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As RBI relents on policy stance, what is the outlook for Indian equities?

Money ControlMoney Control · 9m ago
As RBI relents on policy stance, what is the outlook for Indian equities?
Medial

the MPC meeting, several factors were considered that led to the change in policy stance: 1. Economic slowdown: The Indian economy has been facing a slowdown, with GDP growth falling to its lowest level in recent years. The rate cut is expected to provide a boost to the economy and revive growth. 2. Inflation outlook: The inflation rate has remained well within the RBI's target range, providing room for a rate cut. Lower interest rates can help stimulate consumption and investment, driving inflation higher. 3. Global factors: Weak global growth and uncertainty due to trade tensions have also influenced the decision. The RBI believes that a rate cut could help counter potential external risks and support domestic demand. 4. Liquidity conditions: The banking system has been facing liquidity constraints, which have impacted credit flow in the economy. The rate cut is expected to improve liquidity conditions and make credit more easily available. 5. Policy transmission: Despite previous rate cuts, the benefits were not fully passed on to borrowers. The RBI expects that a change in policy stance will encourage banks to transmit the rate cut to borrowers more effectively. 6. Market expectations: Market participants were anticipating a rate cut, and the change in policy stance aligns with these expectations. This move is seen as a positive signal for the stock markets and investor sentiment.

Trade Spotlight: How should you trade Grasim, Syngene, Birlasoft, ADF Foods, KFin Technologies, and others on Wednesday?

Money ControlMoney Control · 10m ago
Trade Spotlight: How should you trade Grasim, Syngene, Birlasoft, ADF Foods, KFin Technologies, and others on Wednesday?
Medial

The stock market closed with moderate gains, and here are some trading ideas for the near term: 1. Century Textiles and Industries: The stock is showing positive momentum and is currently trading at lifetime high levels. Use dips as a buying opportunity, with targets of Rs 2,650-2,700. 2. KFin Technologies: The stock witnessed a sharp rally and made a lifetime high. The trend is bullish, and one can adopt a buy-on-dips approach with targets of Rs 1,200 and Rs 1,240. 3. ADF Foods: The stock closed above a key level, confirming a breakout. The trend is positive, and one can consider buying on dips with targets of Rs 290-295. 4. Castrol India: The stock formed a bullish candle with higher volumes, indicating strong momentum. It is trading above its 20 DMA and has a positive outlook. Consider initiating a long position with a target of Rs 305. 5. Birlasoft: The stock is showing an upward trend and has strong volume participation. It is sustaining above its 20 DMA and has a bullish outlook. Consider buying with a target of Rs 700. 6. ICICI Prudential Life Insurance Company: The stock is forming higher highs and higher lows, indicating a sustained uptrend. It is positioned well above its short-term moving average, with a positive RSI reading. Consider buying with a target of Rs 790. 7. Syngene International: The stock is exhibiting robust momentum and is likely to extend its upward trajectory towards targets of Rs 880-900. Consider buying with a strict stop-loss. 8. Jindal Steel & Power: The stock is showing a solid upward trend with increasing volumes. Consider buying with targets of Rs 1,010 and Rs 1,026. 9. Grasim Industries: The stock is showing encouraging momentum and is approaching its support zone. Consider buying with targets of Rs 2,800 and Rs 2,825. 10. Dixon Technologies: The stock has recently broken out and is currently experiencing a pullback. Consider buying on declines with a target of Rs 14,000.

LoadShare’s scale remains flat in FY23, losses shrink 19%

EntrackrEntrackr · 1y ago
LoadShare’s scale remains flat in FY23, losses shrink 19%
Medial

Last-mile logistics startup LoadShare seems to have lost momentum during FY23 as the company’s scale barely grew in single digits as compared to over 90% growth in FY22. However, in a pointer perhaps to the firm’s focus during the year, it managed to cut losses by almost 20% during the fiscal year ending March 2023. LoadShare’s revenue from operations grew 6.5% to Rs 384.5 crore during FY23 as compared to Rs 361.2 crore in FY22, as per its consolidated annual financial statement with the Registrar of Companies. Loadshare provides logistics solutions which include 10-minute quick commerce, 30-minute food deliveries, intraday e-commerce deliveries, and regional trucking to warehouses. The majority of its revenue comes from B2B deliveries while the rest from B2C delivery services. The company has not disclosed the breakdown of revenue in FY23. Loadshare claims to process over 350K last-mile deliveries per day and serves over 200 clients across more than 10,000 pin codes. Moving further, delivery charges and related costs formed 71.4% of the total expenditure which went up 12% to Rs 362.2 crore in FY23 from Rs 323.5 crore in the previous financial year(FY22). Spends on employee benefits grew 36.8% to Rs 95.85 crore during the year from Rs 70.08 crore in FY22. This cost also included expenses on the employee stock option scheme and employee stock purchase plan worth Rs 17.35 crore in FY23 and Rs 11.13 crore in FY22. LoadShare further incurred expenses on information technology, legal & professional fees, and other operating and admin expenses which catalyzed its total expenditure to Rs 507.5 crore in FY23. However, compared to the previous fiscal year, the company’s total expenses increased only 1.8% from Rs 498.3 crore in FY22. Head to the startup intelligence platform TheKredible for more details about the company’s financials. Following its prudent spending, LoadShare’s losses shrank 19.4% to Rs 111 crore during FY23 against Rs 137.7 crore in FY22. Additionally, operating cash outflows of the company went up 38.3% to Rs 98.9 crore during the last fiscal year. While its net cash outflows stood at Rs 5.45 crore. Coming to ratios, the EBITDA margin of the firm bettered to -25.79% in FY23 whereas ROCE registered at -75.61%. On a unit level, LoadShare spent Rs 1.32 to earn a rupee of operating revenue during the fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin -35.19% -25.79% Expense/₹ of Op Revenue ₹1.38 ₹1.32 ROCE -54.92% -75.61% As per TheKredible, LoadShare has raised over $60 million to date from the likes of Tiger Global, Beenext, Matrix Partners, and Filter Capital, among others. It last raised $40 million in Series C funding led by Tiger Global in February 2022. The direction of the firm’s business, when taken with the broad direction of the economy, would seem to indicate Fy24 will mark further improvement in metrics for LoadShare. A double digit growth in topline with a further shrinking of losses to bring EBITDA margins to -15% or below would be a welcome target, placing the firm in a position to build strongly for growth again. The broader market seems to be on a strong footing after years of investments by multiple startups and established players, and logistics services firms like LoadShare find a far more receptive market for their services today. Investor interest will narrow down to the larger firms in the business soon, and LoadShare should be well placed to attract further support for its growth ambitions.

RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%

EntrackrEntrackr · 1y ago
RailYatri posts Rs 274 Cr revenue in FY23; losses shrink 58%
Medial

Train ticketing platform RailYatri has demonstrated strong financial health in the past couple of years. The growth can be witnessed from its topline which inched close to touching the Rs 300 crore mark. Along with this, the Noida-based company also managed to bring down its losses during FY23. RailYatri’s revenue from operations grew 2.3X to Rs 273.73 crore during the fiscal year ending March 2023 as compared with Rs 117.21 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2014, RailYatri offers train ticket information along with intercity bus service — IntrCity SmartBus which runs on routes such as Delhi–Lucknow, Delhi–Kanpur, Mumbai–Pune, Bengaluru–Hyderabad, and Chennai–Coimbatore among others. RailYatri has also launched a ‘flexi-ticket’ feature that allows users to make last-minute changes to their plans when finding a reservation on trains isn’t available. Co-founded by Kapil Raizada, Manish Rathi, and Sachin Saxena, the company made 93% of its revenue via roadway operations while the remaining part came from erectioning commissioning, and advertising publicity. It also made around Rs 6 crore via interest and gains on financial assets during the year which took its topline to Rs 279.75 crore at the end of FY23. RailYatri spent 11% of its expenses on employee benefits during the period. This cost went up 26.7% to Rs 32.9 crore during FY23 from Rs 25.97 crore in FY22. This cost also includes expenses on the employee stock option scheme and employee stock purchase plan worth Rs 24 lakh and Rs 3.71 crore in FY23 and FY22, respectively. Advertisement & promotional costs declined 21.8% to Rs 6.4 crore whereas Information technology expenses grew to Rs 1.82 crore during FY23. Notably, RailYatri booked Rs 242 crore of its expenditure under miscellaneous expenses which is likely to include outsourced support, cashback & discounts, and other operational and admin expenses during FY23. In total, the overall expenditure surged 83.4% to Rs 298 crore during FY23 from Rs 162.5 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Despite rising expenses, the company managed to control its bottom line by 58.5% during the year. Its losses shrank to Rs 18.2 crore in FY23 from Rs 43.87 crore in FY22. Also read: Decoding the financial performance of India’s top OTA players The stability of operations can also be witnessed from its operating cash outflows which improved by 45% to Rs 19.96 crore in FY23. Amid an improved financial performance, the EBITDA margin and ROCE of the company also strengthened to -5.55% and 13808.33%, respectively, during the year. On a unit level, RailYatri spent Rs 1.09 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -35.96% -5.55% Expense/₹ of Op Revenue ₹1.39 ₹1.09 ROCE -475.11% 13808.33% As per the startup intelligence platform TheKredible, RailYatri has raised over $50 million to date. A few days back, it raised $3.44 million in a mix of equity and debt funding round led by Mirabilis Investment Trust. Entrackr exclusively reported this development.

Porter reports Rs 2,734 Cr revenue in FY24; losses dip 45%

EntrackrEntrackr · 10m ago
Porter reports Rs 2,734 Cr revenue in FY24; losses dip 45%
Medial

On-demand intra-city logistic company Porter has maintained its growth trajectory in FY24 as its revenue spiked 56%, and crossed the Rs 2,700 crore threshold. At the same time, the firm controlled losses by 45% and brought it under Rs 100 crore in the same period. Porter’s revenue from operations grew 55.9% to Rs 2,733.8 crore during the fiscal year ending March 2024, the company’s consolidated financial statements sourced from the Registrar of Companies (RoC) show. For context, Porter’s revenue shot up 2X to Rs 1,753.8 crore in FY23. Porter company provides a full-stack logistics platform to help businesses optimize their last-mile delivery operations. It generated 99% of its total operating revenue via the goods transportation services while the remaining came from platform fees and other operating activities. The firm also topped up Rs 32.64 crore from interest and gain on financial assets which took its overall revenue to Rs 2,766 crore in FY24. On the expenses side, fleet operator costs (including all vehicle-related and delivery personal costs) formed 82.8% of the total expenses. This cost grew 50% and stood at Rs 2,369 crore in FY24. Employee benefits expenses also went up 24.3% to Rs 237.36 crore during the same period. Significantly, the employee cost also includes employee stock compensation (ESOP) expenses worth Rs 6.69 crore. Advertising-promotions, information technology, and legal & professional fees were other major expenses of the company during the year. Adding to that, the total expenditure of the company inclined 45.7% to Rs 2,862 crore during FY24 from Rs 1,964 crore in the previous fiscal year. For the complete expense breakdown, head to TheKredible. Despite rising expenses, Porter managed to cut down its losses by 45% to Rs 95.7 crore during the year against Rs 174.6 crore in FY23. Its operating cash outflows also improved by 48.5 to Rs 96.7 crore during the year. Porter’s outstanding losses stood at Rs 771.5 crore as of FY24. As per TheKredible, the firm’s EBITDA margin improved by 638 BPS to -2.89% in FY24. On a unit level, Porter spent Rs 1.05 to earn a rupee of operating revenue during the previous fiscal year. FY23-FY24 FY23 FY24 EBITDA Margin -9.27% -2.89% Expense/₹ of Op Revenue ₹1.12 ₹1.05 ROCE -33.31% -21.36% Porter managed to grow its scale without any fundraise in FY24 and FY23. Its $100 million Series E round led by Tiger Global and Vitruvian Partners came in October 2021 (FY22). The firm reportedly turned unicorn in an internal round which also included secondary components. However, the Bengaluru-based company has yet to announce it officially. Being on the brink of profitability adds a lot of reassurance for present and future investors of course, although Porter remains in a market that is particularly competitive even now. The fading away of Dunzo has also helped no doubt, and Porter has done well to step in almost seamlessly for many users. Investor fatigue that is setting in for the logistics sector also means future competition from startups will be limited, allowing Porter and larger players in the segment to target margin improvements. Expect Porter and many other firms to gradually turn into the kind of boring and predictable profit churners that public markets love.

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