In today’s briefing:
- Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher
- Alkem Laboratories Ltd (ALKEM IN): Shifting Focus to Chronic Segment to Yield Result in Long-Term
- Vishnu Chemicals Limited: Q3 FY25 Update
Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher
- Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.
Alkem Laboratories Ltd (ALKEM IN): Shifting Focus to Chronic Segment to Yield Result in Long-Term
- Alkem Laboratories Ltd (ALKEM IN) has announced twin acquisitions in medical devices and dermatology space. The acquisitions will further strengthen Alkem’s positioning in the domestic market.
- Alkem has reported Q3FY25 result, with mainstay domestic business showing 6% YoY growth. EBITDA margin improved to 22.5% (Q3FY24: 21.3% and Q2FY25: 22.0%).
- Alkem’s inclination toward acute and NELM segments has been a reason for its historically cheaper valuation. However, with portfolio expansion toward high-margin chronic segment should place Alkem for re-rating.
Vishnu Chemicals Limited: Q3 FY25 Update
- Vishnu Chemicals (VCL IN) posted strong Q3 financials with 22% revenue, 55% EBITDA, and 66% PAT YoY growth; new capex in chromium and expansion of barium, Strontium Carbonate production underway.
- Capacity of chromium has potential to operate at 90% utilization level, where Barium segment is operating at 60-70%, can be used till 80-85%.
- Company is plan to gain market share in US due to reduced competition.
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