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Greenpanel Industries FY21 Annual Report Takeaways.

'27% market share of the Indian MDF market & growing'

Hit the 'retweet' & help us educate more investors.

A Thread 🧵👇

 1/ Basic facts about the business:

- Leader in wood panels in which their principal product is MDF (Medium Density Fibreboard)
- Demerged from Greenply in 2018
- 2 plants in UP & AP (this one being the largest MDF plant in the world.
2/ Product Offerings are dispersed over multiple types of wood panels: From MDF to specialty plywood to veneers.
3/ Challenges faced by the company in FY21 (Pic 1)

& How they tackled them (Pic 2)
4/ Financials: Performed better on all metrics.

Rev up 20%
Expanded EBITDA margin by 420bps
Net profit up 370%
Strong Cashflows
Receivables cycle down to 28
Paid back 157crs of debt

Talks of sustainable growth with a focus on cashflows & lower working capital.
5/ From the desk of the Chairman

- Committed to producing only as much as the market can absorb (can they control their competitors?)
- Did not & will not discount to push sales
- Get a better credit profile.
- Will do Capacity growth at lower capital cost than greenfield.
6/ From the desk of the CEO

- Gained market share in MDF: As the broad MDF market de-grew by 37% while they grew by 20%
- Q1 of FY21 showed 57% regrowth in revenues which bounced back leading to the highest ever sales in Q4
- No big capex in the next 3yrs | Peak rev at 1600crs
7/ Macroeconomic trends that benefit the MDF Industry

Economic growth
Attractive social fundamentals
Vast under consumption
Increase in incomes and aspirations
Lifestyle priorities
Atmanirbhar Bharat
Urban real estate growth
Rural emergence
8/ Various risks & how the management is controlling them.

- Demand risk: depends on increased construction of real estate & people's willingness to spend on upgrading.
- Import risk: In the past few years, cheap imports were dumped all over 🇮🇳

& many others.
9/ Different ways in which the management is trying to increase their shareholder's value.
10/ Reasons why MDF is a preferred furniture fabrication resource.

78% of the company's revenue comes from MDF.

Current capacity utilisation at 69% (up from 60% in FY20)
11/ Brand investments to educate customers of the positive attributes of MDF over lower-priced plywood continue with full force.
12/ Consumption for the co's products would grow at double digits in the upcoming yrs.

One of the most detailed annual reports out there

The products are commodities so supply-side dynamics (imports & domestic capacities) should always be taken into account.

End of Thread.

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Godrej Agrovet & Astec Lifesciences FY21 Annual Report Takeaways 🌳

'Improving the productivity of farmers by innovating products and services that sustainably increase crop & livestock yields'

Hit the 'retweet' & help us educate more investors.

A Thread 🧵👇

1/ About the company:

The resilience of the Agriculture sector (3.6% growth vs economic contraction)

Focusing on People, Planet & Profits: Investments continue in Animal Feed & Astec's businesses

One of the challenges that management overcame was robust distribution in COVID.


2/ From the desk of the chairman (Mr. Nadir)

- Strong performance in Animal Feed biz (margins expanded) & Astec Lifesciences
- Being in 5 cyclical businesses, is a hedge as the outperformance of a few compensates for others
- Will continue to invest in R&D & a +ve outlook.


3/ Numbers that matter

Rev down 9%
EBITDA margin of 10%
PAT (ex. one-offs) up 60%
Weak cash flows: led to jump in debt

Diversified: 47% Animal Feed | 17% Crop protection | 16% Dairy | 11% Vegetable Oil | 9% Poultry & Processed Foods
4900+ Employees
15cr R&D Spend
256cr capex


4/ Agricultural sector macro overview

- Vaccination program is the only key to riches here
- FY21 was a windfall for Agriculture: Rainfall which was highest in last 25yrs, higher sowing, higher food grain production
- FY22 has started on a +ve note with better Rabi harvest YoY
INVESTINGCSALS
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Laurus Labs FY21 Annual Report Takeaways 🔬

'Capex plans are already under way to increase capacity by 1.8x by 2022'

Hit the 'retweet' & help us educate more investors.

A Thread 🧵👇

1/ About the company:

Leadership position in generic APIs with a major focus on Antiretroviral drugs, Hepatitis C & Oncology drugs

FDF: Moved up the value chain in formulations

Synthesis (CDMO): KSMs, Intermediates & APIs to pharma innovators.

Bio: Recombinant products


2/ Strengths of the business:

Robust R&D & Process chemistry skills
Compliance that meets the most stringent regulatory expectations (USFDA, etc)
Long-standing relationships | Top 10 global pharma cos. catered

750+ scientists (R&D) | 61 DMFs | 27 ANDAs | 150 patents (292 filed)


3/ APIs: 54% of rev

- Leaders in various high-value & high-volume APIs.
- 4 high potent manufacturing facilities: 4186 KL, increasing capacity by 24% (Strong demand)
- ARV APIs were up 70% | Onco APIs up 25% | Other APIs up 56% (higher contract manufacturing orders from 🇪🇺)


4/ Formulations: 35% of rev

- Backwardly integrated: in house APIs
- Sales to LMIC, 🇺🇸 & 🇪🇺
- 27 ANDA filled: 9 approved+ 8 tentative.
- Capacity of 5 Billion units/yr, Increasing capacity by 100%
- Sales up 102% (growth across markets)
- Launched TLE 400 in the LMIC market
LAURUSLABS
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Happiest Minds FY21 Annual Report Takeaways.

'Investing in next-generation digital technologies like Blockchain, Robotics & Drones, and VR/AR.'

Hit the 'retweet' & help us educate more investors.

A Thread 🧵👇

1/ Happiest Minds completes its 10 years of business: They have 13Kcrs in just a short span of time 🤯

Starts with the COVID 2.0 impact on the company: 8% of the team was tested +ve by 17th May, 26% of which were hospitalized.

Led to the terrible loss of 5 young men.


2/ Coming to the wins:

- Employee culture has been the biggest investment as per the chairman Mr. Ashok Soota
- Customer retention: One CFO has been a customer with the 3 companies he worked with ( Power of 💪relationships)
- Invested in all new technologies including next gen.


3/ Did you know? IP-led services (High margin & High operating leverage) account for 10% of their revenues.

Restructured the three business units (PES, DBS, IMSS) such that each caters to their specific high potential industries 🚀


4/ Talks about their Vision 2021-2031: How most businesses survive less than a half-lifetime of humans

This wouldn't be the case for Happiest minds as it is being 'designed for perpetuity': addressed succession risks

Guidance: 20% organic growth+ Lower PAT due to higher tax
HAPPYMIND , ALL , HAPPIEST MIND
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We have completed Takeaways from 20 annual reports, The Latest 10 👇

Nestle 🇮🇳
Reliance
HDFC Bank
Asian Paints
HDFC Ltd
Tata Consumer
Havells
Kansai Nerolac
Syngene
HDFC AMC

Let us know whose AR insights do you want to read next, in the

This is part of our 'One Annual Report, A day' initiative to educate fellow investors & will be further updated as we write more & more threads.

Targetting 100+ 🌋

Hit the 'retweet' on the above tweet & help us educate more investors 🙏

If you wondering from where to get the latest Annual Reports.

@screener_in to the rescue
ANNUALREPORTS
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Key insights from Hikal

🧪 Lowered interest rates
🧪 Pharma: Growth in generics as well as CDMO
🧪 Crop Protection: Scaleup of a fungicide for a Japanese CDMO client
🧪 Healthy pipeline of new products: Supported by new capacities; Investing in Animal Health & Biocides verticals https://t.co/D70j9oriCa
HIKAL

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