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>The FMCG Business reported Q4FY22 revenues, in line with the recent annualized revenue run-rate of around INR 400cr.</li>
<li>The relatively new Naturali brand was advertised prominently at the IPL and its products are becoming increasingly visible at department stores.</li>
<li>A key monitorable for RPSGV's sports business is the IPL Media Rights Auction that is scheduled to be held on Jun 12.</li>
</ul>


The FMCG Business reported Q4FY22 revenues, in line with the recent annualized revenue run-rate of around INR 400cr.
The relatively new Naturali brand was advertised prominently at the IPL and its products are becoming increasingly visible at department stores.
A key monitorable for RPSGV's sports business is the IPL Media Rights Auction that is scheduled to be held on Jun 12.


RPSG Ventures (RPSGV): FMCG Business Gaining Traction; IPL Media Rights Auction - A Key Monitorable

<ul>
<li>RPSG Ventures reported strong Q3FY22 earnings, led by the BPO business where revenues grew 5% QoQ in INR terms and EBIT grew ~20% QoQ.</li>
<li>The FMCG business however saw tepid performance with revenues declining to INR 95cr vs INR 100cr QoQ, due to temporary headwinds, however, the long-term prospects remain promising. </li>
<li>The sports business is in nascent stage currently but the newly acquired IPL Lucknow franchise holds good promise.</li>
</ul>


RPSG Ventures reported strong Q3FY22 earnings, led by the BPO business where revenues grew 5% QoQ in INR terms and EBIT grew ~20% QoQ.
The FMCG business however saw tepid performance with revenues declining to INR 95cr vs INR 100cr QoQ, due to temporary headwinds, however, the long-term prospects remain promising. 
The sports business is in nascent stage currently but the newly acquired IPL Lucknow franchise holds good promise.


RPSG Ventures: Tepid FMCG Growth, But Long-Term Prospects Intact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rpsg-ventures-limited" target="_blank" data-smartkarma-citation="entities:29022:1" rel="noopener">RPSG Ventures Limited (CESCV IN)</a> (“RPSGV”) continues to take strides into the FMCG space. It recently forayed into the personal and beauty care segment.</li>
<li>Sanjiv Goenka also successfully bid for the new IPL team of Lucknow, part of which is to be funded by RPSG Ventures.</li>
<li>We attended the RPSG Group’s two-day investor conference where RPSG group shared detailed update on their vision and ambition around the FMCG business of RPSGV.</li>
</ul>



RPSG Ventures Limited (CESCV IN) (“RPSGV”) continues to take strides into the FMCG space. It recently forayed into the personal and beauty care segment.
Sanjiv Goenka also successfully bid for the new IPL team of Lucknow, part of which is to be funded by RPSG Ventures.
We attended the RPSG Group’s two-day investor conference where RPSG group shared detailed update on their vision and ambition around the FMCG business of RPSGV.


RPSG Ventures: Ambitious FMCG Play | Now Also An Aspiring Sports Play (IPL)

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Firstsource Solutions (FSL) provides business process services to BFSI, Communication, Media, Tech and Healthcare</li><li>The company reiterated its revenue guidance of 14.5-15.5% in FY22, cut downwards from its earlier guidance range of 15-18%</li><li>We maintain HOLD rating. We value FSL at Rs 180 i.e. 19x P/E on FY23E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Firstsource Solutions (FSL) provides business process services to BFSI, Communication, Media, Tech and HealthcareThe company reiterated its revenue guidance of 14.5-15.5% in FY22, cut downwards from its earlier guidance range of 15-18%We maintain HOLD rating. We value FSL at Rs 180 i.e. 19x P/E on FY23E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Firstsource Solutions: Weak Collections Business Performance to Impact near Term Revenues

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>India-based data management and analytics firm <a href="https://www.smartkarma.com/entities/eclerx-services-ltd" target="_blank" data-smartkarma-citation="entities:17312:1" rel="noopener">eClerx Services (ECLX IN)</a> released their public announcement document for their latest buyback after market close on 20th September 2021. The buyback was initially proposed in a board meeting on 13th August 2021 and later approved by shareholders (postal ballot) on 16th September 2021.  </p><p>The buyback price has been set at INR2,850/share and eClerx expects to buy up to 1,063,157 shares through a Tender Offer. The total size of the buyback will be approximately INR3bn (~US$41mn). </p><p><em>More below the fold. </em></p><hr><div class="content-remarks"><p><strong>For more on Indian Buybacks, please see <a href="https://www.smartkarma.com/insights/quiddity-india-buy-back-guide-2021-regulations-patterns" target="_blank" data-smartkarma-citation="insights:56892" rel="noopener">Quiddity India Buy-Back Guide 2021: Regulations &amp; Patterns</a> </strong></p></div>

India-based data management and analytics firm eClerx Services (ECLX IN) released their public announcement document for their latest buyback after market close on 20th September 2021. The buyback was initially proposed in a board meeting on 13th August 2021 and later approved by shareholders (postal ballot) on 16th September 2021.  The buyback price has been set at INR2,850/share and eClerx expects to buy up to 1,063,157 shares through a Tender Offer. The total size of the buyback will be approximately INR3bn (~US$41mn). More below the fold. For more on Indian Buybacks, please see Quiddity India Buy-Back Guide 2021: Regulations &amp; Patterns 

India

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

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Firstsource Solutions (FSOL IN)

RPSG Ventures (RPSGV): FMCG Business Gaining Traction; IPL Media Rights Auction - A Key Monitorable

The FMCG Business is on track to scale up to INR 1500cr+ by FY26, at which point, it can become profitable. For the Sports business, a key trigger...

Ankit Agrawal, CFA

RPSG Ventures: Tepid FMCG Growth, But Long-Term Prospects Intact

As RPSGV scales up its FMCG revenues to INR 1,000cr+ annual run rate from current INR 400cr+, it has potential to re-rate significantly. Its IPL...

Ankit Agrawal, CFA

RPSG Ventures: Ambitious FMCG Play | Now Also An Aspiring Sports Play (IPL)

RPSGV continues to take strides into the FMCG space. It recently forayed into the personal and beauty care segment. RPSG Group also bid for an IPL...

Ankit Agrawal, CFA

Firstsource Solutions: Weak Collections Business Performance to Impact near Term Revenues

Firstsource Solutions (FSL) provides business process services to BFSI, Communication, Media, Tech and Healthcare. The company reiterated its...

ICICI Securities Limited

EClerx Buyback: Adding Fuel to Momentum

India based data management firm eClerx Services launched a US$40mn buyback which is expected to open next month. Fundamentally, the stock appears...

Janaghan Jeyakumar, CFA

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