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Control Print Ltd is involved in development, research, manufacturing, and marketing of printing machines, spare parts, consumables (fluids) and associated services. Company’s manufacturing facility for printers and consumables are located at Nalagarh (Himachal pradesh) and Guwahati (Assam) respectively.

Higher sales from consumables to drive margins ahead Revenues have been driven by sectors such as pipes, dairy, pharma to name a few while it is currently facing a constraint in the cement sector (~8-10% of revenue). Going ahead, the management anticipates no scope of any huge capex given the consumable has been operating at 50% utilisation level. Thus, we expect higher growth from consumables to likely improve...

Higher sales from consumables to drive margins ahead Since the company has started incorporating chips in latest printers, we expect the same to help it to track consumables used by user industry and aid them to mitigate purchases of other company's consumables by promoting their own products. The management highlighted that the company has installed a printer base of ~11000 currently. They have been charging | 1.5-2 lakh for consumables. Consumables constituted ~70%...

Higher share of consumables to improve margin trajectory CPL has an installed printer base at ~11,000 printers (FY19), which is expected to fetch a recurring income of ~| 130 crore (| 1.2 lakh/printer per year) for FY20E. Thus, consumables share is expected to improve to 75.3% of its total sales while lower margin printer sales are expected at 16.7%. Going ahead, with a string of new product launches, robust demand in pipes & cables, food & beverages and a product mix skewed towards consumables are expected to improve margins. However, elevated input costs or higher...

ICICI Securities Ltd | Retail Equity Research We met the management of D-Link India (D-Link) to get an update on its business and growth plans ahead. The company, which had faced hiccups in the form of product obsolescence in FY17 (network transition from 3G to 4G) and GST led hiccups in FY18, is back on the growth recovery path. The management indicated that while the recent rupee depreciation is likely to impact margins by ~100 bps in the coming quarter, the company would offset the same through some price hike...

Control Print (CPL) reported a muted performance in Q4FY18 with net sales for the quarter coming in at | 45.4 crore, flat on a YoY basis EBITDA in Q4FY18 was at | 12.8 crore with corresponding EBITDA margins at 28.2%. PAT in Q4FY18 was at | 9.3 crore, up 9.4% YoY For full year FY18, net sales were at | 173.9 crore, up 19.8% YoY with EBITDA at | 50.2 crore (EBITDA margins at 28.9%) and PAT at | 31.6 crore (EPS at | 19.4/share with dividend per share at | 6.5) In the recent past, CPL has executed a QIP wherein 6.6 lakh shares...

Control Print Limited (CPL) is involved in the coding and marking (C&M;) industry. The company manufactures and sells C&M; systems and other related supplies catering to the needs of various industries such as foods, beverages, FMCG, agrochemicals, seeds, cables/ wires, pipes, extruded plastics, textiles, steel/ metal, pharmaceuticals, cement, plywood, amongst others. CPL derives about a fifth of its revenues from the sale of printers and ~71% of revenues through sales of consumables. The Indian C&M; industry is sized at ~INR 12-13 bn, with 4 players (including CPL) controlling 80%-85% of the market. CPL has a share of less than a fifth (of the major players); other major players include Markem-Imaje S.A....

Control Print (CPL) reported a stellar Q1FY18 performance. Net sales for the quarter came in at | 45.0 crore, up 28% YoY EBITDA in Q1FY18 was at | 13.4 crore with corresponding EBITDA margins at 29.7%, up 330 bps YoY PAT for the quarter was at | 8.6 crore vs. | 5.0 crore in Q1FY17 In Q1FY18, CPL realised efficiencies in terms of lower overheads largely lower employee and other expenses as a percentage of sales Q1FY18 was the first quarter wherein CPL has incorporated Ind-As....

Control Print (CPL) reported a stellar Q1FY18 performance. Net sales for the quarter came in at | 45.0 crore, up 28% YoY EBITDA in Q1FY18 was at | 13.4 crore with corresponding EBITDA margins at 29.7%, up 330 bps YoY PAT for the quarter was at | 8.6 crore vs. | 5.0 crore in Q1FY17 In Q1FY18, CPL realised efficiencies in terms of lower overheads largely lower employee and other expenses as a percentage of sales Q1FY18 was the first quarter wherein CPL has incorporated Ind-As....

Control Print (CPL) reported a robust Q4FY17 performance, with net sales for the quarter coming in at | 45.8 crore, up 33% YoY EBITDA in Q4FY17 was at | 13.0 crore with corresponding EBITDA margins at 28.0%. PAT in Q4FY17 was at | 8.5 crore, up 18.6% YoY For full year FY17, net sales were at | 145.2 crore, up 9.2% YoY with EBITDA at | 38.3 crore (EBITDA margins at 26.0%) and PAT at | 26.1 crore (EPS at | 16.6/share with dividend per share at | 6) The management expects the growth momentum to sustain in...

D-Link reported 15.6% YoY decline in total revenues to | 154.8 crore as the company took a corrective action of doing away with technologically obsolete inventory in the ongoing shift from 3G to 4G...

D-link (India), a subsidiary of D-Link Holding Mauritius Inc, markets and distributes networking products. It offers IT network infrastructure solutions - switching, security, wireless, IP surveillance, storage and structured cabling. TeamF1 Networks (P) Ltd, a subsidiary of D-Link (India), is engaged in development of high performance embedded...

Buy D-Link (India) Ltd. at Rs. 121 and add on declines at Rs. 105-108 for the targets of Rs. 139, 159.5.

ICICI Securities Ltd | Retail Equity Research D-Link India reported its Q3FY16 numbers with revenues at | 170.0 crore, up 5.9% YoY. In the coming quarters, revenues would further...

ICICI Securities Ltd | Retail Equity Research In Q2FY17, Control Print (CPL) reported a muted performance. Net sales for the quarter were at | 32.8 crore, down 10% YoY EBITDA for the quarter came in at | 9.6 crore (EBITDA margin 28.9%) Consequent PAT in Q2FY17 was at | 7.0 crore The management stays confident of clocking ~10-15% sales growth in FY16-18E largely tracking ~2x GDP growth rate domestically CPL has installed and implemented a SAP solution that is likely to...

D-Link India has seen deterioration of sorts for its income from operations not only declined by an appalling 12% last quarter (the first reduction in seventeen quarters) after two quarters of sub 7% growth, but also hit the lowest reading since the third quarter of FY15. Abysmal income also weighed heavily on margins - OPMs shriveled by a daunting 320 bps to 1.2% (ten quarters mean: 4.6%; median: 4.7%). Material margins shrunk by 50 bps to 15.5% - 16.9% in Q4FY16. Other expenses rose fiercely to Rs 15.58 crs ($2.3m) compared to Rs 12.32...

ICICI Securities Ltd | Retail Equity Research In Q4FY16, Control Print (CPL) reported a healthy performance with sales growing 12% YoY to | 34.3 crore, EBITDA coming in at | 9.1...