Fairfax India - an alternative to nifty

Here are my notes from their 2022 shareholder letter

  • Book value: $19.11
  • Have bought back 15.1 million shares for $194.4 million (average price of $12.84 per share) over last four years. Bought back 3 million shares for $35.6 million (average price of @12/share) in 2022
  • In the current 3 year block (ending 2023), have accrued performance fee of $41.5mn


  • Fairchem Organics: In November 2021, Fairfax India sold 14% of Fairchem for $45.6 million, recouping more than its entire investment while still owning 53% of Fairchem, valued at $111.1 million on December 31, 2022, down significantly from the $155.0 a year earlier
  • IIFL Wealth management: In November 2022 Fairfax India sold a 9.8% (of 13.6% held) shareholding in IIFL Wealth to Bain Capital for gross proceeds of $171.8 million, realizing a net gain of $54.0 million. Fairfax India sold an additional 1.3% shareholding in IIFL Wealth during December 2022 for additional proceeds of approximately $25.6 million, resulting in a realized gain of $9.8 million. At year-end Fairfax India’s share ownership in IIFL Wealth was 2.5%

Bangalore airport:

  • Once Anchorage is listed, proportion of publicly listed investments will increase from 39.2% to 79.8%
  • Inaugurated Terminal 2 (T2) spanning 255,661 square meter
  • Domestic passenger traffic was at 24.4 million passengers (annual run-rate) and exceeded pre-pandemic levels in December 2022
  • International traffic was at an annual rate of 3.1 million passengers (88% of pre-pandemic levels) in December 2022.
  • Valuation of Fairfax India’s interest in BIAL decreased to $1.2 billion in 2022 from $1.4 billion in 2021 due to unrealized foreign currency translation losses, implying an equity value of approximately $2.3 billion for the whole company
  • Revenue were $200.5 million, EBITDA was $119.9 million (101% of pre-pandemic levels), Loss after tax reduced to $6.0 million (vs profit of $53.8 million in 2019)

Disclosure: Invested (position size here, no transactions in last-30 days)