Systematix Corporate Services, Pitti Engineering And Izmo Good to Excellent Results

Systematix Corporate Services Ltd.

Recent filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Sep-24 for Systematix Corporate Services, Sales up 85% YoY from INR 20 Cr in Sep-23 to INR 37 Cr in Sep-24. Similarly, Net Profit up 11x from INR 2 Cr to INR 22 Cr. On a QoQ basis, Sales up 28% and Net Profit up 11x.

SUMMARY: PE 41.6x (Sector PE range 20-50) | Excellent Sep-24 results | Promoter buying | Fund Raise | Financial Services

• MCap of INR 2,954 Crore (share price = INR 228 / share) (as on 14th Nov ‘24)
• TTM PE 41.6x (as on 14th Nov ‘24) Retail float = 6.0% (Sep-24)

FOOD FOR THOUGHT: Highly competitive sector.

Question 1: Who are the promoters of Systematix Corporate Services?

Founded in 1985 by Mr. Chandra Prakash Khandelwal, Systematix Group stands as a cornerstone of integrity and trust in India's financial landscape. Offering a diverse range of services, including Investment Banking, Merchant Banking, Broking, Wealth and Portfolio Management, NRI services, and more, the institution caters to a broad clientele, including FIIs, DIIs, corporates, and retail investors. With a robust presence in equity, derivative, commodity, and currency markets, Systematix boasts a wide network spanning over 100 cities, establishing itself as a prominent player in India's financial markets.

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Pitti Engineering Ltd

Recent filing: (GOOD TO EXCELLENT RESULTS) On 14 Aug ’24, Pitti Engineering posted results for the quarter ending Jun-24, Sales up 32% YoY from INR 290 Cr in Jun-23 to INR 383 Cr in Jun-24. Similarly, Net Profit up 50% from INR 14 Cr to INR 21 Cr. On a QoQ basis, Sales up 17% and Net Profit down 48%.

SUMMARY: 5y Operating Profit uptrend | 7q Operating Profit uptrend | PE 41.8x (Sector PE range 30-70) | Excellent Sep-24 results | Fund raise | Acquisitions | Institutional Entry | Order book INR 1,000 Cr (Jun-24) | Smart Meter

FUTURE OUTLOOK: As per FY24 Annual Report, Company have acquired Bagadia Chaitra Industries Private Ltd and are in the process of commissioning expanded capacities in the Aurangabad facility. These initiatives will increase the consolidated capacity from 56,000 TPA to 90,000 TPA.

• MCap of INR 4,644 Crore (share price = INR 1,310 / share) (as on 14th Nov 2024)
• TTM PE 41.8x (as on 14th Nov 2024) Retail float = 16.8% (Sep-24)

FOOD FOR THOUGHT: Borrowings increased from INR 290 Cr in Mar-23 to INR 537 Cr in Mar-24.

Question 1: Who are the promoters of Pitti Engineering Ltd?

Company specializes in the manufacturing of a wide range of products such as electrical steel laminations, motor cores, subassemblies, die rotors and press tools and are the market leader in lamination vertical, which is part of the rotating electrical equipment vertical.

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Izmo Ltd.

Recent filing: (GOOD TO EXCELLENT RESULTS) For the quarter ending Sep-24 for Izmo, Sales up 31% YoY from INR 44.8 Cr in Sep-23 to INR 58.6 Cr in Sep-24. Similarly, Net Profit up 5.8x from INR 5.12 Cr to INR 29.9 Cr. On a QoQ basis, Sales up 23% and Net Profit up 5x.

SUMMARY: 3y Operating Profit uptrend | PE 10x (Sector PE range 30-50) | Excellent Sep-24 results | Fund Raise | Entry into Semi-Conductor Space | Promoter Buying | Acquisition | New-Age IT

FUTURE OUTLOOK: As per FY24 concall, Company projecting a 30% to 40% top-line growth for FY25 and Company is aiming to achieve a turnover of INR 500 Cr within the next 3 to 4 years.

• MCap of INR 540 Crore (share price = INR 386 / share) (as on 14th Nov ‘24)
• TTM PE of 10x (as on 14th Nov ‘24) Retail float = 38.5% (Sep-24)

FOOD FOR THOUGHT: Low Promoter holding.

Question 1: Who are the promoters of Izmo Ltd?

Founded in 1995, lzmo Limited offers high-tech automotive e-retailing solutions in North America, Europe and Asia. The Company is in the business of interactive marketing solutions. The Company also owns the world's largest collection of Automotive Images and Animation and has a client base of some of the largest automotive retail groups in the world.

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