Sovrenn Daily News - 21st Oct 2024
Tirupati Forge Ltd.
Recent filing: (FUND RAISE) BoD of Tirupati Forge approved the issuance of 1.5 Cr equity shares and 1.2 Cr warrants at INR 32/each aggregating to INR 86.4 Cr. Subscribers include Sandeep Kapadia, Rakesh Laroia, etc. With the company planning large scale capacity expansion, the proceeds will be largely utilized in capex towards land acquisition and plant & machinery amongst others.
SUMMARY: 1y Operating Profit uptrend | 1q Operating Profit uptrend | PE 47.1x (Sector PE range 30-60) | Fund raise | Institutional Entry | Ace Investor | Capacity Expansion | Capital Goods – Non-Electrical Equipment
- MCap of INR 381 Crore (share price = INR 36.8 / share) (as on 21st Oct ‘24)
- TTM PE of 47.1x (as on 21st Oct ‘24) Retail float = 32.2% (Sep-24)
FOOD FOR THOUGHT: Highly Competitive sector
Company Description: Incorporated in 1992, Tirupati Forge is engaged in the manufacturing and exporting of forged and machined components like auto components, bearings, gear, flanges etc. It is also engaged in trading of casting products
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Tejas Networks Ltd
Recent filing: (EXCELLENT RESULTS) For the quarter ending Sep-24 for Tejas Networks, Sales up 7.1x YoY from INR 396 Cr in Sep-23 to INR 2811 Cr in Sep-24. Similarly, Net Profit up from loss of INR 13 Cr to profit of INR 275 Cr. On a QoQ basis, Sales up 80% and Net Profit up 3.6x.
SUMMARY: 3y Operating Profit uptrend | Excellent Sep-24 results | PE 48.7x (Sector PE range 30-60) | 5G
- MCap of INR 22,163 Crore (share price = INR 1,294 / share) (as on 21st Oct ‘24)
- TTM PE 48.7x (as on 21st Oct ‘24) Retail float = 13.7% (Sep-24)
FOOD FOR THOUGHT: Negative operating cashflow for FY24.
Company Description: Tejas Networks designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Tejas Networks Ltd. is a part of the Tata Group, with Panatone Finvest Ltd. (a subsidiary of Tata Sons Pvt. Ltd.) being the majority shareholder.
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Anand Rathi Wealth Ltd
Recent filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Sep-24 for Anand Rathi Wealth, Sales up 32% YoY from INR 183 Cr in Sep-23 to INR 242 Cr in Sep-24. Similarly, Net Profit up 31% from INR 58 Cr to INR 76 Cr. On a QoQ basis, Sales up 2% and Net Profit up 4%.
SUMMARY: 4y Operating Profit uptrend | 2q Operating Profit uptrend | Excellent Sep-24 results | PE 65.7x (Sector PE range 30-50) | Financial Services
FUTURE OUTLOOK: Company has revised its revenue guidance to INR 980 crores from INR 910 crores, and PAT guidance from INR 280 crores to INR 295 crores. Management remains focused on a long-term growth trajectory, targeting an annual growth rate of 20-25% over the next decade.
- MCap of INR 17,334 Crore (share price = INR 4,137/ share) (as on 21st Oct ‘24)
- TTM PE 65.7x (as on 21st Oct ‘24) Retail float = 16.8% (Sep-24)
FOOD FOR THOUGHT: PE is above sector range.
Company Description: Company provides a wide range of Investment Services across asset classes, as well as Private Wealth, Institutional Equities, Investment Banking, Insurance Broking, and NBFC.