Select Company Perspectives

INVESTMENT THESIS ON NEOGEN CHEMICALS

Neogen is the only company which we continue to purchase even at valuations > 50x TTM PE.
We make exceptions only when a company is at a very early stage of the growth cycle, where there are visible opportunities/triggers for high growth longevity, and we are investing in top decile promoters.

Enclosed is a brief note to explain our thought process underlying this investment.

INVESTMENT THESIS ON ICICI PRUDENTIAL LIFE INSURANCE

We have put together a brief note to explain our thought process underlying this investment.

INVESTMENT THESIS ON TEAM LEASE

We have put together a brief note to explain our thought process underlying this investment .

TEAM LEASE – EXIT NOTE

In this note we explain our rationale for exiting Team Lease.

INVESTMENT THESIS ON STAR HEALTH LIFE INSURANCE

Star Health is a Health Insurance company primarily focused on the retail segment. This is a business we would like to own for long periods of time.
With its leadership of a large and growing market that provides the opportunity to grow PAT at ~18-20%+ for next decade, 16-18% Accounting ROE and higher Cash ROE, Star Health is a very attractive business to own at current prices from a 5–10-year perspective.

Enclosed is a brief note to explain our thought process underlying this investment.

INVESTMENT THESIS ON MAYUR UNIQUOTERS

The lack of Earnings growth for Mayur in the last few years coupled with no immediate triggers has resulted in a reasonable valuation today.
We continue to own Mayur as we believe poor financial performance can be principally explained by the environment whereas business is evolving well on operating metrics. We also have a variance perception on key person risk.

Enclosed is a brief note to explain our thought process underlying this investment.

INVESTMENT THESIS ON SOLARA ACTIVE PHARMA

We have put together a brief note to explain our thought process underlying this investment.