Key Notes on Data Patterns

January 18, 2024 In the defence sector, which is currently fancied by the investors. Both revenues and profits have grown significantly in the last 5 years. However, that’s not translating into cash flows. Currently debt free status. Liquidity position is ok due to the funds raised from QIP. Current market cap of Rs 11,000 cr … Read more

Key Notes on PSP Projects

November 2, 2023 Projects are significantly concentrated in Gujarat. Company’s success rate in bidding is 15-20%. Rs 2,600 cr of revenue guidance for FY24. Operating margin guidance of 11-12% for FY24. Moderate but increasing debt levels Volatile working capital track record. Cash flows therefore don’t align with the profits. Rs 1500 cr of fund and … Read more

Key Notes on Easy Trip Planners

November 13, 2023 Company’s flagship offering is www.easemytrip.com Its services include airline tickets, hotels and holiday packages, rail tickets, bus tickets, taxis and ancillary services including travel insurance, visa, tickets for activities etc Almost 90% of Companys’ revenues currently are from the airline business Company has in this year changed focus towards profitability instead of … Read more

Key Notes on Medplus Health Services

November 8, 2023 One of the largest organised pharmacy chain in India 4000+ stores Also does private labelling of various kind of products – pharmacy and non pharmacy Private label accounts for about 14% of the Company’s total revenues currently. Also have a small presence in diagnostic services. Pilot in Hyderabad. Its very small as … Read more

Key Notes on VST Industries

November 23, 2023 The company is an associate of British American Tobacco Plc, which holds a 32% stake. Below average growth trends Sales CAGR of 7% in the last 10 yrs and 1% in last 3 yrs Profit CAGR during this period was 11% and 2% respectively Return on capital as expected has been high … Read more

Key Notes on Cartrade

November 9, 2023 Analysts seem to be fond of the management as it seems the promoter is very open to discussions with them. Management extremely bullish on OLX classifieds business shutting down OLX’s loss making transaction business and will only continue with the classified business cost of classified tech transfer of Rs 30 cr will … Read more

Key Notes on Restaurant Brands Asia

January 29, 2024 No additional structural observations. Operational challenges continue. Too many uncontrollable variables. Review after 2-3 quarters gap. November 8, 2023 The company is an Exclusive National Master Franchisee of Burger King in India and its subsidiaries are Exclusive National Master Franchisee of the brands Burger King and Popeyes in Indonesia India: 404 restaurants … Read more

Key Notes on Subex

August 16, 2023 Subex is a technology product and services company providing business support systems to telecommunication companies, which improves their revenue and profits through the identification and elimination of leakages in their revenue chain and includes fraud, revenue assurance, analytics, partner management, cost management and credit risk management. Company’s business is almost entirely telecom … Read more

Key Notes on Barbeque

August 8, 2023 Established brand. Company’s revenues have grown at a CAGR of 16% in the last 5 years. EBITDA margins are decent at 17-18%. However, where company gets hit is finance cost (lease rentals) and depreciation (again lease rentals) – typical of a restaurant business. On net basis it has been mostly loss making. … Read more