Canarys Automations Fund Raise, Manoj Ceramic Bulk Deal And Senco Gold Business Update

Canarys Automations Ltd.

Recent filing: (FUND RAISE) BoD of Canarys Automation approved the issuance of 25.6L warrants at INR 41, aggregating to INR 10.5 Cr. Subscribers include Promoters and Senior Management Persons.

SUMMARY: 3y Operating Profit uptrend | PE 26.7x (Sector PE range 30-50) | Fund raise | Promoter Buying | Order Book INR 58 Cr (Aug-23)

  • MCap of INR 240 Crore (share price = INR 42.1 / share) (as on 15th Apr ‘24)
  • TTM PE 26.7x (as on 15th Apr ‘24) Retail float = NA

FOOD FOR THOUGHT: Saurabh Tripathi sold INR 1.4 Cr worth of shares in Oct 2023

What are the products and services of Canarys Automations?

Canarys is a leading IT solutions & consulting company specialized in providing Technology Solutions and Water Resource management Solutions to clients across the world.

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Manoj Ceramic Ltd.

Recent filing: (BULK DEAL) Viney Equity Market LLP bought 58k shares of Manoj Ceramics at INR 135 each, aggregating to INR 78L.

SUMMARY: 3y Operating Profit uptrend | PE 24.8x (Sector PE range 30-60) | Fund raise (IPO) | Ace Investor | New Showroom

  • MCap of INR 119 Crore (share price = INR 143 / share) (as on 15th Apr ‘24)
  • TTM PE 24.8x (as on 15th Apr ‘24) Retail float = NA (Sep-23)

FOOD FOR THOUGHT: Negative operating cash flow for FY 23.

What are the products and services of Manoj Ceramic?

The Company specializes in Ceramic Tiles and Tile Adhesive. The Ceramic Tiles collection boasts diverse design, colours and sizes. Working closely with manufacturers, the finalizes designs are supplied to dealers, retail showrooms, exported and sold in B2B dealings with architects, builders and contractors.

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Senco Gold Ltd.

Recent filing: (BUSINESS UPDATE ) In FY24, Senco Gold achieved notable growth with a 28% year-on-year increase in revenue, driven by a 13% volume growth in gold and a 19% volume growth in diamonds, despite rising gold prices. The old gold exchange as a percentage of sales rose from 29% to 32% year-on-year, with a significant portion sourced from non-Senco customers, signaling a shift from non-organized to organized sectors. 

Same Store Sales Growth (SSSG) was robust at 19% for the year and 23% in Q4, contributing significantly to overall retail sales growth. Company expanded its showroom portfolio by 17%, launching a total of 23 new showrooms, including 4 in Q4, reaching a total of 159 showrooms. Strategic expansion focused primarily on East and North markets, with additional emphasis on asset-light strategies. East saw the most significant expansion with 14 new showrooms, followed by North (3), Central (3), South (2), and West (1).

SUMMARY: 3y Operating Profit uptrend | PE 41.6x (Sector PE range 30-70) | Institutional Entry | New Showrooms | Geographical Expansion | Consumption

  • MCap of INR 7,329 Crore (share price = INR 943 / share) (as on 15th Apr ‘24)
  • TTM PE of 41.6x (as on 15th Apr ‘24) Retail float = 7.4% (Dec-23)

FOOD FOR THOUGHT: Company operates 75 company-owned and 61 franchise stores. Half of company-owned stores are in West Bengal, generating 67% of FY23 revenues. This poses geographical concentration risk, but it's decreasing with plans to expand outside West Bengal.

What are the products and services of Senco Gold?

Senco Gold is the largest organized jewellery retail player in the eastern region of India. It primarily sells gold and diamond jewellery and also sells jewellery made of silver, platinum and precious and semi-precious stones and other metals. Other offerings of the company includes costume jewellery, gold and silver coins and utensils made of silver.

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