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Research Showcase

(Quarter Update)

Earnings Update

At Price: Rs 288

Target: Rs 600

Rajesh Exports: Weak Qtr, 7x P/E, Global Leader with Secula... -- Evaluate Research

Buy-rated Rajesh Exports [RJEX_IN; Rs. 84 billion and US$1.0 billion market cap] reported overall weak results for Q4 [ended March] as well as the full fiscal year. While revenues for Q4 substantially exceeded our published estimate, EPS was weaker than we expected. For Q4, revenues came in at Rs. 916 million, which was down 21% YoY, but up 40% QoQ - such has been the uncharacteristic variability in quarterly results for RJEX during the past year. The YoY revenue decline led to negative operating leverage, producing negative profits. We believe some year-end accounting adjustments and accruals, along with tax-related expenses, impacted the Q4 bottom line. With record demand for gold from Central Banks, RJEX’s Swiss-based Valcambi gold refining subsidiary continues to do well. Still, volatility in gold prices, global macro uncertainty, and timing of orders and shipments have led to variability of near-term earnings, in our opinion. More details on the quarter in our report.

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Report Date June 4, 2024

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 72

Target: Rs 95

Paisalo: +91% EPS on +39% Sales, Low NPA, 36% CAR, Raising... -- Evaluate Research

Buy-rated Paisalo Digital [PAISALO_IN; Rs. 55 bn & US$ 800 mn market cap] reported another strong set of results for Q4 [ended March], which helped to drive stellar +91% EPS for the full fiscal year 03/2024. For Q4, revenues [primarily interest income] increased +65% YoY and diluted EPS surged +72%. For the full fiscal year, revenues increased +39%, leading to the sharp earnings gain, driven by increased margins and positive operating leverage. Importantly, in addition to the strong income statement and balance sheet growth, internal operating metrics and the quality of earnings were impressive, with high capital adequacy and liquidity, and consistently low [almost negligible] NPA levels. Paisalo indicated that, “given the AUM growth momentum, robust portfolio metrics and scalability, we are confident about growth and portfolio metrics for FY 03/2025.”

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Report Date April 30, 2024

by ajeya patil

(Quarter Update)

Earnings Update

At Price: Rs 304

Target: Rs 700

Rajesh Exports: Weak Qtr, 5x P/E, Global Leader with Secula... -- Evaluate Research

Buy-rated Rajesh Exports [RJEX_IN; Rs. 89 billion and US$1.1 billion market cap] reported weak results, below our expectations, both in terms of revenues as well as profits, for the fiscal third quarter [ended December]. For the third quarter, revenues were down –31% YoY, but were up +72% sequentially QoQ. The steep revenue decline led to negative operating leverage, producing slightly positive earnings. Volatility in gold prices, global macro uncertainty, and timing of orders and shipments have led to variability of near-term earnings, in our opinion. More details on the quarter in our report.

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Report Date February 19, 2024

by ajeya patil