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Wholesale volumes for September 2024 showed muted performance. #Passenger Vehicles (PVs) saw flat YoY volumes, #Commercial Vehicles (CVs) declined in double digits, and tractors posted low single-digit growth. The 2-Wheeler segment, however, excelled with strong double-digit growth, driven by robust domestic demand and a rebound in exports.
Key outperformers included #BajajAuto in 2-Wheelers, M&M in PVs, and VECV (#Eicher Motors) in CVs.
#Vahan registrations (retail sales) for September totaled ~17.25 lakh units, down ~9% YoY from ~19.05 lakh units in September 2023.
With an aim to boost its economy, #China has announced a slew of stimulus measures which may boost #metal demand in the country. Consequently, this will support prices given China accounts for ~50% of metal production and consumption globally. Indian players stand to benefit from this pricing discipline, coupled with potentially lower imports and muted raw material costs scenario especially on the power/coal side.
A detailed thread on Emcure Pharmaโs business๐
๐๐ง๐๐ข๐๐ง ๐๐ก๐๐ซ๐ฆ๐ ๐๐จ๐ฆ๐ข๐ง๐ ๐จ๐ฎ๐ญ ๐จ๐ ๐ ๐๐จ๐ฐ๐ง๐๐ฒ๐๐ฅ๐ ๐๐ง๐ ๐๐ฆ๐๐ฎ๐ซ๐ ๐๐ก๐๐ซ๐ฆ๐ ๐๐ฅ๐ฅ ๐ฌ๐๐ญ ๐ญ๐จ ๐ ๐๐ญ ๐ฅ๐ข๐ฌ๐ญ๐๐! ๐๐น
A ๐งตon the Business breakdown of Emcure Pharma๐
๐Company overview:
๐ธEmcure Pharmaceuticals, based in Pune, is India's 13th-largest pharmaceutical company by domestic sales
๐ธIt has a strong focus on Women's healthcare, with a significant presence in Gynecology, Cardiology, and Blood-related drugs
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Checkout the list of Companies that reported peak EBITDA margins in Q4FY24๐๐ฐ
Companies that reported peak EBITDA margins primarily in chemicals, healthcare, and real estate sectors๐ฐ๐น
#Q4FY24 analysis Part 2๐
Fantastic Q4FY24 results by #KEC International
Revenue is at its all-time highs, Profits have doubled! ๐
Consolidated revenues grew 12% YoY at Rs 6,165 crs
Segment-wise details ๐
โณTransmission & distribution:
Turnaround performance, Rev growth 21% YoY; Order book of over Rs 21,000 crs
โณCivil:
Rev growth of 32% YoY; Order intake of Rs. 4,200 Cr from various sectors such as FMCG, Mining & Cement
โณRailways:
Commenced execution for the maiden international project in Bangladesh and bid for few projects in Middle East
โณOil & Gas:
Rev growth 30% YoY; Forayed into the international market by bagging maiden order in Africa
โณSolar:
Bidding for select renewable opportunities in line with commitment of the govt to promote renewable energy
โณCables:
Delivered an impressive performance with highest ever Revenues, Order Intake and Profitability
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Ashish Kacholia
๐นIncrease in holding:
๐Basilic Fly Studio Ltd
๐Zaggle PrepaidOcean Services Ltd
๐Brand Concepts Ltd
๐Balu Forge Industries Ltd
๐SG Finserve Ltd
๐Decrease in holding:
๐Shankara Building Products Ltd
๐Garware Hi-Tech Films Ltd
๐Repro India Ltd
๐Genesys International Corporation Ltd
๐Safari Industries (India) Ltd
๐Xpro India Ltd
2/12
Another step towards Fleet Electrification in Indiaโณ
Tata Passenger Electric Mobility Ltd, a Tata Motors subsidiary, signs MoU with Vertelo for 2,000 electric cars (XPRES-T, sedan) ๐ค๐
For context, Vertelo is a Macquarie-managed integrated fleet electrification platform and they plan to invest $US1.5 billion over the next 10 years!
5 ways how Tata using its Moat can redefine EV charging ecosystem!๐น๐
A thread๐งต
๐จImproving utilization:
- Tata's upcoming Zconnect super app will boost EV charging accessibility by spotlighting underused stations
- With 1.4Bn Kms driven, Tata holds a data goldmine (its biggest Moat) This app will streamline the charging journey from finding stations to payment
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5 ways how Tata using its Moat can redefine EV charging ecosystem!๐น๐
A thread๐งต
๐จImproving utilization:
- Tata's upcoming Zconnect super app will boost EV charging accessibility by spotlighting underused stations
- With 1.4Bn Kms driven, Tata holds a data goldmine (its biggest Moat) This app will streamline the charging journey from finding stations to payment
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๐จSolution for Highway anxiety:
- Tata's data shows EVs aren't preferred for long trips (<400Kms) despite large batteries, highlighting highway anxiety
For context, Tata Motors has ~75% market share in EVs
- So the need is for robust charging infrastructure, with smaller batteries. Tata is working on this solution which will also lead to price parity and increased sales๐
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Interesting fact-check!๐ Did you know, out of 63.4M registered enterprises in India, 32.5M (51% share) are thriving in rural regions
#RuralEntrepreneurship #IndiaBiz
Crompton Greaves Strategy 2.0!! ๐ What's it about?๐
Strong focus on strengthening competitive advantages:
๐กPremiumisation of portfolio across segments. Co. gained market share in premium fans from ~17% 3 years ago to 25-26% now
๐ก It wants to increase investments in in-house manufacturing, which may result in margin expansion & launch of differentiated products
๐ก Increase investments in pumps. Crompton has gained market share in Agri and solar pumps
๐กCo. also won a patent in pumps and believes there is potential to win more patents
๐ก As per strategy 2.0, the company also plans to steadily enter new segments which may result in the expansion of addressable market
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๐ฏStable/ lower commodity prices also augurs well for the co. The pricing stability could allow the company to invest in brand-building activities as well as drive volume growth
๐ฏPortfolio premiumization may provide margin tailwinds. However, we model Butterfly to remain in restructuring mode in H1FY25E and may recover only in H2FY25E
Credits: ICICI Research desk
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As FY24 wraps up, it's time to uncover the outperforming & underperforming sectors๐๐
Letโs dive in๐
๐ฐWinners
๐๐๐ฎ๐ญ๐จ:
The sector has turned around after a long consolidation cycle of 5 years. All segments doing well - 2W, PV, CV & Premiumization trends to continue
Path to consider: Market might not be factoring in competition/disruptions?
๐ ๐๐๐๐ฅ ๐๐ฌ๐ญ๐๐ญ๐:
The sector has given the best returns (co's up ~2x). The pain cycle was long 10+ years & now, the upcycle persists for ~3 yrs
Path to consider: Can we expect some consolidation & project/land acquisition before next leg of rally?
๐ฆ๐๐๐ ๐๐๐ง๐ค๐ฌ:
Market favoring PSU Banks over Private Banks after a decade. Some of the small cos with low float may have stretched valuations
Path to consider: Large ones might not see stress anytime soon?
๐๐๐ก๐๐ซ๐ฆ๐ - Some of the large co's have come out with long consolidation of earnings. The sector has not given any extraordinary returns over last 5-8 yrs
๐๏ธOther ๐๐จ๐ฆ๐ฆ๐จ๐๐ข๐ญ๐ข๐๐ฌ & ๐๐ง๐๐ซ๐ ๐ฒ ๐๐๐ฌ๐ค๐๐ญ๐ฌ did okay but some of the non-main-stream segments of capital goods & government expenditure (Railways, Defence) did phenomenally well
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๐ฉLoosers
๐ฒ๐๐ซ๐ข๐ฏ๐๐ญ๐ ๐๐๐ง๐ค๐ฌ & ๐๐ constitutes ~50%+ of index but a saw poor performance
Path to consider: IT saw a demand deterioration to an extent, but now downside is low? If yes, earnings could accelerate
๐บ๐๐๐๐ข๐:
Media has been the worst-performing sector across time frames. The incumbents are facing disruptions vs OTT + Big Daddy Reliance wants a share of the pie.
Path to consider: Lot of issues regarding Governance, Competition, Disruption, and so on...?
๐๐๐จ๐ง๐ฌ๐ฎ๐ฆ๐ฉ๐ญ๐ข๐จ๐ง:
The consumer sector was the driving force of wealth creation for the last decade 2010-2020.
High starting valuation, Inflation, and weak rural demand may continue to impact the performance in long run
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Explained here in detail how capital cycle in the paint industry can playout
New competition will compete on pricing with low RoCE expectations and eventually, it might drive down the capital efficiency of incumbents
teapaw.org/MultipieSocial/status/โฆ
Paint Companies In Focus
Birla Opus released its price list
5% discount to Asian Paint prices across categories
Company would be giving an additional 10% quantity across SKUs
Thus price discount could be northwards of 15%
#GRASIM #asianpaints
