The market wants to know how much more pain you have to suffer. I know no one can call the bottom, but we must know if a large part of the pain is behind us.
Mohit Khanna: It is very difficult to call. What happens in the next two months is that we expect some instability to continue in the near term. But today, customers investing money will be two years very happy customers. Therefore, we are investing and we continue to deploy capital on a steady state basis. However, we have slowed down a bit, but we continue to deploy capital. We expect some instability and it should be good in a few months.
Why do you think customers will be happy? In order to be happy customers, returns have to come. Do you think from here, in the next two years, money will be made?
Mohit Khanna: Yes, of course. There is still a way to grow in the underlying after this improvement. The reform market has been overwhelming and there may be a little left. But today is bound to make money in any relatively better valuation. If we look for India’s growth story in the next two years, it should play really well.
Let’s throw the word value and earnings here. To go markets, the valuation has to look attractive and improve earnings. Let us start with the first valuation. Is the valuation look really attractive?
Mohit Khanna: In some pockets, yes, we have a lot of stocks, many fields that offer value. But in the short -term recovery procurement or in the stimulus that we have seen so far, the aspect of growth has been relatively better. After this correction, there are many better valuations pockets, but the re -recovery procurement that is coming or in the market, favoring growth. Therefore, the value seems a bit abundant that it is midcap or smallcap space, but someone must be truly careful and is calling a pure play bottles-up strategy where you have to focus on the retrieval achievement of earnings. Overall, we can evaluate a little over the index level, but it is good. Multiple stocks have improved many value.
Inside the auto space, you are having a constructive point of view. But now the new-age EV players as well as the traditional OEM players are clearly bifurcated, with most parts of the EVO now. What are you making?
Mohit Khanna: We like a good mix of both ice and EV in two-wheeler space. The cash flow will continue to come from snow, which was deployed in EV and that part of that market or revenue line should be made by two-wheeler companies in the coming years. They already have a good market share, but the overall market share of EV in India is sitting around 5.5-6%, and it should eventually start to grow.
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I will start lifting and I have been enjoying tracking your Pay FIRM and good work for many years. Do you think of taking seven, eight, ten big bets. What are your focused big bets for the next three to five years?
Mohit Khanna: Well, in the midcap fund I manage, my big bets are in FMCG, consumer space. I have big bats in one of the mining company as well as one of the healthcare hospital companies. It is the fields on which I are absolutely booming.
These plans share the top five holdings, which comes in the public field. Can you share information already in the public domain, about your top five holdings?
Mohit Khanna: I will not be able to share certain names. I don’t think I have that approval here. But here 35% of the portfolio is anchored to receive rural reCOVERY. The second is 35% of portfolio defense, 20% of capital goods, conservation, railway, mining.
I have about 4% cash at the portfolio level and the rest is in financial matters, with the lenders a little lower, the structure of the market is slightly higher because it is a structural growth story.
But contrary to the point of view of financial matters, where you have a neutral attitude, why not look attractive because there is a lot of debate about the assessment. How are you looking at this place?
Mohit Khanna: The financial assessment is a certain level of rest because they have not participated too much. But if you look at the positive triggers that the valuation really needs to be converted into a growth category where you really try to make money, lack it. If you see the recent news flowing, the pressure on the NIM continues. This is especially for midcap space on the banking side.
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After that, there are issues in the MFI space. We really do not even see any major re -recovery on the side of the lower provision. We still have a few quarters for banking in the midcap space and to return to the path of growth.
I don’t know if it is worth asking or not, what are your latest purchases or recommendations and what have you sold?
Mohit Khanna: As I just discussed, in December we increased our allocation for defense and customer reCOVERY; For the last few months it has really moved well. Therefore, we did all those portfolio by December. In terms of sales, it is a lot of bottom-up in which we want to go beyond stocks that have done well well or do not look as much existing structural stories. We want to be very sure about income and profit and EBITDA delivery by companies in the next two quarters, as it will be the main difference factor between artists and underperformers.
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