In contrast to the same period last year (Q2FY24), Bajaj Auto's Q2FY25 financial results demonstrate consistent increase across key measures. Here is a brief summary of the figures:
Q2FY25: ₹2,005 crore
Q2FY24: ₹1,836 crore
Estimates: ₹2,228 crore
Despite falling short of the estimated ₹2,228 crore, Bajaj Auto’s net profit rose by 9.2% compared to last year.
Q2FY25: ₹13,127 crore
Q2FY24: ₹10,777 crore
Estimates: ₹13,270 crore
Bajaj Auto achieved a significant 21.8% growth in revenue compared to Q2FY24, though it came slightly below the estimated ₹13,270 crore.
Q2FY25: ₹2,652 crore
Q2FY24: ₹2,133 crore
Estimates: ₹2,704 crore
EBITDA grew by 24.3% year-over-year but was marginally lower than the forecast of ₹2,704 crore.
Q2FY25: 20.2%
Q2FY24: 19.8%
Estimates: 20.4%
The EBITDA margin has shown improvement, increasing to 20.2%, close to the market estimate of 20.4%.
Overall, Bajaj Auto's financial performance in Q2FY25 demonstrates consistent growth in revenue, profitability, and margins compared to the previous year. However, it fell slightly short of analysts' estimates in all categories. This update reflects a robust performance for the company despite minor shortfalls in hitting projected targets.
Source: CNBC
सोयाबीन दिसंबर वायदा में पिछले सप्ताह 10 प्रतिशत का उछाल दर्ज किया गया और कीमते 6100 रुपये प्रति क्विंटल तक के स्तरों पर पहुंच गई है। सोयाबीन की फसल आने के बाद इसकी आपूर्ति कम रही जिसके कारण कीमतों में अच्छी तेज़ी देखि गई है। अमेरिकी सोयाबीन में भी पिछले सप्ताह तेज़ी रही और कीमतों में 5 प्रतिशत तक हुई है यूनाइटेड स्टेट्स डिपार्टमेंट ऑफ़ एग्रीकल्चर (यूएसडीए ) की नवंबर रिपोर्ट के मुताबिक साल 2021-22 के लिए यू.एस. सोयाबीन का उत्पादन कम रहेगा। सोयाबीन का उत्पादन 4.42 अरब बुशेल रहने का अनुमान है, जो कम यील्ड के कारण 23 मिलियन घटा है। लेकिन इसका वैश्विक आयात कम होने रहने के कारण स्टॉक में बढ़ोतरी रहने का अनुमान है। वैश्विक सोयाबीन का उत्पादन 1.1 मिलियन टन घटकर 384 मिलियन हो गया है। संयुक्त राज्य अमेरिका और अर्जेंटीना में जो उत्पादन की कमी आई है वह भारतीय उत्पादन से बराबर हुआ है। ग्लोबल सोयाबीन निर्यात 1 मिलियन टन घट कर 172.1 मिलियन टन रह गया है। चीन का आयात 1.0 मिलियन टन घट कर 100 मिलियन टन रह गया है। घरेलु बाजार में सोयाबीन की कीमते कम रहने के कारण मंडियों में आपूर्ति कम रही है। चीन में नेगेटिव मार्जिन और पॉवर कमी के कारण उत्पादन कम रहा जो आयात में कमी का एक कारण रहा है, लेकिन सामान्य होती हुई स्थिति से इसका आयात बढ़ने के आसार है। ब्राज़ील में सूखा मौसम के बीच सोयाबीन की सोइंग होने पर उत्पादन कम रहने की सम्भावना भी है। जिससे सोयाबीन के भाव में वैश्विक स्तर पर तेज़ी देखने को मिल रही है।
एनसीडीईएक्स दिसंबर वायदा सोयाबीन में तेज़ी रहने की सम्भावन है। इसमें ₹5600 - ₹5300 रुपये पर सपोर्ट है और ₹6300 - ₹6900 पर रेजिस्टेंस है।
Rating SUBSCRIBE
Issue Opens on Nov 15, 2021Issue Close on Nov 17, 2021Total IPO size (cr)1,023.47Fresh issue150.00Offer For Sale (cr)873.47Price Band (INR)635-662Market Lot22Face Value (INR)2Retail Allocation35%Listing On NSE, BSE
⮚ For Repayment/prepayment of liabilities ⮚ For Funding of the capital expenditure
QIB Portion50NIB Portion15Retail Portion35
Pre Issue5,09,40,420Post Issue5,32,06,281
Finalization of Basis of Allotment23-11-2021Refunds/Unblocking ASBA Fund24-11-2021Credit of equity shares to DP A/c25-11-2021Trading commences26-11-2021
Tarsons Products Limited is a Indian labware company engaged in the designing, development, manufacturing and marketing of ‘consumables’, ‘reusables’ and ‘others’ including benchtop equipment, used in various laboratories across research organizations, academia institutes, pharmaceutical companies, Contract Research Organizations (CROs), Diagnostic companies and hospitals.
Company’s product portfolio is classified into three key categories which include consumables, reusables, and others. ‘Consumables’ category includes products such as centrifuge ware, cryogenic ware, liquid handling, PCR consumables and petri dish, transfer pipettes and others. ‘Reusables’ category includes products such as bottles, carboys, beakers, measuring cylinders and tube racks. ‘Others’ category includes benchtop instrumentation such as vortex shakers, centrifuges pipettors and others. Company is one of the leading Indian company in terms of revenue in the plastic labware market in India
⮚ Company currently operates through their five manufacturing facilities located in West Bengal. These facilities are vertically integrated and equipped with automated support systems that help them to maintain quality, increase productivity, and reduce costs.
⮚ They have over 36 years of experience in life sciences through which they gained expertise in the production of a wide range of labware products.
⮚ Company have received CE-IVD certificate for their products such as micro and macro tips, cryo vials and centrifuge tubes.
⮚ Company supply their products to over 40 countries across both developed and emerging markets through a blend of branded and ODM sales.
⮚ They supply products to life sciences industry under the brand label‚ TARSONS WITH THE WORDS -TRUST DELIVEREDTM.
The company has shown stable growth in revenue in the last 3 years where we saw a minor dip in FY20 on the back of COVID-19. Revenue of the company has grown from Rs 184.7 cr to Rs 234.3 cr over the period of FY19 to FY21; during the same period profit has grown from Rs 39 cr in FY19 to Rs 68.9 cr in FY21.
The margins of the company have grown significantly on the back of declining debt. Tarson products limited is a company with great brand awareness and high-quality goods, India’s leading life sciences supplier.
The company aims to be debt fee post the IPO and is planning for CAPEX which will further increase the revenues. The IPO is arriving at a PE of 34x on annualized Q1FY22 EPS of Rs. 4.88 which seems to be attractively priced. Thus we assign a "SUBSCRIBE" rating for listing gain and long term.
⮚ Sanjive Sehgal is the Chairman and Managing Director of the Company. He holds a bachelor’s degree in science from Xavier College, Calcutta. He has over 30 years of experience in this Company.
⮚ Rohan Sehgal is the Whole-Time Director of the Company. He holds a bachelor’s degree in science (management) from the University of Manchester. He has over 7 years of experience in this Company.
⮚ Gaurav Podar is the Non-Executive Nominee Director of the Company. He has over 10 years of experience in the finance industry. He has been Non-Executive Nominee Director in this Company from June 10, 2019.
⮚ Viresh Oberai is the Independent Non-Executive Director of the Company. He holds a bachelor’s degree in history from the University of Delhi; He has over 22 years of experience with Tata Steel.
⮚ Sucharita Basu De is the Independent Director of the Company. She has over 20 years of experience in commercial and corporate agreements, capital markets and real estate.
⮚ Girish Vanvari is the Independent Director of the Company. He holds a bachelor’s degree in commerce from the University of Bombay and is a member of the Institute of Chartered Accountants of India.
⮚ Piyush Khater is the Company Secretary and Compliance Officer of the Company. He holds a bachelor’s degree in commerce with specialisation in accounting & finance from St. Xavier’s College, University of Calcutta. He has over 4 years of experience and has previously worked with Ashok Kumar Duggar & Associates. In his last position, he was assistant manager with Consolidated Consultancy Services Private Limited. Since he joined our Company on July 28, 2021, he did not receive any remuneration during the Financial Year 2021.
⮚ Santosh Agarwal is the Chief Financial Officer of the Company. He holds a bachelor’s degree in commerce from the University of Calcutta. He has over 20 years of experience and has previously worked with Polar Fans, Genpact, ICA group and Gruas Jaso Group. In his last position, he was the chief financial officer and company secretary of Jaso India. He joined the Company on October 1, 2019
⮚ Leading Indian supplier to life sciences sector with strong brand recognition and quality products.
⮚ Company provide a diverse range of labware products across varied customer segments
⮚ They operate in an industry which has a large addressable market with long-standing relationships with key end customers
⮚ Well-equipped and automated manufacturing facilities
⮚ Wide geographic reach through their pan India sales and distribution network
⮚ Experienced Promoter backed by strong management team
⮚ All manufacturing plants are based in West Bengal (Geographical risk).
⮚ Over 85% of the IPO proceeds would go to selling shareholders of the company.
⮚ Company imports over 75% of its raw materials. Any delay, interruption or reduction in supply of raw materials to manufacture its products can adversely affect its business.
⮚ Company’s manufacturing facilities are concentrated in West Bengal. Such geographical concentration can pose risk to its business.
⮚ In case of plastic products manufactured by the company gets banned in India or any markets where the company exports its products can have a material and adverse effect on its business.
As per the RHP document, there are no listed entities whose business portfolio is comparable with that of Tarsons’s business and hence we cannot conclude whether the issue price is underpriced or overpriced. However, the IPO is arriving at a PE of 34x on annualized Q1FY22 EPS of Rs. 4.88 which seems to be attractively priced.
FINANCIALS (RESTATED CONSOLIDATED)
Particulars (Rs. In Millions) FY 2021 FY 2020 FY 2019Equity Share Capital 1.92 2.00 1.92Other Equity 2,441.46 1,973.69 1,350.81Net Worth 2,443.38 1,975.69 1,352.73Total Borrowings 334.54 358.95 645.13Revenue from Operations 2,289.11 1,759.02 1,787.48EBITDA 1,034.38 692.54 716.67Profit Before Tax 924.34 531.33 558.25Net Profit for the year 688.70 405.31 389.58
The Smartphone Industry has been steadily developing and evolving; both, in terms of market size and varied models. Factors such as the rise in disposable income of individuals, the development of robust telecom infrastructure, the introduction of budget-centric smartphones, and the increasing number of product launches are collectively contributing to the holistic growth of the smartphone market.
Samsung topped the list of smartphone players with a market share of 19 per cent, followed by Apple with a 15 per cent of market share. Huawei stood third, holding 14 per cent of the market share. Xiaomi came in fourth on the list with an 11 per cent market share, followed by Oppo at 8 per cent, rest 33 per cent are held by other players in the market.
Of late, Samsung is the market leader that makes numerous best-selling Android phones, and with over 300 million sales a year, it is now the largest smartphone maker in the world. Keeping pace with advancing technology, Samsung also expanded its 5G smartphone lineup at entry and midrange price bracket of phones.
Right behind Samsung, there's Apple, an ultra-premium brand that offers flagship iOS-based smartphones, unlike other brands which are dealing in the Android OS.
China's stronghold in the world smartphone market can't be overlooked. Huawei is the largest smartphone manufacturer in China and the second-largest in the world, after South Korea’s Samsung. Huawei has a subsidiary brand, named 'Honor' that also designs and sells smartphones.
Xiaomi is another china's big giant emerging as one of the top leaders in the market with a mighty online customer base and fast expansion in the global markets beyond the Asian-Pacific region driven by investments via retail channels and partnerships with top communication services providers.
Another renowned china based smartphone maker 'Oppo' has grown tremendously by popular-priced mid-range smartphones, a wider distribution network, and robust marketing strategies in Western Europe.
Demand for smartphones continued to grow as users tilted towards higher specifications and a better user-friendly experience. The improvement in consumer outlook sustained learning, and work from home culture, along with pent-up demand from 2020, is also boosting sales of smartphones in 2021.
अमेरिका के उपभोक्ता मूल्य सूचकांक में साल-दर-साल वृद्धि सितंबर में 5.4 प्रतिशत की वृद्धि को पार कर गई है। सितंबर से लेकर अक्टूबर तक अमेरिका में, कीमतों में 0.9 प्रतिशत की वृद्धि हुई, जो जून के बाद से महीने-दर-महीने की उच्चतम वृद्धि है। कच्चे तेल, गैस और खाद्य सामग्री की बढ़ती लागत के कारण अमेरिकी उपभोक्ता मूल्य सूचकांक पिछले वर्ष की तुलना में अक्टूबर में 6.2 प्रतिशत पर पहुंच गया है। यूएस सीपीआई डेटा के अनुसार, जो यह मापता है कि उपभोक्ता वस्तुओं और सेवाओं के लिए कितना भुगतान करता है, बढ़कर 4.6 प्रतिशत हो गया है, जो कि संयुक्त राज्य अमेरिका (यूएस) में 1990 में देखी गई मुद्रास्फीति का उच्चतम स्तर है। जिसके कारण पिछले सप्ताह घरेलु वायदा सोना 1400 रुपये प्रति दस ग्राम और चांदी 3000 रुपये प्रति किलो तक तेज़ हुई है।
मुद्रास्फीति हाल के महीनों में श्रमिकों को मिलने वाले वेतन में मजबूत लाभ को कम कर रही है और राजनितिक मुश्किलें बढ़ा रही है। लगभग एक दशक पहले की बड़ी मंदी के बाद की तुलना में महामारी से उबरने के दौरान नौकरी और वेतन वृद्धि अधिक अच्छी रही है। लेकिन उस मंदी के बाद के वर्षों के विपरीत, मुद्रास्फीति अब तेजी से बढ़ रही है और अर्थव्यवस्था में विश्वास को कम कर रही है।
जिसके कारण निवेश के लिए सुरक्षित मांग बढ़ती जा रही है। खाद्यान्न, खाद्य तेल, धातु और बिजली आपूर्ति समेत आवश्यक वस्तुओं के दाम बढ़ने से और दुनिया भर में आपूर्ति बाधित होने से महंगाई बढ़ रही है। हालांकि, अमेरिकी फेड का मुद्रास्फीति लक्ष्य 2 प्रतिशत है जो पहले से ही इस स्तर से काफी ऊपर है लेकिन अर्थव्यवस्था की वर्तमान स्थिति के अनुसार और अधिक आर्थिक सुधारों की आवश्यकता है। अमेरिकी फेड और यूरोपीय सेंट्रल बैंक ने कहा है कि वे बांड खरीद को कम कर रहे हैं, लेकिन निकट अवधि में ब्याज दर में वृद्धि नहीं करने जा रहे हैं क्योंकि अर्थव्यवस्था को महामारी के कारण बिगड़ी हुई आर्थिक स्थिति से बाहर आने के लिए अधिक नौकरियों और प्रोत्साहन की आवश्यकता है।
इस सप्ताह सोने और चांदी के भाव तेज़ रह सकते है। दिसंबर वायदा सोने में 49700 रुपये पर प्रतिरोध और 48000 रुपये पर सपोर्ट है। चांदी में 69000 रुपये पर प्रतिरोध और 63500 रुपये पर सपोर्ट है।
RatingSubscribeIssue OfferIssue Opens on Nov 01, 2021Issue Close on Nov 03, 2021Total IPO size (cr) 125.43Fresh issue 125.43Offer For Sale (cr) NilPrice Band (INR) 161-163Market Lot 90Face Value (INR) 10Retail Allocation 35%Listing On NSE, BSEObjects of the issue ⮚ CAPEX of MCC at Dahej, Gujarat ⮚ CAPEX of MCC at Jhagadia, Gujarat ⮚ CAPEX of CCS at Kurnool ⮚ For General Corporate Purposes.Issue Break-up (%)QIB Portion 50NIB Portion 15Retail Portion 35Share Holding Pattern %Promoters & Promoter group 64.6 48.5Public 35.4 51.5Indicative TimetableFinalisation of Basis of Allotment 10-11-2021Refunds/Unblocking ASBA Fund 11-11-2021Credit of equity shares to DP A/c 12-11-2021Trading commences 15-11-2021
Sigachi Industries was incorporated as a private limited company in 1989, with the business to manufacture chlorinated paraffin and hydrochloric acid in its manufacturing unit situated at Hyderabad.
In the year 1990, Company diversified its product portfolio to manufacture microcrystalline cellulose which is widely used as an excipient for finished dosages in the pharmaceutical industry.
The inert non-reactive, free-flowing and versatile nature of MCC have varied applications in the pharmaceutical, food, nutraceuticals and cosmetic industries. The company manufactures MCC of various grades ranging from 15 microns to 250 microns.
The company had consistent revenue growth in the last 3 years where they grew at a CAGR of 13%. In FY21 revenue was at Rs 196 crore VS Rs 133 cr in FY19 while profit grew at CAGR of 17% and in FY21 net profit was Rs 30 cr Vs Rs 19 cr in FY19. The margins of the company are improving gradually. The CAPEX from the IPO would also help the company to increase its revenue further.
The Indian foods and beverage market, as well as the pharmaceutical market, are growing rapidly which should drive MCC’s demand forward.
Due to the small size of the IPO the company is going to list in the T2T Segment. The IPO is arriving at a PE of 14x on the average EPS of the last three years i.e. Rs. 10.88 and P/BV of 2.19 which seems to be reasonably priced for investors. Thus, we assign a “SUBSCRIBE” rating to the IPO for listing gains and long term.
IPO Note
SIGACHI INDUSTRIES LTD
IPO Note
SIGACHI INDUSTRIES LTD
COMPARISON WITH LISTED INDUSTRY PEERS
There are no listed companies in India that engage in a business similar to that of the Company. Accordingly, it is not possible to provide an industry comparison in relation to the Company. However, The IPO is arriving at a PE of 14x on the average EPS of the last three years i.e. Rs. 10.88 and P/BV of 2.19 which seems to be reasonably priced for investors.
FINANCIALS (RESTATED CONSOLIDATED)
Particulars (Rs. In Lacs) FY 2021 FY 2020 FY 2019Equity Share Capital 768.25 768.25 307.30Other Equity 8,651.69 5,690.27 4,180.97Net Worth 9,419.94 6,458.52 4,488.27Total Borrowings 2092.70 3,037.94 2,519.11Revenue from Operations 19,275.58 13,906.26 12,898.81EBITDA 4,204.44 2,965.00 2,985.12Profit Before Tax 3,848.37 2,534.39 2,472.84Net Profit for the year 3,026.03 2,031.55 1,901.27
RatingSubscribe(Aggressive Investors)Issue OfferIssue Opens on Nov 01, 2021Issue Close on Nov 03, 2021Total IPO size (cr) 5,625Fresh issue 3,750Offer For Sale (cr) 1,875Price Band (INR) 940-980Market Lot 15Face Value (INR) 2Retail Allocation 10%Listing On NSE, BSEObjects of the issue ⮚ For enhancing visibility and business expansion ⮚ To expand consumer base including offline presence. ⮚ Strategic investments and acquisitions ⮚ For General corporate purposes.Issue Break-up (%)QIB Portion 75NIB Portion 15Retail Portion 10Indicative TimetableFinalisation of Basis of Allotment 10-11-2021Refunds/Unblocking ASBA Fund 11-11-2021Credit of equity shares to DP A/c 12-11-2021Trading commences 15-11-2021
PB Fintech is India’s largest online platform for insurance and lending products leveraging the power of technology, data and innovation.
It provides convenient access to insurance, credit and other financial products and aims to create awareness amongst Indian households about the financial impact of death, disease and damage. The company launched Policybazaar, its flagship platform, in 2008 to respond to Consumers’ need for more awareness, choice and transparency and create a consumer-pull based, provider-neutral model for insurance distribution.
In 2014, the company launched Paisabazaar with the goal to transform how Indians access personal credit by accentuating ease, convenience and transparency in selecting a variety of personal loans and credit cards.
⮚ In Fiscal 2020, Policybazaar was India’s largest digital insurance marketplace among all online insurance distributors with a 93.4% market share based on the number of policies sold.
⮚ Paisabazaar was India’s largest digital consumer credit marketplace with a 53.7% market share, based on disbursals in Fiscal 2021
⮚ Follows an asset-light capital strategy and do not underwrite any insurance or retain any credit risk on their books. Policybazaar is registered with and regulated by IRDAI as a direct insurance broker.
⮚ The market for insurance products as well as the lending market in India is expected to be more than double by 2030, which represents a meaningful market opportunity for the company.
⮚ Policybazaar offers an information-rich, user-friendly, and tech-driven self-service platform for
The company had consistent revenue growth in the last 3 years. The company's revenue for FY21 was at Rs 957.4 crore VS Rs 855.56 cr in FY20 while the company has never registered profit.
The company recorded a loss of (150.24) cr in FY21 against a loss of Rs (304.03) cr in FY20. New edge businesses are garnishing investors' interest in India and we have seen many multi-baggers from such kinds of businesses in the USA and China.
PB fintech is the operator of India's largest online platform for insurance and lending products and aiming toward expansion of its offline and customer base. The valuation of the company cannot be ascertained as the company is loss-making while the EV/Sales work out 47.6x.
Eying the positive outlook of the company and under penetration of the insurance industry, we assign a “SUBSCRIBE” only for Aggressive investors.
PB FINTECH IPO (POLICY BAZAAR)
⮚ Mr Yashish Dahiya is the Chairman, Executive Director and CEO of the Company He holds a bachelor’s degree in technology from IIT, Delhi, a PGDM from IIM, Ahmedabad
⮚ Mr Alok Bansal is a Whole-time Director and CFO of the Company. He was previously associated with Voltas Ltd., GE (India), iGate Global Solutions Ltd, M&M and FE Global Technology Services Pvt. Ltd.
⮚ Ms Kitty Agarwal is a Non-executive Director of the Company. She is currently associated with Info Edge Ventures as a partner and was previously associated with Info Edge Ltd. as head of corporate development.
⮚ Mr Sarbvir Singh is the President of Policybazaar and Non-executive Director of the Company.
⮚ Mr Munish Ravinder Varma is a Non-executive Director of the Company. He currently serves as a managing partner at SoftBank Investment Advisers. He was also associated with Deutsche Bank AG.
⮚ Mr Kaushik Dutta is an Independent Director of the Company He is a fellow member of the Institute of Chartered Accountants of India with over 25 years of experience.
⮚ Ms Veena Vikas Mankar is an Independent Director of the Company. Ms. Mankar started her career with ICICI Limited and has worked with various financial institutions.
⮚ Ms Lilian Jessie Paul is an Independent Director of the Company.
⮚ Mr Nilesh Bhaskar Sathe is an Independent Director of the Company.
⮚ Mr Gopalan Srinivasan is an Independent Director of the Company.
⮚ Created strong, Consumer-friendly brands offering wide choice, transparency and convenience well-diversified business model.
⮚ Proprietary Technology, Data and Intelligence Stack
⮚ Benefits from economies of segmentation
⮚ Strong network effects for Policybazaar and Paisabazaar platforms.
⮚ High renewal rates provide clear visibility into future business and deliver superior economics.
⮚ Capital efficient model with low operating costs.
⮚ Founders with clarity of purpose backed by experienced management.
⮚ The company has a history of losses and it anticipates increased expenses in the future.
⮚ The COVID-19 pandemic, or a similar public health threat, could adversely affect their business, financial condition, and results of operations.
⮚ Failure to deal effectively with any fraud perpetrated on our platforms could harm our business.
⮚ Their strategy to expand internationally involves risks that could increase expenses, adversely affect results of operations and require increased time and attention from the management.
⮚ Business is subject to intense competition.
⮚ Failure to maintain brand recognition and reputation will adversely affect business financials.
⮚ The insurance broking business is subject to various laws and regulations.
⮚ Highly dynamic and competitive online fintech industry.
IPO Note
PB FINTECH IPO (POLICY BAZAAR)
COMPARISON WITH LISTED INDUSTRY PEERS
There are no listed companies in India that engage in a business similar to that of the Company. Accordingly, it is not possible to provide an industry comparison in relation to the Company while the EV/Sales work out to be 47.6x.
FINANCIALS (RESTATED CONSOLIDATED)
Particulars (Rs. In Millions) FY 2021 FY 2020 FY 2019Equity Share Capital 12.35 11.09 8.77Other Equity 19,904.99 12,647.38 4,894.17Net Worth 19,917.34 12,658.47 4,902.94Total Borrowings -- -- --Revenue from Operations 8,866.62 7,712.97 4,922.45EBITDA (1,597.63) (3,198.92) (2,512.32)Profit Before Tax (1,419.14) (2,948.41) (3,374.30)Net Profit for the year (1,502.42) (3,040.29) (3,468.11)
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