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Adani Ports made a net profit of Rs. 1072 crore.

Adani Ports made a net profit of Rs. 1072 crore.

Adani Ports made a net profit of Rs. 1072 crore.

Adani Ports and Special Economic Zone (APSEZ) posted a 16.09% drop in consolidated net profit at 1,072.38 crore for the quarter ended Q1FY23 compared to 1,277.99 crore in the same period last year. However, Q1 PAT climbed 4.72% from 1,024 crore in the preceding quarter. The growth was double-digit sequentially. Approximately 70% of revenues are contributed by its port operations. The remainder is led by harbour, logistics, and others, which account for 11%, 7%, and 5%, respectively.

Strong growth with inorganic acquisition

There was a higher realisation that bulk volume lifted operational performance. The revenues remained flat YoY at 4638 crore. As margins expanded, absolute EBITDA increased 13% to 3006 crores. However, PAT de-grew 19% to 1072 crore due to a forex loss of 1201 crore. The strong organic growth was coupled with the efficient incorporation of inorganic acquisitions. APSEZ, by integrating logistics operations both vertically and horizontally, has built a strong moat around the business.

As APSEZ embarks on becoming India’s largest integrated transport utility company by 2030, it is strengthening its capabilities in all logistics segments. It will offer end-to-end service to its customers, thereby capturing a higher wallet share and also making the cargo sticky in nature. DFC connectivity to Mundra (medium-term normalization) to provide faster port evacuation and transit time.

The management expects thermal and coking coal volumes to grow in FY23 in spite of comfortable thermal coal inventory levels in power plants. Construction on 4.5 million square feet of warehousing capacity has begun in Mundra, Moraiya, Ranoli, and Palwal. GPWIS cargo volumes have doubled YoY to 3.11 MMT and APSEZ has ordered more trains under the framework (total order count at 37)  Gangavaram NCLT approval is expected to be completed by the current The quarter following which the numbers would be consolidated with APSEZ, beginning April 1, 2021.The management is not seeing any slowdown in any segment and expects its run rate of 30 MMT per month to continue in FY22.

During Q1, the management took a price hike, renegotiated contracts with its customers, and expects the same to flow from Q2 onwards  Overall, the management has guided for a 1 to 1.5 pp incremental rise in EBITDA margins in the medium to long term. In spite of strong growth in its rail Exim volumes, the management is still keen on the Concor acquisition as it expects higher penetration and more Exim movement going forward. The management would soon come up with its strategy around last-mile logistics.

Valuations:

The company has an EPS of Rs. 5.08 for the period ended June 30, 2022 as compared to Rs. 6.40 for the period ended June 30, 2021. The ROCE and ROE stood at 11.2% and 14.7%, respectively. The stock is trading at a P/E of 37.1x and a 5-year P/E of 19.6x. The EBITDA multiple is 19.9x and has an interest coverage ratio of 3.14x. The price to book ratio is at 4.69x. The scrip was trading at Rs.850, up by 1.46% on Friday.

Sun TV reported a net profit of Rs. 493.99 cr.

Sun TV reported a net profit of Rs. 493.99 cr.

The Chennai-based company reported a 35.32% rise in consolidated profit after tax to Rs 493.99 crore in the first quarter that ended June. The company had reported a profit after tax of Rs 365.03 crore in the April-June period a year ago. Sun TV’s revenue from operations rose 48.88 percent to Rs 1,219.14 crore in the latest June quarter. It was at Rs. 818.587 crores in the year-ago period. Sun TV’s board also approved an interim dividend of 100 percent, which is Rs 5 per share.

Consistent growth will be aided by strong flows.

Sun TV’s ramp-up in viewership in key markets, increasing presence, and increasing foothold in other regional languages, such as Marathi, are positive. Strong flows from IPL monetization and potential from other franchises are accretive. It added that Sun TV is expected to witness continued growth from advertising as big spenders like FMCG ramp up spending, with a buy tag and Rs 642 as a target price. Increasing competition and OTT aggression are key monitorables, it said. They pare down our revenue estimates for FY 23–24 by factoring in slightly lower ad growth. The core broadcasting business is trading at a low valuation of 6.5 times. The digital business also remains a laggard, with no fresh investments in OTT originals. The movie catalogue is large, but a sizable original catalogue is needed to scale up the digital business in the highly fragmented Indian market. OTT content spending remains a key concern, while film content spending will create volatility in earnings.

They also do not have a management outlook on content strategy, margins, growth outlook, and capital allocation ahead, which restricts us from turning constructive, despite lucrative valuations. There is an overall viewership share improvement, which has dipped in recent times. They expect a recovery in key markets like Tamil, Telugu, and Kannada to be a growth driver. The marked ramp-up in SunNXT content is lagging because content spending is lagging.

Valuations:

The company has reported an EPS of Rs. 12.53 for the period ended June 30, 2022, as compared to Rs. 9.27 for the period ending June 30, 2021. The ROCE and ROE stood at 29.1% and 21.6%, respectively. The stock is trading at a P/E of 11.2x, which is not expensive, and a 5-year P/E of 12.2x. a 6.55x EBITDA multiple and a 71.4x interest coverage ratio The price-to-book ratio is at 2.46x, which has a book value of Rs.207. The scrip was trading at Rs. 504, up by 1.43% on Monday.

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Captain Marvel 2019 Reviewed. Celebrate Feminism

Captain Marvel 2019 Review. Celebrate Feminism the Marvel way

 

What are we reviewing today?

Captain Marvel, Starring Brie Larson, Samuel Jackson, Jude Law in pivotal roles has hit Indian theaters on 8th march 2019. Marvel Cinematic Universe is beginning its phase 3, as conclusion to the Phase 1 nears, with Avengers End Game readying for release.

Why Captain Marvel is so important to Marvel Cinematic Universe

Absolutely no one had imagined Patty Jenkins’ Wonder Woman will be the world wide blockbuster it became. Now Marvel readies its first solo female super hero feature film. Why should boys have all the fun? It is about time girls have their own super hero to emulate.

What is the theme 

The story revolves around how Carol Denvers played by Brie Larson, emerged as the tour de force called Captain Marvel. The movie is a prequel to the whole Marvel Cinematic Universe (MCU). The story is quite similar to the other origin stories like Batman Begins.

Story

Vers (Brie Larson) is a powerful warrior of the Kree Empire who is suffering from strange visions. Not Yet Captain marvel (Larson) is undergoing an intense training to fight the shape shifting aliens known as Skrulls who are the principal antagonists.

 

During the conflict with the aliens, Vers crashes on earth and ends up with Nick Fury (Samuel Jackson). How they fight the Skrull invasion is the crux of the story. Vers is part of the Star Force team and Yon Rogg played by charismatic Jude law is training the human and Kree hybrid.

What is awesome?

From the usual training montages to the spectacular galactic battles, the movie contains everything we expect and more. The special effects are simply marvellous ( ha!). De ageing of Samuel Jackson is so flawless, you will stop noticing it after 5 minutes which is a triumph for the special effects team.

 

The aerial battles are fantastic and the action is solid. It is in standard Marvel formulae with ample humor. The chemistry between Brie Larson and Samuel Jackson is great, as even we were surprised by the amount of screen time Nick Fury has. It almost becomes a buddy cop movie for some duration in a good way.

 

Era of 90s is one of the major plot points of this movie. It is an absolute hoot to relive the days with 90’s rock music playing in the back ground. Pure Nostalgia, and it is fun.

Where it failed?

Captain Marvel has ample use of flash backs and is presented in a nonlinear way which I am not quite fond of. Not every movie can be a Memento (Chris Nolan, 2000). The plot is muddled, and the first act drags on for quite a while. Captain Marvel is mildly puzzling to those who do not have much insights about the Kree-Skrull shenanigans. Due to deliberate fractured narrative, even comic book aficionados like me found it challenging to keep track of the plot and had to concentrate.

Too dark 

Action at few places is unfathomable and so dark, I had to guess where the protagonist is by her glowing fists. 3D compounds the problem. The lead actor, played by Oscar winner Brie Larson has acted well. Samuel Jackson is fantastic as usual.

Has Brie Larson been able to carry the movie on her shoulders?

Dead pan expressions of Brie Larson from the Captain Marvel trailers had raised quite a few eye brows. But being emotion less is part of the Kree training, so Vers (Larson) is showing a distinct lack of emotions, however at some places it becomes quite jarring.

 

Marvel has declared Captain Marvel/ Brie Larson as the new face of phase 3 which had raised our expectations quite a bit. After all she is stepping in the footsteps of Tony Stark/ Captain Steve Rogers. We will need a lot more convincing before it happens but we have faith Marvel will deliver.

Do we recommend it?

Comic book fans are going to watch it whether we recommend it or not. For others, if you like some science fiction give it a try. If you don’t like either genre there is not much for you here.

 

However we will recommend every girl / female to watch this movie as it is a pure celebration of feminism. There are sequences where Carol (Larson) falls down repeatedly but never stays down. We see her getting up persistently, not even once failing to rise. Every woman and girl should watch Captain Marvel, just to fight the prejudice the world sometime shows. To counter attack whenever it will question their capabilities, worth and value. Please ensure to take your daughter, sisters, wives to instil the spirit the movie shows and resonate with the title character.

Being woman is a super power in itself, go watch it.

 

Let us know if you liked the movie in the comments below

 

 

 

 

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