#AskStar Wasn't Arshdeep Singh a good option for the 5th test? Because after seeing the green pitch and overcast conditions,with his left arm pace he could have been an X Factor for the Indian side.
Rishabh Instruments Limited - Q1FY24 ConCall Updates (5th October 2023):
Financial Performance (YoY) -
Revenue rose 38% to Rs 172.5 cr vs Rs 124.6 cr
EBITDA remained flattish around Rs 20.7 cr
PAT came down to Rs 8.1 cr vs Rs 10.7 cr
ESOP costs and provision for additional liabilities impacted the bottom line
About the Company -
Rishabh Instruments has core competence in manufacturing, design and development of Test and Measuring Instruments and Industrial Control Products
Other than the Indian operations, Lumel SA & Lumel Alucast are its two entities based in Europe
Lumel SA is the electronics business whereas Lumel Alucast is involved in aluminum die castings
Management Guidance -
Forecasted revenue growth for the year is 22%
Will definitely do better than these estimates, not indicating any slowdown in H2
ESOP costs will be Rs 21 cr this year, and will go down subsequently as they amortized over the next four years
Adjusted EBITDA margins (after ESOP costs) to be around 18%
Expecting organic growth to continue in this range for the medium both on the top and bottom line
Have inorganic growth opportunities on the horizon as well
Capex Plans -
Current balanced utilization is 60% but de-bottlenecking some areas operating at 80%
So plan to invest about Rs 63 cr from IPO proceeds to increase production capacity which will bring the balanced utilization to 50%
R&D spends account for 2.5-3% of revenues
Don't have any PLI scheme benefits as of yet, but have got approval for MSIP scheme which provides 25% cash assistance for all investments
Have applied for similar schemes in Europe which can give benefits of 30%-40%
New Products -
Solar String Inverter - First company to completely make it in India
Once development is finished and costs are reduced, it has potential to grow even 100-200% every year
Two other companies also working on it but market potential is too huge to have any real competition
Marg Software - Developed by a subsidiary called Energy Solutions Labs
It tracks consumption patterns for energy efficiency analysis
Can be easily connected with other electronic devices using IOT technology
This company has recently launched 4-5 very innovative projects in Europe which are into electrical cars
Since these are first time products, they currently have a learning curve going on and will be visible in numbers in a couple of quarters
Other than the above, Rishabh is already the largest producer of Analog Panel Meters in the World and is also very strongly positioned in the Current Transformers segment globally
Midhani Ltd - Q1FY24 ConCall Updates (22nd August 2023):
Financial Performance (YoY) -
Revenue rose 63.3% to Rs 187.7 cr
EBITDA grew 22.6% to Rs 49.6 cr
PAT was flattish at Rs 18.54 cr vs Rs 17.7 cr
Margins were impacted due to elevated RM costs as they are a bit specialized
Renault, one of the main customers on the export side, was down about 25-26% in terms of demand
No visibility to their revival as yet
Rico has asked for better pricing to make up for the volume loss, else will re-purpose the equipment for new programs with other customers
Also had pricing issues with Hero, so took a bold decision to temporarily halt some supply to them
Hero accounts for about 35% of company's total revenue
Rico has been losing money on a few products supplied to them
In the next 10 to 15 days, expect some settlement on pricing
VA Tech Wabag - Q1FY24 ConCall Updates (14th August 2023):
Financial Performance (YoY) -
Revenue was down 12.5% at Rs 553 cr
EBITDA margins improved to 11.9% vs 9.5%
PAT jumped by 65% to Rs 50 cr
Lower topline was due to strategic focus on E&P projects and muted Europe growth