Established in 1973, Ajanta Pharma (APL) is a specialty pharmaceutical company engaged in development, manufacture and marketing of quality finished dosages in domestic and international markets. The company has 5 state-of-the art manufacturing facilities. Ajanta has extensive presence in many countries in Asia, Africa and Latin America employing over 4,000 people worldwide and its products sold in over 50 countries. The company has also started commercial operations in the US market in the first quarter of 2013 which it plans to scale up in the coming couple of years. APL has improved its ranking in the Indian Pharmaceutical Market to 36 at the end of FY15 from 45 in FY13. With APL focusing on new...
Hindustan Media Ventures Limited (HMVL), is a part of the HT Media Group headquartered out of Delhi. Hindustan, the flagship newspaper of HMVL is India's 2nd most widely read newspaper, not only in Hindi but in any language in India. The newspaper is published from 19 print locations spread across the country. It is the fastest growing newspaper among its peers like DB Corp (Dainik Bhaskar) and Jagran Prakashan (Dainik Jagran). On the back of recovery in the Indian economy, improved readership (14.25 Mn in CY13 to 14.75 Mn in CY14) and continued outperformance in Uttar Pradesh (UP) and Uttarakhand (UK), we expect HMVL to register revenue growth of at least 10% CAGR through FY15-FY19. EBITDA margins in UP...
Robust CAPEX plan coupled with focus on execution to keep revenue on the growth path: The company incurred capital expenditure of over Rs. 22,000 crore in FY14, Rs. 17,700 in 9M FY15 and plans to invest similar amounts during each of the two years until FY17. The company's major cost is capital expenditure on setting up transmission lines, while there is hardly any operational cost. As a result it has an operating margin as high as 90%. Capitalization ratio for 9M FY15 stood at 98%, significantly higher than 80% in FY14 and 86% in FY13 reflecting management's focus on execution. On the back of robust CAPEX plans with timely execution, we expect PGCIL to register...
Acquisition of Professional Access to boost topline growth: ZENT acquired Professional Access (PA) which is one of the leading Oracle ATG implementation specialists in the world in the month of Aug 2014. PA fits extremely well with the Zensar overall strategy for becoming a leader in Manufacturing, Retail and Distribution. It works with some of the top retailers in the world and has good prospects not only in developed world but also in countries like Peru, Argentina, Chile, and Mexico. PA posted revenues of $12.6 mn in Q3FY15 with EBITDA margins of ~15%. The company is developing a new platform for mid-tier retailers and with increasing trend of online shopping it expects its revenues from PA to grow at CAGR of 20-25% over the next 3 years....
Firstsource Solutions Limited (FSL) established in December 2001 by ICICI Bank, is a leading global provider of Business Process Management (BPM) services. After being acquired by RPG Group company CESC the new promoters initiated business restructuring which has started yielding results. With 29946 associates spread across 47 global delivery center, FSL serves clients in the Healthcare, Telecom & Media, BFSI industries from its delivery centers in India, USA, UK &Europe;, Philippines and Sri Lanka. With strong demand...
IDFC was awarded an in-principle approval for a banking license in Apr-2015 by RBI and it is currently in the phase of transforming from NBFC to a Bank. Every shareholder will be given 1 share of IDFC Bank for every share held in IDFC Ltd. Most of the business will be transferred to the new entity and IDFC Ltd will remain as a non-operative financial holding company (NoFHC). The demerger process is expected to be completed by Oct-2015. With superior capitalization levels (~23% Tier I Capital), quality management team (recruitment of key managerial personnel already done) and significant FII headroom (~23% in Oct 2015 in IDFC Bank), we believe there will be strong growth potential in IDFC Bank....
Third largest and among the fastest growing tile market: India is the 3rd highest producer and consumer of ceramic tiles in the world after China and Brazil accounting for roughly 6.5% of the world production and consumption of tiles. The growth in India is ~1.4x of world average during the period CY09-CY13. The Indian ceramic tiles market size is estimated to have been Rs 172 bn in 2012 and is expected to reach Rs 301 bn by 2016 growing at a CAGR of 15%. India's share in the world market has increased from 5.7% in CY09 to 6.3% in CY13 in production and from 5.8% to 6.5% in consumption. Sanitaryware & Bathroom Fittings market poised for strong growth:...
The Indian Commercial Vehicle (CV) Industry is all set for a cyclical revival in demand going forward. The green shoots are visible as the overall domestic CV volumes is likely to grow by 10% in FY15 as against de-growth of 20% and 2% during FY14 and FY13 respectively. The recovery further looks promising as the volumes of Medium & Heavy Commercial Vehicle (M&HCV;) one of the leading indicator grew by 13.9% in 9MFY15 as against a de-growth of more than 20% each in FY13 and FY14. Further the strong correlation between GDP and the growth in CV Industry emphasis that overall revival in the economy is bound to have a positive impact on the CV. The Government's policy actions like diesel deregulation, opening...
