# Dynemic Products Limited is one of the largest global manufacturer & exporter of food colours in the world, offering wide range of1-Food Colours, 2-Lake Colours, 3-Blended Colours4-US-FDA certified FD&C Colours 5-Dye Intermediates 6-Natural food Colours 7-Salt free dyes

Food and drug Colors are used in food items , Beverages, cosmetics, Tablet, capsules, Gel , liquid, paste to enhance their visual appeal. Synthetic Food colours are in more use than the Natural colours, because of availability of wide range and competitive prices.

Dynemic Provides complete range of FD & C (Food Drug & Cosmetic) colours, which are approved by US FDA. Lake colours are more stable than the water-soluble colours, thus it is widely used in Cosmetic & Pharmaceutical industry

Salt free dyes are used in Cartridge Ink, Roller Ball point Ink, etc. Blended colours are mixture of two or more water-soluble colour or lake colours. It's customized products.

Dye intermediate -Pyrazolone based dye intermediate,Naphthalene and benzene based dye intermediate used in Food Colours
Reactive Dyes
Metal Complex Dyes
Acid Dyes
Ramazol Dyes
Direct Dyes

Krsnna Diagnostics IPO notes: 'Let's do Good' ❓

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#IPOwithJST

1/ Basics about the IPO

Issue Dates: 4 - 6 August
Issue Size: ₹ 1,211 Crore (400crs Fresh Issue & 811crs OFS)
Mcap at the upper band: 2994crs
Price Band: ₹ 933 - 954
Retail Quota: 10%

Promoter stake to go from 32% to 27% post IPO.

2/ About the company.

Krsnaa Diagnostics provides technology-enabled services such as imaging (including radiology), pathology/clinical laboratory, and teleradiology

to public and private hospitals, medical colleges and community health centres across India.

3/ They focus on the public-private partnership (“PPP”) diagnostics segment and have the largest presence in the diagnostic PPP segment.

Contracts are typical of long-term in nature.

Won 77.6% of all tenders since inception & have thus deployed 1823 diagnostic centers.

4/ Operational performance indicators

Exxaro Tiles IPO

Let's understand everything about the business and its IPO!

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#IPOwithJST #Tiles

1/

About Exxaro Tiles

- Incorporated in 2008
- Manufactures vitrified tiles - Double Charge Vitrified Tiles and Glazed Vitrified Tiles made from ceramic materials
- Principal raw materials used in the manufacturing process are feldspar, clay, frit, bentonite, etc

2/

- Company has long term gas supply agreements with various suppliers for natural gas procurement
- Product portfolio consists of 1000+ different designs of tiles in 6 sizes
- Topaz Series, Galaxy Series, and High Gloss Series are some of the well-established products

3/

Who does it supply to?

- Large Infra projects i.e. residential, educational, commercial, hotels, hospitals, government, builders or developers, religious institutions, etc
- Also exports tiles to different countries such as Poland, Bosnia, the USA, and others

4/

Distribution

- Selling products to retail customers through a distribution network of dealers and sub-dealers across India.
- 2000+ registered dealers

Why #JubilantIngrevia can be next big growth story?

Here is the thread.

Pharma serving to regulated market are under stress due product price erosion. Market is comfortably giving higher multiples to step down segment in value chain i.e. raw material suppliers.

eg. Alkyl & Balaji Amine. Very few Pharma are growing well. But again, they can’t grow in isolation as the question is what makes them so special other than promoters? Stagnancy is imminent after certain size.

Hence investing in Raw material supplier (KSM) companies’ de-risk your portfolio. They don’t deal directly with FDA. End users (Pharma players) can’t afford to lose them due to regulatory issues and delays due to vendor switch.

KSM producers has multiple buyers & applications of their products hence don’t get affected if any one pharma finds price erosion. KSM business is mostly bulk scale, hence there is less risk to them from their peers, its tough for new players to reduce the cost further.

Though over the longer run prices goes down by extensive research & new processes.

Jubilant Ingravia has posted superb Q1 numbers which fetched my attention. Stock is trading below one year forward 15x PE multiples & 2x of sales.

Windlas Biotech - A short & simple IPO Note 👍

Windlas Biotech IPO notes 💊

'What's in a name? that which we call a rose by any other name would smell as sweet' ~Shakespeare

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1/ Basics about the IPO 👇

Incorporated in 2001

Fresh Issue of 165crs (50 for capex | 48 for Working capital | 20 for debt payment) + OFS of 237crs (Partially by promoter & PE Tano selling out as the fund tenure is up)

~ Total raise of 402crs

2/ About the company (Not a Biotech company)

A Contract manufacturer for formulation cos. (204 in total) for Indian markets & a small domestic OTC biz

3279 products, 4 plants with 700cr tablets/capsules capacity

Emphasis on chronic (60% of rev) & complex generics (70% of rev)

3/ History

Revenues:
FY11 - 100cr 👉 FY14 - 200cr 👉 FY21 - 400cr

Growth is similar to the Indian pharmaceutical sector, not gaining any market share even after increasing products.

Customers include Pfizer, Sanofi India, Eris, Cadila, etc.

4/ Competition: No Moat

400+ organized & 15000 unorganized players in the same space: 2% market share

Some of the things that can drive consolidation: Customers preferring better compliance

However, a single customer usually has 35-40 contract manufacturers for products.

#UnitedSpirit

Please find below key highlights of United Spirit - UNSP Q1FY22 results:

Source : Haitong and Emkay
Time for thread 👇🏻👇🏻👇🏻

@dmuthuk

(1/n)

UNSP delivered a strong beat on consensus estimates. Topline was 1.7% below estimates while EBITDA/NP were 6.3%/75.6% above consensus.

2/n

Standalone revenues/NP grew by 56.8%/247.9% YoY with Gross/EBITDA margin expansion of 296/1186bps YoY to 44.6%/10.7% respectively driven by stable input costs for the quarter, continued management focus on productivity and cost efficiencies.

3/n

Prestige & Above (71% of FY21 Sales): Revenues grew by 55.1% YoY driven by volume growth of 60.0% YoY (on a base of -51.5% YoY) on the back of adverse price mix due to COVID related impact seen in North on scotch portfolio.

4/n

Popular (29% of FY21 Sales): Revenues grew by 60.2% YoY driven by volume growth of 62.5% YoY (on a base of -46.7% YoY) of which priority states grew 50%.

5/n

Fineotex Chemical conducted their conference call for Q1: FY 2022 today at 5:00 PM

Here are the conference call highlights.

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Business Updates:

• Focusing to expand the portfolio in textile and homecare.
• Phase 1 of Ambarnath plant is expected to commission in Sept 2021.
• Appointed Arindam Choudhuri as new CEO. He has 2 decades of experience from the global textile chemical industry.

Partnership:

• Recently done JV with HealthGuard, for expanding in the Malaysia segment. This will provide scope in metal-free sustainable chemistry solutions that are anti-microbial and anti-viral.
• Tied up with Sasmira for R&D, where even Mr. Sanjay was alumini as welll.

Cleaning and Hygiene Business:

• Got FDA approval for disinfectant, and has also hired 10 sales team. There will addition of 16 more team members this quarter.
• This segment will be targeted to institutional segment targeting to corporate office, hospitals.

• With market opening up this segment is expected to grow well.
• Healthguard Guard is Billion $ opportunity and FCL is targeting 7-8% of market share. This is expected to generate revenue from the next quarter.
• HAIQ, DOW is the competitor for HealthGuard.

Glenmark Life Sciences (GLS) IPO notes 🔬

Plans to take the capacity to 1762KL (currently 762KL) in the next 4 years.

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#IPOwithJST

1/ About the company

Developer & manufacturer of high value, non- commoditized APIs (complex & low competition) in chronic therapeutic areas: CVS, CNS, pain management & diabetes, etc

Basic details about the IPO 👇

Note: After paying off liabilities, 150crs remain for capex.

2/ The Journey

Established the API business in FY02

Since 2015, Have not received any adverse reactions from regulators (USFDA, PMDA) in the total 38 audits & inspections & Have gone through 432 customer audits.

Filled 403 DMFs & CEP registration across markets globally.

3/ Trends that the company is betting on & what works for them

China+1: India API market growth (10% cagr projected from FY21-26) will outpace the industry: Driven by specialty API+ Strong domestic market

Highest no. of USFDA approved API facilities & % of DMFs filled

4/ Interesting facts

- 120 molecules: $142B market size
- Targetting 8 to 10 new molecules every yr (Key differentiator over time)
- 66% of sales from regulated markets
- Works with 16 of the top 20 generic cos.
- Top 7 customers: 5 to 15yrs old

#IEX INDIAN ENERGY EXCHANGE - CONCALL SNIPPET !

𝙎𝙘𝙤𝙥𝙚 & 𝙊𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙮 𝙞𝙣 𝙋𝙤𝙬𝙚𝙧/𝙀𝙣𝙚𝙧𝙜𝙮 𝙎𝙚𝙘𝙩𝙤𝙧 𝙞𝙨 𝙑𝙀𝙍𝙔 𝙇𝘼𝙍𝙂𝙀

When asked about the shift towards renewable energy, management replied "EVERY CHANGE IS AN OPPORTUNITY FOR US".
The management is very honest and optimistic for the Indian Power Sector