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

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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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-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
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 L/S Analyst | Forensic Accounting | India

RPPL: Q3FY23 Was Seasonally Weak As Expected, But Q4FY23 Is On Track To Be Strong

RPPL: Q4 Weaker than Expected But On Track for Strong Earnings Growth Through FY25

RPPL: Weak Q1FY24 Earnings, However, Long-Term Growth Trajectory Remains Intact

RPPL: Strong Earnings Led by Robust Demand and Margin Expansion

Rajshree Polypack (RPPL): Margin Expansion Led The Q3FY22 Earnings Growth

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>EBITDA per kg in Q2FY23 declined to INR 29.5 vs INR 35+ QoQ, due to one-off items and marginal decline in volume due to seasonality.</li>
<li>However, RPPL is on track for FY23 EBITDA of INR 37cr+ in line with our prior projection, with EBITDA per kg at INR 34-35 and volume at INR 11,000+ MT.</li>
<li>
<a href="https://www.smartkarma.com/entities/rajshree-polypack-ltd" target="_blank" data-smartkarma-citation="entities:33486:1" rel="noopener">Rajshree Polypack (RAJPPL IN)</a> continues to introduce new products including its venture into injection molding technology as well as sustainable packaging for disposable cutlery.</li>
</ul>


EBITDA per kg in Q2FY23 declined to INR 29.5 vs INR 35+ QoQ, due to one-off items and marginal decline in volume due to seasonality.
However, RPPL is on track for FY23 EBITDA of INR 37cr+ in line with our prior projection, with EBITDA per kg at INR 34-35 and volume at INR 11,000+ MT.

Rajshree Polypack (RAJPPL IN) continues to introduce new products including its venture into injection molding technology as well as sustainable packaging for disposable cutlery.


Rajshree Polypack (RPPL): Weak Q2 Was Due to One-Off Items, However FY23 Is On Track As Per Guidance