Stock on Radar -Gillanders

Gillanders - Buy at cmp 138 for the targets of 149 to 165 , time frame 1 to 2 months ,SL 119

Incorporated in 1935, Gillanders Arbuthnot

and Company Ltd deals in manufacture and sale of tea, yarn made out of Cotton, Man Made Fibres, Steel Structural, Pipes and Equipment and designing, supplying, erection and commissioning of projects on turnkey basis and letting out of property on Rent

1) Gillanders among the top 3 players in 2W and a leader in 3W.

2) Recently company seen a turnaround by coming in profit vs loss

They posted 5 cr profit vs loss of 35 crores

3) Promoters recently increased stake and holding nearly 70% of the company

4) Healthy sales growth of 36% ( yoy)

*5) Valuations looks attractive

Price to sales ratio 0.7x vs other peers 2.2X

Price to book ratio 1x*

6) Debt reduced drastically, working capital cycle improved

7) No pledge of shares , modest dividend yield

8) Diversified operations in different sectors like - tea , textile, real estate, engineering ( it helps in reducing risk of single sector)

9) Since 1934 company is in existence and kothari group is the strong promoter of the company

Business Overview:

GACL is a part of the Kothari Group of Companies. It deals in tea, textiles and engineering business activities. It also owns the famous building Gillander House in Kolkata

Business Division:

a) Textiles Division:

Company has a total installed capacity

of 50,000 Spindles in West Bengal,

where it offers a range of specialized

varieties of grey, Mélange and dyed

yarns in cotton, polyester, acrylic,

viscose, modal and their blends,

Solid Dyed Yarn and Fancy Effect

Yarn

b) Engineering Division:

Gillanders Arbuthnot & Co. Ltd. known

as 'MICCO' is a leading EPC /Turnkey Constructing company, executing turn

key contracts all over India

c) Tea Division:

Company is a producer of Assam & Dooars quality tea. It has 6 factories and 8 gardens spread over 3100 hectares where it manufactures around 10 Million kg tea comprising CTC, Orthodox & Green tea

d) Property Division:

Company is engaged in utilizing this highly

valued property and earns income from the tenants of this building. The division also looks after the maintenance and up keeping of this property

Overseas Investment:

In FY23, company invested $5.50 Lac

by subscribing to 6,04,396 fully paid

-up equity shares of USD 0.91 each

of GillandersHoldings (Mauritius) Ltd,

a Wholly Owned Foreign Subsidiary

of the company

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