Just Another Investor

November 26, 2020

Is CARE Ratings turning a corner?

It is not often that a Credit Rating Agency/Company trades at valuations of 15X Earnings and certainly not if it is among the top 3 rating agency in the country. But such was the impact of the IL&FS and DHFL episodes especially on CARE Ratings, that the company saw a continuous erosion in its share […]

November 7, 2020

ITC Q2 Update: Rise in FMCG Margins a Major Positive

The revenue for ITC during Q2 Fiscal 2021 grew by 1.7% on-year to INR 137 Billion aided by robust 19% on-year growth in FMCG (Ex-Cigarettes) business. The Profit After Tax however dropped by ~18% on-year due to INR 193 Crore loss in hotels business. Without considering the hotels segment, the operating profit for the company […]

November 7, 2020

Jyothy Labs: Decent Q2 Numbers, Valuations Fairly Attractive

Jyothy Labs (click here for detailed initiating report) posted decent set of Q2 Fiscal 2021 numbers with EBITDA and PAT increasing by ~9% and ~12% on-year respectively for the company. However, the revenue from Fabric care segment saw a ~12% on-year drop as sale of main wash products continue to remain impacted as lack of […]

October 25, 2020

Of Bad Boy Billionaires, Dirty Money and Indian Economy

Over the last two weeks I watched ‘Bad Boy Billionaires’ and ‘Dirty Money’ on Netflix. Though the former is an Indian-specific series and the latter covers global corporates, the pitfalls conveyed in the polar ideologies – Capitalism and Socialism – in the two series caught my attention. The Bad Boy Billionaires’ stories, one can argue […]

September 5, 2020

India’s Great GDP Fall: Conscious Kitchen Sinking of Numbers?

‘Kitchen Sinking’ is a term largely used in the Banking Industry. Whenever a new CEO takes over the reigns of a stressed bank (dealing with lot of bad loans), the immediate quarter almost always results in higher NPAs, as the new CEO wants to start on a clean slate and does not want any legacy […]

July 25, 2020

Tata Steel: End of European Dream Necessary for Indian Story to Flourish

Hello Readers! First of all, why even do an article/blog on a relatively less exciting company like Tata Steel? Well, the Steel Industry has undergone consolidation over the last few years (thanks to IBC!) and leaves us with three major players in the Industry – State-Owned SAIL, and privately-owned Tata Steel and JSW Steel. We […]

July 19, 2020

M&M Financial Rights Issue: Desperate Move or Smart Maneuver?

The news of Right Issue by Mahindra & Mahindra Financial Services (“MMFS”) at INR 50 per share (1:1) in-order to raise INR 3,500 Crore hit the investors like a thunderbolt yesterday (18th July 2020). The issue price was at steep 76% discount on CMP of INR 208 for the company. This left many investors believe […]

June 29, 2020

HDFC AMC – Aggressive Valuations for a Stable Elephant

Incorporated in December 1999, HDFC AMC operates as a joint venture between Housing Development Finance Corporation Limited (“HDFC”) and Standard Life Investments Limited (“SLI”). As of fiscal 2020, the company is the second largest AMC with quarterly average AUM of INR 3.7 trillion. It is the leader among Individual AUM segment (retail investors) with 15% market […]

June 8, 2020

‘Make in India’ Success will decide fate of ‘Boycott China’ Calls and ‘Aatmanirbhar Bharat’

There has been a strong anti-chinese sentiment prevailing in the country due to China’s initial handling of Covid-19 pandemic and the escalating border tensions between the two countries. PM Modi’s call for a “self resilient India” further strengthened these voices over last few weeks. There have been several voices on the issue. Few voices very […]

May 26, 2020

Jyothy Labs – Can the company recreate the “Ujala” Magic across other portfolio brands?

Founded in 1983, Jyothy Labs Limited (JLL) commenced its operations as a a single product (Ujala fabric whitener) manufacturer in a single district (Thrissur, Kerala). The company’s “Ujala” brand is an household name, on account of the company’s excellent marketing campaign in the late 90s and early 2000’s through “Aaya Naya Ujala” campaign. Over the […]

May 16, 2020

Multiplex Business will Continue to Thrive; OTT Platforms will only supplement industry growth

The direct to digital release of Ayushmann Khurrana and Amitabh Bachchan starrer – Gulabo Sitabo due to Covid-19 created some flutters in the multiplex industry, as the stakeholders were worried that this could set a new-trend for more movies in the long-run as well. Basis the news, the PVR and INOX leisure stocks further corrected […]

May 13, 2020

A Primer on Investing in Gilt Funds

What are Gilt Funds? Gilt Funds invest in Securities which are issued by Reserve Bank of India on behalf of Government of India. Securities are also issued by State Government which are also considered to have an implicit sovereign guarantee. What are the features of Government Bonds? The Government bonds are considered to be the […]