Rounaq Bakshi notes

  https://youtu.be/Ywi1aD4b7hQ?si=NmHHD2LHtTgmnLX6 LARSEN & TOUBRO : Time for bluechips Well-rounded Performance across all parameters Order Inflow exceeds ₹ 3 lakh crore for FY’24;    31% y-o-y  Revenue at ₹ 2.21 lakh crore for FY’24;    21% y-o-y  Consolidated PAT at ₹ 13,059 crore for FY’24;    25% y-o-y  Board recommends a final dividend of ₹ 28 per share   The consolidated order book of the group as on March 31, 2024, is at ₹ 475,809 crore registers growth of 20% over the previous year, with the share of international orders at 38%.  

  GPTHEALTH: IPO stock GPT Healthcare Limited, the healthcare arm of the GPT Group, currently owns and operates over 561 beds spread across four state-of-the-art multi-specialty hospitals in the eastern part of the country under the brand name ILS Hospitals Total Income stood at Rs. 406 crores, higher by 10.6% y-o-y    EBITDA stood at Rs. 93 crores, with EBITDA margin of 23.0%, an increase of 16.3% y-o-y  • PAT stood at Rs. 48 crores, higher by 22.4% y-o-y   The existing four hospitals in Salt Lake, Agartala, Dum Dum and Howrah, continue to perform well and are improving on all financial and operational metrics with increasing occupancy.  The ARPOB for FY24 was Rs. 32,947 which is in line with  policy of serving the aspiring population of the society with higher disposable income in the middle to high income segment.  The payer mix continues to be mostly cash and insurance leading to one of the highest Cashflow from Operations to EBITDA ...

   Sirca Paints India Ltd. announces the acquisition of the entire business under the brand name "Wembley" from Wembley Paints & Chemicals and Indo Wembley Paints Private Limited.  With this acquisition, Sirca Paints will integrate Wembley’s full range of products, including thinners, wall paints, enamels, NC (nitrocellulose), melamine, and other coatings, into its portfolio.   Q1FY26 Outlook  Tier 2/3 Market Penetration: Continued push in markets like MP, Chhattisgarh, and Northeast, South India through localized marketing and dealer activations.  New OEM Tie-Ups: Expanding presence in modular furniture and door manufacturing ecosystem with new B2B partners. Launch of New Product Range under “Wembley” Brand: Targeting the complete value segment in paints and coatings to expand market share and address industrial demand. Strategic Integration of Wembley Portfolio: Strengthening nationwide distribution with focused dealer on boarding and channel exp...

  https://youtu.be/6ugvlnnzLxo?si=lwpW1MTqhZzjBANE GSPL shares in a 20% lower circuit after PNGRB nearly halves HP Pipeline tariff Tariffs have been cut by 47% by PNGRB to ₹34 per mmbtu from the earlier ₹18.1 per mmbtu. Contrary to the price cut, GSPL had sought ₹50.8 per mmbtu as the revised tariff. The 47% tariff cut is also higher than the street expectation of a 10% to 15% cut. As a result of this order, GSPL's Earnings Per Share (EPS) is likely to decline by 30% to 40% in financial year 2025. PNGRB has cut the tariff citing higher volume assumption and economic life extension of the pipeline. GSPL's management said that it is studying the order.

  https://youtube.com/shorts/qkVSAgW58-w?si=9iuBW5J1iUwcSRyp Fusion  Micro Finance : Profit After Tax (PAT) up↑ 30.52% Fusion  Micro Finance Limited – Financial Results for Quarter and Year ending March 31, 2024  Asset under Management (AUM): ₹ 11,476.08 Crores ↑ 23.45%  Profit After Tax (PAT): ₹ 505.29 Crores ↑ 30.52%  Net Interest Margin (NIM): 11.22% ↑ 107 bps   ROA of 4.78% and ROE of 19.55% Asset under Management (AUM) grew 23.45% YoY from INR 9,296.22 Crores to INR 11,476.08 Crores  Disbursements grew 19.76% YoY from INR 8,596.11 Crores to INR 10,294.35 Crores  Net NPA 0.60%  Borrower base increased from ~35.3 lakhs to ~38.6 lakhs

  https://youtube.com/shorts/QGpZ17ooR2o?si=Fe5ssZc58q0Hdeer Brookfield India Real Estate Trust : my top bet Brookfield India Real Estate Trust (BIRET)  is set to acquire a 50 percent stake in four Grade A assets from  Bharti Enterprises  in Delhi and Gurugram, the real estate firms said on May 16. The total equity consideration for the 50 percent stake would be fulfilled through a preferential allotment of units in BIRET to Bharti at Rs 300 a unit. It will make Bharti the second largest unitholder in BIRET with an ownership stake of 8.53 percent, the firms said in a joint statement. The enterprise value of the properties is around Rs 6,000 crore. The acquisition includes marquee commercial properties spread over 3.3 million square feet. The portfolio includes operating Worldmark assets at New Delhi's Aerocity , which is a mixed-use property covering 1.4 million square feet; Airtel Center, the state-of-the-art corporate facility of 700,000 square feet in north Gurugr...

  https://youtube.com/shorts/cuTB3QomNL0?si=r050D73de6-ey0bQ Aditya Birla Sun Life  AMC :  FY24 Profit after Tax is at Rs 780 cr ; up 31% year-on-year. ABSLAMC’s overall QAAUM including Alternate assets grew by 21% year-on-year to Rs. 3,458 billion for the quarter ending March 31, 2024. ABSLAMC serviced 8.59 million as of March 31, 2024. Added around 1.1 mn new folios in FY24.

  https://youtu.be/Z93uALjyik0?si=H_20qFmDeb0hMLtt Tata in talks to buy majority stake in UTI AMC from 4 PSU finance entities (2023) Officials close to the development said the salt-to-software conglomerate is watching the marketplace to assess Jio's future plans and their impact on the competitive dynamics of the pooled-money industry. Financial sector majors view Jio Financial Services as a potentially disruptive player at a time when the Indian mutual fund industry is expected to welcome half a dozen new entrants The Tata Group is looking to buy a majority stake in India's eighth largest mutual fund UTI Asset Management Co (AMC). The group is in final stages of negotiation to buy the stake from four state-owned financial entities -- Punjab National Bank, Life Insurance Corporation of India, State Bank of India, and Bank of Baroda – which together own 45.16 per cent stake in UTI AMC. In the latest found of reports, it is reported that  UTI Asset Management Company  (AMC...

  https://youtu.be/CuW3jiEaXCQ?si=cHgjKc1a038P7W6G SJS ACHIEVED ITS FY24 GUIDANCE OF 45% YOY REVENUE GROWTH  Delivered revenue growth of 45.0% YoY to ₹ 6,278.0 Mn, registering better-than automotive industry production volume growth of 9.7% YoY  EBITDA consistently maintaining robust margins at 25.2% PAT at ₹ 85 cr, 26.9% YoY growth, with a margin of 13.6%.  Exports constituted 7.7% of total consolidated sales Two wheelers now contribute 37% of revenue, passenger vehicles contribute 36%, consumer segment 20% and others 7%  Company is getting future ready with the new generation products contribution increasing from 9.4% in FY23 to 25.2% in FY24, post WPI acquisition  Consolidated ROCE during the quarter stands at 20.4% and ROE at 15.2%. ROCE was lower due to WPI acquisition. This will improve gradually over a period of time and with better utilisation of new investments over next 1-2 years  During FY24, the company achieved robust free cash flows of Rs...

https://youtu.be/Hd3AnN7WqXw?si=GgzoPGGEmu0QSzQZ   Maharashtra Seamless : Down 20% from top India’s oil demand is projected to rise 50% to 7.2 mn barrels per day in 2030 from 4.8 mn barrels per day in 2019 as against a global expansion of 7%.  India’s natural gas demand is projected to double to 133 BCM in 2030 from 64 BCMin 2019 as against a 12% rise in global gas demand.  India plans to almost double its oil refining capacity to 450 MT in the next 10 years to meet rising domestic fuel demand as well as cater to export market. Large tenders for ERW pipes have been floated by BPCL, GAIL, Indraprastha Gas and Assam Gas for oil and gas applications.  More tenders are expected for Gurdaspur to Srinagar pipeline, Tinsukia to Doom Dooma pipeline and City Gas Distribution projects in 10th & 11th rounds in majority of states.  Significant contract from IOCL has been received recently indicating buoyancy of market and sustained expenditure by OMCs and refineries. Ma...

Ambuja Cements will continue to grow at a faster speed than the industry.     Ambuja Cements Limited, the cement and building materials company of the diversified Adani Portfolio Net Zero commitment - Partnered with Finland-based Coolbrook to leverage zero-carbon rotodynamic heating technology. Addition of 631 Mn MT Limestone reserves during Dec’24 Qtr. taking total reserves to 8.3 Bn MT    Capacity to hit 104 MTPA by Q4 FY’25, 118 MTPA by FY’26 and 140 MTPA by FY’28   Orient Cement acquisition expected to be closed in Q4 FY’25. Merger of Penna and Sanghi under progress      Commissioned 200 MW Solar Power at Khavda, will lead to reduction in power cost in upcoming quarters Cash & Cash Equivalent at Rs. 8,755 Cr (14% of the Net worth)  Net worth stood at Rs. 62,535 Cr, Nil Debt  The significant boost in efficiencies, enhanced market presence and cost leadership aligned with Group synergies have been the growth drivers for t...

CMS Info Systems reports stable Q1’FY26 performance, revenue up 5% and PAT up 3% YoY  Announces binding agreement to acquire Securens Systems to scale Vision AI business Q1’FY26 Business Highlights:  • 1,53,000 business touch points in Cash Logistics, at 9% YoY growth • INR 500 Cr of new order wins  • Won ALGO MVS multi-year software solutions contract across ICICI Bank’s ATM network  • Strategic acquisition in Vision AI business, investment of ~Rs. 80 Cr CMS has entered into a binding agreement to acquire up to 100% of Securens Systems Private Limited,  #4 player in the AIoT remote monitoring services industry with full stack solution capabilities.  This investment will help CMS scale its Vision AI business to a broader client base and drive growth in a key emerging business line.  Mr. Rajiv Kaul – Exec. VC & CEO commented, “We grew topline by 5% and PAT by 3% in a seasonally weak quarter amid subdued consumption trends. We continue to focus on ex...