Split and Bonus issue in a span of 2 months? is this a good thing for the company?
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Management has stated an intention to list on NSE. This requires a minimum float and the bonus and split is probably towards achieving that goal.
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Avantel Blockbuster Q2FY24
Rev gr yoy 50%
Opm yoy 41% v/s 21%, qoq 17%
Eps 1.98 v/s 0.76 yoy, qoq 0.99
Ocf 33.6 cr for H1FY24, 36.7 cr for FY23
Significant inventory reduction
Bonus 2 shares for every 1 share held
Apart from what @aceinvestor_75 already shared, here are other noteworthy things from consolidated Q2 FY24 results:
- Cost of materials consumed was significantly down from 41% to 26% YoY
- Overall expenses down from 83% to 60% YoY
- Revenue up 50% YoY and down 21% QoQ
- PAT up 161% YoY and 100% QoQ
- PAT margin at 29.6% vs 27% YoY and 11.6% QoQ
- Current assets show Trade Recievables of 78.72Cr (44% more than this Q2 sales) which should hopefully materialize in the upcoming quarters for this FY.
- Revenue from Imeds Global was miniscule (~16 Lakhs).
My takeaways
- The TTM revenue for FY24 seems on the path to achieve the guidance of 200Cr (+). Here’s what management had said in AGM held in June 2023.
- On the Imeds Global front, since it is still in a nascent stage and they’re working on getting necessary approvals, certifications, etc. think that biz would hopefully start contributing in a meaningful manner only from the next financial year as per management’s commentary in June 2023 AGM.
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Margin expansion is huge which can lead to re-rating, it has had lumpy margins , are this one time margin? Remains to be seen. But great nos
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Q2 FY2024 - QoQ Comparison
Q2 FY2024 - YoY Comparison
Half Year Ended FY2024) - YoY Comparison
ALSO
The Company announced bonus shares in the proportion of 2:1 implying shareholder will get 2 bonus shares for every 1 share held as on the record date. The Record Date to be fixed.
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any idea why the expenses were so low compared to last quarter?
Receivables are significantly higher and the expenses are significantly lower. There is a note in financials that receivables overdue are from Govt so they have not taken any provisions. Does anyone have more insights on this?
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seems to be inventory liquidation which was built up in the previous quarters
but doesn’t it get added to Cost of materials? Also, June quarter they had change in inventory of 15 Cr out of the total 19 Cr reduced from the 44 Cr they had in Mar 2023. am i missing something here? sorry for the basic question, but i am not able to add the things up.
It gets added to cost but the cost of production may have been accounted in the previous quarter
Avantel receives two fresh orders worth 17.6 Cr and 1.6 Cr from Cochin Shipyard and ISRO
f51ee5fe-d3a8-406d-978e-801f379a0989.pdf (549.1 KB)
a4d0a73b-486f-473c-9404-c980d8c9777d.pdf (548.4 KB)
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Avantel have agreed to change some rules about the company’s shares.
Before, the company could have a maximum of 20 crore shares, and now they can have up to 60 crore shares. Each share is worth 2 rupees.
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The Ministry of Defence, Government of India, intends to procure
12 x Unmanned Mine Counter Measures (MCM) Suite comprising of Autonomous
Surface Vessels (ASVs), Heavy Weight Autonomous Underwater Vehicles (AUVs),
Remotely Operated Vehicles (ROVs) for use onboard Indian Naval Mine Counter
Measures Vessels(MCMVs)
Tender Date:
16/10/2023 to 11/12/2023
Will definitely require some components from Avantel.
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The revamped website gives a clear picture of their capabilities in terms of technologies and solutions they can offer.
And update on the upcoming facility to be ready by end 2023
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Google Sheets for live monitoring of Avantel’s various orders
Disc- invested
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