, and medical support staff.<br /><br /></p> <p><strong>3. Solid Financial Performance</strong>: The Total Operating Income for FY23 witnessed a year-on-year growth of 17%, rising to ₹419 crores from ₹358 crores in FY22. Similarly, Profit After Tax (PAT) also escalated, moving from ₹42 crores in FY22 to ₹57 crores in FY23.<br /><br /></p> <p><strong>4. Diverse Specializations</strong>: The revenue streams are well-diversified across various medical specialties, mitigating risks associated with dependency on a single domain.</p> <p><strong>5. Healthy Capital Structure</strong>: The company has favorable debt protection metrics, and a low overall gearing ratio, suggesting a comfortable capital structure.</p> <h3>C) Key Weaknesses</h3> <p><strong>1. Moderate Occupancy Rates</strong>: Despite an uptick in FY23, the occupancy rates have remained moderate due to competition from lower-cost service providers.</p> <p><strong>2. Dependence on Skilled Professionals</strong>: The company’s success is heavily contingent on retaining its scarce, highly-qualified medical professionals. Plus retaining nurses is also a challenge as they get good opportunity outside India.</p> <p><strong>3. Geographical Concentration</strong>: A large portion of the company's revenue is generated from a single location, making it susceptible to local market conditions.</p> <p><strong>4. Liquidity</strong>: Though marked as strong, the company has to manage its obligations carefully, given its strong accruals.</p> <h3>D) Management Quality</h3> <p>The management of LHRC appears to be highly experienced and competent, backed by a strong promoter group in VPS Healthcare. They have successfully managed to improve both financial and operational performance over the years.</p> <h3>E) Company Inception and Growth</h3> <p>LHRC has grown over the years to become a significant part of VPS Healthcare. While details about its inception are not available in the information provided, its alignment with VPS Healthcare suggests a well-structured and strategically planned growth trajectory.</p> <h3>F) Lakeshore Hospital and Research Center Performance Overview for FY22-23</h3> <h4>Financial Metrics</h4> <p><strong>1. Total Income</strong>: The company recorded a total income of ₹424 crores for this fiscal year, which is a 17% YoY increase compared to ₹362 crores in FY22.</p> <p><strong>2. Net Profit</strong>: The net profit surged impressively by 34%, growing from ₹43 crores in FY22 to ₹58 crores in FY23.</p> <p><strong>3. Earnings Per Share</strong>: An increase in EPS from ₹4.29 to ₹5.75 demonstrates a favorable return on investment.</p> <p><strong>4. Dividend</strong>: The Board has sanctioned a dividend of ₹1.70 per share (17%), to be disbursed following the Annual General Meeting's approval.</p> <h4>Operational Metrics</h4> <p><strong>1. Patient Volumes</strong>: LHRC provided healthcare to 343,876 out-patients and 21,087 in-patients this year, a notable uptick in service delivery.</p> <p><strong>2. Foreign Patient Influx</strong>: The hospital has successfully expanded its global reach, with foreign patient numbers soaring from 6,008 to 20,047.</p> <p><strong>3. Revenue Diversification</strong>: The healthcare specializations contributing to revenue are diversified, including Nephrology, Medical Oncology, and Orthopedics, among others.</p> <p><strong>4. Organ Transplants</strong>: A significant milestone was achieved in conducting 53 liver and 212 renal transplants, with a staggering success rate above 95%.</p> <h4>Future Outlook</h4> <p>For FY23-24, the company projects a high single to mid-double-digit growth in revenue and a corresponding increase in profitability. Management has projected a turn over 473 crores and profit before tax of 117 crores for the financial year 2023-24.</p> <h4>Additional Insights</h4> <p>The Kozhikode Medical Centre, although in its nascent stage, has already catered to over 12,000 patients.</p> <h4>Risk and Compliance</h4> <p>The company adheres to government regulations, especially in sensitive areas like organ transplants.</p> <h3>G) UnlistedZone's Take</h3> <p>Based on the aforementioned data, the performance of Lakeshore Hospital and Research Center appears strong on both financial and operational fronts. The future outlook also remains bullish. This suggests a positive investment scenario for the upcoming fiscal year. <br /><br />At present, the unlisted shares of Lakeshore Hospital are trading at ₹80 per share. With a total of 10 crore outstanding shares, this results in a Market Capitalization (Mcap) of ₹800 crores. The Price-to-Earnings (P/E) ratio, based on this pricing, stands at 13x, which appears to be reasonably valued.</p>
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