- 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.
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 🧵👇
- 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.
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.
- 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.
- 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
Economic growth
Attractive social fundamentals
Vast under consumption
Increase in incomes and aspirations
Lifestyle priorities
Atmanirbhar Bharat
Urban real estate growth
Rural emergence
- 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.
78% of the company's revenue comes from MDF.
Current capacity utilisation at 69% (up from 60% in FY20)
More from JST Investments
A Thread of our threads on the Business Analysis of specific companies 🧵👇
RT if this adds value to your investing journey.
1/ Chemcon: A specialty chemical company that is a globally dominant player in its molecules, most of which go into the Pharmaceutical industry & have a high criticality attached to
2/ Aegis Logistics: An oil & gas logistics company, with a stronghold on the LPG supply chain & riding the tailwinds of increased exports owning to weak domestic production. Their fight to grow much larger is on, short-term demand problems
3/ Varroc Engineering: An auto ancillary company that has propelled down under its own enterprising projects fueled by a ton of debt. Will the fortunes ever illuminate for this significant participant of the global automobile
4/ Jubilant Ingrevia: A specialty chemical company that has redefined backward integration as it begins from the basic chemicals to achieving complex vitamins & many more. Their fight to outgrow commoditized parts of the business goes
RT if this adds value to your investing journey.
1/ Chemcon: A specialty chemical company that is a globally dominant player in its molecules, most of which go into the Pharmaceutical industry & have a high criticality attached to
Chemcon Speciality Chemicals: Business Analysis \U0001f9ec
— JST Investments (@JstInvestments) March 15, 2022
A Thread on this Import substitution play \U0001f9f5\U0001f447(RT if beneficial) pic.twitter.com/YU7aoQ8ibC
2/ Aegis Logistics: An oil & gas logistics company, with a stronghold on the LPG supply chain & riding the tailwinds of increased exports owning to weak domestic production. Their fight to grow much larger is on, short-term demand problems
Aegis Logistics business analysis \u26fd\ufe0f (RT if beneficial)
— JST Investments (@JstInvestments) March 4, 2022
A PSU to Private play.
A Thread \U0001f9f5\U0001f447
3/ Varroc Engineering: An auto ancillary company that has propelled down under its own enterprising projects fueled by a ton of debt. Will the fortunes ever illuminate for this significant participant of the global automobile
Varroc Engineering: Business Analysis \U0001fa94
— JST Investments (@JstInvestments) December 22, 2021
2nd largest Indian auto ancillary company.
Hit the 'retweet' for max reach
A Thread \U0001f9f5\U0001f447 pic.twitter.com/Es86oTDoek
4/ Jubilant Ingrevia: A specialty chemical company that has redefined backward integration as it begins from the basic chemicals to achieving complex vitamins & many more. Their fight to outgrow commoditized parts of the business goes
Jubilant Ingrevia Business Analysis \U0001f331
— JST Investments (@JstInvestments) March 10, 2022
Ingrevia = \u201cIngre\u201d denoting Ingredients & \u201cvie\u201d in French meaning Life, ie. Ingredients for Life
A Thread \U0001f9f5\U0001f447 (RT if beneficial) pic.twitter.com/QmKpr9HFI7
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
🧪 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: Strong
— JST Investments (@JstInvestments) August 5, 2021
\U0001f9ea Rev up 27% YoY
\U0001f9ea 22% EBITDA margin
\U0001f9ea Pat of 50crs
\U0001f9ea Growth across both pharmaceuticals & crop protection.#Q1withJST #Pharma pic.twitter.com/8lFo68KzPe
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THE MEANING, SIGNIFICANCE AND HISTORY OF SWASTIK
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
1/OK, data mystery time.
This New York Times feature shows China with a Gini Index of less than 30, which would make it more equal than Canada, France, or the Netherlands. https://t.co/g3Sv6DZTDE
That's weird. Income inequality in China is legendary.
Let's check this number.
2/The New York Times cites the World Bank's recent report, "Fair Progress? Economic Mobility across Generations Around the World".
The report is available here:
3/The World Bank report has a graph in which it appears to show the same value for China's Gini - under 0.3.
The graph cites the World Development Indicators as its source for the income inequality data.
4/The World Development Indicators are available at the World Bank's website.
Here's the Gini index: https://t.co/MvylQzpX6A
It looks as if the latest estimate for China's Gini is 42.2.
That estimate is from 2012.
5/A Gini of 42.2 would put China in the same neighborhood as the U.S., whose Gini was estimated at 41 in 2013.
I can't find the <30 number anywhere. The only other estimate in the tables for China is from 2008, when it was estimated at 42.8.
This New York Times feature shows China with a Gini Index of less than 30, which would make it more equal than Canada, France, or the Netherlands. https://t.co/g3Sv6DZTDE
That's weird. Income inequality in China is legendary.
Let's check this number.
2/The New York Times cites the World Bank's recent report, "Fair Progress? Economic Mobility across Generations Around the World".
The report is available here:
3/The World Bank report has a graph in which it appears to show the same value for China's Gini - under 0.3.
The graph cites the World Development Indicators as its source for the income inequality data.
4/The World Development Indicators are available at the World Bank's website.
Here's the Gini index: https://t.co/MvylQzpX6A
It looks as if the latest estimate for China's Gini is 42.2.
That estimate is from 2012.
5/A Gini of 42.2 would put China in the same neighborhood as the U.S., whose Gini was estimated at 41 in 2013.
I can't find the <30 number anywhere. The only other estimate in the tables for China is from 2008, when it was estimated at 42.8.
1/12
RT-PCR corona (test) scam
Symptomatic people are tested for one and only one respiratory virus. This means that other acute respiratory infections are reclassified as
2/12
It is tested exquisitely with a hypersensitive non-specific RT-PCR test / Ct >35 (>30 is nonsense, >35 is madness), without considering Ct and clinical context. This means that more acute respiratory infections are reclassified as
3/12
The Drosten RT-PCR test is fabricated in a way that each country and laboratory perform it differently at too high Ct and that the high rate of false positives increases massively due to cross-reaction with other (corona) viruses in the "flu
4/12
Even asymptomatic, previously called healthy, people are tested (en masse) in this way, although there is no epidemiologically relevant asymptomatic transmission. This means that even healthy people are declared as COVID
5/12
Deaths within 28 days after a positive RT-PCR test from whatever cause are designated as deaths WITH COVID. This means that other causes of death are reclassified as
RT-PCR corona (test) scam
Symptomatic people are tested for one and only one respiratory virus. This means that other acute respiratory infections are reclassified as
4/10
— Dr. Thomas Binder, MD (@Thomas_Binder) October 22, 2020
...indication, first of all that testing for a (single) respiratory virus is done outside of surveillance systems or need for specific therapy, but even so the lack of consideration of Ct, symptoms and clinical findings when interpreting its result. https://t.co/gHH6kwRdZG
2/12
It is tested exquisitely with a hypersensitive non-specific RT-PCR test / Ct >35 (>30 is nonsense, >35 is madness), without considering Ct and clinical context. This means that more acute respiratory infections are reclassified as
6/10
— Dr. Thomas Binder, MD (@Thomas_Binder) October 22, 2020
The neither validated nor standardised hypersensitive RT-PCR test / Ct 35-45 for SARS-CoV-2 is abused to mislabel (also) other diseases, especially influenza, as COVID-19.https://t.co/AkFIfTCTkS
3/12
The Drosten RT-PCR test is fabricated in a way that each country and laboratory perform it differently at too high Ct and that the high rate of false positives increases massively due to cross-reaction with other (corona) viruses in the "flu
External peer review of the RTPCR test to detect SARS-CoV-2 reveals 10 major scientific flaws at the molecular and methodological level: consequences for false positive results.https://t.co/mbNY8bdw1p pic.twitter.com/OQBD4grMth
— Dr. Thomas Binder, MD (@Thomas_Binder) November 29, 2020
4/12
Even asymptomatic, previously called healthy, people are tested (en masse) in this way, although there is no epidemiologically relevant asymptomatic transmission. This means that even healthy people are declared as COVID
Thread web\u2b06\ufe0f\u2b07\ufe0f
— Dr. Thomas Binder, MD (@Thomas_Binder) December 16, 2020
The fabrication of the "asymptomatic (super) spreader" is the coronation of the total nons(ci)ense in the belief system of #CoronasWitnesses.
Asymptomatic transmission 0.7%; 95% CI 0%-4.9% - could well be 0%!https://t.co/VeZTzxXfvT
5/12
Deaths within 28 days after a positive RT-PCR test from whatever cause are designated as deaths WITH COVID. This means that other causes of death are reclassified as
8/8
— Dr. Thomas Binder, MD (@Thomas_Binder) March 24, 2020
By the way, who the f*** created this obviously (almost) worldwide definition of #CoronaDeath?
This is not only medical malpractice, this is utterly insane!https://t.co/FFsTx4L2mw