Ranvir's Portfolio

[ranvir]

Zydus Lifesciences -

Q4 and FY 24 results and concall highlights -

Q4 outcomes -

Revenues - 5533 vs 5010 cr, up 10 pc
Gross Profit - 3922 vs 3314 cr ( margins @ 71 vs 66 pc )
EBITDA - 1630 vs 1255 cr, up 30 pc ( margins @ 29 vs 25 cr )
PAT - 1182 vs 879 cr, up 32 pc

FY 24 outcomes -

Revenues - 19547 vs 17237 cr
Gross Profit - 13319 vs 10927 cr ( margins @ 68 vs 64 pc - big improvement )
EBITDA - 5384 vs 3859 cr ( margins @ 27 vs 22 pc - big improvement )
PAT - 3873 vs 2564 cr

R&D spends - 1309 cr @ 6.7 pc of sales
Capex spends - 862 cr

Segmental breakup of revenues -

India branded generics - 5369 vs 4911 cr, up 9 pc
Share from chornic therapies @ 41 pc
9 brands with sales > 100 cr
11 brands with sales between 50-100 cr

India consumer wellness - 2301 vs 2233 cr, up 3pc
Gross margins of consumer business expanded by 377 bps
Growth driven by brands like - Everyouth and Nycil

US formulations - 8685 vs 7445 cr, up 16 pc
Launched 5 new products in US in FY 24
Base business grew sequentially every qtr driven by volume growth

Europe and EMs - 1929 vs 1579 cr, up 22 pc
Demand scenario remained strong across key emerging mkts and Europe

Updates on innovations -

NCE - Saroglitazar Magnesium - recruited patients for phase - II(b)/III trials for PBC indication. Phase - II(b) trials for NASH indication are advancing as planned

NCE - Unsoflast - Phase II clinical trials are on for ALS indication. Also received USFDA approval to commence phase II trials iro same molecule for Parkinson’s

NCE - Desidustat - to treat Anemia in patients with Chronic Kidney Disease is expected to be granted NDA approval in China. Company has entered in an out licensing deal with China Medical Systems ltd to sell the drug in China. If the approval is received, it can potentially be a big product for the company as China is a large mkt

Company has already commercialised Desidustat and Saroglitazar in India. Both are growing well in India

Company retained its leadership in Nephrology therapy in India. In Onco, company was one of the fastest growing in India in FY 24

Company expects all its businesses to maintain double digit growth rates in FY 25 with EBITDA margins > 27 pc ( after factoring in competition for Asacol in US )

Expected to launch 30+ products in US in FY 25

Acquisition of Zokinvi ( used to treat Progeria ), scale up of LiqMeds speciality portfolio ( acquired LY ), scale up of animal health business and their pipeline of transdermal products in US should keep the growth momentum going in US

If all goes well, expecting to receive a USFDA’s NDA approval for Saroglitazar by Q2/Q3 in next FY and a potential launch in FY 27

Disc: holding, biased, not SEBI registered

[ranvir]

Orchid Pharma -

Q4 and FY 24 concall and results highlights -

Q4 outcomes -

Sales - 217 vs 209 cr
EBITDA - 42 vs 41 cr
PAT - 33 vs 66 cr (due exceptional gain in previous FY)

FY 24 outcomes -

Sales - 819 vs 666 cr
EBITDA - 154 vs 132 cr ( margins @ 17 vs 16 pc )
PAT - 94 vs 55 cr ( despite exceptional gain of 32 cr in Q4 of last FY )

Enmetazobactum has been approved in both US and EU. This opens up lucrative royalty opportunities for the company in the near future

Expected to launch Enmetazobactum in India by Q2 FY 25. Have partnered with Cipla for sales and marketing in the Indian mkt

Have filed ANDA for Cefepime + Enmetazobactum combination in the US mkt. This should also aid company’s US revenues in a meaningful way

Have completed the land acquisition near Jammu for company’s 7ACA project ( it is a key intermediate for manufacture of Cephlalosporins ). Should commission this facility by Mar 26. Aim to ramp up production to > 60 pc levels within first year of operations

Should also be able to commercialise the Cefiderocol manufacturing facility ( a molecule in-licensed from Shionogi, Japan ) by mid 2026

Regulated : Unregulated revenue share @ 40 : 60

Oral : Sterile revenue share @ 75 : 25

Company’s base business ( except Cefiderocol, Enmetazobactum ) should continue to grow at 20 pc CAGR for next 2-3 yrs

Company has hired 40 odd employees to launch their dedicated hospitals division selling antibiotics directly to Tier-1,2 city hospitals

Company has out-licensed Enmetazobactum to Allecra Therapeutics for sale in US and Europe. Expected to be launched by Q2 FY 25 ( tentatively ). After the ramp up is complete ( in 2-3 yrs ) expected to generate a topline of $ 200 - 300 million with a 6-8 pc kind of royalty to Orchid Pharma

Disc: holding, biased, not SEBI registered

[ranvir]

Sandhar Technologies ( very bullish commentary ) -

Q4 and FY 24 results and concall highlights -

Company’s product profile -

Automotive locking systems, Latches, Hinges and Door handles

Auto Vision Systems ( basically rear view mirrors )

Sheet metal components for 2W, 3W, PVs, CVs

Operator Cabins for OTR vehicles and CVs

Zinc dye-casting products for 2W, 3W, PVs and CVs

Aluminium dye - casting products for 2W, 3W, PVs and CVs

Magnesium dye - casting products - recently acquired a manufacturing facility for the same

Automotive Opto Electronic systems like - keyless entry systems, reverse parking assist systems etc

Polymer based products for 2W and 3W

Painting, plating and coatings

Fuel Pumps, filters and Wiper blades

Wheel rims and Handle bars for 2W

Q4 outcomes -

Sales - 918 vs 765 cr, up 19 pc
EBITDA - 98 vs 68 cr, up 35 pc ( margins @ 11 vs 9 pc )
PAT - 36 vs 25 cr, up 42 pc

FY 24 outcomes -

Sales - 3521 vs 2909 cr, up 21 pc
EBITDA - 341 vs 246 cr, up 34 pc (margins @ 10 vs 8 pc)
PAT - 110 vs 74 cr, up 45 pc

Company’s clients -

2W - Hero, TVS, RE, Honda, Ather, Suzuki, Mahindra

4W - Tata Motors, Mahindra, Honda, SML ISUZU

CV - JCB, Ashok Leyland, Volvo, Komatsu, Tata-Hitachi

Manufacturing facilities -

Company has manufacturing facilities located in -

Domestic - HP, Uttarakhand, Maharashtra, Gujarat, TN, Rajasthan, Karnataka

International - Poland, Romania, Spain, Mexico, South Korea, Japan, Taiwan

Product wise revenue split -

Locking and Vision systems - 25 pc
Cabins and fabrications - 15 pc
Sheet metal parts - 15 pc
Aluminium Dye Castings - 24 pc
Assemblies - 10 pc
Others - 10 pc

Segment wise revenue split -

2W - 58 pc
PV - 20 pc
Off-Highway vehicles - 15 pc
CVs - 2 pc
Others - 5 pc

New products line up -

EV Motor controller for 2W/3W - production to start in Jun 24

EV battery chargers for 2W/3W - production to start in Jul 24

DC - AC converter for 2W/3W - production to start in Oct 24

Company has done a lot of Capex in the last 2 yrs in its sheet metal parts and Dye - Casting divisions. This Capex can potentially add revenues of around 1500-1700 cr for the company without incurring any fresh capex. However, the company may still incur capex going fwd as it looks to add new components to its portfolio

Company should be able to grow its topline by 20 pc in FY 25 as well with a 50-100 bps margin expansion

Company has added Smart Locks to its product line up. Suzuki and Honda are moving onto these smart locks wef Oct and Nov 24. This should be a major Pivot for the company as the content per vehicle in these locking systems is far higher

Most of the growth in FY24 was led by Dye Casting and Sheet Metal segments

The value of Motor controllers that company is slated to begin to produce varies from Rs 4k-8k per vehicle

Company aspires to keep growing @ 15-20 pc CAGR ( revenues ) for next 3-5 yrs

Disc: planning to add, not SEBI registered, biased

[ranvir]

Shalby Ltd -

Q1 FY 25 concall and results highlights -

Revenues - 288 vs 240 cr, up 20 pc
EBITDA - 55 vs 47 cr, up 15 pc
PAT - 15 vs 20 cr ( due higher Interest and Depreciation costs + increased tax rate )

Net Debt @ 168 cr
RoCE ( annualised for Q1 ) @ 13.6 pc

Hospitals business highlights ( only of standalone business ) -

Revenues - 240 vs 216 cr
EBITDA - 58 vs 49 cr
PAT - 30 vs 26 cr

Company’s Hospitals portfolio -

Hospitals - 16 - 11 multi speciality, 05 single speciality

Company owned and operated units - 10

Franchise units - 6 ( FOSM - 4, FOSO - 2 )

Bed capacity @ 2350

Doctors team @ 1150

OPD clinics - 60 Domestic, 23 International

Payor Mix -

Self Pay - 35 pc
Insurance - 41 pc
Govt Schemes - 24 pc

Operational matrix of Shalby Sonar Hospital ( acquired LY ) -

Revenues - 24 vs 20 cr
EBITDA - (-) 0.35 cr - company is confident of turning this around in near future
ARPOB - 79k
Occupancy @ 26 pc
56 pc of revenues generated from international patients
Bed Capacity @ 130 beds
Expertise in Kidney, Liver and Bone marrow transplant

Homecare business clocked a revenue of 3.7 vs 3.6 cr YoY. Patients served @ 7.3k vs 7.6k YoY

Revenues from FOSO hospitals ( franchise owned, Shalby operated ) - 2.6 vs 1.5 cr

Revenues from FOSM hospitals ( franchise owned, Shalby managed ) - 0.75 vs 1.1 cr

Signed up a new hospital under FOSO model @ Rajkot with a bed capacity of 25 beds

Implants business -

Revenues - 26 vs 16 cr
EBITDA - (-) 0.7 cr (-) 0.35 cr ( due front loading of a lot of marketing expenses )
Implants sold @ 3475 vs 1410 pieces
India sales @ 56 pc, US sales @ 44 pc

Company has sharpened its focus on cost cutting wrt their implants business and hiring multiple vendors for supply of similar components

Company is the largest hospital chain in the world in terms of Joint Replacement surgeries performed

Consolidated occupancy rates stood @ 50 pc ( clearly there is a lot of scope for improvement )

Company believes that weakness in homecare business is an aberration. Should see a pick up in the coming Qtrs

Expect Sanar hospital to be EBITDA positive going fwd. Aim to make it PBT positive by end of FY 25 or thereabouts

The Rajkot FOSO Hospital should go live in Q2. A few more Franchise deals are in the pipeline. Company is not disclosing them as yet due competitive reasons

Higher finance costs in Q1 due higher working capital requirements of the implants business and the additional debt taken up for the Sanar acquisition. Higher finance costs will only moderate by next FY once the Implants business stabilises

Disc : holding, biased, not SEBI registered, Concall and results summary posted only for educational purposes

[ranvir]

Eris Lifesciences -

Q4 and FY 24 results and concall highlights -

Acquisitions made by the company in last 24 months -

Oaknet Pharma - entry into Derma business - paid Rs 650 cr

Select brands of Glenmark Pharma - paid Rs 340 cr

Derma brands of Dr Reddy’s - paid Rs 275 cr

Biocon’s domestic Nephro and Onco business - paid Rs 366 cr

Swiss Parenterals - sterile Injectables business - paid Rs 640 cr for 51 pc stake

Biocon’s India Injectables business - paid Rs 1242 cr

**Total cost of all acquisitions put together - 3510 cr **

Total revenues of the acquired assets at the time of acquisition - 1240 cr

Q4 outcomes -

Revenues - 547 vs 396 cr, up 38 pc ( domestic revenues @ 480 vs 389 cr )
Gross Profit - 432 vs 402 cr, up 31 pc
EBITDA - 148 vs 118 cr, up 25 pc
PAT - 79 vs 61 cr

FY 24 outcomes -

Revenues - 2009 vs 1685 cr, up 19 pc ( Domestic revenues @ 1902 vs 1606 cr )
Gross Profit - 1629 vs 1332 cr, up 22 pc
EBITDA - 674 vs 536 cr, up 25 pc ( margins @ 34 vs 33 pc )
PAT - 397 vs 374 cr, up 6 pc ( due much higher depreciation, amortisation, finance costs )

There were non-recurring one time expenses of aprox 38 cr in Q4. Adjusted to that, PAT for FY 24 would have been 430 cr

Consolidated Debt on balance sheet @ 3000 cr. Company intends to reduce it to 2600 cr by end of FY 25 out of internal accruals. By the end of FY 26, aim to bring it down to 2000 cr !!!

Aiming for organic revenue growth of 12-14 pc in the domestic formulations business. Aim to maintain EBITDA margins > 35 pc for FY25. Will share complete company level guidance post completion of integration of Swiss Parenterals and Biocon’s domestic business by end of Q1 FY25. Biocon’s domestic business is currently clocking annual sales of 360 cr. Swiss parenterals clocked FY24 revenues of 280 cr with 37 pc EBITDA margins

Eris - Biocon combined will create 5th largest Anti Diabetic franchise in India with Anti Diabetes only revenue base of close to 1000 cr / yr. It will have significant presence across oral and injectable Anti-Diabetic products

Company can work on expanding margins by using Swiss Parenterals manufacturing facilities to manufacture a lot of Biocon’s injectable products

Eris - MJ Biopharm JV ( 70:30 JV formed in 2022 to sell Insulins and GLP-1 products ) is now clocking a monthly sales of 5 cr. It reported an EBITDA loss of 20 cr in FY 23. In Q4 FY 24, EBITDA loss has narrowed down to 1 cr. Should turn EBITDA positive from Q1 FY 25

The Insulin penetration in the domestic mkt is very low. Company sees fairly large growth runway for their Insulin products - both from Biocon’s and MJ Biopharm’s portfolios

Aim to launch 4-5 new brands in India in Q1 in the Critical care space to be manufactured out of Swiss Parenteral’s facilities

Aprox capex lined up for next 2 yrs @ 70 - 80 cr each

Disc: holding, biased, not SEBI registered

[ranvir]

Marathon NextGen Realty -

Q4 and FY 24 results and concall highlights -

Established in 1978. Total projects delivered till date @ 100 +

Ongoing projects at ( MNRL’s share ) -

Panvel - Nextzone ( 91 pc )
Bhandup - NeoHomes ( 100 pc )
Byculla - Monte South ( 40 pc )
Mulund - Millennium ( 100 pc )
Lower Parel - Futurex ( 100 pc )

Total homes in pipeline - 15k+
Land under development - 40 lakh Sq ft

Business highlights of FY 24 -

Acquired 14 acres ( aprox 6.1 lakh Sq Ft ) land parcel in Bhandup with a total development potential of 21 lakh sq ft and GDV of 2250 cr

Marathon Futurex - one of the biggest commercial towers of Mumbai received occupation certificate upto 38th floor ( top floor )

Monte South Wing A received occupation certificate upto 51st floor

Marathon Millennium - one of the biggest commercial tower of Mulund received occupancy certificate till 20th floor

Monte South - received best Ultra Luxury Project award - ZeeBusiness Real Estate

FY 24 outcomes -

Area sold - 5.61 lakh sq ft ( Avg realisation @ Rs 14,563 / sq ft )
Booking value - 817 cr
Revenues - 705 cr
EBITDA - 309 cr, margins @ 41 pc
PAT - 169 cr, margins @ 24 pc

Debt on books @ 751 vs 838 vs 1190 cr ( for last 3 FYs ). As the Debt keeps coming down, cost of debt should also keep reducing

Q4 outcomes -

Area sold - 1.26 lakh sq ft ( Avg realisation @ Rs 13,888 / sq ft )
Booking value - 175 cr
Revenues - 155 cr
EBITDA - 67 cr, margins @ 40 pc
PAT - 40 cr, margins @ 26 pc

Company’s landbank -

Panvel - 100 acres
Thane - 100 acres
Bhandup - 100 acres
Dombivali - 50 acres

Just a broad brush calculation / assumption - if the company were to develop and sell all of this land bank over next 10 yrs @ avg per sq ft rate of 13k/Sq Ft, FSI of 2.5, PAT margins of 20 pc … they can earn profits of around 9700 cr over next 10 yrs
Note : this is just a broad brush, back of the envelop calculation based on certain assumptions☝️

Total estimated revenue from currently unsold inventory @ 1500 cr ( aprox ) - assumed at prevailing mkt rates

Avg cost of Debt in FY 23 was 15.5 pc. In FY 24, it fell to 12.5 pc

Launch pipeline for FY 25 @ 12 lakh sq ft valued at around 1400 cr

Targeting a booking value of between 1000 - 1200 cr for FY 25. Booking value for FY 24 was 817 cr

Current unsold but completed inventory ( residential + commercial ) that the company is holding is around 380 cr ( expected to receive this much cash as and when this is sold )

In next 3 yrs or so, company should be able to do an annual pre-sales of around 2000 cr / yr ( provided the up cycle sustains )

Disc: holding, biased, not SEBI registered, not a buy / sell recommendation

[ranvir]

Time Technoplast -

Q4 and FY 24 results and concall highlights -

Q4 outcomes -

Sales - 1394 vs 1192 cr, up 17 pc ( volume growth @ 19 pc )
EBITDA - 197 vs 170 cr, up 17 pc
PAT - 94 vs 65 cr, up 45 pc ( due lower interest costs due debt reduction )

FY 24 outcomes -

Sales - 4992 vs 4289 cr, up 16 pc ( volume growth @ 18 pc )
EBITDA - 705 vs 581 cr, up 22 pc ( margins @ 14 vs 13 pc )
PAT - 310 vs 220 cr, up 41 pc
RoCE @ 16.4 pc. Aim to hit 20 pc RoCE in next 2 yrs time

Growth in value added products @ 32 pc vs growth in regular products @ 12 pc in FY 24. Growth in value added products accelerated to 48 pc in Q4

Reduced debt by 117 cr in FY 24. Net Debt ( net of cash ) now stands at 591 cr. Aim to be debt free in next 3 yrs time

Segment wise sales -

Regular products - 3724 cr, up 12 pc

Regular products include - packaging products ( drums, jerry cans ), Auto components, batteries business, PE pipes, urea tanks, composite air tanks, hydraulic tanks

Value added products - 1281 cr, up 32 pc. Value added products now contribute to 25 pc of company’s sales

Value added products include - Composite IBC ( intermediate bulk containers ), composite cylinders for LPG, CNG and MOX films

Guiding for a 10-12 pc growth in regular and 30 pc growth in value added products for next 3 yrs. This should take the total contribution from value added products to 35 pc of company’s sales from 25 pc currently

India : Export business split @ 67:33

Capex for FY 24 stood at 180 cr. Out of this, 110 cr was spent towards value added products and the rest towards brownfield expansion in regular products

Have identified non-core assets of aprox 100 cr to be sold before Mar 25. Funds to be used to fund capex / reduce Debt

Have received approval for their prototype - high pressure composite cylinder to store and transport Hydrogen. Company expects to get manufacturing orders for these in next 2-3 months. Time Technoplast is the first company to get this approval

Future growth triggers for composite cylinders ( that are lighter and can store more gas per unit volume ) include - replacing Automotive metal CNG cylinders with composite cylinders, supplying composite cylinders to new CBG plants that are being put up across the country. All this shall materialise once company expands its current composite cylinder manufacturing capacity

Company expects the interest cost for next FY to fall to 70 cr vs 101 cr for FY 24

Company also makes telecom sector batteries, solar batteries, railway signal batteries, industrial batteries. Company expects to be ready with E-Rikshaw batteries within 6 months

Guiding for a blended volume growth of 15 pc for FY 25 with incremental EBITDA margin expansion

Disc: holding, biased, not SEBI registered

[ranvir]

Krsnaa Diagnostics -

Q4 and FY 24 concall and results highlights -

Company’s operating infra -

148 CT / MRI centers, 1400 X-Ray machines - contributing to 57 pc of revenues

120 - Pathology Labs, 1900 collection centers - contributing to 43 pc of revenues

Present across 150 district locations across India ( in 17 states and UTs )

Company is now averaging 1.5 lakh CT / MRI scans / month and 5 lakh X-Ray scans per month

Company is the largest Radio - diagnostics company in Asia

Company is only into B2G segment ( catering only to Govt patients / Govt hospitals ). Currently having a bid win ratio of 75 pc. Company is present in most states except - Gujarat, Bihar, Jharkhand, WB, Telangana, Chattisgarh, Haryana, Kerala - among major states

FY 24 outcomes -

Sales - 619 vs 487 cr
EBITDA - 146 vs 124 cr ( margins @ 24 vs 25 pc )
PAT - 56 vs 62 cr ( margins @ 9 vs 13 pc )

Revenues from old centers - 386 cr, EBITDA margins @ 33 pc

Revenues from new centers - 233 cr, EBITDA margins @ 8 pc ( as they scale up, there is massive scope for margin expansion )

Q4 outcomes -

Sales - 166 vs 158 cr
EBITDA - 44 vs 37 cr ( margins @ 26 vs 24 pc )
PAT - 18 vs 13 cr ( margins @ 11 vs 8 pc )

In last 12 months, company has put up 15 new CT/MRI centers and 25 new Pathology labs + 800 collection centers

Company is the process of setting up 22 new CT/MRI centers in Maharashtra + MP ( 17 + 05 )

Company is now venturing into B2C segment. Company will leverage its existing infra for the same and will try and keep the pricing lower vs pure B2C players

Receivable days are currently @ 68 days ( excluding the recievables from HP which are elevated ). Increase in receivable days is also due to the 2024 general elections as a similar increase was witnessed during 2019 elections as well ( this is a key monitorable, hope it reduces towards the end of Q1 )

LY in July, Rajasthan Govt had arbitrarily cancelled the State’s health mission tender given to the company ( worth Rs 450 cr ). The matter is sub-judice and a verdict is expected shortly

Generally it takes about 3 yrs for a new center to mature and to start reporting healthy EBITDA margins. Company expects its centers in Punjab and Chandigarh to start turning around soon

Company looking at 25 pc kind of CAGR on Topline for next 2-3 yrs. Also expect the EBITDA margins to stabilise at around 25 pc

Expecting the receivables from Himachal Pradesh to start moderating towards the end of Q1 / beginning of Q2

Capex lined up for next FY @ 150 cr ( excluding Rajasthan )

Disc: initiated a tracking position, biased, not SEBI registered, not a buy/sell recommendation

[ranvir]

HDFC AMC -

Q1 Concall and results highlights -

Industry highlights -

AUM of MF industry @ 61 lakh cr on 30 Jun 24 vs 44 lakh cr on 30 Jun 23. Out of the total 61 lakh cr, 38 lakh cr is contributed by retail and rest by Institutional clients. WRT geography, 50 lakh cr have come from T-30 cities and only 11 lakh cr from B-30 places ( Beyond top 30 cities )

It was only 8 lakh cr on 31 Mar 14. In the last six months alone, the Industry has added AUMs worth 10 lakh cr !!!

Even Debt and Liquid Funds saw a healthy inflows ( 70k cr and 51k cr respectively ) in Q1 FY 25 after 3 consecutive Qtrs of outflows. Equity schemes saw an inflow of 1.2 lakh cr in Q1 !!!

Total MF folios in India @ 18.9 cr vs 14.8 cr YoY

83 pc of Individual / Retail money is in Equity MFs. Only 17 pc is in Liquid / Debt MFs / ETFs and Others

Monthly SIP flow @ 21.3k cr vs 14.7k cr in Jun 23

SIP AUM @ 12 lakh cr. SIP accounts @ 89 vs 66 lakh accounts in Jun 23

HDFC AMC highlights -

Overall Mkt share - 11.4 pc ( third largest in the Industry ). Closing AUM of 6.9 lakh cr. Company’s retail Mkt share @ 13.3 pc

Mkt share in Equity funds - 12.9 pc. AUM @ 4.4 lakh cr

Mkt share in Debt funds - 13.3 pc. Debt AUM @ 1.4 lakh cr

Mkt share in Liquid funds - 12 pc. Liquid AUM @ 0.6 lakh cr

Company’s mkt share in ETFs and others categories is in low single digits

Company’s SIP book @ 3200 cr vs 1890 cr in June 23

19 pc of company’s AUM come from B-30 cities. Company is a distant 2nd in the B-30 business

Q1 Financial outcomes -

Revenues - 775 vs 574 cr, up 35 pc
Other Income - 173 vs 158 cr, up 10 pc
Total expenses - 195 vs 161 cr, up 22 pc
( employee expenses are up 20 pc. other expenses up 28 pc )
PAT - 600 vs 475 cr, up 26 pc

**Company is holding investments of 6400 cr. **
85 pc of this is parked in Liquid and Debt funds. Rest are in equity and arbitrage funds

Company’s operating margins { Gross margins (46 bps ) minus Operating expenses ( 12 bps ) } as a percentage of AUMs stand at 34 Bps vs 35 Bps YoY. Margins in FY 22 were also 35 Bps

Company is hiring and expanding aggressively. Added 280 employees and opened 24 new branches LY ( total branches now @ 250 + ). Most of the employee addition has been on the sales and client service side.

Equity based AUM forms 64 pc of company’s AUM vs 56 pc for the Industry. One good trend that’s emerging in this Bull mkt is that its driven more by consistent SIP flows vs the previous bull mkts when the flows were more lump-some in nature

Company has started investing behind building their AIF business. The company is also open to M&A opportunities in order to utilise the 6000 cr + that they are holding in Liquid / Debt funds

Disc: bought recently, I know I m late here. However the growth tailwinds here are impressive, not SEBI registered, biased, not a buy / sell recommendation