- What was behind #GFSC's disappointing Q3 numbers?
- #CignitiTechnologies margins contracted despite an increase in net profit
Find out where money is moving in the market today with Hiral Dadia and Agam Vakil on 'Hot Money'. #NDTVProfitLive
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- #CignitiTechnologies margins contracted despite an increase in net profit
Find out where money is moving in the market today with Hiral Dadia and Agam Vakil on 'Hot Money'. #NDTVProfitLive
_______________________________________________________
For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia
Visit NDTV Profit for more news: https://www.ndtvprofit.com/
Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports
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#ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket
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TVTranscript
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01:09 - Hello and welcome to Earnings Edge.
01:15 I'm Heeral Dhadia and with me is Agam Bakhil.
01:19 Clearly, if you see, you know,
01:20 three stocks that we are gonna focus on
01:22 in today's day of trade on the back of earnings,
01:25 you have GSFC that has reported numbers.
01:27 We'll be talking to the management.
01:29 Signity Technologies is the second one.
01:31 And thirdly, Jumeirah Realty,
01:33 three from diverse sectors coming in there.
01:36 GSFC is the first one,
01:37 five and a half percent kind of cuts coming in
01:39 on this counter.
01:41 And if you see it from an earnings perspective,
01:44 overall, you have the revenues which have dipped,
01:47 margins have taken a beating
01:48 and the profits are down 71%.
01:51 Mr. V.D. Nanavati, Executive Director of Finance and CFO
01:56 at GSFC joins in.
01:58 Mr. Nanavati, good afternoon and welcome to the show.
02:01 What's gone wrong this time around?
02:03 Because clearly, you know,
02:05 you have seen headwinds in the external markets
02:08 which are causing this kind of a dip.
02:10 But how are you seeing the trajectory going ahead?
02:14 - Yeah, so subsidy reduction against the rising input
02:19 was the main headwind and that stuck in quarter three.
02:24 Most of the fertilizer companies
02:26 are also sitting in the same boat.
02:28 But going forward, we expect things to improve,
02:34 not immediately in Q4, but next financial year,
02:38 maybe post-election,
02:40 government will take a reasonable call on subsidy
02:44 versus input price
02:45 and that should help in improving the margin.
02:48 - Mr. Nanavati, this is Agam here.
02:51 Can you tell us a little more
02:52 about the demand environment at the moment
02:54 and how things are panning out in Q4
02:57 and perhaps how things could possibly change
03:00 in FY25 going in?
03:02 - Yeah, so on overall basis, FY24,
03:06 we expect a growth of 10% in fertilizer volume.
03:10 And FY25, we see a growth of 25% in fertilizer volume.
03:15 So we look for a robust demand
03:20 and our brand value and the quality to play around.
03:25 The new plant that has been commissioned in January 24th
03:32 of ammonium sulfate,
03:34 that will help in driving the volume in part
03:37 and SIGCHI will need 100% production
03:41 will help in increasing the volume.
03:44 So we are sure to have turnaround in next year.
03:47 - Okay, Mr. Nanavati,
03:49 also a word on your capital expenditure.
03:51 I'm looking at the investor presentation
03:54 and you do have capacity expansion plans
03:58 on the annual as well.
03:59 Can you tell us about the kind of investments
04:02 which will go into your capital expenditure
04:05 and what kind of expansion,
04:06 after the expansion,
04:07 what kind of capacity can we expect from the company?
04:10 - Yeah, so we are expanding HX Crystal project.
04:15 We already have one plant,
04:17 we are setting up another plant
04:20 that goes for the pharma intermediates.
04:24 There is a plan for setting up sulfuric acid plant.
04:28 Then there is a windmill,
04:30 I mean, solar plant coming for reduction of energy cost.
04:34 And then we have a urea plant
04:36 for reducing the energy consumption
04:38 for production of urea.
04:40 So all this thing will be commissioned by 2025 year end
04:45 and we expect this to cost a thousand crore capex.
04:50 - Right, Mr. Nanavati,
04:52 when you're talking about this 10,000 crore capex
04:55 and the plans that you have,
04:57 with the performance that we've seen right now
04:59 due to the external headwinds,
05:02 do you think there could be a delay
05:04 in terms of spending the capex?
05:06 Because the utilizations could be lower.
05:08 So is there a change happening on that front?
05:11 - No, no, as most of the plants
05:15 in electro fertilizer segment.
05:19 So as I said, we look for 25% rise in volume.
05:24 So there is no question of this plant not operating fully.
05:29 So in fact, we expect the plant to run.
05:32 Of course, there are teething problems at the beginning,
05:35 but then they will stabilize and produce fully.
05:40 - Okay, so in terms of your ongoing projects,
05:44 you have the HX Crystal Project.
05:47 You also have the 15 megawatt solar project in Charanka.
05:52 Also the Urea 2 revamping project.
05:54 Can you talk us through the timelines?
05:57 You have mentioned a bit of that in your presentation.
06:00 Can you talk us through how things will pan out out here?
06:03 - Yeah, so solar project is expected
06:07 to be commissioned in June 24th.
06:10 And then sulfuric acid and HX Crystal
06:14 will be coming by September and November 24th.
06:19 And Urea revamp will come by February 25th.
06:24 - Okay, so if you have to look at FY 24 and 25,
06:29 what's that milestone expected to look like
06:32 in terms of top line revenue and margins,
06:36 taking the current run rate into consideration
06:39 and the additional sales that you will see
06:42 on the back of the capacities
06:44 that will come on stream in FY 25 as well?
06:47 - So right now we have not found out
06:51 our next year budget in terms of financials.
06:53 So it will be a little early to say
06:56 top line and expected bottom line for FY 25.
07:03 We'll come back to that once it is finalized.
07:06 Maybe we'll have a small call on this.
07:09 - Sure.
07:13 So, and finally a word on debt as well.
07:18 With the plans that you have on the annual due thing
07:20 that we could perhaps see
07:22 that particular component increase going ahead?
07:24 - Right now we are a debt free company
07:28 and 1000 crore CapEx, I don't think we need any debt.
07:33 So our recurring profit and past reserves are sufficient
07:38 to give us the required funding.
07:43 So, but when we come with the larger CapEx,
07:47 those are also in the pipeline at different stages.
07:51 I think that will be required,
07:53 but definitely not anything in FY 25.
07:57 - Okay, Mr. Nanavati, we leave it at that.
08:00 Thank you so much for joining us
08:01 and taking us through this quarter's earnings.
08:03 We wish you the best.
08:05 Well, on that note,
08:05 it's time to slip into another short break,
08:07 but we'll be back with more management.
08:09 Stay tuned in.
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10:20 - Welcome back.
10:21 And now we take stock where Vaughn Signity Technologies.
10:25 Well, we've had earnings from there as well.
10:27 Let's take a quick look at how the stock's faring.
10:29 Well, marginally in the green for now,
10:31 so certainly advancing,
10:33 but it's been a little bit of a choppy day of trade
10:35 for this particular company.
10:36 That said, it does certainly look
10:38 like a pretty steady quarter
10:40 where we have seen revenues grow about 3.6%
10:44 and margins are largely flattish.
10:47 You know, barring the marginal decline,
10:49 but let's get into the management of the company.
10:52 We have Krishnan Venkateshwari,
10:54 CFO of Signity Technologies.
10:56 Krishnan, good afternoon.
10:59 Thanks for joining in.
11:01 Can you take us through the quarter's highlights?
11:03 What's led to this?
11:04 And what are the expectations keeping in mind the pipeline
11:07 as far as deals go for this particular company?
11:10 - Good afternoon and thanks for the opportunity.
11:14 It has been a pretty stable quarter
11:17 considering the economic environment
11:19 and where we were about a couple of quarters back
11:21 as to what we envisaged.
11:24 I think we will still, our strategy in terms of working
11:27 with strategic and growth accounts,
11:30 categorized and putting our efforts into these directions
11:33 and also coupled with that on the digital transformation
11:36 has helped us consolidate the positions
11:38 while the growth has been a margin at about 3,300%,
11:44 but I think on the client wins,
11:47 I think still we have one about nine clients
11:48 during the quarter, which is always a muted quarter
11:51 with Thanksgiving and New Year
11:53 and the decision making getting deferred.
11:55 So that is one thing.
11:56 And then our strength has been within the top 20 clients
11:59 and the top 50 clients continuing to contribute
12:01 in a bigger way for us.
12:03 And which has been our strategy in terms of trying
12:05 to push through and focus and garnering
12:09 and winning a sizable pie through these larger clients.
12:14 That is one thing.
12:15 Having said that, I think on the margin front,
12:16 we are, while we anticipated the margin to move up,
12:21 it would have been at about 14.9% on a normalized basis,
12:24 but I think as a one-off expenditure on legal,
12:26 we had to spend on certain employee separations
12:29 and that was essential and necessitated for us
12:32 to get it out of the books.
12:34 And that settlement took a toll
12:36 and we are fine with that.
12:39 We know that for sure that will bounce back
12:41 and we're trying to improve on the margin front.
12:42 Overall for the year, if you look through basically,
12:45 I think the three quarters have been a progressive quarter,
12:47 but I think the quality of the revenues
12:49 and the consistent and the stability
12:51 and predictability has increased beyond the level.
12:54 And while we anticipated that,
12:57 we initially anticipated that we should do
12:59 as a CAGR of average of about 20, 22%
13:02 over the next four years.
13:04 I think that took a setback during the current year
13:06 where the growth could be in the region of about 8% to 10%
13:09 comparing to year over year for the reasons
13:13 in terms of the client deferrals
13:15 and the economic environment.
13:17 I think bearing that instance,
13:19 probably I think we are optimistic
13:23 and we are running at that.
13:24 While we'll be able to sustain and maintain the EBITDA
13:27 in spite of all this one-off expenditures
13:29 after the last year levels in terms of trying to get there.
13:33 But I think the efforts is on basically
13:35 to improve it in the next year.
13:37 We have just concluded the strategic discussions
13:39 in terms of how much do we grow
13:41 and what are the areas to focus
13:43 and where we would move ahead with respect to the EBITDA
13:46 in the coming financial year and there on.
13:49 Right.
13:50 Krishnan, Hiral on this side,
13:51 one question I want to take with you on the margin front
13:54 is clearly you have a strategy
13:56 where you've actually started removing
13:58 the lower negative margin customers
14:01 and high margin ones were onboarded as well.
14:04 Now taking that into consideration,
14:06 the margin profile is still in that 12 to 12.5% range.
14:10 How long do you think it will take you
14:12 to get back to that 20% mark
14:14 which we have seen in the past?
14:17 Yeah, I think in the peak history of the company,
14:20 we have been there at about 17%
14:22 and currently we are hovering around 14%
14:24 which is at about 13.8.
14:26 If you look at it on the EBITDA,
14:27 I'm talking about, you're talking about EBITDA,
14:29 probably I'm talking about the EBITDA.
14:31 At EBITDA level, probably we have measured
14:33 we are there at about 13.8, 14% I think.
14:37 We are, as I told you that we are taking extra precautions
14:41 on the process front in terms of the businesses
14:43 so that we don't slip out on this one-off expenditure.
14:46 But I think we are pretty confident
14:47 that we'll be able to get to the 16% in the coming year.
14:51 That's a target in terms of taking a strong growth
14:54 coupled with all this digital engineering
14:56 and with the optimizations in various areas
15:00 what we are trying to look through,
15:01 I think we should be there at about close to 16% plus.
15:05 If you ask me honestly that whether we'll be there
15:07 at about 20%, the whole idea in terms of 2028 to reach,
15:11 the original plan was to reach to a billion dollar
15:13 and move north of 18% plus to be there at about 20% or so.
15:18 Is there, that's a target where we will have
15:20 completely the digital engineering space
15:22 contributing about 55% and 45%
15:24 from the quality engineering space.
15:26 That's a target and it's a step-by-step target,
15:28 but I think for sure in the coming year,
15:29 we should be there with a margin.
15:31 I think we have, it's a good point
15:33 that we are trying to eliminate
15:35 all the low margin yielding accounts.
15:36 And even in this year and during this quarter
15:39 and the coming quarter, we are eliminating
15:41 few of the accounts which should give a thrust for us
15:43 in terms of enhancement in the margin here.
15:45 - Right.
15:46 Krishan, in terms of the various segments
15:50 in the clientele that you do cater to,
15:52 where is it that you are seeing most amount of traction?
15:55 I understand that banking and financial services,
15:59 at least for the industry,
16:00 well, it's been a challenging environment,
16:03 but how are things panning out out there
16:05 and how are things panning out
16:07 when it comes to your airline segment,
16:09 for that matter, communications and energy and utilities?
16:12 Can you talk us through this?
16:14 - Yeah, absolutely, fine.
16:16 So if you look at banking, finance and insurance,
16:19 as a sector, if you look through very clearly
16:21 that while the sector has been shaky,
16:24 I think we are trying to be,
16:25 we are trying to position ourselves very clearly
16:27 with respect to few of the banks
16:29 trying to be very clearly with them
16:31 in terms of as an integrated partner.
16:34 So with that being the case, basically,
16:36 we have not seen challenges because we have not gone out
16:38 and all and sundry to pick up the entire business
16:42 which is coming through the segment.
16:44 We have been selective, we have been careful,
16:45 we are trying to get through using our tools
16:48 to be a strategic partners
16:49 with respect to these large banks
16:51 and a few of the insurance companies.
16:53 I think it's a very measured thought process
16:57 which we are doing.
16:58 The traction what we've seen though on the,
17:00 though there has been toughness in the market
17:02 probably is on the retail and retail as a segment, basically.
17:10 I think we are trying to,
17:12 we are contemplating with the idea as to
17:14 how do we give a thrust to that basically
17:15 because there's a lot of traction
17:16 which we have seen in that as a segment.
17:18 And then we expect a few positive surprises
17:21 to come through in that segment
17:22 which will come out at the right time
17:25 if the kind of negotiations what we're trying to do
17:27 and that sector could yield us a sizable junk of revenue.
17:32 When it comes to travel and hospitality,
17:33 I think the sector has bounced back.
17:35 There is a principal travel which is taking place
17:38 as we have measured clearly.
17:40 The segment which took a hit during the corona and post-corona,
17:45 but I think it has bounced back clearly on that segment in Marybury.
17:49 If you look at for us as a segment,
17:52 I'll come back to the energy sector,
17:53 but I think the energy sector contributes
17:55 at about close to 12% of the revenue
17:57 while the BFSI retail and the healthcare segments
18:02 all put together contribute about close to 70% of the revenue.
18:07 We see a huge traction in the healthcare as a sector
18:11 because we work with medical tech companies
18:14 and we are mastered out of trying to do quality engineering
18:19 on the medtech devices.
18:20 And then that is one thing which is leading
18:22 to a cross selling of business for us.
18:25 So I think we are optimistic on that as a segment.
18:28 Having said that, probably we are trying to focus
18:30 on a couple of segments,
18:31 especially to lead it as a driver to contribute
18:34 about close to 60% of the business
18:36 and which is what could be the strategy coming through
18:38 in the current year.
18:39 And one could be, one is positively on the retail side.
18:42 And the other one is that we are trying to get through
18:46 to BFSI as a specialization to contribute about 60%
18:49 and then focus on the rest at 40%.
18:52 Coming back to the energy and utility sector,
18:54 there has been a lot of consolidation
18:55 in the energy and utility sector.
18:57 We did feel the pressure while the business
19:00 has been contributing say at about 12% or so,
19:05 but I think the pressure on these sectors basically
19:10 and their consolidations definitely as stagnated
19:13 as growth of it while there is potential,
19:15 but I think there is a stagnation.
19:16 Right.
19:17 I think these are a few segments that one will be watching
19:19 out for as well pretty closely in trade.
19:22 Thank you Krishna so much for joining us on the show,
19:24 completely out of time.
19:26 But clearly overall if you see in terms of the stock performance
19:29 as well last one year around 70% is the kind of returns
19:32 that we've seen on this counter.
19:34 Let's quickly slip into a short break up next.
19:36 We'll be joined by the management of Ajmera Realty yesterday
19:38 post earnings as well.
19:40 The stock was seeing double digit gains today as well.
19:42 If you go to see in terms of Ajmera Realty,
19:46 positive momentum is what is expected to continue.
19:49 Please stay tuned.
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21:40 Welcome back to Earnings Edge and we now take stock of Ajmera Realty.
21:55 Well we have Dhaval Ajmera of the company who's joining us on the show right now.
22:01 Dhaval thanks for joining in.
22:03 It doesn't certainly look like a very very strong quarter for you.
22:07 And we've seen good volumes not just for the company but also for the industry
22:11 in general across.
22:13 Can you tell us about the current business environment,
22:16 the kind of inventory that you hold at the moment if all of it is gone,
22:20 well what sort of projects are we looking for and forward towards going in to this
22:26 not only this quarter but also in the next financial year.
22:29 So, you know, we've had a great run through this quarter with this was being
22:34 our best quarter in the last decade.
22:37 Overall the company has been, you know, doing pretty well.
22:41 We are working for a target of 5x growth in our company and that is where we have
22:47 moved ahead.
22:48 Today in this nine months we are very happy to say that our nine months revenue
22:55 has surpassed our last year's entire revenue in terms of revenue also
22:59 and in terms of fat also.
23:01 So it has been a great run for us.
23:03 Also this year we have launched about, you know, we've announced eight new
23:08 projects acquisitions through either JV, JDA, outright acquisition or tie-ups
23:13 and that has been, you know, very encouraging for us which is giving us a
23:19 top line of 3,100 odd crores in the coming few years from these eight projects
23:25 which we should be able to bring in the market in the next nine to 12 months.
23:31 Right.
23:32 Hyderabad, this is Hiral on this side.
23:35 I mean I'll come back to the earnings but a quick question when we are talking
23:39 about, I was just seeing the debt profile as well.
23:41 Now with real estate you have the RBI policy tomorrow.
23:45 Clearly with regards to cost of funds, are we at a comfortable level right now,
23:50 number one, or is that becoming one of the hindrances with regards to business
23:54 and two, if so, do you think that the rate cut cycle should start tomorrow?
24:00 Well, we are definitely hoping the rate cut cycle should come tomorrow with the
24:04 overall global indices also being at a low interest rate.
24:07 We are hoping RBI would also jump into this.
24:10 This will only help, you know, the cost of interest and finance cost coming down.
24:16 Currently our average debt is around 12% which internally we are targeting to
24:23 bring it down in this coming quarter and also overall in the next year as well.
24:27 So with this RBI policy coming in, I think it will even add on to our target
24:32 to bring it further down.
24:34 So definitely our target is to bring down something in this quarter itself.
24:38 Nawal, can you talk to us about the big projects coming up ahead over the
24:41 course of the next two quarters?
24:44 So we are going to launch one project in Bandop.
24:49 We are going to launch a project in Bangalore.
24:51 We are also going to launch a project in Vadala and hopefully there are two or
24:57 three more in Vikroli and in Warsaw which will happen probably two quarters
25:04 later than this.
25:05 So overall in this financial year we have eight projects which we are overall
25:09 looking to launch which will give us a top line of about 3000 plus crores.
25:14 Right.
25:15 Nawal, taking the overall launch pipeline so far into consideration that you have
25:20 not only for this year but going ahead as well, you are looking to launch all of
25:24 it in the next 12 months.
25:26 So there will be a spillover in FY25 as well.
25:29 How much revenue recognition are you seeing out of it?
25:33 So we are, as I said, we are on the growth trajectory and we are happy to say that
25:39 we would definitely continue to move in the same lines.
25:43 We will see how the numbers pan out but overall we will by this coming quarter
25:49 once the year ends we will absolutely know what are the projects which are
25:53 definitely going to come in and what sales guidance we will be able to give.
25:57 So I think by next quarter we will have more clarity but definitely this year we
26:01 are looking at a 1000 crore plus sales revenue coming in this entire revenue
26:07 where 730 has already been done as pre-sales and we will definitely cross
26:12 1000 by this year end.
26:14 And moving ahead next year we are definitely looking at an upwards jump of
26:17 at least 15-20%.
26:19 Nawal, I just want to very quickly confirm the numbers that you have given us.
26:22 You are seeing a revenue potential of 5000 crores based on the projects that
26:25 you have and an expectation of 3000 crores in the top line in FY25, am I correct?
26:31 No, no, no. So we have all these projects put together which we are currently
26:36 having plus the projects which we have announced total put together we have
26:40 a revenue potential of 5000 crores which shall be realized over the next 3-4 years time.
26:45 Alright, alright Nawal we leave it at that. Thanks so much for joining us and
26:49 taking us through your numbers. We wish you the best for the future.
26:52 Of course the stock has been on a tear and in fact it was in an upper circuit
26:57 yesterday, 20% upper circuit today and for good reason because it is very evident
27:01 in the kind of earnings that we have seen. Of course a bout of very marginal
27:05 profiting coming through in today's day of trade but say for that it certainly
27:10 has had a tremendous year and from based on what the management is suggesting
27:15 potentially could have another great year coming in based on the pipeline.
27:19 But yeah that's what we have in terms of earnings edge here.
27:23 Absolutely and just one quick stock I think we need to address right now Agam
27:27 is a Paytm. Again the stock has hit a upper circuit right now. So it seems
27:32 that the markets are pricing in all the negatives at least from a stock market
27:36 perspective. There you go 10% upper circuit as we speak right now.
27:40 Buyers are emerging. So let's see where it goes towards the end of the day.
27:44 It certainly will be a very interesting stock to watch especially with the kind
27:48 of buying volumes that have come over the past couple of days. Yes absolutely
27:52 we will be keeping an eye on that one. But we are completely out of time on the
27:56 show. So well we are going to be signing out from now. It's goodbye from me and
28:01 Viral Heral. But stay tuned to LEDV Profit and we will keep bringing you more.
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