Bondada Engineering And Kalyani Cast Tech Order, RedTape Commencement of Operations

Bondada Engineering Ltd.

Recent filing: (ORDER) Bondada Engineering has received a Letter of Award worth INR 939 Cr from NLC India Limited for Balance of System (BOS) work for setting up 600MW Grid Connected Solar Power Project including the O&M for three years after SCOD at Khavda, Gujrat, needs to be executed within 15 months.

SUMMARY: 3y Operating Profit uptrend | PE 112x (Sector PE range 30-50) | Excellent Mar-24 results | Fund Raise | Large Order | 5G+Solar Infrastructure

FUTURE OUTLOOK: As on 31st Mar 2024, Orderbook = INR 1,747 Cr, Orders in pipeline = INR 1,260 Cr

• MCap of INR 5,013 Crore (share price = INR 2,321 / share) (as on 13th Jun ‘24)
• TTM PE of 112x (as on 13th Jun ‘24) Retail float = 16.4% (Mar-24)

FOOD FOR THOUGHT: PE multiple is above sector range

What are the products and services of Bondada Engineering?

Bondada is an infrastructure company that specializes in offering engineering, procurement, and construction (EPC) services, as well as operations and maintenance (O&M) services to clients in the telecom and solar energy sectors across India. Its expertise encompasses core design and engineering, with a focus on passive telecom infrastructure services such as construction, operation and maintenance of telecom towers, optical fiber cables and related infrastructure.

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Kalyani Cast Tech Ltd.

Recent filing: (ORDER) Kalyani Cast-Tech has received several orders from different customers having aggregate value of INR 80 Cr which is to be completed by 31st October 2024. Each order has unique specifications and delivery deadlines.

SUMMARY: 3y Operating Profit uptrend | PE 33.5x (Sector PE range 30-60) | Ace Investor | Industrial Products

FUTURE OUTLOOK: According to the latest conference call, the company anticipates a 40-50% top-line growth in FY '25, with a PAT margin of 10-13%. Additionally, the company projects a 30-35% growth rate for the next 4-5 years.

• MCap of INR 321 Crore (share price = INR 447 / share) (as on 13th Jun ‘24)
• TTM PE 33.5x (as on 13th Jun ‘24) Retail float = 19.0% (Mar-24)

FOOD FOR THOUGHT: Negative operating cash flow for FY ’25 | Lc Radiance Fund and Next Orbit Ventures Fund reduced their stake to less than 1% (which could be 0%).

What are the products and services of Kalyani Cast Tech?

A cargo container manufacturing Company, Kalyani Cast-Tech manufactures a wide product range of castings, including finished components and are specialists in various types of cargo containers such as ISO containers and other special containers including dwarf containers, cuboid containers, special containers for parcel cargo and containers for two & three wheelers. With an unparalleled experience, technical know-how and a state-of-the-art manufacturing facility, Kalyani proves to be a reliable name for its clients.

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RedTape Ltd.

Recent filing: (COMMENCEMENT OF OPERATIONS) Redtape has commenced Operational activity from its Newly constructed Warehouse situated at Ganesh Complex, Howrah, West Bengal. This newly constructed Warehouse having storage capacity area of 62,500 square feet. This new warehouse facility will help the company to fulfil delivery of the Company's products more efficiently to the online shopping customers.

SUMMARY: 2y Operating Profit uptrend | PE 60.4x (Sector PE range 30-70) | Geographical expansion | Partnerships | New Warehouses | Fund Entry | Consumption

• MCap of INR 10,642 Crore (share price = INR 772 / share) (as on 13th Jun ‘24)
• TTM PE 60.4x (as on 13th Jun ‘24) Retail float = 11.3% (Mar-24)

FOOD FOR THOUGHT: Footwear and Garments industries highly fragmented, high competition from unorganized as well as increasing presence of international brands

What are the products and services of RedTape?

RedTape is known for emerging as one of the Finest Brands of Footwear and Clothing for Men, Women and Kids. It has emerged as a complete Family Fashion Destination by providing the Best International Styles and World-Class Quality through Shoes, Apparels and Accessories for all age groups. It owns a Portfolio of Well-Recognized Brands: RedTape, MODE (RedTape London), Bond Street (RedTape London). The Company got demerged from Mirza International in Aug 2023.

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