Hey Ranvir,
Appreciate the detailed concall notes and analysis. Any view on how much stocks to hold in portfolio? You are tracking and potentially invested in quite a lot of stocks, whats your view on concentration vs diversification?
IMO - there are arguments for and against diversification which are well known
I personally feel that 15-20 stocks should constitute 80 pc of the portfolio. And that is what I try to do as well
For the rest 20 pc - I generally buy another 20 stocks ( say 1 pc each ) - as it helps me keep reading + learning about newer companies, sectors. Here - I am quick to add / sell, do a little bit of opportunistic trading as well
That’s what I do - broadly 
I think, there is no one way to skin a cat. My way is certainly not perfect - obviously
10 Likes
Everyone has a different approach, and mine may resonate with yours.
In one of my demat accounts, I follow a strategy-based trading approach, holding a maximum of 3% in each of 33 stocks.
In another account, I focus on quick-profit strategies.
In a third account, I hold one or two SME stocks to explore that market firsthand. Additionally, I invest in 4-5 micro-cap stocks, with each position representing only 1% or less of my overall portfolio, aimed at the long term.
Just to note, I’m not a pure investor; my focus is on short- to long-term trading.
4 Likes
Thanks for sharing your styles. I have been thinking about this in a more structural manner -
The overarching goal is to grow your investments with an acceptable risk and volatility. With this goal in mind, too much diversification have resulted in dilution of returns. So it might be worth to assess our strategies in those aspects, and try to measure them.
A simpler analogy is to see our portfolio is like as a fund with an XIRR, Volatility, max draw downs etc.
1 Like
**Eris Lifesciences - **
Q2 FY 25 results and concall highlights -
Revenues - 741 vs 505 cr, up 46 pc
Gross Profit - 555 vs 411 cr, up 35 pc. GMs @ 75 vs 81 pc due significant changes in product mix
EBITDA - 265 vs 181 cr, up 46 pc ( margins @ 35.7 vs 35.8 pc )
PAT - 97 vs 122 cr ( due accelerated depreciation, amortisation and finance costs - because of a series of acquisitions made by the company in last 12 months )
Net Debt @ 2500 cr, ahead of schedule ( had guided for net debt of 2600 cr by 31 Mar 25 )
Guiding for a consolidated revenue of 3000 cr for FY 25 with EBITDA margins of 35 pc
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 Derma business - paid Rs 366 cr
Swiss Parenterals - sterile Injectables business - paid Rs 870 cr for 70 pc stake
Biocon Biologics India formulations business ( has significant presence in Onco and Anti-Diabetic therapies ) - paid Rs 1240 cr
Total cost of all acquisitions put together - 3740 cr
Total revenues of the acquired assets at the time of acquisition - 1070 cr
Launched Liraglutide ( GLP-1 ) brand - ERLY in Sep 24
Despite the drop in gross margins, the EBITDA margins of the consolidated business remain strong at 35 pc due successful business integration and cost + scale benefits thereof. Also, the company’s new manufacturing facility at Ahmedabad is ramping up with Q2 capacity utilisation @ 65 pc vs 55 pc in Q1. Additionally, company’s in-house production of Derma products has gone up to 30 pc vs NIL in previous FY. This number ( ie - percentage of in-house derma business ) is improving MoM. All these things are helping improve the Gross margins of base business and EBITDA margins of the consolidated business
Pre-Biocon acquisition, company’s anti-diabetes franchise was limited to OHAs ( oral hypoglycaemic agents ) with a topline of Rs 600 cr, 900 MRs and a yield per MR @ Rs 5.4 lakh/month. Post the acquisition and integration, the Anti-Diabetes franchise has OHAs + Injectables with a topline of 1000 cr +, 1200 MRs with a yield per MR @ 7.1 lakh/month - clearly company is benefitting from significant scale business in their Anti-Diabetes business
The OHA and Injectables teams are complementing each other at the field level - which is a great news for the company
Company has added six senior level officials to the Swiss Parenterals business - in the business development and regulatory compliance roles for business expansion in the African, Asia-Pacific and Latin American mkts
Likely to commence - Oral solid Dosage exports business. Expecting regulatory approvals from EU-GMO and ANVISA ( Brazilian regulator ) for the Ahmedabad site. Once approved, exports may commence in mid FY 26
In the process of commencing - CMO business wrt Injectables for the EU mkts. Target customers would be EU focussed big generics players. Looking to get into stable 3-5 yr manufacturing contracts with them
Company acquired 30 pc stake in Levim Lifetech for 54 cr in Q2 FY 25. Levim has developed and commercialised 3 products - Liraglutide ( GLP-1 ), Streptokinase ( used to treat blood clots in Heart, Lungs, blood vessels ) and Pregaspargase ( Onco drug used to treat a type of blood cancer ). Successful development of Liraglutide by Levim builds confidence for a future GLP play. They are likely to commission a large scale manufacturing facility in Mid-2025. Levim’s R&D pipeline is expected to expand significantly going forward
Company’s brand ERLY is based on the active ingredients manufactured at the Levim’s manufacturing facility
Capex for FY 25 should be at 150 cr ( aprox ) + 54 cr investment in Levim’s business
Breakdown of Q2 revenues -
Base business - 501 cr
Biocon’s business - 131 cr
Swiss Parenteral’s business - 82 cr
H2 should see a flurry of launches in the base business. Base business is expected to grow by 10 pc in FY 25
GLP-1 drugs should end up being a big opportunity in India. At present, company is going to play it via Liraglutide. Post FY 26, they ll introduce Semaglutide
As Levim is able to develop more products, ERIS is likely to increase their stake in that business
Expect the Insulins business ( acquired from Biocon ) to grow in high teens in next 2-3 yrs. Only concern here is the supply shortages of Insulins - not only in India but across the world
Swiss Parenterals should do a 330 cr kind of Topline for FY 25. This business is also likely to keep growing at a good pace going forward. CMO to Europe ( once it starts ) - should be an added kicker for future growth
Disc: holding, biased, added more recently, biased, not SEBI registered, not a buy/sell recommendation
2 Likes
Kotak Mahindra Bank -
Q2 FY 25 concall and results updates -
Deposits - 4.46 lakh cr, up 16 pc YoY
Breakup of deposits -
Current account - 61.8k cr, up 6 pc
Savings account - 1.24 lakh cr, up 2 pc
Term deposits - 2.59 lakh cr, up 26 pc
CASA ratio @ 43.6 pc
Cost of funds @ 5.15 vs 4.78 pc YoY
CASA + Term Deposits < 5 cr constitute 79 pc of deposits
Total customers on 30 Sep @ 5.2 cr vs 4.6 cr YoY
Assets ( loans ) - 4.5 lakh cr, up 18 pc YoY
Breakup of assets -
Home loans + LAP - 1.16 lakh cr, up 18 pc
Business banking - 40k cr, up 21 pc
Personal loans + Consumer durable loans - 20.8k cr, up 17 pc
Credit cards - 14.4k cr, up 15 pc
CV + CE loans - 39k cr, up 26 pc
Agri Loans - 26.9k cr, flat YoY
Tractor finance - 16.1k cr, up 13 pc
Retail Microfinance - 9.7k cr, up 21 pc ( however, it was down QoQ )
Commercial loans - 91.9k cr, up 14 pc
Corporate loans - 92.8k cr, up 13 pc
SME - 32.1k cr, up 31 pc
Others -10k cr, up 33 pc
Credit substitutes - 30.9k cr, up 32 pc
Gross NPAs - 1.49 vs 1.72 pc ( @ 6033 vs 6087 cr )
NNPAs - 0.43 vs 0.37 pc ( @ 1724 vs 1275 cr )
Total provisions @ 6266 vs 6721 cr
Slippages in Q2 @ 1875 cr vs 1314 cr YoY
Upgrades and recoveries @ 681 vs 942 cr
Write Offs @ 638 vs 194 cr
P&L for the bank ( standalone ) -
NII - 7020 cr, up 11 pc
Other Income - 2684 cr, up 16 pc
Net total income - 9704 cr, up 13 pc
Operating expenses - 4605 cr, up 15 pc
Operating profits - 5099 cr, up 11 pc
Provisions - 660 cr, up 80 pc
PAT - 3344 cr, up 5 pc
Kotak AMC -
AUM @ 4.73 vs 3.36 lakh cr
PAT @ 197 cr, up 58 pc
Monthy SIPs ( in Sep 24 ) @ 1764 cr, up 23 pc YoY
Kotak life Insurance -
PAT @ 360 cr, up 106 pc
Kotak Prime -
PAT @ 269 cr, up 29 pc
Kotak Securities -
PAT @ 444 cr, up 37 pc
International Subsidiaries -
PAT @ 76 cr, up 84 pc
Kotak Investments -
PAT @ 141 cr, up 12 pc
Kotak capital company -
PAT @ 90 cr, up 233 pc
Consolidated profits @ 5044 cr, up 13 pc YoY
Bank expects to keep exercising caution on MFI loans. Expect this trend to continue for another 2-3 Qtrs before getting back to growth path again
Credit card business has been impacted by the Ban imposed by RBI on issuance of fresh cards
Consol ROE @ 13.88
Consol ROA @ 2.53
Share of profits of subsidiaries stands @ 33 pc
Embargo on issuance of fresh credit cards + bank going slow on the MFI business resulted in NIM compression in Q1
With the ongoing festive season + pickup in Govt spending in H2, bank expects pickup in the economy in H2. This should be positive for their CV+CE + tractor finance - lending business
Mid-Corporates and SME segments continue to grow strongly. Large corporate segment is seeing irrational pricing
Kotak AMC’s mkt share now stands @ 7.1 pc with an AUM of 4.7 lakh cr. Their retail AUM stands @ 60 pc
Bank believes that the trend of higher slippages should play out over next 2 Qtrs after which it should again start to fall. They have taken a lot of actions on the credit card and micro finance side to ensure that this happens
Mid-Corporates and SME segments continue to grow strongly. Large corporate segment is seeing irrational pricing
On 18 Oct, the Bank announced acquisition of personal loan book ( of 4100 cr ) of standard chartered bank. These are all standard loans of affluent customers. It also gives them access to 95k new affluent customers ( avg personal loan per customer works out to be around 4.3 lakh )
Currently, Bank’s unsecured book stands @ 11 pc of loans. They intend to take it to mid teens levels. This will help them achieve better margins and accelerate their growth
Bank is hopeful of greater recoveries in Q3, Q4 ( from the secured book ) which should help them reduce their net slippages in H2
Bulk of the slippages are happening in the Credit Card + MFI business. And that’s the nature of business
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
8 Likes
Dodla Dairy -
Q2 FY 25 results and concall highlights -
Revenues - 997 vs 767 cr, up 30 pc
Gross Profit - 254 vs 205 cr, up 23 pc ( gross margins @ 25.5 vs 26.5 pc )
EBITDA - 96 vs 70 cr, up 37 pc ( margins @ 9.6 vs 9.1 pc )
PAT - 63 vs 43 cr, up 45 pc ( margins @ 6.4 vs 5.7 pc )
VAP sales @ 377 vs 195 cr, up 93 pc ( massive improvement )
Higher VAP sales are due to higher sales of Bulk Butter and SMP in Q2. Both Bulk Butter and SMP are low margin products. Bulk Butter + SMP sales at aprox 160 cr for Q2
Avg milk procurement @ 17.2 vs 17.0 Lakh Lit / Day
Avg milk sales @ 11.6 vs 10.9 Lakh Lit / Day
Curd sales @ 323 vs 309 Tones / Day
Company’s infrastructure -
Domestic -
14 processing plants
Processing capacity @ 20 lakh lit/Day
616 Dodla retail parlours
1750 + Milk and Milk product distributors
International ( operating in Kenya + Uganda ) -
2 processing plants
Processing capacity @ 4 lakh lit/Day
30 Dodla retail parlours
300 + Milk and Milk product distributors
International business now contributes to 10 pc of sales. Margins in Intl business are higher, dairy farming is easier due abundance of grazing lands
Orgafeed - Their animal feed business. Has 02 manufacturing facilities in AP. Selling directly to farmers through company’s procurement network against the value of milk supplied to them by the farmers
In Q2, Orgafeed reported 32 vs 20 cr of sales, EBITDA of 4.4 vs 1.4 cr
Have acquired 35 acres land in Maharashtra. Aim is to increase procurement from Maharashtra and set up an integrated plant on the acquired land
Normally liquid milk gives 7-8% EBITDA margin while value added products give 12-13% margin. In value added products, ghee and butter have less margin (around 5-6%) while butter milk, curd, lassi have 15% margins
Avg procurement price @ Rs 34.9 / Lit vs 39.1 / Lit in Q2 LY
Avg selling price @ Rs 68.2 / Lit vs 57.6 / Lit in Q2 LY ( avg of all products sold ). Increased selling price / lit is attributed to greater sales of Butter and SMP in Q2
In Africa, the procurement prices were higher in Q2 on a YoY basis - because of delayed rains. However, with the onset of rains, procurement prices have started to fall in Q3
Company may resort to some cuts in selling price and drive better volume growth - aim to to achieve better absolute profitability vs better margins
Milk procurement prices continue to remain stable
Increased cash build up on balance sheet to be used for acquisitions, expansion in Maharashtra, increase in dividend payouts
Most of the capex in Maharashtra will happen in FY 26
Drop in Gross Margins in Q2 is because of higher sales of SMP + Bulk Butter, higher procurement prices in Africa
Company intends to maintain VAP sales @ 38-39 pc of total sales. Also, see the steady margins to remain in the 8.5 -10.5 pc band
At present, the company procures 2 lakh lit of milk from Maharashtra per day. They intend to commence production from their Maharashtra facility wef Q1 FY 27 ( post completion of Greenfield capex )
Company aims to keep expanding its volume and sales value by 10 and 15 pc respectively for next 1-2 yrs
Company currently is carrying an inventory of aprox 240 cr of Bulk Butter + SMP put together ( this was aprox 380 cr on 31 Mar )
Company will continue with its strategy of building its inventory in the flush seasons ( like in Q3 ) and liquidating it ahead of festive seasons ( like in Q2 ). Basically there will be inventory build up in H2 every year and liquidation of the same in H1
Total project cost for the Greenfield capex in Maharashtra should be around 200-250 cr
Company is seeing descent uptick in the sales of Paneer, Curd and Ghee. There was a slowdown in IceCream sales in Q2 because of delayed rains in South India
If one removes the Bulk Butter + SMP sales from VAP sales, VAP sales stood at around 210 cr vs 190 cr in Q2 LY
Disc: holding from lower levels, biased, not SEBI registered, not a buy/sell recommendation
1 Like
Supriya Lifesciences -
Q2 FY 25 results and concall highlights -
Revenues - 166 vs 140 cr, up 19 pc
EBITDA - 65 vs 32 cr, up 104 pc ( margins @ 39 vs 23 pc !!! )
PAT - 46 vs 24 cr, up 93 pc ( margins @ 28 vs 17 pc !!! )
Region wise sales breakup -
Asia - 32 pc
Europe - 38 pc
LATAM - 19 pc
North America - 5 pc
Others - 6 pc
Therapy wise sales breakup -
Analgesic + Anesthetics - 55 pc
Anti-Histamines - 9 pc
Vitamins - 12 pc
Anti-Asthmatics - 9 pc
Anti-Allergic - 5 pc
Anti-Hypertensive - 2 pc
Company is currently exporting to 128 countries worldwide
Company has a Niche Portfolio of 32 APIs
Company is the largest exporter of - Chlorpeniramine Maleate ( anti-allergic), Ketamine Hydrochloride ( anaesthetic ) and Salbutamol Sulphate ( anti- asthmatic ) from India
Total reactor capacity @ 600 KL/Day. Company has 04 manufacturing blocks ( Blocks - A,B,C,D ) - segregated therapy wise. Block E is under construction
15 of company’s products have a high degree of backward integration ( ie backward integrated right upto the KSM stage ) and derive 75 pc of company’s revenues. Company is in the process of integrating 3 more products
Company expects its new Ambernath facility to commence commercial production - sometime in Q3. This will greatly enhance company’s manufacturing capacity to aprox 1020 KL ( including the 340 KL expansion underway at Lote Parshuram ie new Block E ). This facility ( @ Ambernath ) will cater 80 KL of APIs manufacturing and to CMO of formulations. They r setting up large lines for bottling, tablets, capsules and Injectables at Ambernath
Company has been awarded a 10 yr CMO by a European player - DSM Fermenich. Supplies should start in H2. Have another 2-3 opportunities which are in final stages of discussion. Expecting positive outcomes on these before end of Q2
Aim to cross 1000 cr revenues mark in FY 27 ( company believes this is a conservative estimate )
Expecting H2 to be better than H1 in terms to topline. Absolute EBITDA and PAT should also be higher in H2
Expect to reach full capacity utilisation on the expanded capacity of 1020 KL by end of FY 27
Disc: holding, biased, not SEBI registered
4 Likes
Kamat Hotels -
Q2 results and concall highlights -
Revenues - 85 vs 64 cr, up 33 pc
EBITDA - 22.5 vs 18.7 cr, up 20 pc ( margins @ 27 vs 29 pc )
PAT - 8.3 vs 0.03 cr ( due to sharp fall in interest costs - due repayment of loans )
Current portfolio of Hotels ( all hotels are leased except 02 which are owned and 01 on management contract ) -
Under Orchid brand -
Pune - 410 rooms
Mumbai - 372 rooms ( Owned )
Shimla - 96 rooms
Manali - 47 rooms
Goa - 48 rooms ( Owned )
Lonavala - 36 rooms ( management contract )
Jamnagar - 45 rooms
Toyam ( Pune ) - 21 rooms
Under IRA brand -
Mumbai - 195 rooms
Bhuvneshwar - 111 rooms
Nahsik - 31 rooms
Sambhaji Nagar - 33 rooms
Ayodhya - 49 rooms
Lotus Resort Murund - 40 rooms
Fort Jadhavgarh Pune - 58 rooms
Madhodhani Palace Puri - 33 rooms
At present - capex ( addition of rooms / facilities ) and renovation work is on at Orchid - Pune and Goa
Upcoming properties -
Under Orchid brand @ Chandigarh, Dehradun, Gwalior and Puri
Under IRA brand @ Bhavnagar, Hyderabad and Noida
Most of these properties are likely to open up in calendar year 2025
Aim to keep upgrading / renovating 2 properties each year
Current debt on books @ 120 cr with RoI of 10.5 pc
Expecting to maintain EBITDA margins in H2 - at levels similar to Q2 - due increased manpower and energy costs
Expecting to clock revenues of around 350 cr for FY 25 with full FY 25 EBITDA > 90 cr
37 pc of company’s business comes from repeat customers ( which is a very healthy number ). As the company expands its number of properties, this percentage should increase going forward
IRA Noida is opening on 07 Nov 24
Company expects their finance cost to be between 6-7 cr for Q2 - this should be a key positive and bump up the PAT in Q2
Revenue target for FY 26 stands at 400 cr
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
3 Likes
Ajanta Pharma -
Q2 concall and results highlights -
Revenues - 1186 vs 1028 cr
Gross margins @ 78 vs 75 pc
EBITDA - 311 vs 291 cr ( margins @ 26 vs 28 pc due exceptional forex loss to the tune of 25 cr )
PAT - 216 vs 195 cr
Breakdown of sales -
Branded generics -
India - 386 vs 335 cr, up 9 pc
Asia - 296 vs 230 cr, up 28 pc
Africa - 213 vs 157 cr, up 35 pc
Total branded sales - 894 vs 743 cr, up 20 pc
Generics -
US generics - 232 vs 237 cr, down 2 pc
Africa generics - 43 vs 37 cr, up 16 pc
Total generic sales - 275 vs 274 cr
R&D expenses @ 5 pc of sales
India business - therapy wise breakdown -
Cardiac - 38 pc
Opthal - 30 pc
Derma - 23 pc
Pain Management - 9 pc
Company has a 3200+ strong MR field force. India sales exposure to NLEM is low @ 12 pc. 65 pc of India sales come from chronic therapies
Company has 12 brands with size > 25 cr
Launched 11 new products in India in H1 out of which 04 were first to market products
Breakup of India sales growth - 1.2 pc volume + 5.3 pc price + 3.1 pc new products
In US, company has 55 ANDA approvals with 46 products in the market. Launched 2 new products in H1 in US
Company has declared an interim dividend @ Rs 28/share
Added 200 MRs in India business in H1
Adjusted for the forex loss in Q2, EBITDA margins would have been 28 pc - same as LY
Capex ( including maint capex ) for FY 25 estimated at 200 cr. Have already spent around 130 cr in H1
Company to launch 4 new products in US in H2. This should result in better growth vs H1. For FY 26 again, number of launches in US should be higher leading to better growth rates
The branded generics business of India + Asia + Africa should grow in mid teens in FY 25. US business should grow at around 5-7 pc. H1 growth in branded generics was 19 pc and for US business was 2 pc. Not guiding for African institutional generic business as its generally unpredictable and lumpy
EBITDA margin guidance for full FY 25 @ 28+/- 1 pc
Growth drivers for medium term, as indicated by the management include - strong product pipeline, venturing into newer markets ( EMs in Asia + Africa ), increasing sales and distribution strength by adding more MRs in India and entry into new therapeutic areas in India, Asia and Africa. Company is also open to inorganic opportunities. Not averse to take on Debt for the same
Company’s MR productivity is at Rs 7.5 lakh/ month
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
2 Likes
Maruti Suzuki -
FY 25 Q2 results and concall highlights -
Sales - 35589 vs 35535 cr, up 0.2 pc
EBITDA - 3665 vs 3990 cr, down 8 pc
PAT - 3069 vs 3716 cr, down 17 pc ( sharp fall in PAT is due to changes made in the Income Tax rates in the latest union budget and its impact causing additional tax liability for the company to the tune of 837 cr )
Sales volumes @ 5.41 lakh vs 5.52 lakh vehicles ( down 2 pc )
Domestic sales @ 4.63 lakh vehicles, down 4 pc
Export sales @ 0.77 lakh vehicles, up 12 pc
Segment wise sales -
Mini + Compact - 2.08 lakh vehicles, down 13 pc
Mid Size Sedans - 1.97 k vehicles, down 46 pc
UVs - 1.80 lakh vehicles, flat YoY
Vans - 34 k vehicles, flat YoY
LCVs - 8.4 k vehicles, up 14 pc
Sales to Toyota India - 29.8 k vehicles, up 83 pc
Company’s sales network now stands at 3950 outlets ( Nexa + Arena + Commercial outlets ). Nexa outlets now stand at 500
Aprox 33 pc of company sales continue to come from CNG models. Company offers CNG variants across 14 of its models
Have commenced exports of Fronx SUV from India to Japan
Company’s retail sales for the festive season are up 14 pc @ 2.97 lakh vs 2.60 lakh vehicles - a key positive. April - Oct retail sales for the company should be up by 4 pc YoY. Also, the company expects to end oct with a lean inventory of only 30 days
Because of lean inventory situation, year end discounting pressure should be low
For full FY 25 too, company estimates their growth in volumes to be around 4 pc
Rural mkts are doing better than Urban mkts for the company
A lot of states like Punjab, Haryana, Chandigarh, UP, Chattisgarh have now started giving rebates on registration of Hybrid cars. Company expects more states to join the bandwagon going fwd
Company’s upcoming EV will be a completely new platform ( exclusively for the EV ) with a 60 KWH battery. Company aims to launch it with high end specs and high range so as to kill the range anxiety of the customers and drive the EV penetration in India. Company also intends to export this EV worldwide. Company will unveil all specs in the next few weeks
At present - company sells 18 car models. In medium term, company aims to have 28 models in the market. Aprox 6 out of them are likely to be EV models
Company is paying 3.4 pc of sales as royalty to Suzuki Ltd ( Japan )
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
3 Likes
Sun Pharma -
Q2 FY 25 results and concall highlights -
Revenues - 13265 cr, up 10.5 pc
EBITDA - 3939 cr, up 24 pc
PAT - 3040 cr, up 28 pc
Cash on books @ aprox 21000 cr at the consolidated level
Region wise sales -
India sales @ 4265 cr, up 11 pc. Continues to be ranked no 1 in the IPM. Launched 14 new products in India in Q2. Company has 28 brands in top 300 brands in India - highest for any company in India. Also, the company is ranked no1 in 13 different therapeutic segments in India
US sales @ 4290 cr, up 20 pc led by strong growth in speciality products. Launched 2 generic products in US in Q2
EM sales @ 2431 cr, up 3.2 pc
RoW sales @ 1650 cr, down 3.5 pc. Price cuts in Japanese mkts contributed to revenue declines in RoW mkts. Expect this pricing pressure to continue in the next 2 qtrs performance as well
API sales @ 534 cr, up 8 pc
R&D investments @ 793 cr ( at 6 pc of sales ). Out of this 38 pc of money was spent towards speciality products. Company’s R&D pipeline includes 7 speciality molecules in various stages of clinical trials. Guiding for R&D spends @ 7-8 pc of sales for full FY 25
Speciality product sales @ 2373 cr, up 19 pc ( these are high margin products with significant entry barriers )
R&D pipeline -
Liqselvi - Approved in US for Alopecia Areata, awaiting launch
Nidlegy - Filed for approval in Europe for treatment of non-malenoma Skin Cancer
Illumya - for Psoriatic Artritis - undergoing phase 3 trials
MM-II - for pain management in Osteroarthritis - coupled phase 3 trials
Fibromum - for soft tissue sarcomas - undergoing phase 3 trials ( recently in-licensed from Philogen - A European Pharma company )
SCD - 044 - for atopic dermatitis - completed phase 2 trials
GL0034 ( Utreglutide ) for obesity - completed phase 1 trials
The launch of Liqselvi is pending because of an ongoing litigation. Once a favourable judgement is out, the company is ready to launch the product ( ie within a few weeks )
Winlevi - is seeing good QoQ growth in prescriptions in US
Seeing very good traction for Illumetri in China in a short span of time post its launch
Company is very excited about their under trial molecule - Utreglutide
Open to use the cash on Books to acquire speciality assets in the Derma and Derma-Onco space. These are the two long term focus areas for the company. Don’t intend to enter other therapeutic areas as of now
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
Cipla -
Q2 FY 25 results and concall highlights -
Revenues - 7051 cr, up 9 pc
EBITDA - 1886 cr, up 12 pc ( margins @ 26.7 vs 26.1 pc )
PAT - 1303 cr, up 17 pc
Geography wise performance -
India - 2948 cr, up 5 pc. Chronic sales mix @ 61.5 pc. Launched 2 new products in India in Q2 - Vanoprazan ( for gastro-oesophaegal reflux ) and Cipenmet ( for allergic rhinitis ) - both these are in-licensed products
Continues to do well in key focus therapies - Cardio, Respiratory and Urology - outpacing IPM growth rates. Grew in line with the Industry in the anti-infective space
Company has 21 brands in top 300 brands. 25 of company’s brands have sales > 100 cr
Consumer healthcare brands grew strongly in double digits. Key brands include - Cofsils, Nicotex, Cipladine, Prolyte and Omnigel
US - 1967 cr, up 4 pc. Launched 4 new products in US in Q2. Lareotide franchise and Albuterol reached a mkt share of 35 and 19 pc respectively
South Africa - 639 cr, up 12 pc. Company is ranked no.2 in South African Pharma mkt. Company has 8 brands with sales > 100 Mn ZAR ( aprox 50 cr )
EU + EMs - 797 cr, up 18 pc
API sales - 140 cr, up 7 pc
R&D spends @ 5.5 pc of sales
Cash on books ( minus the debt ) @ 7950 cr
A weak season for anti - infectives and respiratory drugs led to weak growth in India business. This should reverse in Q3
Share of chronic business in India now stands @ 61.5 pc
Facing some supply challenges in the Lanreotide business. Q3 sales may be lower than in Q2 because of the same. Supply challenges expected to resolve by end of Q3
Company’s Goa facility has been awarded VAI status by USFDA post its inspection on 30 Oct. This should accelerate the expected launch of Abraxane ( chemotherapy drug ) in US - a key positive
Expect to launch Advair in US in H1 FY 26
Continue to maintain EBITDA margin guidance band of 24-26 pc for FY 25
Have added aprox 1500 MRs in India in the last 2.5 yrs
Because of supply constraints in Lanreotide in Q3, US revenues in Q3 are likely to be below $ 220 million vs $ 237 million in Q2
Launch of Symbicort expected to be in FY 27
Seeing low double digit price erosion in the oral solids base business in US
Mkt share in Lanreotide is expected to fall sharply in Q3 ( to around 20 pc levels ) in Q3. Should start to bounce back wef Q4 - once the supply challenges go away
Looking to make acquisition in India to utilise the cash on books. That’s priority No 1. Second priority is acquiring differentiated assets in US with strong entry barriers
Acquisition of Astaberry is helping accelerate the consumer healthcare business in India
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
Aarti Pharmalabs -
Q2 FY 25 results and concall highlights -
Revenues - 458 vs 439 cr, up 4 pc
EBITDA - 94 vs 88 cr, up 6 pc (margins @ 20.5 vs 20 pc)
PAT - 54 vs 52 cr, up 5 pc
Manufacturing footprint -
Dombivali -
Unit 1 - for APIs, Intermediates, CDMO
Vapi -
Unit -2 - for APIs, Intermediates, CDMO
Tarapur -
Unit -3 - for Xanthine and derivatives
Unit -4 - for APIs, CDMO
Unit -5 - for Xanthine and derivatives
Unit -6 - for Xanthine Intermediates
Atali -
New unit under construction for CDMO, intermediates
Revenue breakup for Q2 -
Xanthine Derivatives and allied products - 45 pc
APIs and Intermediates - 51 pc
CMO/CDMO - 4 pc ( it was 11 pc for full FY 24. This segment generally picks up pace in Q3 and Q4 )
Domestic : International sales @ 47 : 53
Xanthine derivatives business continues to witness stiff competition from China. Currently operating at peak capacity utilisations
Breakup of API sales -
43 pc regulated mkts
47 pc RoW mkts
10 pc Non Regulated mkts
Currently working on 55 CDMO projects with 19 customers. 28 projects are in commercial stages and 27 projects are in various stages of development
Some high value project deliveries are lined up for deliveries in the latter half of this FY ( may even spill over to next FY )
Expect the Atali project to commercialise in Q4
The expansion of Intermediates unit at Vapi unit is complete and is undergoing trial production
Company has successfully commissioned a Solar energy project at Akola. This should help save energy costs in a big way wef Q3
Seeing increased RFPs, enquiries from existing and new customers in the CMO/CDMO space. This should augur well for the company in the long term
The Xanthine spot mkt is very price competitive. However - the long term supply arrangements with big clients are price remunerative. Also, the Pharma applications of Xanthine derivatives mkt is also quite remunerative
Expect meaningful contribution from the new Atali site to flow through by FY 27 - as it takes to ramp up a Greenfield site
Top three therapies for company’s API business include - Anti Hypertensives, Corticosteroids and CNS. Top 3 API customers revenue contribution is around 20 pc for the company ( indicating low customer concentration )
Guiding for 20 pc + kind of growth in CDMO business this FY. Growth for next 2 FY’s should be even higher
Company currently commands 15 pc of world’s Xanthine capacity. Aprox 10 pc of world capacity is in Europe and the rest 75 pc is in China. Post the expansion of Xanthine facility ( sometime in Q3 FY 26 ), company should reach about 17-18 pc of world’s capacity ( @ aprox 9000 MT )
Guiding for a 15 pc kind of EBITDA growth CAGR for next 3 yrs ( company admits its a conservative guidance )
Company has 28 commercial molecules in their CDMO division. However their combined sales in FY 24 was < 200 cr. Actually, company is a relatively new entrant in this space. As time passes and innovators become more comfortable with the company, company is expected to get greater share of revenues for these products plus company is expected to commercialise more CDMO projects. Some of these projects / molecules may even go on to become quite large in future and company may get greater share of their manufacturing. Basically, in the CDMO segment - multiple positive optionalities can play out in future
Company’s segment wise gross margins vary from 35 to 65 pc. Lowest for Xanthine segment, highest for CDMO segment
Once the company comes up with added capacities of Xanthine, they intend to allocate a greater proportion of added capacity for Pharma applications in regulated mkts. That should improve the overall margin profile of the Xanthine derivatives segment
Disc: holding, biased, not SEBI registered, not a buy/sell
5 Likes
Godrej Agrovet -
Q2 FY 25 results and concall updates -
Revenues - 2449 vs 2571 cr, down 5 pc
EBITDA - 221 vs 215 cr, up 3 pc ( margins @ 9 vs 8.3 pc )
PAT - 104 vs 105 cr
Segment wise revenues , EBIT -
Animal feed - 1205 vs 1242 cr , EBITDA @ 71 vs 57 cr ( margins @ 6 vs 4.6 pc ). Cattle feed degrew YoY due weak milk prices. Broiler and Layer feed volumes grew by 5.5 and 10.5 pc YoY
Vegetable Oil - 434 vs 435 cr, EBITDA @ 73 vs 68 cr ( margins @ 17 vs 15.6 pc ). Despite a 13 pc decline in fresh fruit bunch arrivals, segment revenues did not decline due improved realisations for Crude Palm Oil and Palm Kernel Oil. Also, GOI has raised the import duties on crude sunflower, soybean and palm oils wef Sep 24
Crop protection - 198 vs 243 cr, EBITDA @ 85 vs 77 cr ( margins @ 43 vs 30 pc !!! ) Erratic rainfalls led to lower spraying opportunities of herbicides by farmers and higher sales returns - leading to a de-growth in topline
Astec Lifesciences - 99 vs 111 cr, EBITDA @ (-) 17 vs (-) 2.4 cr ( margins @ (-) 18 vs (-) 2 pc ). Weakness in generic business continues. CDMO volumes were affected by cautious approach adopted by key customers
Creamline Dairy - 403 vs 390 cr, EBITDA @ 18 vs 12 cr ( margins @ 4.4 vs 3 pc ). Sales of VAP stood @ 32 pc of sales
Godrej Tyson Foods - 197 vs 237 cr, EBITDA @ 5 vs 19 cr ( margins @ 2.7 vs 8.2 cr )
JV - ACI Godrej Agrovet - 410 vs 438 cr
Expecting a very strong H2 in Astec Life’s CDMO business. That should propel Astec’s CDMO revenue growth for full FY 25 to > 400 cr vs 270 cr in FY 24
Share of VAP in Creamline dairy business fell to 32 pc vs 40 pc in Q1 due prolonged rainy season which led to lower sales of curd, buttermilk, lassi etc. Company expects a strong rebound in VAP sales in Q3 and Q4
Vegetable oils should see a better H2 vs H2 LY both because of increased import duties and absence of over-supply in the mkt
Q2 is generally the weakest Qtr of the year for Godrej Tyson business - because of Savan, Shradh periods. This business should see good pick up wef Q3. Also, the chicken and mutton prices were unusually high ( due increased incidence of disease ) in Q2 leading to margin compressions
Expecting a reduction in receivables as they go into H2. Receivables generally build up in Q2 due to the crop protection business. This should also lead to significant debt reduction by end of current FY
In the CDMO business, company currently has 9 molecules in the manufacturing phase. They did not disclose the number of molecules in the development phase
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
1 Like
Bajaj Auto -
Q2 FY 25 results and concall updates -
Revenues - 13247 vs 10838 cr, up 22 pc
EBITDA - 2073 vs 2130 cr, up 23 pc ( margins @ 16 vs 20 pc )
Other Income - 399 vs 552 cr
PAT - 1385 vs 2020 cr ( sharp drop in PAT is due to provisions made by the company because of changes made on capital gains in the union budget in July )
Weakness in EBITDA is arising from weakness in their European subsidiaries and JVs ( selling KTMs in EU + US ) - resulting in a loss of aprox 550 cr for H1 ( Share of Bajaj Auto’s loss )
Cash on books @ 16,400 cr
Company could maintain their EBITDA margins @ > 20 pc ( in the standalone business ) despite fast growing EV sales which now constitute 20 pc of domestic revenues ( EVs have significantly lower margins )
EVs ( Chetak + E-Autos ) + CNG vehicles ( 3Ws + Freedom 125 cc bike ) now constitute 44 pc of company sales
New areas of growth should include - Chetak EVs, Freedom 125 cc CNG bike, E-Autorickshaws, CNG - Autorickshaws and Triumph Bikes
LATAM mkt is seeing good growth ( 20 pc plus ). Mexico is doing really well. Bajaj Auto is now the leader in Mexico in the premium segment ( now the World’s 4th largest 2W mkt ). Dominar sales in Mexico are now more than Dominar sales in India !!! Asia sales continue to be steady. African sales have started to recover ( post a really bad Q4, Q1 ) - although still much below the peak levels
Because of better growth in LATAM, the product mix in exports in improving which should lead to better EBITDA growth vs sales growth
Company expects to clock around 20k unit sales for Freedom 125 cc CNG bike in Oct. They r receiving encouraging customer feedback for this product. Going to increase the manufacturing capacity for Freedom Bike to 40k units/ month by Q4
Company sold 16k 3W-EVs in Q2 ( out of a total sales of 1.4 lakh units ). Company’s E-Autos are now available at 700+ locations and now command 35 pc mkt share
Chetak now commands 20 pc mkt share in E-2Ws vs a 10 mkt share in Q1. Upgraded range of Chetaks are scheduled for launch in Mid Nov. Expanding Chetak’s distribution aggressively - should be available in 4000 retail stores by Jan 25. Have also opened 250 Chetak - exclusive stores
Company’s pro-Biking range comprising of KTM + Triumph bikes continue to do well in domestic mkts. Triumph bikes clocked > 10k unit sales in Q2
Company captive finance company is expected to cover 100 pc of company stores by Jan 25. Expected to clock a cash profit starting Q3
The EV portfolio now ( 3Ws + Chetaks ) are running at EBITDA break even - 3Ws are profitable and Chetaks are EBITDA negative
Festive season has seen steep discounting in the 100 cc motorcycle segment. Bajaj has lost mkt share there in the festive season ( till Dusherra ie )
Company’s current manufacturing capacity in Brazil is 20k units. Should go upto 35k units by middle of FY 26
Bajaj Auto Credit Ltd’s AUM now stands at 4000 cr. Expected to grow rapidly - going fwd. Currently having a share of aprox 50 pc in captive financing. Bajaj Auto has so far infused 950 cr into BACL. Intend to infuse another 1200-1400 cr in BACL in H2. Aim to hit an AUM of 10,000 cr by end of FY 25
Company intends to expand the E-3Ws range in a meaningful way starting mid - Nov. Expect to see a newer variants being launched every successive month post Nov
Disc : holding, biased, not SEBI registered, not a buy/sell recommendation
1 Like
ICICI Lombard -
Q2 FY 25 results and concall highlights -
GDPI @ 6721 vs 6086 cr, up 10.4 pc ( vs an industry growth of 2 pc )
Combined ratio @ 104.5 vs 103.9
PBT @ 919 vs 764 cr
PAT @ 694 vs 577 cr
Breakdown of insurance portfolio in H1 FY 25 vs H1 FY 24 -
Motor Own Damage - 17 vs 16 pc
Motor Third Party - 16 vs 16 pc
Health and Travel - 30 vs 30 pc
Marine - 4 vs 3 pc
Fire - 13 vs 15 pc
Crop 9 vs 8 pc
Others - 11 vs 12 pc
Investment book stands @ 51,557 vs 45,312 cr YoY ( invested in corporate bonds - 43 pc, G-Secs - 40 pc, Equity - 13 pc, Others - 7 pc )
Segment wise loss ratios -
Motor OD - 65.5 vs 65.5 pc
Motor TP - 64.7 vs 66.1 pc
Health, Travel - 83.2 vs 80.6 pc
Crop - 97.1 vs 90.1 pc
Fire - 55.6 vs 71.7 pc
Marine - 85.1 vs 76.5 pc
Engineering - 45.4 vs 90.5 pc
Others - 71.8 vs 67.8 pc
Total - 72.6 vs 72.3 pc
Breakdown of company’s MOTOR Insurance mix -
Private cars - 52.9 pc
Two wheelers - 25.3 pc
CVs - 21.8 pc
Breakdown of company’s HEALTH Insurance mix -
Individual - 17.8 pc
Group - Others - 24.6 pc
Group - Employers -Employee - 57.6 pc
Individual health insurance vertical grew strongly @ 41.4 pc in Q2 - pulling up the growth rate for the combined health insurance segment to 12.3 pc for the company. Company’s retail mkt share in Health insurance now stands at 3.5 pc
Fire segment de-grew by 10.7 pc in Q2
Strong govt spends on infra are ensuring fast growth in segments like - Marine and Engineering insurance segments
In the motor segment, company grew its premiums by 16.2 pc ( despite the slowdown in Auto sales ) - mainly driven by renewal + old vehicle insurance ( @ 26 pc YoY growth ). Growth in new vehicle insurance was largely flat
During the qtr, country witnessed a number of natural calamities like- floods in AP, Telangana, North India, Gujarat - which caused losses to the tune of 94 cr for the company. This adversely impacted the combined ratio in Q2 by 1.9 pc. Q2 and H1 combined ratios stand at 104.5 and 103.2 pc
Investment book stood @ 51,557 cr as on 30 Sep 24
Investment income in Q2 was at 1124 vs 956 cr
Investment leverage stood @ 3.91 vs 4.14 YoY
Company continues to maintain its full year combined ratio guidance of 101.5 pc
Company has been investing heavily in their OEM/Dealership - partnerships + their agency and distribution channels to drive the growth the Motor Insurance segment. The same is getting reflected in numbers - ie good growth in the segment despite flatish growth in the new car sales and new car insurance business
2W sales off-late, have been encouraging. Pickup in CV sales is expected in H2 as govt spending picks up. Plus the Industry has not taken a hike a Third party motor insurance rates. All these factors make the company positive about the future of Motor insurance segment
In the motor insurance segment, company has gained mkt share from 9.7 to 10.9 pc in last one year. That’s a significant jump inside 1 yr. Company has worked really hard on expanding their distribution and working on their customer satisfaction. This is leading to handsome mkt share gains
Disc: studying, not invested, not SEBI registered
3 Likes
Shaily Engineering Plastics Ltd -
Q2 FY 25 results and concall highlights -
Revenues - 192 vs 157 cr, up 22 pc
Gross margins @ 46.3 vs 37.9 pc ( up 8.4 pc !!! )
EBITDA - 41 vs 26 cr, up 56 pc ( margins @ 21.5 vs 16.9 pc, up 4.6 pc !!! )
PAT - 22 vs 11 cr ( doubled )
Sharp improvements in gross and EBITDA margins is due to steep improvement in sales in healthcare division which grew by 94 pc in Q2 on a YoY basis
Capacity utilisation across plants @ 42 vs 39 pc
Segment wise revenue breakup -
Consumer - 72 vs 80 pc
Healthcare - 20 vs 12 pc
Industrial - 8 vs 8 pc
Domestic : Exports revenue breakup @ 25:75 vs 27:73 in Q2 FY 24
Expecting healthcare segment revenues to grow to 25 pc of sales inside next 3 yrs ( vs 20 pc currently )
Revenues in consumer segment grew by 10 pc YoY. Have received orders for 2 new products from a big FMCG company in Q2
Have received new business from a marquee customer in the Industrial segment in Q2 ( its an automotive customer ). Revenues in the industrial segment grew by 30 pc YoY in Q2
Company expects their injectable pen volumes to double in H2 vs H1 ( pickup in volumes should start wef Dec 24 )
Teriparatide ( Osteoporosis drug ) launch is expected to first happen in EU wef Q4 FY 25 ( aprox ). US launch has been delayed
Liragludite launch should happen in Q2 or Q3 of FY 26
Semaglutide launch in RoW mkts like India, Brazil, Canada with company’s devices is expected to happen in H2 FY 26. Company is expected to expand their Semaglutide injectors capacity to > 25 million devices by H1 FY 27. Company believes, it should end up having a dominant mkt share in the generic Semaglutide devices in the RoW mkts
To sum up - Between Jan 25 - Mar 26 - company will launch Teriparatide, Liraglutide and Semaglitide in multiple geographies with multiple customers
Company’s capacity on Insulin pens is around 11 million pens. Looking to expand capacity to 25 million pens. This new - added capacity should come on stream in Q1 FY 27
On Tirzepatide - supply of exhibit batches should start in Q4 FY 25. Did not give any visibility on commercial launch
Current capacity of insulin Injectors @ 11 million. Company is adding another 24 million. So the total insulin capacity will reach 35 million. Semaglutide capacity should be another 35 million. All others put together should be another 25 - 30 million. So the total capacity should reach 100 million in next 36 months
Overall spend for all this capacity build up should be around 150-200 cr over next 36 months
Disc: holding, biased, not SEBI registered, not a buy / sell recommendation
3 Likes
Hindustan Zinc -
Largest and the only integrated producer of Lead, Zinc and Silver in India. Has a 75 pc mkt share in India’s Zinc industry
3rd largest producer of Silver in the world
2nd largest producer of Zinc in the world
Among India’s largest producer of Wind Power with a generation capacity of 274 MW - spread across 5 states
Company’s Mineral resources - Hindustan Zinc’s ore reserves are estimated @ 281 million Tons of material graded @ 4.5 pc Zn, 2.0 pc Pb and 60 gm/ ton of Ag - amounting to 12.68 million tons of Zinc ( Zn ), 5.52 million tons of Lead ( Pb ) and 542 million Ounces of Silver ( Ag )
Company’s Ore reserves - Company’s ore reserves are estimated @ 175 million tons of material graded @ 5.6 pc Zn, 1.6 pc Pb and 55gm/ton of Ag - amounting to 9.86 million tons of Zinc ( Zn ), 2.75 million tons of Lead ( Pb ) and 312 million Ounces of Silver ( Ag )
At current production rates and existing Resources and Reserves ( R&R ) company can sustain 25 yrs of mine life
In FY 23-24, company successfully added 24.7 million tons of material at gross level amounting to 1.85 million tons of metal
Company has set up a dedicated subsidiary - Hindmetal Exploration Services Pvt Ltd - to continuously focus on exploring, discovering, developing and tapping mineral resources. The subsidiary has interest in exploration of all minerals across the globe by implementing best in class technologies and practices
Company currently operates 8 underground mines @ 5 locations in Rajasthan
Ore mined in FY24 vs FY 23 @ 16.5 vs 16.7 million tons
Zinc metal mined in FY 24 vs FY 23 @ 0.855 vs 0.839 million tons
Lead metal mined in FY 24 vs FY 23 @ 0.168 vs 0.165 million tons
Q2 FY 25 results and concall updates -
Revenues - 8242 vs 6792 cr, up 22 pc
EBITDA - 4164 vs 3122 cr, up 33 pc ( margins @ 50 vs 46 pc )
PAT - 2389 vs 1729 cr, up 38 pc
India is expected to become the third largest Zinc consumer by 2026 - a key positive for the company
Mined metal production ( Zn + Pb ) in Q2 was @ 0.256 million tons, up 2 pc YoY
Refined metal production ( Zn + Pb ) in Q2 was 0.262 million tons, up 8 pc YoY
Silver production stood at 184 Tons, up 2 pc YoY
Company has achieved a 6 pc reduction in unit cost of production, along with supportive metal prices to achieve 38 pc PAT growth on a YoY basis
Company’s 5.1 lakh tons per annum fertilizers plant is under construction @ Chanderia. It ll be producing DAP fertiliser and NPK nutrients. Likely to go live by Q2 FY 26
Company’s 1.6 lakh tons per annum roast smelter ( using roast leach electro technology ) is likely to go commercial by Q4 FY 25
Company has entered into a 25 yr long renewable power purchase agreement with Serentica ltd - this would @ a fixed flat rate of energy buying without any inflation and would help the company move towards its sated goal of reducing costs to $ 1000 / Ton
In Q2, cost of production ( COP ) for Zinc stood @ $ 1071 / Ton - lower by 6 pc YoY
Current share of renewable power being used by the company in around 14 pc. By the end of Q4, company expects to hit a share of renewable power @ 24-25 pc, This should further help reduce the COP/Ton. Company is striving to achieve $ 1050 / ton - COP by end of Q4 FY 25
The fertiliser plant that the company is expected to commission next yr has the potential to do peak EBITDA of 450 - 500 cr / yr
For H2, company has hedged 1 lakh ton of Zinc @ $ 3008 per ton and 83 tons of Silver @ $ 32.26 per ounce
H2 is generally better for the company in terms of volumes vs H1
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
3 Likes
Posting my current portfolio breakdown ( I know … the number of stocks are way too many ) - however, I believe that I am currently in a stage / age where I need to maximise my learning by reading up ( and tracking ) about as many companies as I can even if I have to sacrifice a few percentage points on returns.
Healthcare and Pharma -
Advanced Enzymes - 0.5 pc
Alkem Labs - 1.16 pc
Ajanta Pharma - 0.76 pc
Alembic Pharma - 0.33 pc
Aarti Pharmalabs - 1.05 pc
Ami Organics - 0.8 pc
Cipla - 1.68 pc
Zydus Lifesciences - 1.40 pc
Dr Reddy Labs - 1.24 pc
Eris Lifesciences - 2.69 pc
FDC - 0.47 pc
Glenmark Life - 1.30
Glenmark Pharma - 1.01 pc
Innova Captab - 1.31 pc
Indraprastha Medical - 0.54 pc
JB Chemicals - 1.32 pc
Kopran - 0.84 pc
Abbott India - 0.43 pc
Laurus Labs - 0.75 pc
MANKIND PHARMA - 0.83 pc
Neuland Labs - 6.98 pc
Piramal Pharma - 1.48 pc
Rpg Lifesciences - 1.21 pc
Shalby Ltd - 0.64 pc
Supriya Lifesciences - 2.44 pc
Sun Pharma - 1.09 pc
Star Health - 0.24 pc
Wockhardt - 1.22 pc
Windlas Bio - 0.81 pc
Yatharth Hospitals - 0.67 pc
Financials -
ABSL AMC - 0.58 pc
HDFC AMC - 1.37 pc
NIPPON Life AMC - 2.11 pc
Bajaj Finserv - 1.67 pc
Chola Investment and Fin - 1.95 pc
IIFL Finance - 0.88 pc
Karur Vysya Bank - 1.64 pc
Federal Bank - 1.04 pc
Kotak Bank - 1.51 pc
Axis Bank - 0.95 pc
Agri Inputs -
Dhanuka Agritech - 1.97 pc
Insecticides India - 0.64 pc
Godrej Agrovet - 0.86 pc
Building Materials -
Cera Sanitaryware - 1.10 pc
Prince Pipes - 0.56 pc
Carysil - 0.32
Retailers -
Electronics Mart - 1.56 pc
Aditya Vision - 1.12 pc
Senco Gold - 0.81 pc
MISC + Manufacturing -
Garware Hi Tech - 1.65 pc
Time Technoplast - 1.27 pc
Technocraft Industries - 1.45 pc
XPRO ltd - 1.13 pc
Shaily Engineering - 0.99 pc
SG Mart - 0.51 pc
Mayur Uniquoters - 0.53 pc
Updater Services - 0.85 pc
Usha Martin - 1.48 pc
Metals and Mining -
Hindustan Zinc - 0.81 pc
Hospitality -
Benares Hotels - 1.46 pc
EIH ltd - 1.75 pc
Kamat Hotels - 1.23 pc
Royal Orchid - 1.05 pc
SAMHI Hotels - 0.80 pc
TAJ GVK - 0.73 pc
Wonderla Holidays - 0.99 pc
FMCG -
ADF Foods - 1.56 pc
Zydus Wellness - 1.45 pc
Dodla Dairy - 1.32 pc
Dabur India - 0.54 pc
Emami - 0.68 pc
Automobiles -
Maruti Suzuki - 0.92 pc
Bajaj Auto - 1.80 pc
Hero Moto - 1.27 pc
Sandhar Auto - 1.06 pc
Lumax Auto technologies - 0.61 pc
Pix Transmissions - 0.70 pc
Popular Vehicles - 0.89 pc
RACL Geartech - 0.58 pc
Steel Strip wheels -0.71 pc
HBL Power - 0.88 pc
There was a steep runup in some of my portfolio holdings in the last 1-2 months because of which I reduced their portfolio weights. These include -
MANKIND PHARMA
RPG Lifesciences
Piramal Pharma
Senco Gold ( additional reason in case of Senco Gold was industry wide pressure on stud ratios because of falling demand for natural daimonds )
Windlas Bio
Innova Captab
Ami Organics
Prince Pipes, Kamat Hotels and Royal Orchid Hotels continue to be laggards. I am hopeful of good recovery in both Kamat and Royal Orchid Hotels ( going by Q2 trends ). Price Pipes may be in for extended pain because of increased aggression from Mkt leader - Supreme Industries
I continue to be bullish on Indian CDMO + API companies - because of the American Biosecure Act and the China + 1 effect playing out in this sector
Dabur and Emami are recent opportunistic bets - anticipating a bottoming out of consumption cycle ( as Govt spending accelerates in Q3, Q4 )
18 Likes