#PAT #GROWTH 5 Year CAGR 18.8%

In FY24, ₹1,918 cr and is not inclusive of the profit with JV of ~₹9 cr. In Q1 FY25, the PAT was at ₹582 cr up by 82% YoY.

#EBITDA #MARGIN

In FY24, EBITDA margin was 53.6% and the EBIT margin was 97.1% Rental, Residential segment was 48.3%, 39.4% hospitality and -13.5% in Property management services. Positive impact of better gross margin of 53% (v/s 50% in FY23) on account of mix. In Q1 FY25, EBITDA margin stood at 58% whereas, the EBIT margin was 91.7% for Rental, Residential segment was 54.6%, 39.8% hospitality and -18.9% Property management services.

#PAT #MARGIN

In FY24, the margin was 43% v/s 40% in FY23. In Q1 FY25, the PAT margin was at 41.4% v/s 35.1% in Q1 FY24.

#Companies #management

The management is led by Mr. Vikas Oberoi who is involved in the formulation of strategies and concentrates on the growth and diversification plans of the company. The company continues to look for prospects of expansion beyond the MMR region which will give further growth to the sustainability of business momentum and will provide value to all the stakeholders. It continues to focus on expanding annuity portfolio and to capitalize opportunities in the residential sector.

#Sectorial #Potential

The market size of India’s real estate sector is expected to reach USD 1 trillion by FY 2030 and the market is projected to increase at a CAGR of 19.5%. The market is anticipated to reach USD 650 Billion by FY 2025 and contribute 11-13% of the country’s GDP. • Since 2016 there have been various reforms which have impacted the real estate sector, from demonetization to RERA and GST which have started showing its impact and enhanced the transparency in the sector. The Government has also introduced ULPIN (Unique land parcel identification number) by the states for IT-based land management record to ensure higher transparency in the system. Source : Knight Frank. • Mumbai, being the largest real estate market in the country is set for a major boom, which will further add to the overall surge. For close to 5 years, Mumbai has resembled a gigantic construction site. A new coastal road, a metro rail and a trans harbor link are among the many ongoing infrastructure projects that are meant to transform India’s commercial capital into a modern and efficient city. As these projects complete over the next few years, new micro markets will open in and around Mumbai, as commuting would become easier. That will boost real estate development further. • Q1 CY24 witnessed a decent increase in new housing launches across the top 7 cities in India. A total OF ~1,10,900 residential units were launched, representing a year-over-year growth of 1% compared to Q1 CY23 (1,09,600 units launched). However, there was a slight quarter-over-quarter decrease of 6% from Q4 CY23 (1,17,400 units launched). MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru were the key contributors to the surge in new launches, collectively accounting for 83% of the total supply addition. (source: Anarock) • The mid segment (₹40 lakh - ₹80 lakh) continued to dominate new housing supply, holding a significant market share of 33% in Q1 2024. The premium segment (₹80 lakh - ₹1.5 crore) and the affordable segment (less than ₹40 lakh)

Oberoi Realty 1300-1510
Expected level 1900
Support 1200

1340 to 1600+🚀Long term level hit 😍

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Sun Pharmaceuticals Company Details Report

Sun Pharmaceuticals is Leading global specialty generic company Global presence Operates in over 100 countries Diversified business Specialty portfolio, branded generics, generics & APIs Global Specialty Fast growing. Focused therapy approach. US Generics 12th largest in US generics market## India Largest pharma company in India** Emerging Markets Operating at scale in over 80 countries Rest of World Expanding presence in Ex-US developed markets R&D Global clinical trials. Early-stage novel R&D. Generic R&D 41 Manufacturing facilities Manufacturing capabilities across injectables, sprays, ointments, creams, liquids, tablets and capsules Quality compliance Several facilities approved by global regulators incl. USFDA Employees 43,000+ global employee base #

Sales Growth

ROCE & ROE

Business operations US FORMULATION


FY24 sales: Rs 153,493 mn  Specialty & Generics. Over 590 approved products  Large part of Specialty sales in the US. Dermatology, Ophthalmology and Onco Dermatology  12th largest generics company in US*, strong pipeline

Indian formulation

FY24 sales: Rs 148,893 mn  Largest pharma company in India with 8.1% market share  No.1 with 12 classes of prescribers

Global Specialty Sales (USD mn) 429 9.4 485 10.8 674 13.1 871 16.2 FY20 FY21 Specialty Branded Sales FY22 FY23 FY24 Specialty Sales (%) of Total Sales 1,039 18.0 • US is the major contributor to Global Specialty revenues • Sales have grown by 25% CAGR since FY20 • Largest product Ilumya reported sales of $580 Mn in FY24 • 26 specialty products marketed across the globe • Pipeline of seven New Active Substances undergoing clinical trials.

US highlights Significant innovative portfolio/12th largest in US Generics*


Dermatology segment Ranked 2nd by prescriptions## in the US dermatology market Comprehensive portfolio Wide basket of 650 ANDAs & 64 NDAs filed and 541 ANDAs & 51 NDAs approved across multiple therapies Robust pipeline 109 ANDAs & 13 NDAs pending approval with USFDA Market presence Presence in Specialty, Generics & OTC segments Flexible manufacturing Integrated manufacturer with onshore/ offshore capabilities Versatile dosage forms Liquids, Creams, Ointments, Gels, Sprays, Injectables, Tablets, Capsules, Drug-Device combination

Building a Global Specialty business in select therapy areas Focused approach Marketed products in Dermatology, Ophthalmology and Onco Dermatology Key growth driver 18% of sales in FY24 vs 7.3% of sales in FY18 Wide portfolio 26 products marketed globally US market presence* Large part of Global Specialty sales in the US Own commercial infrastructure Own commercial infrastructure in the US and certain other markets Future engine Internal R&D pipeline. Acquisitions and licensing to shore up portfolio

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PRINCE PIPES & FITTINGS LIMITED
Company Details

Incorporated in 1987, Prince Pipes and Fittings Limited (PPFL) is one of India’s leading polymer pipes and fitting manufacturer. It manufactures different types of polymer pipes such as Chlorinated Polyvinyl Chloride (CPVC), Unplasticized Polyvinyl Chloride (UPVC), High-density Polyethylene (HDPE), Polypropylene Random (PPR) and linear low-density polyethylene (LLDP) and fittings for CPVC, PPR, and UPVC pipes. The products cater to extensive industry applications in plumbing, sewage, irrigation, industrial and underground drainage. It has a product basket comprising of 7,200+ stock keeping unit (SKUs). The company had launched Storefit water tanks across India in 2021. The company recently forayed into faucets and sanitaryware. The range goes by the names Aurum, Titanio, Platina, Tiara, Marquise. Argento, Meta, Kristal and Palladium complete the Prince bathware line. The company has an extensive pan-India distribution network of over 1,500 channel partners spread across both rural and urban markets. As on 31st March 2024, it had 7 manufacturing plants with an installed capacity of ~3,38,959 metric tonnes per annum (MTPA) and 10 warehouses on lease across India which are located near raw material sources, ports, and principal markets. It has five contract-manufacturing units located at Bihar, two in Maharashtra), Hajipur Vaishali District (Bihar) and Balasore (Orissa). Its products are marketed under the brand name of Prince Piping Systems and Trubore. It has technical collaboration with Tooling Holland, which is a global leader in plastic mould manufacturing and product collaboration with Lubrizol, which is the world’s largest manufacturer and inventor of CPVC compound. The company has recently launched PE-FIT Aqua HDPE Piping Systems which results in much lower installation cost and whole life cost when compared with traditional piping materials; along with CORFIT manhole chambers used in commercial & municipal sewerage/drainage networks.

To cater to the modern plumbing solutions the company has launched: Skolan Safe Premium PP Silent Drainage Systems which is the latest technological innovation in noise insulated drainage systems and certified by Fraunhofer, Germany. It finds applications in luxury homes, complexes, large commercial buildings, hotels, office buildings, hospitals, commercial kitchens, libraries, and educational institutes. Prince Hauraton - an innovative range of drainage systems developed with German technology. Hauraton is one of the world leaders in supplying effective drainage systems for over 65 years. The products finds application across civil constructions (car parks, airports, container terminals, petrol stations), landscapes (private & public areas, terraces, gardens, squares & parks, railway platforms) and sports facilities (sports fields, stadiums, racetracks).

#SALES #GROWTH 5 Year CAGR: 10.3%

In FY24, the net sales declined by 5.2% YoY and stood at ₹2,569 cr. The decline in sales was on account of account of ERP migration and pricing discrepancy v/s peers which led to decline in average realization for the year. However, there was volume growth throughout the year. Finished Goods volumes increased by 10% YoY in FY24 at 1,72,793 MT as compared to 1,57,717 MT in FY23. Plumbing and SWR (soil, waste and rain water) contributed ~65% to revenue, agri 30%, infra 4%, and water storage at 1%. In terms of polymers, it is 65:25:5:5 for PVC/CPVC/PPR/others. In Q1 FY25, the net sales was ₹605 cr and increased by 9.2% YoY. Volume for the quarter was 42,180 MT showcasing an expansion of 14% YoY attributed to all verticals: agriculture, plumbing and infrastructure. The industry is poised for strong tailwinds as the Union Budget lays out a roadmap for Viksit Bharat, focusing on agriculture, rural development, regional growth, infrastructure, etc.

#EBITDA #GROWTH 5 Year CAGR: 10.8%

In FY24, the EBITDA increased by 22.8% YoY to ₹307 cr. Advertising expenses was ₹54 cr in FY24 v/s ₹41 cr in FY23. The rise was on account of decline in cost of materials consumed. The net inventory loss for the year was ~₹15 cr (inventory loss of ₹10 cr in Q1 FY24, gain of ₹5 cr, loss of ~10 cr in Q3 and no loss in Q4 FY24). PVS prices remained in the range of ₹65/kg- ₹80/kg – during the start of the quarter) and CPVC prices remained on a declining trend for the year. It saw an increase in other expenses and employee benefits expense on account of additional hiring & advertising spends towards bathware. In Q1 FY25, the EBITDA was ₹58 cr and grew by 29% YoY. The company highlighted low channel inventory driven by volatile PVC prices during June-July 2024. With PVC prices now softening and likely to stabilize, end-user demand is expected to remain strong and channel inventory to normalize.