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Greenpanel Industries conducted their earnings con-call today at 4:00 pm

"One of the major MDF player in India"

Here are the key highlights of the call 😀👇

@varinder_bansal @nid_rockz

 - MDF segment has margin of 24% during the quarter. There was price hike during the quarter as some raw material prices also went up. Company is planning 200 bps improvement in margins
- The current quarter looks good so the company is planning for 100 percent to 110 percent capacity utilization for both plants.

- The company have divided forex loss in 2 parts: 7 crore in interest and 1 crore above EBITDA.
- Company have sold out some assets of subsidiaries and also faced operational loss which can be experienced again.

- Exports market: Anti dumping which was announced couple of weeks back has been confirmed by the government. This will improve the margins.
- Capex of 55 crore. One part of the capex is for increasing capacity by adding additional machinery at the existing plants. The second part of the capex is for reducing the cost of operation.
- Company has taken one price hike of 3% in December. Another price hike of 3.5% was taken in January.

- Company has witnessed larger growth in towns and cities and things are slow in urban areas specially in western states.
- Most of the players in this industry had optimum capacity utilization.

- Extent of industrial growth from company point of view is that it have grown above 25 percent in previous times and further it can growth above 15 percent next quarter
- Growth drivers: People have shifted from Unorganized to organized players.

- Non availability of containers for shipment is impacting imports.

- Company have sufficient space in Andhra Pradesh to do brownfield expansion
- No major expansion has been announced by any of the key players in MDF segment. Even if it is started now, it will be ready by 2023-2024. There will be sufficient time for company to utilize their current capacity.
- Apart from century no player is planning for Capex plans and the company looks forward to have stable pricing.

- Value added MDF contribution has gone up this quarter.
- Company have seen a great increase of 230 dealers in MDF and 50 in plywood.

- For next couple of years growth can be of 15 to 20% in MDF segment. In plywood in bad times 3 to 4% and in good period 6 to 8%.
- Company is more focused on MDF as margins and demand is better in this segment as compared to plywood.

- Net debt: 452 crore at end of current quarter, 400cr by 31 March 2021 and Around 200 crore by 2022.
- Exports were between 25 to 30 percent in FY 20 but have reduced significantly in current situation.

-There have been a change in the product mix for the company. There is a dip in plywood realization as people shifted to other alternative.
- On brown field expansion on Andhra Pradesh plant the company don't have any accurate number to quote in relation to expansion costs.

- After MDF full capacity expansion there will not be a lot of Marketing expenditure
- Margins is based on capacity utilization, product mix and export and import and a change in them will impact margins

- North plant margins are higher then south plant but if brought at equal levels south plant may out perform

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Framework on Buyback covered till now.

This Mega Thread covers our entire thesis on this buyback special situation play, across different sectors & our experience with it.

{Thread of Threads}
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Basic of Buyback


Just Dial buyback experience & Notable Learning


Past Case Studies with different learning:

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Dixon Technologies con call was today at 4:00 PM.

"Company will be focusing on expenditure in R&D and disciplined capital allocation for future growth"

Here are the key takeaways of the call. 😀

@sonalbhutra @drprashantmish6 @varinder_bansal @Milind4profits @gvkreddi

🧵👇

Opening remarks

- Company had a good all around performance with highest sales.

- Growth of 120% in revenue

- EBITDA had a robust growth of 89%.

- Growth has been broad based.

- order book continues to be very strong.

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- Overall demand outlook remains positive

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- It could disturb the ODM revenue a bit


- Company is well positioned with robust balance sheet with good cash position.

- Company is focusing towards investing in people and R&D

- Company is extremely focused towards disciplined capital allocation

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Cipla concall was today at 10:40 pm (late night)

Here are the key takeaways 😃

@unseenvalue @darshanvmehta1 @AlgoBoffin @iramneek

Introduction

- Company being the first one to launch Remdesivir and the whole portfolio for covid 19

- Company is no.2 in lung leadership. Will try to unlock the complex generics in US.

- Growing faster than the average market growth.


- Trying to bring respiratory technology in China and in Brazil.
- There is a fair amount of unlocking through digitalization.
- ESG to improve in future. Becoming carbon neutral and water neutral.

US business
- Were able to add

- would be doubling the revenue in US.

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Indian market: One india strategy
- To cosumerize the business.

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Farm Bill: EXPLAINED! [ITC Ltd. initiative of E-Chaupal]

@dmuthuk @nsitharamanoffc @shyamsek @Capital_Artist @amey_candor @arpit971

(Blog & a Summarized

Govt. of India recently passed 3 Farm bills relating to Agriculture sector to bring speedy reforms in Agriculture.
To attract more private investments from the big FMCGs like ITC [E-Choupal] and doubling Farmers income by 2022.

1. Farmers’ produce Trade & commerce (Promotion and Facilitation Act), 2020.

- This Act allows farmers to sell their crops to any trader not necessarily to APMC. Before farmers used to sell at APMC but now it can sell it to anyone.

- This Act will create an ecosystem where the farmers and traders will enjoy freedom of choice of sale and purchase of agriculture.

- It will also promote barrier free inter-state & intra-state trade and commerce outside the physical premises of market notified under state APLM

Clarifications on this act
- Procurement at MSP will continue. Farmers can even sell to the government.
- Mandi will not stop functioning
- E-NAM will continue.
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Jyothy Labs conducted their earnings con-call today at 3:00 PM

Here are the key highlights 😀👇

@drprashantmish6 @unseenvalue @proxy_investor @deepakshenoy

#concall

Sector Trend:
• Strong demand in Homecare and healthcare
• Institutional business has gradual comeback and now near to pre-covid level
• New launches: Exo All Surface Cleaner launched in South of India
• Media spent increased for more growth
• Market share has been improved

Business: Updates:
• A&P spend increased with growth in business segment.
• Segmental performance in image.
• Due to lower other expenses the EBIDA margins have seen growth insipte of increase in adv. cost.


Business segment:
• Mainwash segment has started doing better.
• Postwash segment is still constrain as school and office are closed. However there is gradual growth.
• Dishwash segment remain robust and company continuous to see good growth over diswash.

Sales Growth:
• Higher utlization has been helping in decreasing the cost.
• Sales force with higher utlization reduces per cost, hence increase in margin.
• Increase in price has very little part.
• Company has current guidance of same margins of around 14-15%.
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