Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>With around 3.4% QoQ CC revenue growth in Q3FY24, the BPO business, <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions ("Firstsource")</a>, is recovering back to normal, after seeing cyclical dip over the past couple of years.</li>
<li>The FMCG business is scaling up well. Q3FY24 revenues came in at INR 135cr, a growth of around 12% QoQ, led by festive season demand. YoY growth was 17%+.</li>
<li>The Sports business reported muted revenues in Q3FY24 as currently the revenue stream is dominated by the IPL event which typically happens in the March to June period.</li>
</ul>


With around 3.4% QoQ CC revenue growth in Q3FY24, the BPO business, Firstsource Solutions ("Firstsource"), is recovering back to normal, after seeing cyclical dip over the past couple of years.
The FMCG business is scaling up well. Q3FY24 revenues came in at INR 135cr, a growth of around 12% QoQ, led by festive season demand. YoY growth was 17%+.
The Sports business reported muted revenues in Q3FY24 as currently the revenue stream is dominated by the IPL event which typically happens in the March to June period.


RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Recovering

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Medi Assist Healthcare Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> raised around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>In this note, we will look at the firm’s past performance, and share our thoughts on valuation.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
In this note, we will look at the firm’s past performance, and share our thoughts on valuation.


Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

<ul>
<li>RPSGV's BPO business, Firstsource Solutions, is stabilizing and reported flattish QoQ revenue growth. EBIT margin has also bottomed out and is now at around 11%, an expansion of 300bp YoY.</li>
<li>FMCG Business continues to maintain an annualized revenue run-rate of INR 400cr+. The Sports business generated revenues of INR 50cr+ vs INR 15cr YoY. </li>
<li>The FMCG and the Sports businesses hold tremendous scalability potential going forward. The IPL Lucknow franchise also owns a team named Durban in the South Africa T20 league.</li>
</ul>


RPSGV's BPO business, Firstsource Solutions, is stabilizing and reported flattish QoQ revenue growth. EBIT margin has also bottomed out and is now at around 11%, an expansion of 300bp YoY.
FMCG Business continues to maintain an annualized revenue run-rate of INR 400cr+. The Sports business generated revenues of INR 50cr+ vs INR 15cr YoY. 
The FMCG and the Sports businesses hold tremendous scalability potential going forward. The IPL Lucknow franchise also owns a team named Durban in the South Africa T20 league.


<ul>
<li>Helped by the share in the incremental IPL media rights value, RPSG Venture's (RPSGV) revenue from the sports business revenue jumped to INR 590cr+ in Q1FY24 vs INR 300cr+ YoY.</li>
<li>Losses in the FMCG business narrowed to INR 63cr vs INR 90cr YoY and INR 70cr QoQ. FMCG revenues continue to be at around INR 400cr+ annualized run-rate.</li>
<li>RPSGV's BPO business, <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions (FSOL IN)</a> saw stabilization in de-growth and margins. Margins expanded by 375bp during Q1FY24.</li>
</ul>


Helped by the share in the incremental IPL media rights value, RPSG Venture's (RPSGV) revenue from the sports business revenue jumped to INR 590cr+ in Q1FY24 vs INR 300cr+ YoY.
Losses in the FMCG business narrowed to INR 63cr vs INR 90cr YoY and INR 70cr QoQ. FMCG revenues continue to be at around INR 400cr+ annualized run-rate.
RPSGV's BPO business, Firstsource Solutions (FSOL IN) saw stabilization in de-growth and margins. Margins expanded by 375bp during Q1FY24.


RPSG Ventures: Strong Profitability from IPL

India

Firstsource Solutions Limited provides business process outsourcing services. The Company provides services globally to companies in the banking, financial services, and insurance industries.

Firstsource Solutions (FSOL IN)

RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Recovering

RPSGV continues to be available at a huge discount of 80%. Even if the discount narrows to 70%, it could lead to 50% upside. RPSGV's FMCG and...

Ankit Agrawal, CFA

Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO. In this note, we will talk about the demand and trading...

Clarence Chu

Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO. In this note, we will look at the firm’s past...

Clarence Chu

RPSG Ventures: Q2FY24 Earnings Update

The BPO business, Firstsource, is now bottoming out. The FMCG and Sports businesses have exponential growth potential and are doing well. Over...

Ankit Agrawal, CFA

RPSG Ventures: Strong Profitability from IPL

RPSGV's FMCG and Sports businesses have significant potential to scale up. At a holding company discount of 82%+, RPSGV is available cheap and can...

Ankit Agrawal, CFA