Category: Analyst Meet Notes

We attended the conference-call of Dixon Technologies (India) or Dixon to discuss the recent acquisition of its partner’s 50% stake in Padget Electronics Pvt Ltd, a joint venture (JV) company.
April 16, 2019, 12:12 p.m.

ENIL’s management appeared confident in scaling the non-FCT business (30% revenues) to 50% in the next 4-5 years. While non-FCT business is margin dilutive as compared to traditional air time sale on radio, gross margins (GM) have witnessed an uptrend over the last 3 years (19% in FY17 to 28% now).
April 16, 2019, 10:52 a.m.

We share our detailed takeaways below. We marginally revise our estimates upward for FY20/FY21 and retain Buy rating, revising upward our target price to Rs154 (from Rs141 earlier), valuing the stock at 2.0x FY21E (2.4x FY20E) P/BV.
April 15, 2019, 12:13 p.m.

SIEM is transforming itself into a complete digital/automation solution provider from Product/Project Company.
April 9, 2019, 11:50 a.m.

L&T Finance Holdings (LTFH) organized an analyst visit to Noida with special focus on the key projects of Supertech that the former has funded. We visited two of the three projects funded by LTFH.
April 9, 2019, 11:32 a.m.

At the hotel sector conference held by us recently, the management of Indian Hotels Company(IHCL) reiterated its strategic focus on increasing EBITDA margin (FY18-23E) by 8% through a mix of: 1) RevPar growth.
April 8, 2019, noon

In early 2019, sales volumes were down to 2.1-2.2mmscmd, but the closure of coal gasifiers has boosted current sales volumes to 3mmscmd at Morbi.
April 5, 2019, 10:35 a.m.

We recently attended the analyst meet of Subros Ltd in Delhi. Apart from its core Car AC business, the Company plans to pursue aggressive growth in Non Car AC segments like Truck Cabin AC, Radiator supply to Maruti, Railway AC’s and Refer AC.
March 28, 2019, 10:34 a.m.

Our recent plant visit to Subros at Manesar reinforces our confidence in the company, as its MD, Ms. Shradha Suri Marwah elaborated on the progress and growth potential of Subros’ different businesses, key organizational changes and several other initiatives.
March 27, 2019, 11:08 a.m.

We attended the INFOE analyst meet held on 22nd March, 2019 in Mumbai. Based on interaction with the management, we remain constructive about the company, given strong brand recall value and strong competitive position it enjoys in the recruitment business.
March 27, 2019, 10:34 a.m.