In today’s briefing:
- Kalyan Jewellers (KALYANKJ IN) | FOCO Model Warrants Attention
- Adani Energy Solutions Limited Q3 FY25 Update
- PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer
- Innova Captab Limited: Q3 FY25 Update
- E.I.D. Parry Q3FY25 Update: Strong Nutraceutical Performance Despite Sugar Segment Challenge
- Farcical Saga of Axis Bank’s Chief Audit Executives
- Lucror Analytics – Morning Views Asia
Kalyan Jewellers (KALYANKJ IN) | FOCO Model Warrants Attention
- We believe Kalyan Jewellers (KALYANKJ IN) ‘s FOCO (Franchise Owned, Company Operated) model warrants deeper attention
- Our casual checks question the company’s store expansion narrative vs on ground reality.
- Our conversation seems to indicate franchisees are financial partners only.
Adani Energy Solutions Limited Q3 FY25 Update
- Adani Energy Solutions (ADANIT IN) Q3 FY25 shows 15% revenue growth to Rs. 6,000 crores, an 80% PAT increase, and aggressive capex investments, driven by robust transmission and smart metering initiatives.
- Strong financial performance, combined with increased capex and operational efficiency in transmission and smart metering, signals enhanced market positioning and long-term growth potential in a supportive energy sector.
- AESL significantly increases its capex ramp-up by around 3 times driven by unparallel project and operating excellence coupled with robust capital management program.
PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer
- Walmart (WMT US) backed Phonepe is gearing up for an IPO in India, according to comments made by Walmart CEO McMillon during Investor call yesterday,
- Phonepe Pvt Ltd (1732974D IN) , 84% owned by Walmart (WMT US), is one of India’s leading fintech company with its flagship digital payment app.
- During its last funding round in January 2023, PhonePe raised USD350 million from General Atlantic at a valuation of USD12 billion.
Innova Captab Limited: Q3 FY25 Update
- Innova Captab (1605221D IN)’s Q3 FY25 results show modest revenue growth, enhanced EBITDA margins, and a significant manufacturing expansion via the new Jammu facility with innovative dosage forms.
- Improved margins and strategic expansion into new dosage forms enhance competitiveness, setting the stage for 25%+ growth and long-term profitability in the evolving CDMO and generics market.
- The company anticipates Rs. 400 to Rs. 500 crores of incremental revenue from the Jammu facility in the next fiscal year.
E.I.D. Parry Q3FY25 Update: Strong Nutraceutical Performance Despite Sugar Segment Challenge
- Eid Parry India (EID IN)‘s consolidated Q3 & 9M FY25 results show a 12% revenue growth and a 79% surge in EBITDA, despite challenges in its sugar segment.
- The robust margins and diversified revenue streams strengthen EID Parry’s overall resilience, enabling it to offset sector-specific challenges and tap into emerging growth opportunities.
- The Company’s future capital allocation is expected to prioritize ethanol blending and consumer products, contingent on a sustainable policy framework.
Farcical Saga of Axis Bank’s Chief Audit Executives
- 2 Heads of Audit in 1 month with another replacement within 6 months
- Audit head in a bank is a highly sensitive post and the banking regulator recommends a minimum tenure of 3 years for the post
- Internal audit in Axis Bank has become a major concern which should worry investors
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy
In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.
The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.
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