Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>RPSG Ventures reported strong Q3FY22 earnings, led by the BPO business where revenues grew 5% QoQ in INR terms and EBIT grew ~20% QoQ.</li>
<li>The FMCG business however saw tepid performance with revenues declining to INR 95cr vs INR 100cr QoQ, due to temporary headwinds, however, the long-term prospects remain promising. </li>
<li>The sports business is in nascent stage currently but the newly acquired IPL Lucknow franchise holds good promise.</li>
</ul>


RPSG Ventures reported strong Q3FY22 earnings, led by the BPO business where revenues grew 5% QoQ in INR terms and EBIT grew ~20% QoQ.
The FMCG business however saw tepid performance with revenues declining to INR 95cr vs INR 100cr QoQ, due to temporary headwinds, however, the long-term prospects remain promising. 
The sports business is in nascent stage currently but the newly acquired IPL Lucknow franchise holds good promise.


RPSG Ventures: Tepid FMCG Growth, But Long-Term Prospects Intact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rpsg-ventures-limited" target="_blank" data-smartkarma-citation="entities:29022:1" rel="noopener">RPSG Ventures Limited (CESCV IN)</a> (“RPSGV”) continues to take strides into the FMCG space. It recently forayed into the personal and beauty care segment.</li>
<li>Sanjiv Goenka also successfully bid for the new IPL team of Lucknow, part of which is to be funded by RPSG Ventures.</li>
<li>We attended the RPSG Group’s two-day investor conference where RPSG group shared detailed update on their vision and ambition around the FMCG business of RPSGV.</li>
</ul>



RPSG Ventures Limited (CESCV IN) (“RPSGV”) continues to take strides into the FMCG space. It recently forayed into the personal and beauty care segment.
Sanjiv Goenka also successfully bid for the new IPL team of Lucknow, part of which is to be funded by RPSG Ventures.
We attended the RPSG Group’s two-day investor conference where RPSG group shared detailed update on their vision and ambition around the FMCG business of RPSGV.


RPSG Ventures: Ambitious FMCG Play | Now Also An Aspiring Sports Play (IPL)

India

Genesys International Corporation Ltd. provides engineering and information technology solutions to the commercial and government sectors.

Vakrangee Limited develops computer software for corporations and governments uses. Some of the software developed are HRMS (human resource management system) and E-Administrator.

SQS India BFSI Limited provides financial software testing services. The Company provides test automation services using a wide variety of tools.

Accelya Solutions India Limited provides software products for the banking, education, hotels, airlines and healthcare sectors.  The Company operates both in the local and international market.

Accelya Solutions India Limited (KALE IN)

NIIT Limited is a managed training services company. The Company provides managed training services in the IT, Banking, Global Finance, Management, and Marketing fields.

Kellton Tech Solutions Ltd. develops enterprise software applications.

Xchanging Solutions Ltd provides Business Process Outsourcing (BPO) and Information Technology Outsourcing (ITO) software.  The Company develops solutions for industries that include insurance, financial services, government, manufacturing, logistics, public services, and emerging markets such as real estate, healthcare, media, and entertainment.

Ramco Systems Limited is a provider of enterprise solutions and services in key areas such as manufacturing, aviation, asset management and trading & logistics. The Company provides converged networking solutions, information security services and total contact centre solutions. Ramco also provides engineering process optimization solutions to the cement and power sectors.

Allied Digital Services Limited is an information technology infrastructure management and technical support services outsourcing company. The Company's solutions include software, information technology, networking, and communications solutions.

Onward Technologies Limited operates an Information Technology company, whose services include IT solutions, value-added reselling and systems integration. The Company also provides its clients with hardware, software, training and upgrading, in addition to a number of applications in CAD/CAM/CAE, engineering, networking and banking.

AGTech Holdings Ltd. provides professional lottery services in China. The Company offers game content and software, hardware and terminals, and online and mobile lottery systems.

ITFOR Inc. imports, exports, and markets information processing and telecommunication equipment.  The Company also develops software for related systems and provides total customer supports such as maintenance, operation, and management.

Wistron Information Technology & Services Corporation is an IT service provider that specializes in Glocalization, Software Development and Resource Management Services and Business Process Outsourcing.

Datasonic Group Bhd provides ICT Solutions. The Company's solutions include smart card personalization such as secure ID or chip-based credit/debit bank cards.

Dimerco Data System Corp. provides computer system integration and software services.

Toyo Business Engineering Corporation, a subsidiary of Toyo Engineering, specializes in system integration services.  The Company provides construction, introduction, and consulting services for ERP (Enterprise Resource Planning) and SCM (Supply Chain Management).  Toyo Business Engineering provides e-business related services such as EC (Electronic Commerce) as well.

KCP Co., Ltd. concentrates on developing enterprise-wide technology solutions to the retail industry.  The Company offers fully integrated retail automation solutions, including point of sale solutions (POS), back office management systems, goods storage managements.  KCP also provides POS related hardware such as bar-scanners as a Korean agency of IBM.

Shanghai DragonNet Technology Company Limited provides third-party IT infrastructure services, including IT support and maintenance, IT professional services and IT outsourcing services for government agencies and enterprises.

Shanghai Dragonnet Technology (300245 CH)

GHL Systems Berhad provides online transaction services with emphasis on payment and transaction processing. Through its subsidiaries, the Company also deals with electronic draft capture (EDC) equipments.

Hunan Copote Science & Technology Co., Ltd. develops customized software and provides system integration to the postal and telecommunications industries. Hunan Copote also provides website design and building design services.

Hunan Copote Science & Tech Co, Ltd. (600476 CH)

RPSG Ventures Limited operates as a venture capital investment company. The Company focuses on information technology, business process outsourcing, real estate, and entertainment sectors. CESC Ventures serves customers in India.

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RPSG Ventures Limited (RPSGVENT IN)

RPSG Ventures: Tepid FMCG Growth, But Long-Term Prospects Intact

As RPSGV scales up its FMCG revenues to INR 1,000cr+ annual run rate from current INR 400cr+, it has potential to re-rate significantly. Its IPL...

Ankit Agrawal, CFA

RPSG Ventures: Ambitious FMCG Play | Now Also An Aspiring Sports Play (IPL)

RPSGV continues to take strides into the FMCG space. It recently forayed into the personal and beauty care segment. RPSG Group also bid for an IPL...

Ankit Agrawal, CFA

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