In today’s briefing:
- Shrimp Industry Shakeup: Ecuador Crisis Sparks Opportunities for Indian Seafood Companies
- Ola Electric Pre-IPO – The Negatives – Still a Long Road Ahead with Ample Competition
- Brainbees Solutions (FirstCry) IPO: The Bear Case
- Cipla (CIPLA IN): Q3FY24 Result- Continued Growth Trajectory Across Key Markets; Positive Outlook
Shrimp Industry Shakeup: Ecuador Crisis Sparks Opportunities for Indian Seafood Companies
- Ecuador’s crisis, driven by violence and narco-gang threats, impacts the global seafood supply chain, especially the lucrative shrimp exports sector.
- Resilient amid challenges, India holds its position as the second-largest global shrimp producer, balancing opportunities and persistent challenges in logistics and competition.
- Investors urged caution in the Indian seafood boom, yet potential opportunities arise from Ecuador’s supply disruptions, with reduced import duty enhancing India’s competitiveness.
Ola Electric Pre-IPO – The Negatives – Still a Long Road Ahead with Ample Competition
- Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
- Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
- In this note, we talk about the not-so-positive aspects of the deal.
Brainbees Solutions (FirstCry) IPO: The Bear Case
- FirstCry (0172540D IN), India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, has filed for a US$700 million IPO.
- In Brainbees Solutions (FirstCry) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on the worrying trend of India’s KPIs, margin pressures, cash burn, and deteriorating balance sheet strength.
Cipla (CIPLA IN): Q3FY24 Result- Continued Growth Trajectory Across Key Markets; Positive Outlook
- In Q3FY24, Cipla Ltd (CIPLA IN) recorded revenue of INR66B, up 14% YoY, and EBITDA margin of 24.2%, driven by double-digit growth across India, North America, and South Africa.
- North America business reported highest ever revenue of $230M. India revenue is up 12% YoY, supported by growth across branded prescription, trade generics, and consumer health.
- EBITDA margin for the full year is trending at a higher end of earlier guidance range of 23–24%. Peptide product launches in the U.S. should strengthen near-term growth prospect.
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