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Fundamental Reports

File	Details	Date
	SUPREME INDUSTRIES LIMITED - Q3 FY23 RESULT UPDATE Concall Highlights & Update Company has achieved 51% volume growth in third quarter on a lower base. The Company has launched Cable shield conduit system in this month. With all above projects and expansion in place, Company expects to achieve volume growth in excess of 35% in this segment for this year compared to previous year. The Company’s Capex plan for the year 2022-23 of about Rs.700 Crs. including carry forward commitment of Rs.280 Crs is progressing with a little delay from the envisaged schedule. New greenfield plants Guwahati(Assam) and Erode (Tamil Nadu) have gone into commercial production and plant at Cuttack (Odisha) is likely to commence production in February 2023. Entire capex is being funded from internal accruals. Company has received letter of intent (LOI) worth about Rs.45Crs. from ECIL for supply of Electronic Ballot Unit (EVM) plastic components and supply of VVPAT in addition to earlier order of Rs.76Crs. Raw Material Prices continue to slide down till November. The prices of different Polymers particularly for polypropylene (PP), Low Denier Polyethylene (LDPE) and Poly Vinyl Chloride (PVC) have gone down between Rs.41 per kg to Rs.66 per kg since beginning of the year till November i.e. a reduction between 28% to 46%. Severest fall among them was in PVC Resin which has corrected thereafter by Rs.15 per kg. In Composite LPG Cylinder division, Existing production line is running at full capacity and primarily catering to the order received from Indian Oil Corporation. Commissioning of the new line doubling the capacity is completed and the same is under trial runs now.	30-01-2023
	CCL Product Limited - Q3 FY23 Concall Highlights & Update Quarterly result posted by the company for Q3 FY23 was in line with the street estimates. Volumes were impacted by 20% due to a plant shut down in Q3 FY23. Volume growth guidance remains the same at 20-25%. New Vietnam capacity will be on stream by Q3FY25 in which company will be investing $50 million to setup 6,000 TPA freeze-dried coffee manufacturing facility. Total volumes post new capacity will be 77,000 tones. The new facility will be funded with combination of debt and equity. Additional revenue from Vietnam will be around 300-350 Cr. Will close an acquisition soon. Looking to increase presence in Africa & Latin America. Will end FY23 with ~200 Cr revenue in the Branded Biz. Target 250-300 Cr revenue range from the Branded Biz in FY24. Last month, CCL Products' board approved the demerger of the marketing and distribution division of coffee and FMCG products of Continental Coffee, a wholly-owned subsidiary of the company, into the parent company CCL Products (India). The demerger was aimed at enhancing the operational efficiencies of the company. Board of directors has considered interim dividend of Rs.3 per share subject to shareholders approval.	27-01-2023
	ICICI Lombard GIC - Q3 FY23 Concall Highlights & Update Quarterly result posted by the company for Q3 FY23 was well below street expectations. Indian economy was mainly drive by consumption. However, global slowdown has put downward pressure impacting future growth. Insurance sector will continue to grow due to low penetration, support from the government by introducing various reforms. As of now company has taken price action of roughly 15% to 20%. As per management, reforms introduces will be disruptive for short term but will be beneficial on the longer term perspective. Expecting loss ratio to come down further. Retail health agency has grown by 40%. Company is confident to sustain this growth number going ahead by investing in retail health distribution franchise. Management guided for continued investments in retail health biz, decline in combined ratio in F24, & gradual improvement in ROE to high teen. Solvency ratio 2.45x as at December 31, 2022. Maintain high level of Solvency ratio as against regulatory minimum requirement of 1.50x. Expanding distribution network to increase penetration in Tier 3 and Tier 4 cities.	27-01-2023

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SUPREME INDUSTRIES LIMITED - Q3 FY23 RESULT UPDATE

Concall Highlights & Update

Company has achieved 51% volume growth in third quarter on a lower base. The Company has launched Cable shield conduit system in this month. With all above projects and expansion in place, Company expects to achieve volume growth in excess of 35% in this segment for this year compared to previous year.
The Company’s Capex plan for the year 2022-23 of about Rs.700 Crs. including carry forward commitment of Rs.280 Crs is progressing with a little delay from the envisaged schedule. New greenfield plants Guwahati(Assam) and Erode (Tamil Nadu) have gone into commercial production and plant at Cuttack (Odisha) is likely to commence production in February 2023. Entire capex is being funded from internal accruals.
Company has received letter of intent (LOI) worth about Rs.45Crs. from ECIL for supply of Electronic Ballot Unit (EVM) plastic components and supply of VVPAT in addition to earlier order of Rs.76Crs.
Raw Material Prices continue to slide down till November. The prices of different Polymers particularly for polypropylene (PP), Low Denier Polyethylene (LDPE) and Poly Vinyl Chloride (PVC) have gone down between Rs.41 per kg to Rs.66 per kg since beginning of the year till November i.e. a reduction between 28% to 46%. Severest fall among them was in PVC Resin which has corrected thereafter by Rs.15 per kg.
In Composite LPG Cylinder division, Existing production line is running at full capacity and primarily catering to the order received from Indian Oil Corporation. Commissioning of the new line doubling the capacity is completed and the same is under trial runs now.

30-01-2023

CCL Product Limited - Q3 FY23

Concall Highlights & Update

Quarterly result posted by the company for Q3 FY23 was in line with the street estimates.
Volumes were impacted by 20% due to a plant shut down in Q3 FY23. Volume growth guidance remains the same at 20-25%.
New Vietnam capacity will be on stream by Q3FY25 in which company will be investing $50 million to setup 6,000 TPA freeze-dried coffee manufacturing facility. Total volumes post new capacity will be 77,000 tones. The new facility will be funded with combination of debt and equity. Additional revenue from Vietnam will be around 300-350 Cr.
Will close an acquisition soon. Looking to increase presence in Africa & Latin America. Will end FY23 with ~200 Cr revenue in the Branded Biz. Target 250-300 Cr revenue range from the Branded Biz in FY24.
Last month, CCL Products' board approved the demerger of the marketing and distribution division of coffee and FMCG products of Continental Coffee, a wholly-owned subsidiary of the company, into the parent company CCL Products (India). The demerger was aimed at enhancing the operational efficiencies of the company.
Board of directors has considered interim dividend of Rs.3 per share subject to shareholders approval.

27-01-2023

ICICI Lombard GIC - Q3 FY23

Concall Highlights & Update

Quarterly result posted by the company for Q3 FY23 was well below street expectations.
Indian economy was mainly drive by consumption. However, global slowdown has put downward pressure impacting future growth.
Insurance sector will continue to grow due to low penetration, support from the government by introducing various reforms. As of now company has taken price action of roughly 15% to 20%.
As per management, reforms introduces will be disruptive for short term but will be beneficial on the longer term perspective. Expecting loss ratio to come down further.
Retail health agency has grown by 40%. Company is confident to sustain this growth number going ahead by investing in retail health distribution franchise. Management guided for continued investments in retail health biz, decline in combined ratio in F24, & gradual improvement in ROE to high teen.
Solvency ratio 2.45x as at December 31, 2022. Maintain high level of Solvency ratio as against regulatory minimum requirement of 1.50x. Expanding distribution network to increase penetration in Tier 3 and Tier 4 cities.

27-01-2023