BUSINESS

BEATS
DECEMBER EDITION

RESULT UPDATES | CORPORATE ANNOUNCEMENTS

INDUSTRY INSIGHTS & MORE
Business Beats
INDIA | MONTHLY BUSINESS UPDATES – December Edition

PhillipCapital PCG Research Desk presents the December edition of Business Beats, a monthly
newsletter wherein we provide you with the latest business updates of our coverage
companies. This newsletter covers key updates such as industry developments, corporate
announcements, changes in micro and macro variables, and other imperative data that can
impact the company, its operations and future plans as well as our views on the same.

Please find below a list of the stocks:

ACTIVE COVERAGE COMPANIES
• Sterling Tools Ltd.
• Kwality Pharmaceuticals Ltd.
• Yatharth Hospitals and Trauma Care Ltd.
• Arvind Ltd.
• Vishnu Chemicals Ltd.

SOFT COVERAGE COMPANIES

• Dhabriya Polywood Ltd.
• NDR Auto Components Ltd
• Aptus Value Housing Finance India Ltd.
• Cantabil Retail Ltd.
• Artemis Medicare Services Ltd.
• Ugro Capital Ltd.
• Styrenix Performance Materials Ltd.
• ASK Automotive Ltd.

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

Active COVERAGE COMPANIES

Sterling Tools Ltd.
We initiated coverage on Sterling Tools Ltd on account of a burgeoning EV sector and a strong outlook for the
automotive segment. The company growth is supported by multiple factors including strong growth in the OEM
clientele, favorable government policies, and new product additions.

Our view: With electrification rapidly picking up in the 2W space, Sterling Tools is well poised to grow in the coming
years. The new product addition will allow them to diversify themselves and enter new segments including the
non-automotive segment.

Kwality Pharmaceuticals Ltd.

Key Highlights:
• Kwality receives Product Approval for Tamoxifen 20mg Tablet in South Africa – The company successfully
obtained product approval in South Africa for their oncology oral solid dosage product, Tamoxifen 20mg Tablets
through a site transfer process. (For more details: Click Here)

Our View: This approval further strengthens their presence in the High Regulated market and global oncology
market.

Yatharth Hospital & Trauma Care Ltd.

Key Highlights:
• Rs. 62.5 bn Fund Raise: The company concluded its Qualified Institutional Placement (QIP) of Rs. 62.5 bn in the
month. Subscribers include Kotak AMC (40% of issue), Citi Group (~13%), Societe Generale ODI (8%) and SBI Life
(8%). (For more details: Click here)
• JCI Accreditation: The company was awarded the Joint Commission International (JCI) accreditation and
happens to be the first hospital in Uttar Pradesh to be accredited. (For more details: Click here)

Our View: The success of the QIP, gives us further comfort in the company’s ability execute its growth targets in
terms of bed additions as it now has the required capital to close the acquisitions. Inclusion of marquee investors like
Kotak and Citi on its cap table would positively affect investor sentiment. The JCI Accreditation is also an positive,
positioning Yatharth to potentially shift its payor mix more towards private payors and reduce dependence on
government and PSU patient business.

Arvind Ltd.
Key Highlights:
• New Appointment: Mr. Gurpreet Singh Bhatia has been appointed as “CEO & President” of Advanced Materials
Division of the Company with effect from 14th December 2024. (For more Details: click here)
• ESOP Exercise: The Company allotted 37,500 equity shares upon exercise of ESOPs. (For more Details: click here)
• Investment in AMD: An investment of Rs. 249 Mn in Arvind Advanced Materials Division (AAML), for the
purpose of repayment of loans. (For more Details: click here)

Our view: Appointment of Mr. Bhatia bodes well for AAML, his leadership is expected to steer AMD towards
achieving its growth objectives. The investment in AAML is also a positive step towards maintaining balance sheet
strength.

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

Vishnu Chemicals Ltd.

Key Highlights:
• Credit Rating Agency (CARE) have revised and reaffirmed their credit ratings: Long term bank facilities worth Rs.
166.3 Crs was reaffirmed as CARE A-; Stable and Short-term bank facilities worth Rs. 83.1 crs CARE A2+ (click here
for the press release)

Our View: The event won’t have any impact on its operating performance, we maintain our positive view on the
company.

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

SOFT COVERAGE COMPANIES

Dhabriya Polywood Ltd.
We came out with a company update on Dhabriya Polywood, a credible player in the PVC profiles and uPVC door
and window frames market. These polymer-based products are wood substitutes making them an ecofriendly
alternative. They began their journey with a single product of PVC profiles and have over time expanded their
portfolio to include uPVC doors and windows partitions, false ceilings, wall paneling, kitchen cabinets and other
interior usages.

Key Highlights:
• Order Wins: the company won three orders during this month, a total of Rs 9.8 cr. One is a contract for modular
furniture (Rs 4.52 cr) with Concient Group that will be completed in 6 months. The other two orders are for
supply and installation of doors and windows, both uPVC and aluminium with Purvankara Group (Rs 3.88 cr) and
DLF Group (Rs 1.36 cr). The execution timeline for these projects is 12 months. (For more Details: Click here,
Click here )

Our view: We are witnessing a sustained healthy housing demand along with renovation demand that will drive the
products supplied by Dhabriya making them a prominent national brand in due time. They are at a nascent stage
poised to take advantage of the large market opportunity. With a diverse portfolio mix catering to various interior
applications they have the ingredients to grow 25%+ in the next three years for which they have sufficient capacity.
Additionally, they have been introducing new products in line with the changing consumer preferences. These new
trendy products earn them higher operating margin which will improve their overall blended margins to 17% from
current average of 14-15%. Lastly their return ratios are poised to improve due to a reduction in working capital
days.

NDR Auto Components Ltd.

Key Highlights:
• Resignation of CFO: The CFO Mr. Mohit Kumar Jain has tendered his resignation citing external opportunities.
He will vacate his office on 31 st March 2025. (For more details: Click Here)

Our view: The CFO resigning will not have a major impact on the operations of the companies and does not seem to
indicate any adverse or negative event in the company.

Aptus Value Housing Finance Ltd.

Key Highlights:
• Insurance License: The Company received a certificate of registration dated December 24, 2024 to the company
to act as Corporate Agent (Composite) as defined under IRDAI (Registration of Corporate Agents) Regulations,
2015. (For more details: Click here)
• IT Incident: The Company received communication from an unknown source, they shared certain documents
with Aptus, with mala fide intent. The company has not reported any business downtime in the period and has
initiated information security assessment protocols. (For more details: Click here)
• NCD Fund Raise: Aptus also raised Rs. 2.5 bn via NCDs on a private placement basis at 8.45% rate. (For more
details: Click here)

Our view: The receipt of the insurance license is a positive development; however, it is premature to evaluate its
quantitative impact on business profitability. The recent IT incident is considered a routine occurrence for the
company, similar to what many banking institutions experience. Nonetheless, it is essential to monitor any
significant effects on customer behaviour and trends data that might have leaked, as these could have competitive

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

implications. Additionally, the recent fundraising represents 4% of existing borrowings and may potentially lower the
Cost of Funds (CoF) from the current rate of 8.68%.

Cantabil Retail India Ltd.

Key Highlights:
• Opened 4 new showrooms: The company opened 4 new showrooms in the month of December bringing the
total to 578 showrooms. For FY25-26-27 the management had guided on opening 85-90 stores every year. (For
more Details: Click here)

Our view: As per our reading the company is lagging in launching of new stores. In the nine months gone by, the
company has opened 44 stores and an additional 40 stores in the next three months seems unlikely. We believe the
management will be able to maintain their previous annual run rate of 65-70 stores launches every year. We await
the third quarter results to materially change our view on the apparel sector in general and the company in specific.

Artemis Medicare Services Ltd.

Key Highlights:
• New Director: Artemis appointed Mr. Vinod Rai (DIN: 00041867) as Independent Director for period of 5 years.
Mr. Rai is former Comptroller and Auditor General of India and former Chairman of the United Nations Panel of
External Auditors. He holds master’s Degrees from University of Delhi and Harvard University. (For more details:
Click here)

Our view: The development has no material impact on company’s operations, our view remains positive.

Ugro Capital Ltd.

Key Highlights:
• Allotment of Securities: Ugro allotted 189,393 shares upon conversion of warrants. This has led to an increase
of share capital by Rs. 1.8 mn. (For more details: Click here)
• Lower COB: The company raised a small quantum of Rs. 300 mn via Commercial Papers at the cost of ~9.7%, a
cost lower than previous fund raises. (For more details: Click here)
• Credit Rating: The company’s credit ratings were reaffirmed at IND A+ and two of its new instruments a bank
loan and NCDs aggregating to Rs. 9 bn were assigned a similar rating. (For more details: Click here)

Our view: We maintain a positive outlook considering the rating re-affirmation and fund raises undertaken at lower
rates of borrowing than historical.

Styrenix performance materials Ltd

Key Highlights:
• Proposed acquisition: The board has approved the acquisition of 100% shareholding of INOES Styrolution
(Thailand) Co. Ltd from its existing shareholders i.e. INEOS Styrolution Group GmbH. INEOS Thailand is a well-
established global supplier with a focus on manufacturing and distribution of specialty ABS, high heat ABS, and
SAN polymers. It also has a strong well - established customer base in Thailand, SouthEast Asia (SEA) and China.
The revenue of INEOS Thailand for previous three financials year is as follows – 2023 (Rs 9.7bn), 2022 (Rs 14.8bn)
and 2021 (18.6bn). The reference purchase price for the acquisition of a 100% shareholding is $20 million, which
is subject to customary adjustment as per the terms of SPA. (For more details: Click here)

Our view: We believe, the deal value for acquiring INEOS Thailand is at dirt cheap price of 0.2x 2023 sales and we
don’t know the reason behind the low valuation. Based on management interaction with TV media, company
indicated that Thailand entity was break even at operational level. Also, the debt on the balance sheet is not known

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

yet. The company expects to share complete details post completion of transaction. However, we believe this will
aid diversification of geographical revenue in coming years, thus reducing domestic exposure.

Key Highlights:
• Rating action with remarks – CARE Rating has placed company’s rating under developing implication due to
recent announcement of Thailand acquisition. Prior to acquisition, the CARE rating has assigned the long
term/short term bank facilities of Rs 650cr with CARE A+/CARE A1+. (Click here)

Our view: We believe, company might have to increase borrowings for the proposed acquisition which could
increase financial obligations.

ASK Automotive Ltd.

Plant Visit:
• We visited ASK Automotive Ltd at their headquarters and manufacturing facilities in Gurugam.
• We meet with the Mr. Kuldeep Singh Rathee(Chairman & MD), Mr. Aman Rathee(WTD), Mr. Sanjeev Arora (Sr.
VP Finance and Head-IR), Mr. Shalender Singh Birla (CEO – ALPS & Cable Division)
• The plant at Gurugram caters to all three business verticals i.e. 1) advanced breaking division 2) aluminium
lightweighting precision solutions 3) safety control cables
• The management sees the ALPS division as the future and majority of its investment will be made for this
segment. Here the company has a broad range of products and is focusing on expanding its product basket.
• Their USP in this segment is their ability to produce components using high pressure die casting which very few
players in the industry are able to.
• The management continues to see exports as a major area of growth and sees healthy visibility for the future
years.
• The company has the ability to manufacture 360 tools per day. The life of each tool depends on the usage.
• The company has the best in class testing facilities for their products. This has helped them gain an advantage
over their peers.
• The crux in the braking division is the formulation used in the brake pads which is extremely critical while
ensuring the safety and reliability of the brake pads.
• The management is in discussion with Suzuki to exit the wheel assembly business and hope to materialize an
agreement in the coming months.
• The company expects its Karnataka plant to become operational in Q4FY25. This plant will be focused towards
ALPS and they will also start production of their HPDC alloy wheels from this plant.

Our view: We continue to remain positive on the company given the strong demand in the 2W and e2W segments.
The company is on track to achieving their historical margins of 12-13%. The focus on exports and EVs will help drive
the company and improve the company’s risk profile by 1) reducing their customer concentration 2) reducing
industry exposure 3) getting a foothold into new age technologies 4) improving their product basket.

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

ACTIVE COVERAGE COMPANIES

Company Name Initiating Coverage Latest Quarterly Updates
Sterling Tools Ltd. IC
Kwality Pharmaceuticals Ltd. IC Q2FY25
Yatharth Hospital & Trauma Care Ltd. IC Q2FY25
Arvind Ltd. IC Q2FY25
Vishnu Chemicals Ltd. IC
Indigo Paints Ltd. IC Q2FY25
J.G. Chemicals Ltd. IC Q2FY25
Skipper Ltd. IC Q2FY25
Sansera Engineering Ltd. IC Q2FY25
Ddev Plastiks Industries Ltd. IC Q2FY25
Just Dial Ltd. IC Q2FY25

SOFT COVERAGE COMPANIES

Company Name Report
Dhabriya Polywood Ltd. Report
NDR Auto Components Ltd Report
Aptus Value Housing Finance Ltd. Report
Cantabil Retail India Ltd. Report
Artemis Medicare Services Ltd. Report
Ugro Capital Ltd. Report
Styrenix Performance Materials Ltd. Report
ASK Automotive Ltd. Report
Techno Electric and Engineering Company Ltd. Report
Pix Transmission Ltd. Report

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INDIA | MONTHLY BUSINESS UPDATES – December Edition

Rating Methodology
We rate stock on absolute return basis. Our target price for the stocks has an investment horizon of one year. We have different threshold for large market
capitalisation stock and Mid/small market capitalisation stock. The categorisation of stock based on market capitalisation is as per the SEBI requirement.

Large cap stocks

Rating Criteria Definition
BUY >= +10% Target price is equal to or more than 10% of current market price
NEUTRAL -10% > to < +10% Target price is less than +10% but more than -10%
SELL <= -10% Target price is less than or equal to -10%.

Mid cap and Small cap stocks

Rating Criteria Definition
BUY >= +15% Target price is equal to or more than 15% of current market price
NEUTRAL -15% > to < +15% Target price is less than +15% but more than -15%
SELL <= -15% Target price is less than or equal to -15%.

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Business Beats
INDIA | MONTHLY BUSINESS UPDATES – December Edition

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