Month: September 2018

Suven Life Sciences – Building multiple pillars of growth

I have written about Suven multiple times, you can read previous updates here to get familiar with the company

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2014 – Introduction to company
2015 – Identifying multiple triggers embedded in company and way to value it
2017 – An annual update on the thesis last year
I am mightly impressed how this small company has built multiple pillars of growth, In space of 9 years they have built two revenue pillars while enhancing their core CRAMS offerings
All figures in INR cr except % 2010-11 2015-2016 2016-2017 2017-18
Base CRAMS [Balancing Figure] 87 244 253 324
CRAMS Commercial Supplies 0 0 34
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Management Intentions can’t be calculated in Excel

In the year 2018, I have been rubbed wrongly thrice now by controlling stakeholders (Management)

  • Fraudulent disclosures (ASX GSX)
  • Ungainful dilution (ASX LBT)
  • and now this one ..

this is my learning from investing in LEEL electricals.

I created this position at ~1100 crore, My initial thought process was company has sold its consumer division for an enterprise value of Rs. 1550 crores, on debt free cash free basis.

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The overall borrowings were ~1000 crores after paying off everything they would still have ~550 crores and a business left
I was paying 550 crores and getting a business with sales
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Two years and No returns

My Last year’s review of Ashiana can be read here

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The real estate industry continues to be impacted by oversupply and demand pressure, this graph from their detailed investor presentation points out the fact, The lead indicator which is Area booked continued to be at the same space like last year and realization are flat
The Area Booked, however, is improving from last three quarters and we need to track sustainability of the trend

 

Like all years their annual report is very informative and management is clearly indicating that they are seeing this as an end of a downtrend for real estate markets for their key operating markets . The company has identified Bhiwadi, Jaipur, Gurgaon, Chennai, and Pune as key focus markets. 
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