Caplin Point Laboratories Ltd (CPLL) has a dominant presence in semi-regulated generic markets of Latin America (LatAm) and Africa. It forayed into these geographies in the 2000s and established a strong and deep network and monetized the early mover advantage in the then untapped markets.
Going forward we expect revenues to grow at a CAGR of 23.6% to Rs.2,220 cr aided by the volume CAGR of 23.4% to 5.9 MT by FY23 (contributions from the new facilities at Indore FY22 0.1 MT, FY23 0.4 MT and Jajpur FY22 0.2 MT, FY23 0.9 MT) amidst pressure on realizations.
We initiate coverage on Deccan Cements with a BUY for a price target of Rs. 600 (6X EV/EBITDA FY23) representing potential appreciation of 60% over the next 24 months from the CMP of Rs. 380
Over the past decade NIIT Ltd. (NIIT) has established itself as a reliable and trusted partner for the training services needs of global corporations. These training services are provided under the Corporate Learning Segment (CLS) vertical and contribute ~88% to the overall revenues of NIIT.
Bharti Infratel Ltd (BHIN) the market leader in the domestic telecom tower space is a proxy play on Indias telecom story. At present its consolidated asset base comprises of 95,801 towers (~20% of the industry) and post-merger with Indus Towers, its asset base would grow to ~1,70,000 towers, thereby consolidating its market share to ~30%.
