Zydus Wellness: Eat Healthy Stay Wealthy!
Printed From: The Equity Desk
Category: Investment Ideas - Creating winning portfolios!
Forum Name: Emerging companies - Mid caps that can become large cap
Forum Discription: These are companies operating in growing markets having have certain niches or specific attributes like new sector plays. These are emerging multibaggers with high risks and high rewards.
URL: http://www.theequitydesk.com/forum/forum_posts.asp?TID=663
Printed Date: 03/May/2025 at 3:50am
Topic: Zydus Wellness: Eat Healthy Stay Wealthy!
Posted By: kulman
Subject: Zydus Wellness: Eat Healthy Stay Wealthy!
Date Posted: 21/Dec/2006 at 7:15am
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One needs to look at this small-cap stock called http://www.bseindia.com/price_finder/stockreach.asp?scripcd=531335 - Carnation Nutra Analogue Foods Ltd They make NUTRALITE, a healthier (cholesterol free, low fat)alternative to butter. More on Margarine can be accessed at http://www.nutralite.com/home.htm - their website. (under construction)
Cadilla Healthecare (Zydus group) bought major stake in this company (>60%) early this year. The original promoters seem to have exited.
I'm a satisfied consumer of their product since past 5-6 years. It is presently available in select supermarkets...it's getting popular. It's widely used by bakeries as a shortening agent. Organised retailing is likely to be a catalyst for high future growth. Cadilla's marketing & distribution strengths would definitely add lots of value.
There was an open offer from Cadilla @Rs.150. The stock is languishing around 70~80 range post-correction.
Equity: Rs. 5.57 Cr
FY06 EPS: Rs. 4.45
FY06 Sales: Rs. 30.91 Cr
FY06 NP: Rs.2.48 Cr
CMP: Rs. 77
Mkt Cap: Rs. 43 Cr
I request members to add their valuable comments/views...This could be case for "Buy-what-you-eat" theme...
------------- Life can only be understood backwards—but it must be lived forwards |
Replies:
Posted By: jack
Date Posted: 21/Dec/2006 at 11:49am
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I use to see the people here in Bahrain where i am staying use to take margarine based stuff instead of butter in good nos. Here u can see lot of orgainsed retail shops selling these kind of foods and the people have become health conscious they take in good nos. Once in India if we see this kind of orgainsied retail shops flourishing and selling more no. of health conscious foods, sure this nutralite will be a good hit.
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Posted By: s_praharaj
Date Posted: 22/Dec/2006 at 6:56pm
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Thanx Kulman,
After a long time in TED forum some new stock has come for discussion.
We all will try to get mor inf about the company. ------------- Shashi Praharaj |
Posted By: nav_1996
Date Posted: 22/Dec/2006 at 8:29am
| I see aggressive ads of this product and it will definitely become popular. I myself wanted to use something similar but I did not know if something like this was available. Cadila has a target to push the sales to 100 cr in near future. But my only concern would be Cadila deciding to go for profitless growth to garner a dominant market share. |
Posted By: basant
Date Posted: 23/Dec/2006 at 9:18am
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The return ratios look very good. The company is also debt free and there is Rs 19 cash sitting on each stock that a person buys.ALso the net sales have shown a consistent increase except during Fy 06 where they increased by only 10%. This is a classic value stock and if we exclude the cash that sits on the books of the company the stock is available at a PE of just 12 times historical EPS.
WJHat would be interesting to see in carnation nutra is whether the management communication speaks anything about sales growth because from what I saw in the figures the company has an asset turnover of close to 5 times that means for each rupee worth of asset the company generates sales of Rs 5; presently the company has less then Rs 5 crores invested in net assets therefore the additional cash of close to Rs 10 crores that is sitting idle on the books can be used to triple sales without any further dilution.
Looks very good value and if growth could be generated the company could really grow multifold from these levels. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: kulman
Date Posted: 23/Dec/2006 at 9:44am
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I agree with Nawendu's views that during intitial phase, bottomline growth may not match the topline growth due to aggressive marketing/advt spending.
During this financial year, a new imported machine has been installed for additional production capacity. Internal target of the company is to achieve 3 figure revenue in the next three years. Cadila's management is already proven one in their (pharma) field.
Though it may not be right way or the reason to invest, but FIIs hold approx 11%.
Basant jee, you've added another dimension to the analysis...asset-turnover ratio. Could you please elaborate on the same in lay-man's terms?
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: basant
Date Posted: 23/Dec/2006 at 9:56am
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It means that for each rupee of asset how much sales you can create. Generally this is used for evelauting manufacturing companies. FOr example if the total asset in your business is Rs 20 lacs and you are doing a sale of Rs 1 crore then we could say that by putting another asset of Rs 10 lacs you could generate adiitional sale of Rs 50 lacs. Generally higher the ratio better for the company
Now assume that this additional machinery generates a cash profit of 20% so this additional machinery wpould throw back Rs 10 lacs cash again into the business. That means the initial capital is now free!!!
I like using these ratios for retailing companies where the aset turnover is 10 times so an additional rupee invested creates Rs 10 worth of sales. It is also important to understand that the cash profit of retailing companies are in the range of 10% so that initial capital comes back after one year.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: kulman
Date Posted: 23/Dec/2006 at 10:08am
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Thanks for that.
May I ask another basic question...what's working capital ratio and its relevance? Of course, the higher the ratio the better.
I read somewhere that for manufacturing industry it shall be more than 5. And as per my understanding the formula is first to add Number of days inventory (say 'x') & Number of days debtors (account receivables) (say 'y').
And then....working capital ratio = 365/(x+y)
Is it right?
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: basant
Date Posted: 23/Dec/2006 at 10:51am
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No not that way working capital ratio is also known as wc TO ratio. WC is the difference of current assets - current liabilities and the ratio is found by dividing this by sales so a ratio of 5 means that for each rupee of WC we are able to generate sales of Rs 5 - very similar to asset turnover ratio.
What you have indicated above is debtor and stock calculated in terms of days and that is yet another tool. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: kulman
Date Posted: 23/Dec/2006 at 11:09am
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Does it mean:
Working Capital Turnover Ratio = Sales/(current assets - current liabilities)
Now would that ratio be equal to the one I mentioned i.e.
working capital ratio = 365/(x+y)
.....where 'x' & 'y' are number of days inventory & debtors respectively.
As I understood from both these formulae, it would signify not only how efficiently the working capital is being used, but also whether debtors & inventory are well-managed/under control. So, both the ratios shall be equal, right?
Please comment.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: basant
Date Posted: 23/Dec/2006 at 11:19am
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Yes but x and y are just two aspects of working capital a company could have cash or bank OD which is WC but not included in the x/y range but for these two items they should be equal. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: kulman
Date Posted: 17/Jan/2007 at 11:58pm
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Excerpts from http://news.moneycontrol.com/india/news/marketoutlook/ashishchughcarnationnutraanalogue/valuepickssmallcapspace/market/stocks/article/262038/0 - CNBC – TV18’s exclusive interview with Ashish Chugh:
Q: Why do you like http://www.moneycontrol.com/india/stockpricequote/foodproductsindian/carnationnutraanaloguefoods/12/05/pricechartquote/marketprice/CNA - Carnation Nutra Analogue ? A: Carnation Nutra Analogue is a company belonging to the Cadila Group. Cadila Group acquired the shareholding of the old promoters and subsequently came out with an open offer for the other shareholders at Rs 150 in May 2006. Cadila Group currently owns about 61% stake in this company. Now Carnation Nutra Analogue manufactures Nutralite brand of table margarine. Now margarine is nothing but a healthier alternative to butter and it is made from vegetable oils and skimmed milk. Nutralite is the largest selling margarine in India and currently has a market share of close to 60%. After acquisition of Carnation Nutra Analogue, Cadila Group has been on an overdrive and they have started an aggressive marketing campaign for Nutralite. This includes advertising the product on various TV channels and also distribution of samples with Sugar Free, which is another brand of Cadila Group. If you see the consumption pattern of margarine - in the west, consumption of margarine is three times more than that of butter whereas in our country it is only a small fraction of the total consumption of butter. This is probably because of lack of awareness about these products. Now what is happening is with changing lifestyle patterns, sedentary lifestyles and growing affluence, it is leading to a lot of lifestyle related diseases like cardiovascular diseases and obesity. In such a scenario, products like Sugar Free and Nutralite are gaining greater acceptance amongst the Indian customers. This company has got all the ingredients to go up a long way. This company currently has a product which has the largest market share and is still in a very infant stage. It has good management, which is capable of considerably scaling up operations to meet the growing demand for this product. This company has a small equity of Rs 5.45 crore and a high promoter stake of 61%. We believe that Nutralite is still in the evolution phase of the product lifecycle and it is still to start the growth phase. The market for margarine, which is very small as of now, may see an exponential growth in the years to come. With Cadila now in the driver's seat, Nutralite may be a repeat of what Cadila did to Sugar Free. ----------------------
Basant jee
Please post our views on the above analysis as well as on this 'gem-explorer-cum-media savvy' analyst.
By the way, leave aside buying shares of Carnation, buying & eating of Nutralite doesn't seem expensive, does it?
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: omshivaya
Date Posted: 17/Jan/2007 at 12:12pm
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What I would like to know most of all here is: What are the plus points of Butter over margarine?
I am a simple layman and I understand only this: Ciggaretes are injurious to health and yet cigarrette is a thriving industry. People smoke and smoke and then they pay loads of money to treat diseases due to ciggy smoking. If people already know Ciggy is bad, why do they still do it?
If butter and margarine tastes the same or if margarine tastes better, then definitely margarine has an edge(even if it costs a bit more).
The 2nd point being that of the distribution network. How powerful is the distribution ntwk. of Nutralite, compared to an Amul Butter!
The 3rd point: Amul Butter may come up with a margarine based product? What then? Is the margarine some patented formula? Someone may choose an Amul based margarine product over someone else's due to brand loyalty.
If indeed Amul would come up with a margarine-based product, the only thing that I think would make THE difference is the whosoever has the stronger distribution network and marketing campaigns!
Really would love to have a detailed discussion on this. Basant sir, would you oblige?  ------------- The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it |
Posted By: sanjay3
Date Posted: 17/Jan/2007 at 1:49am
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Nutralite is widely avaliable Omji as far taste is concerned it is different but due to its benifits ,and increase in diebetic and cholestrol problems demand side is bright
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Posted By: omshivaya
Date Posted: 18/Jan/2007 at 12:44pm
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Thanks sanjay ji. Addressable market needs to be addressed, excluding the market already covered by Butter. I dont know how many of the butter consumers will shift to Nutralite. Can a majority do so? Maybe someone can throw in some expert light. ------------- The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it |
Posted By: s_praharaj
Date Posted: 19/Jan/2007 at 11:55pm
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After Carnation was discussed in this forum, I bought a pack of Nutralite
and tasted it. It tastes just like butter.
While buying I asked the shopkeeper, How many Nutralite he is selling a day. He told hardly 2-3 daily. How many Amul butter u are selling, I asked. He told not less than 40 daily. I told him "Nutralite is a healthy alternative and people will slowly shift to it."
He told, " No-Sir, I don't see there is any competition for Amul. Those who take Amul, never ask for anything else."
But I beleive, Nutralite will definitely catchup with time, as people are becomming more health conscious day by day. ------------- Shashi Praharaj |
Posted By: kulman
Date Posted: 19/Jan/2007 at 12:14pm
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Shashi jee thanks for posting your observations. What you have experienced is a fact, maybe across India.
Om jee has also raised valid questions.
As mentioned previously we have been using Nutralite for over 5 years now, especially as sandwitch spread, in Paav Bhaaji, baking cakes etc...
It used to be available only in select supermarkets earlier, but nowadays (maybe due to distribution strengths of Cadila) one can see it in neighbourhood Kirana (Grocery) stores. Besides with organised retailing, the reach has increased.
Let's see how & whether results show growth improvement over coming quarters.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: basant
Date Posted: 19/Jan/2007 at 9:00am
Peter Lynch would smile and raise a toast for "nutrelite" if he was reading this. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: kulman
Date Posted: 19/Jan/2007 at 10:22am
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Basant Jee....
Aap ke tippani ke liye shukriya....lekin jab bhi aap Peter Lynch kaa jikr karte ho....muzhe Mussaddilal ki yaad aati hain!!
.......Why? .......
Because he bought Asahi India like crazy after witnessing some protests by Shiv Sena/ Bajrang Dal where they were ransacking glass claddings of shopping malls & also destroying windshields of cars parked nearby. Mussaddilal's logic was that such riots would create good replacement demand!
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: prosperity
Date Posted: 19/Jan/2007 at 10:52am
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Kulman, Others,
What are the products/offerings from Carnation Nutra .... If you can give complete exhaustive list of products, it would be of great help ...
1) Butter replacement
2) Bread Spread
3) ??
4) ??
"Sugar Free" is NOT from Carnation ... its from its parent Cadilla ... So sugar Free profits would not go to Carnation ...
Nutralite Vegatable Cooking Oil - Is that also from Carnation ?
Any other product ? The website of Nutralite only talks of Butter Replacement Product ... Hence these questions !!
Thanx !!
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Posted By: kulman
Date Posted: 20/Jan/2007 at 12:02pm
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As far as I know, Carnation has discontinued manufacturing of of all other products. They are purely focussing on Margarine branded as 'Nutralite'.
As we all know, there was a change in Promoter & Management from Amin family to Cadila this year.
Sugar Free is a Cadila product, totally unrelated to Carnation. Analysts are drawing conclusion that Cadila's powerful distribution & marketing skills would help Carnation achieve exponential growth.
Personally speaking I love Nutralite as a product and it has been good for my health. Now whether investment in Carnation proves good for one's wealth is a million dollar question which only time will tell.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: sanjay3
Date Posted: 20/Jan/2007 at 6:24am
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Margarine Basics
Margarine is essentially a butter substitute. It primarily contains lesser saturated fats than butter as it is made from vegetable oils which contain PUFA (poly unsaturated fatty acids). PUFA helps fight cholesterol whereas butter is made from pure milk fat or fat from animal source. Did you know? While the Indian market for margarine is nascent and evolving, internationally, in view of its health advantages, margarine is 2 times more popular than butter. In developed markets, the per capita consumption of margarine is 81 b (3.6 kg) while that of butter is 41 b (1.8 kg). Butter v/s Margarine - which is better and why? 1. While butter contains animal fats, which are rich in saturated fats and trans fats, Nutralite is made from the healthier fats (non-hydrogenated vegetable oils), and not milk fats. 2. Nutralite has negligible quantities of TFA (less than 1gm per 100gm) whereas butter has 4 times higher quantity of the same. 3. It is cholesterol-free whereas butter contains more than 250mg per 100gm (33 mg/spoon). 4. It contains 25 % less saturated fats than butter. 5. It is PUFA / MUFA rich and contains 2˝ times more PUFA and 1˝ times more MUFA than butter. 6. It is rich in Vitamin A, D and E and its Vitamin E content is 5 times more than butter. Nutralite, therefore, clearly emerges as a clear healthier alternative to butter. Substituting butter with Nutralite can help adopt healthier food habits and prevent the risk of cholesterol, heart diseases, weight gain / obesity, etc. ------------- |
Posted By: sanjay3
Date Posted: 20/Jan/2007 at 6:37am
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Heart of the matter
Not too long ago, only people in their 50s and above were seen as potential victims of heart ailments. No longer. As this paper reported on Sunday, the targets are getting younger and younger. A study by the World Health Organisation seems to confirm what doctors have been saying for some time-one in every two heart patients in India is below the age of 45. New estimates show that one out of seven people in a city like Mumbai — with its typically high-stress, irregular-diet, urban lifestyle are under risk of suffering from one of the four deadly diseases-diabetes, hypertension, high blood pressure or heart diseases http://www.dnaindia.com ------------- |
Posted By: sanjay3
Date Posted: 20/Jan/2007 at 6:43am
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AMUL LITE : A Low Fat Low Cholesterol Bread Spread
Unlike Butter & Margarine, Amul Lite is a low-fat, low-calorie & low-cholesterol bread spread, hence a healthier substitute. It contains 26% less fat and calorie content as compared to butter or margarine. PRODUCT COMPOSITIONPer 100g AMUL LITE BUTTER MARGARINE Total fat % 59 80 80 Milk Fat % 10 80 0 Vegetable Fat % 49 0 80 Cholesterol 26 mg 210 0 Total Calories 531 720 720 Special Features Since Amul lite is low in calories, you can maintain your slim-trim shape without sacrificing on the taste. Amul lite is a low-fat and low-cholesterol product and less cholesterol means less chance of heart diseases. It is specially suited for elderly people & those with health complications for whom the consumption of high cholesterol and high saturated fat products is restricted. Amul Lite is low in saturated fats & high in PUFA for a "healthy heart". Amul Lite contains "Omega-6 & Omega-3 fats" which maintain healthy cholesterol levels. Amul Lite is fortified with Vitamins A & D, essential for good vision & healthy skin It is manufactured in a fully automated, ISO9000 certified plant under strict hygienic conditions. Product Specification The product is certified by AGMARK for quality Product Application Amul Lite is ideal spread for toasts, sandwiches & bread. It can be used for topping on parathas, pav-bhaji, pulao, khichri, soups etc and also for household baking, preparation of cakes etc. So, you can now gorge on all the delights without putting on those extra calories, thanks to Amul Lite. ------------- |
Posted By: sanjay3
Date Posted: 20/Jan/2007 at 6:47am
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GCMMF: An Overview
Gujarat Cooperative Milk Marketing Federation (GCMMF) is India's largest food products marketing organisation. It is a state level apex body of milk cooperatives in Gujarat which aims to provide remunerative returns to the farmers and also serve the interest of consumers by providing quality products which are good value for Sales Turnover Rs (million) US $ (in million) 2003-04 28941 616 2004-05 29225 672 2005-06 37736 850 ------------- |
Posted By: nikhil090
Date Posted: 20/Jan/2007 at 9:16am
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the key will come to the entry barriers for lets say Britannia, Amul to enter into Nutralite.. As and when it becomes popular, every current popular butter manufacturer will offer this in its portfolio and they will get more m/s because of brand recall as well as their wider reach.. I dont think Cadilla will be able to compete with Amul/britannia etc unless they have something which cannot be replicated.. some competitive advantage.. Is there any?? |
Posted By: basant
Date Posted: 20/Jan/2007 at 10:29am
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You have a point but we need to see about what happens if Cadilla takes away just 10% of the market share. ANything more then that does not seem possible but 10% of market share with a higher 15% coming in form the metros is a possibility.Has anyone worked out the numbers for this? ALso these companies have undefined time lines. FOr instance we need to hold them for 5 years and then hope that the transformation comes unlike the others where we know the direction and destination in 3-4 years.
I am not saying that Carnation is a dudd or anything but just that we cannot plan and expect returns within the dedicated timeline because maybe the management itself does not know where it would be in 2010.
The stock should however be a market outperformer though. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: s_praharaj
Date Posted: 21/Jan/2007 at 3:59pm
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Today I went to another nearby shop and bought a Nutralite. Again I asked him "how this is selling". He gave me a big lecture. He told more and more people are getting health conscious. Previously I was selling one or two in a week, but now I am selling at least 40 in a week. It has a great future.
I came back home satisfied and thinking to make some initial purchases. With today's Hindusthan Times, Bombay Edition there is a supplement called "Brunch". In that there is a article by Vir Sanghvi. A full 2 page article which says, margarine based butters are thoroughly bad for health. It goes on to say that Amul or any other home grown butter is not only good in taste, it is healthy too.
It is certainly a dampner. TED members can verify this article. ------------- Shashi Praharaj |
Posted By: kulman
Date Posted: 21/Jan/2007 at 6:05pm
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Very interesting & informative posts here....
Generally, my observation is that margarine is gaining popularity due to lots of people becoming health conscious and having seen its wide usage in Western world.
Let's see how Carnation fares in gaining market share. I further invite forum member's opinion/views on following:
1. Cadila's management
2. The analysis done by Mr. Ashish Chugh
3. Ashish Chugh as an analyst
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: johnnybravo
Date Posted: 22/Jan/2007 at 3:29pm
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Margarine might be a great thing technically, but the product needs to appeal to the consumers. Consumers need to be really aware of the benefits. It would be very easy for established brands like Amul, Britannia to come out with products that have tall claims! In India almost all retail brands adopt this practice, without the actual product being hardly superior and nobody is out there to verify whether it is actually that good or not. So i see more such less-harmful butter variants coming into the market in the near future and gaining market share, but how much of that shall be Margarine is my doubt. Just thought of the high speed petrol and diesel brands that came a few years back. Now every oil marketting company has these. Whether it really gives a performance boost or not is a 50-50 opinion. |
Posted By: prosperity
Date Posted: 22/Jan/2007 at 3:36pm
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But unlike high speed petrol and diesel brands, Margarine is CHEAPER than Butter !! I am a user of Nutralite for past 2 months ... much before we began this topic .. the TV advertisement converted me ...
And i bought some stocks last week ... Thanks to Kulman !
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Posted By: basant
Date Posted: 22/Jan/2007 at 4:10pm
Kulmanji spreading knowledge with prosperity to prosperity .------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: prosperity
Date Posted: 22/Jan/2007 at 7:35pm
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Basantji, you avoided me in referring Kulman as Mr. Buffet, so i have stopped it ... but then your words reminded me of "Mr. Buffet"
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Posted By: kulman
Date Posted: 22/Jan/2007 at 11:58am
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Kahin yeh Hindi muhaware jaisa to nahin? makhhan laga ke!! ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: prosperity
Date Posted: 23/Jan/2007 at 12:04pm
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hindi muhawara bhi change ho jaayega, dekho dekho aagge aagge hota hain kya ... From "makhhan laga ke", it would now become "margarine laga ke" ;)
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Posted By: kulman
Date Posted: 23/Jan/2007 at 5:25pm
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"margarine laga ke" ................Insha Allah !!!
The quarter ending Dec'06 results were not impressive though. As somone mentioned it appears a real long-term story (if at all) for a patient investor.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: kulman
Date Posted: 05/Feb/2007 at 6:59am
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: Mr. V
Date Posted: 02/Mar/2007 at 11:33pm
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Amul already has a margarine product.
http://www.amul.com/bread-delicious.html - http://www.amul.com/bread-delicious.html
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Posted By: Mr. V
Date Posted: 20/Mar/2007 at 11:48pm
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I asked a friend of mine in Bangalore and my mom in Kolkata to enquire about nutralite in the neighbourhood stores. Far from stocking it, the shopkeepers hadn't even heard about it.
The present market of Nutralite is obviously very small and for the sake of clarity, it would be good to hear from the management about their future plans of expansion.
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Posted By: kulman
Date Posted: 20/Mar/2007 at 7:33am
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Interesting. Thanks for the feedback, Mr. V. ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: tigershark
Date Posted: 20/Mar/2007 at 8:04am
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cholesterol is a normal ingredient of the human body without which this website would not have existed. cholesterol is produced by the liver using the things we eat especially the fats that we eat so it is imperative that 15-20% of our diet should contain of healthy fats.nuts, olive oil, sunflower,rice branoil , fish are considered some of the healthy sources of fats.fats from milk products animal fats do contain large quanities of saturated fatswhich in large quantities could result ih higher production of cholesterol, triglycerides which is harmful to our blood vessels.in short cholesterol is an animal fat and is never found in plants humans require cholesterol and it is produced by the liver a higher than normal fatty diet will result in higher production of cholesterol anything produced in excess by the body is stored in undesirable plces ------------- understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things |
Posted By: Mr. V
Date Posted: 28/Mar/2007 at 12:04pm
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The following blog seems to be tracking Carnation Nutra http://premsagark.blogspot.com/2007/03/carnation-nutra-downgrade.html - http://premsagark.blogspot.com/2007/03/carnation-nutra-downgrade.html From the guy's research it seems like Nutralite is not available in most of the stores in Bangalore & Hyd. Check the archived posts on Carnation Nutra as well. |
Posted By: kulman
Date Posted: 08/Jun/2007 at 11:23am
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Basant jee
Could you please analyse these results, especially please comment on 'change in depreciation method'* and it's implications. Would be grateful if you could explain in laymen's lingo.
*In order to align with the holding company´s policy of depreciation, the company has change the method of depreciation from written down value of straight line method. Due to this, the profit for the year is higher by Rs 1.50 million Morever, consequent to change in method, excess amount of depreciation provided in earlier years amounting to Rs 18.80 million have been written back to profit and loss account.
------------- Life can only be understood backwards—but it must be lived forwards |
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Posted By: basant
Date Posted: 08/Jun/2007 at 11:44am
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Dep is charged in several ways but the main ones are written down value => here a asset is charged a dep at the closing balance of each year.For example a Rs 100 asset will be charged dep at 10% :
Yr 1 100*10% = Rs 10
Yr 2 (100-10)*10%= Rs 9
Yr 3 (100-10-9)*10%= Rs 8.10
Total depreciation charged Rs 10+9+8.1= Rs 27.1
Under the straight line method depreciatiion is charged at a fixed rate of say 10% on the original purchase price so dep for the 3 years would be 10+10+10 = Rs 30.
SO companies keep adjusting this difference of Rs 30-27.1= Rs 2.9 whenever they want to go back to either method.
Though it is not a sin to change methods as investors we should look at the profits before any such adjustment in depreciation method.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: prosperity
Date Posted: 29/Jul/2007 at 12:30pm
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Kulmanji, How is this company doing ? Can you publish your current views/research on this, so that TEDdies can benefit from your experience ..Thanx !
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Posted By: kulman
Date Posted: 29/Jul/2007 at 12:55pm
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First thing let me clarify is that I'm not an expert in stock analysis. Company's Q1 results are awaited. I read somewhere that topline growth should be good but due to advt & sales promotion the bottomline may be under pressure for some time.
Let's give the new management (Cadilla) some more time. Where the stock price would go, I wouldn't know.
As regards the product, well yesterday only I bought it (in a new packaging) from Reliance Fresh outlet.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: prosperity
Date Posted: 29/Jul/2007 at 1:03pm
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Thanks -
I am also a consumer of this product, but still thinking of investing (other than the very small holding i have) !
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Posted By: Mr. V
Date Posted: 29/Jul/2007 at 8:28am
Interesting that its available in Reliance Fresh. I had asked my friend in Bangalore and my parents in Kolkata to look for it but they couldn't find it in any of the grocery stores/marts. Kulman, do you think the new packaging can entice people to try it out ? Did Reliance Fresh people have anything +ve/-ve to say about its sales and promotion ? |
Posted By: kulman
Date Posted: 29/Jul/2007 at 8:45am
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The packaging is an improved one, but nothing great to entice new buyers.
No idea Mr. V on its sales promotional activities. ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: prosperity
Date Posted: 30/Sep/2007 at 2:57pm
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Kulmanji,
Did you saw Q1 results ? Liked it ? Comments please ..
I have small qty - wondering should i hold (as i am a loyal customer) OR should i exit and concentrate my portfolio .... Pls. LMK your views !
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Posted By: kulman
Date Posted: 30/Sep/2007 at 7:27pm
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Results have been just in-line, nothing to write home about. Let's give new promoters at least 1000 days. This is not expected to be a huge multi-bagger anyway. ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: prosperity
Date Posted: 30/Sep/2007 at 7:37pm
| Thanks i'll book loss if/when it reaches 100 ! |
Posted By: prosperity
Date Posted: 30/Oct/2007 at 2:38pm
| Kulmanji - Why is this stock going up ? Any news/result ? Pls. share with us - Thanks ! |
Posted By: kulman
Date Posted: 30/Oct/2007 at 10:00pm
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Check out results: http://www.bseindia.com/qresann/results.asp?scripcd=531335&scripname=Carnation%20Nutra%20Analogue%20Foods%20Ltd&type=55&quarter=SQ2007-2008 - http://www.bseindia.com/qresann/results.asp?scripcd=531335&scripname=Carnation%20Nutra%20Analogue%20Foods%20Ltd&type=55&quarter=SQ2007-2008
Might be achieving volume growth due to organised retailing. Trading at less than 10 P/E considering on FY08E EPS of Rs. 11 without considering cash on books.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: prosperity
Date Posted: 30/Oct/2007 at 11:25am
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500gms sells at Rs. 77 as against Rs. 87 for Amul/Parag Butter ...
Cost and Health - Both Conscious !
Good that margins are rising - I have a very very small stake
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Posted By: prosperity
Date Posted: 30/Oct/2007 at 11:27am
| What does Cash EPS, Normal EPS, Diluted EPS means ? |
Posted By: kulman
Date Posted: 17/Jun/2008 at 9:35am
There's no clarity yet on swap ratio & whether it would be favourable to Carnation or Cadila shareholders. ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: experteye
Date Posted: 17/Jun/2008 at 10:17am
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I like the company and group.It is healthy & if you stay long then it is wealthy too. ------------- more risk,more profit but have a vision before taking risk,itis all about investment in equities market. |
Posted By: Mr. V
Date Posted: 07/Jul/2008 at 12:57pm
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From the press release: Board of Directors of Cadial Healthcare Ltd (Cadila Healthcare) and Carnation Nutra Analogue Foods Ltd (Carnation) at their meetings held on July 04, 2008 have approved the modalities of the composite scheme of arrangement for restructuring of the Consumer Products Division of Cadila Healthcare. The Boards have approved the demerger of the Consumer Products Division of Cadila Healthcare into Carnation, which is a subsidiary of Cadila Healthcare. As consideration, Carnation shall allot to the shareholders of Cadila Healthcare 4 fully paid—up equity shares of Rs 10 (ten) each for every 15 equity shares of Rs 5 (five) each held Cadila Healthcare. The shares of Carnation will remain listed on the Bombay Stock Exchange. By virtue of this, the shareholders of Cadila Healthcare will continue to participate individually as well as collectively in the growth of the Consumer Product Business. The shareholders 0f Carnation will gain due to the increase in size of operations did benefits ii scale, besides synergic benefits, both in marketing through media and an enriched and efficient distribution on network. The grouping of same line of businesses into a single entity will greatly optimize the strengths of the Company’s consumer business, which can now be more effectively leveraged. This restructuring would also facilitate better alignment of assets with priorities to accelerate the consumer business. The process is slated to be completed by early 2009. Elaborating on the decision to hive off its Consumer Products Business into Carnation. Chairman and Managing Director, Mr. Pankaj R Patel said, "It made strategic business sense to create synergies for similar businesses and strengthen long term business prospects for the group’s consumer products business. We believe that there is a tremendous potential to grow this business and we would be better placed to unlock value through a concerted effort under a single banner. By doing this, we also create long term value for the shareholders of both companies, which has always been our endeavor." The Consumer Products Division, which posted sales of Rs 979 mio. in 2007-08, markets wellness products, which include India's leading sugar substitute — 'Sugar Free', derma care and specialized skin care products under the brand name 'Everyuth'. A pioneering entrant in the sweetener market, Sugar Free was first introduced in 1988. Over the years, the Company has extended the Sugar Free brand umbrella to make successful forays in health beverages and also to launch the succralose variant Sugar Free Natura. Carnation manufactures and markets Nutralite — India leading table spread as a healthier alternative to butter. Carnation, which was acquired by Cadila Healthcare in 2006, recorded the turnover Of Rs 563 mio. in 2007-08. The salient features of the proposed composite scheme are inter alia as under: - All assets arid liabilities of the Consumer Products Division of Cadila Healthcare shall become the assets and liabilities of Carnation w.e.f. the Demerger Appointed Date of April 01, 2008 and as consideration, Carnation shall allot 4 (four) fully pad—up equity shares of Rs 10 (ten) each for every 15 (fifteen) equity shares of Rs 5 (five) each held in Cadila to the shareholders of Cadila Healthcare. - The Scheme is subject to the requisite consent, approval of the shareholders of all the three companies, the Hon'ble High Court of Gujarat, respective Stock Exchanges and other regulatory authorities. The Board of Directors have approved the above restructuring after considering the recommendation of KPMG India Pvt Ltd. The share entitlement / exchange ratios have been determined based on the recommendation of independent valuers Viz. SSPA & Co, Chartered Accountant, and Grant Thornton, while M/s Singhi and Co. is acting as the legal advisors." |
Posted By: Mr. V
Date Posted: 07/Jul/2008 at 1:05am
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Current equity capital : 5.58 cr Current Revenues : 56 cr Equity Capital post merger: 39 cr Total Revenues of Carnation + Consumer division of Cadila Healthcare = 56 cr + 96 cr = 152 cr Clearly, the merger is in favour of the existing shareholders of Cadila Healthcare. |
Posted By: kulman
Date Posted: 07/Jul/2008 at 9:20am
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Yeah, disappointing scheme of arrangement for Carnation.
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: Vivek Sukhani
Date Posted: 07/Jul/2008 at 9:37am
There is another and more important facet to the merger ratio. What about the value of net assets acquired.....?
The first thing which we look into whether the company is unduly diluting equity in a takeover scenario is to compare the value of the deal with the net assets( assets-debt) being acquired. Can someone throw any light on that as well?
------------- Jai Guru!!! |
Posted By: shivkumar
Date Posted: 16/Oct/2009 at 4:50pm
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This thread has been dormant for so long! Request Basant and others to change the title to Zydus Wellness since it is the new name of the company. A few points I noticed while reading up on this company. Company has zero debt and I think about Rs 75 free cash per share. ROCE 60 and ROE 40 with sales growing 89 per cent and profits growing 113 per cent on three years' CAGR. Current P/E is around 20. Positives include rising operating margins. |
Posted By: neerajlulla
Date Posted: 16/Oct/2009 at 9:35pm
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great TO BUY THIS SHARE ------------- buy and forget for long term |
Posted By: somu0915
Date Posted: 16/Oct/2009 at 2:18am
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Could not find the annual reports of last 3yrs. Can any one forward them to: [email protected] ?? |
Posted By: FutureBull
Date Posted: 17/Oct/2009 at 12:11pm
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http://www.myiris.com/newsCentre/storyShow.php?fileR=20091014150914708&dir=2009/10/14&secID=livenews - Zydus Wellness net soars 5.56 times for Sep`09 qtr ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: smartcat
Date Posted: 17/Oct/2009 at 12:19pm
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Zydus Wellness was formed 6 months back - so you won't get an annual report. You can check out the 2008-2009 annual report of Cadila Healthcare if you want to read about Zydus Wellness or check its website http://www.zyduswellness.in - www.zyduswellness.in
Cadila Healthcare took a knife and cut out its FMCG business (Nutralite, Everyuth & Sugar Free brands) and merged it with Carnation Nutra (a group company) to form "Zydus Wellness".
It is a screaming buy at Rs. 700 cr market cap/20 PE - making it the cheapest FMCG stock. All the segments that it operates in - butter replacement, skin peel off, sugar replacement - Zydus Wellness has marketshare in excess of 60%.
Expect the company to report 20 to 25% growth year on year for a long time - because the segment that they operate in is growing at a similar pace.
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Posted By: somu0915
Date Posted: 17/Oct/2009 at 12:25pm
| I think the margarine business they operate in (Nutralite) has tremendous potential in india. If you look at the US, the consumption of margerine is huge which has just started in India. |
Posted By: shivkumar
Date Posted: 17/Oct/2009 at 12:34pm
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Margarine comes under the category of trans fats and these are getting banned in the US because they cause cardiac diseases. There is demand for similar legislation in India as well, so that could affect margarine business unless the company rejigs the portfolio. Anyone holding shares could ask the company on Nutralite. |
Posted By: somu0915
Date Posted: 17/Oct/2009 at 12:40pm
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There are various categories of margarine. Do u have any source which says its completely banned in US? Every type of margarine? |
Posted By: shivkumar
Date Posted: 17/Oct/2009 at 12:45pm
| http://www.usatoday.com/news/health/2006-12-04-trans-fat-ban_x.htm |
Posted By: smartcat
Date Posted: 17/Oct/2009 at 12:46pm
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Nutralite contains zero trans fat - according to the website.
Kulman has been consuming this stuff (check the first page of this thread) - and he looks normal most of the time.
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Posted By: somu0915
Date Posted: 17/Oct/2009 at 12:52pm
The article says its banned in restaurants. Not in the households!! Can you imagine the consumption of margarine in households? Sometime back I was watching CNN and there was this programme whose emphasis was obesity in US. Now the person was some health minister or something and he said, we have been consuming margarine for decades and consuming it very heavily. I cant give you the source, maybe I will try to find on you tube if its there. But margarine consumption is tremendous in US. Would like other fellow TED's to comment on this topic and correct me if I am wrong, |
Posted By: somu0915
Date Posted: 17/Oct/2009 at 1:23pm
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http://future.aae.wisc.edu/data/annual_values/by_area/2205?tab=sales - Per Capita Butter Consumtion (Product Weight) http://future.aae.wisc.edu/data/annual_values/by_area/2213?tab=sales - Per Capita Margarine Consumtion (Product Weight) If you see butter consumption, from 1987 to 2006, the consumtion varied from 4.70 - 4.70 But Margarine consumption although has reduced drastically due to its side effects, still it declined from 11.0 to 5.0, which is still the same consumption as butter. I dont know if I am correct on all this data I found on internet. Would need more advise. Thanks. |
Posted By: FutureBull
Date Posted: 20/Oct/2009 at 12:48pm
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do you think due to rising demand/Price for Sugar, some bit of demand will be substituted by Margarine? ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: nikhil090
Date Posted: 22/Nov/2009 at 10:42am
You can get it at zydus wellness website now for 2008-09. You can also find conference call transcript held in October. went through it..Some observations 1. With the merger of Cadila consumer health division now they have 3 major products - Sugar Free, Ever Yuth and Nutralite - Strong leadership in all the 3 products with Sugar free contributing the highest turnover with market share of 80%+ 2. From FY10E turnover of 250+ cr they are conservatively talking about 500 cr+ in Fy14 with 20% EBITDA margins. 3. They have negative Working capital requirement with almost no debtors and very strong cash flows. Almost at the level of top FMCG companies in india. 4. Currently trading at 225 with FY10E , PE of 30. A little on the higher side but growth should be higher than guided by management 20% growth almost a given for the next 4-5 years with commensurate stock returns possible Seems a good case for small entry with additions on dips.. |
Posted By: padmania
Date Posted: 27/Nov/2009 at 3:53pm
| I have a PDF File on some inputs on Zydus.How do I upload it here ? |
Posted By: smartcat
Date Posted: 27/Nov/2009 at 4:23pm
| Use www.filehosting.org |
Posted By: FutureBull
Date Posted: 29/Nov/2009 at 10:48am
looks like strong re rating was due.. feels like half missed despite started buying on Diwali muhurt trading ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: FutureBull
Date Posted: 01/Dec/2009 at 1:22pm
locked in 20% UC  can't imagine something better in a an FMCG stock------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: smartcat
Date Posted: 01/Dec/2009 at 2:53pm
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This means a FMCG "defensive" stock can go down 20% too. |
Posted By: FutureBull
Date Posted: 01/Dec/2009 at 3:20pm
may be not in single session ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: Hitesh Shah
Date Posted: 01/Dec/2009 at 3:37pm
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This is sooo profound!
------------- |
Posted By: deepinsight
Date Posted: 01/Dec/2009 at 6:22pm
Does it not mean that, there were more buyers "today" at a high price than sellers. Tomorrow it can be any direction with any % movement.
My sense is we give too much power to the market movements to affect our thinking. Futureball no offense meant personally. I am trying hard to be dispassionate about market price movements & am still learning. In fact, I am quite irritated with myself when I get emotionally charged by price movements.
I have often thought about this -
when a stock you have bought goes down in price on the short term - does it make you wrong?
when a stock you have bought goes up in price on the short term - does it make you right?
additionally how do these movements affect out ability to invest more or sell this particular company - and do these movements help our over riding investment objective?
Should we not be judgeing ourselves primarily on the longer term absolute returns based on the risk we have taken for investing in the particular company at that particular price and the expectation we have set for ourself?
For example, If I had bought Zydus yersterday for the long term - Its a somewhat expensive company becoming more expensive. It borrows a bit of the upside from the future. It means my three year or five year return will be more moderate from todays close.
If I had bought if for a trade then perhaps it warrants more excitement as it has given one quick retuns which could be monitized.
------------- "Investing is simple, but not easy." - Warren Buffet |
Posted By: FutureBull
Date Posted: 01/Dec/2009 at 6:40pm
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Deepinsight, it was all in light mood..first of all i don't intend to sell Zydus for next 3 yrs at least.. i was just happy and surprised by how market recognized its worth.. if it goes down by 20% or more i would be buyer rather than seller depending on market situation.. i don't understand technicals and never tried to do that either.. in fact i have always made bad bets trying to do short term..
this move doesn't mean anything to me at all unless i intend to sell..i don't need price movements to justify my purchase. hope i responded you ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: tigershark
Date Posted: 03/Dec/2009 at 7:34pm
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sharekhan on zydus http://money.livemint.com - http://money.livemint.com
------------- understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things |
Posted By: yogishkamath
Date Posted: 04/Feb/2010 at 4:32pm
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It seems a little overpriced right now but this is a lambi race ka ghoda. It has a pretty big moat (The word 'Sugar-free' is virtually synonymous with 'Artificial sweetener'), minimal capital requirements, excellent RoCE and good growth prospects.... what with all the fat/diabetic people in India who are becoming health conscious. I am hoping that t |
Posted By: yogishkamath
Date Posted: 04/Feb/2010 at 4:34pm
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*I am hoping that it will be a 10-bagger in the next 10 years |
Posted By: basant
Date Posted: 31/Mar/2010 at 5:28pm
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forum_posts.asp?TID=663&KW=zydus - Zydus Wellness replaces IDFC into forum_posts.asp?TID=429 - The Equity Desk
XI - Zydus is a Peter Lynch spin-off,
promoted by the Cadilla groups who have had a long history of rising sales and
profitability. Zydus makes and sells Nutralite (Low cholesterol butter); Sugar
Free and EverYouth range of face wash, scrubs and other skin care products.
Stock trades at 18-20 times Fy11; Market Cap Rs 1560 crores; debt free with
free cash flow; Top line should grow at more then 30% and the bottom line at
more then that because of the high operating leverage resulting from 65% gross
margin. Company is a dominant leader in all its products. In Sugar free for
instance it has 82% of the market share and similarly it has a dominant share
in all the other product lines. Company is aggressively contemplating extension
of its different brands and should generate good returns.
The installation of its new This is a good play on the urban consumer focused on health and skincare - suffering from cardiovascular disease or diabetes. Additionally it also targets the consumer who believes in the adage “Prevention is better then cure”. See this:
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: FutureBull
Date Posted: 31/Mar/2010 at 6:05pm
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oh!! i sold it just last week!! time to load it again!! ------------- ‘The market always does what it’s supposed to — BUT NEVER WHEN’. |
Posted By: vijaygawde
Date Posted: 31/Mar/2010 at 12:38pm
http://new.valueresearchonline.com/story/h2_storyView.asp?str=14248 - Nurturing Well-beingValue Research Online /Research Desk------------- Diversification is protection against ignorance, it makes little sense for those who know what they’re doing. |
Posted By: photophobic111
Date Posted: 31/Mar/2010 at 7:07am
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Some more info on Butter VS margarine http://www.healthcastle.com/butter-or-margarine.shtml It is available at 42 PE currently. I want to invest in it but due to high valuations afraid in doing so.. What does other TED'ites think? |
Posted By: tigershark
Date Posted: 31/Mar/2010 at 7:41am
------------- understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things |
Posted By: chic_1978
Date Posted: 01/Apr/2010 at 2:14pm
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Stock has zoomed from 380 to 415 levels today...
is it the TED effect ???? ------------- happy & wise investing |
Posted By: catchsudipto
Date Posted: 01/Apr/2010 at 6:20pm
http://in.reuters.com/article/indiaDeals/idINIndia-46828920100311 - ChrysCap exits Zydus Wellness at 4.7x------------- Make your Life as simple as possible. |
Posted By: jai saibaba
Date Posted: 02/Apr/2010 at 11:28am
I have a query, please tell in which quarter the new plant will commence operation? MAT will not reduce tax expense because incidence of deferred tax will increase. Only cash outflow will be reduced.
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Posted By: jai saibaba
Date Posted: 02/Apr/2010 at 11:47am
| please move the thread under appropriate head |
Posted By: basant
Date Posted: 04/Apr/2010 at 10:07am
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Forgot to mention that low cholestrol butter or margarine sales in US is two times that of butter in India margarine is around 15pc of butter plus india is set to become the country with the largest number of diabetes patients over the next few years and is already the largest consumer of sugar in the world. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: shivkumar
Date Posted: 05/Apr/2010 at 1:51pm
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margarine is worse than butter/ghee. it has trans fats in very quantities. US has banned trans fats products like margarine, shortening, etc in bakery products. |
Posted By: funkyappu
Date Posted: 05/Apr/2010 at 2:02pm
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http://www.mayoclinic.com/health/butter-vs-margarine/AN00835 - http://www.mayoclinic.com/health/butter-vs-margarine/AN00835 ------------- |