IPO Details
Issue Date
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IPO Size
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Schedule of Turtle Infratrade IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
About Turtle Infratrade Ltd IPO
The IPO of Turtle Infratrade Ltd comprises only of a fresh issue of 27,00,000 equity shares at the issue price of ₹40 each. There’s no offer for sale in this fixed price issue. The IPO opens on TBA and closes on TBA. The credit of shares to the demat account will take place on TBA. The basis of allotment will take place on TBA and the initiation of refunds will take place on TBA.
Objectives of Turtle Infratrade Ltd IPO
- Acquisition of transport trucks
- Augmenting additional working capital requirements
- General corporate purposes
Turtle Infratrade Ltd IPO Valuation
Turtle Infratrade Ltd IPO Share Offer and Subscription Details
| Investor Category | Shares Offered (Max) |
|---|---|
QIB and NII | The maximum application size for QIBs and NIIs is 25,62,000 equity shares |
Retail individuals | 3,000 equity shares |
Industry Outlook
The Indian logistics sector stands as one of the world's largest and plays a crucial role in driving economic growth. As per the projections from EY, a leading global consulting firm, the logistics market in India is poised to expand further, reaching US$591 billion by FY27. Organised players are anticipated to exhibit a notable CAGR of approximately 32% between 2022 and 2027. Consequently, their market share is expected to reach 12-15% by FY27.
Company Information
Turtle Infratrade Ltd provides transportation and logistics services to the energy industry, focusing on the movement of goods for the refinery operations. It has a fleet of 80 commercial vehicles, each maintained to handle large-scale transportation needs including ethanol, bitumen and other materials used by refineries.
Its services ensure on time delivery of refineries transportation needs keeping their operations running smoothly. The company is equipped to handle large-scale transportation needs, ensuring the safe and timely delivery of products essential to refinery operations. It’s also engaged in the business of procurement and distribution of commodities such as sugar, ethanol and bulk bitumen.
Turtle Infratrade Ltd Strengths
Specialised Fleet
Turtle Infratrade Ltd has a fleet of vehicles that can safely transport hazardous materials, which sets it apart from other companies and helps it meet the needs of the energy industry. The company’s services help refineries get the raw materials, chemicals, and refined products they need on time, so their operations can keep running smoothly. The company’s fleet is carefully maintained to make sure it’s always ready for any job, which helps it avoid delays.
Strong Customer Base
The company has a strong customer base in the local as well as interstate market. Over a period of time, it has built-up a track record for quality products and timely delivery. The company has been able to retain customers and further strengthen the relationship by providing them end-to-end solutions for their logistics requirements.
Strong Sourcing Network and Quality Control
The company benefits from a well-established network of suppliers, sourcing quality commodities like sugar, ethanol, and bulk bitumen from trusted suppliers across Maharashtra and international markets. By purchasing directly from mills or third-party importers, it ensures a steady and reliable supply of products to meet the demands of its B2B clients.
Risks of Turtle Infratrade Ltd IPO
- Majority of Business is From Trading Business
The company is heavily reliant on the trading of commodities like sugar, ethanol, and bulk bitumen. For the period ending September 30, 2024, and the last three financial years ended March 31, 2024, 2023 and 2022, the trading revenues were 82.04%, 82.23%, 64.38% and 81.40% of its total revenues from operations. The prices of these commodities have been highly volatile due to factors such as weather conditions, geopolitical tensions, and global supply-demand imbalances. If commodity prices suddenly drop or increase beyond its control, it could directly impact its profit margins.
- Geographical Concentration
Currently, the company’s registered office is situated in Pune and it’s carrying its business mainly from their Pune office. Hence its major revenues are generated from operations in Maharashtra region only. In the event that demand for its services in general reduces or stops by any reason including political discord or instability or change in policies of state, its financial condition and operating results may be materially and adversely affected.
- Competitive Industry
The segments of the logistics and trading/distribution industry in which the company operates are subject to intense competition. Its principal competitors are other advisory companies, including other major companies with well-established business. It also competes against smaller agencies and other independent and local entities engaged in advertising business. If it’s unable to compete successfully, its revenues or profits may decline or its ability to maintain or increase its market share may be diminished.
All Financial Information about Turtle Infratrade
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Company | Total Income (in ₹ crores) | P/E Ratio | EPS in ₹ | Return on Net Worth (in %) | NAV Per Share (in ₹) |
|---|---|---|---|---|---|
Turtle Infratrade Ltd | 178.6379 | 5.40 | 7.41 | 43.89 | 16.88 |
Chandra Prabhu International Ltd | 857.5104 | 56.74 | 0.42 | 1.65 | 126.94 |
Anik Industries Ltd | 106.0535 | 1028.18 | 0.11 | 0.08 | 144.90 |
Balgopal Commercial Ltd | 28.8371 | 17.60 | 7.97 | 46.07 | 17.31 |
Anchor Investor Bidding Date TBA
IPO Registrar and Book Running Lead Manager
- IPO Registrar: Bigshare Services Pvt Ltd
- Book Running Lead Manager: Inventure Merchant Banker Services Private Ltd
Business Model
Turtle Infratrade Ltd provides transportation and logistics services to the energy industry. Its key services include fleet management and transportation solutions that include refinery supply chain support, hazardous material handling, partnerships with sugar factories, etc. The company also specialises in the procurement and distribution of agro-commodities such as sugar, ethanol, and bulk bitumen, sourced from local mills or through direct imports.
Company Growth Trajectory
The company’s EBITDA margin jumped from ₹7.0049 crores in FY 22 to ₹8.8806 crores in FY 24, a jump from 2.85% in FY 22 to 4.97% in FY 24. On the other hand, its PAT jumped from ₹2.9697 crores in FY 22 to ₹5.5699 crores in FY 24, a growth from 1.21% in FY 22 to 3.12% in FY 24.
Market Position
With a fleet of 80 commercial vehicles, each maintained to handle large-scale transportation needs, Turtle Infratrade Ltd serves energy companies, sugar factories and BPCL. The company’s expertise in bulk handling and logistics ensures that its B2B clients receive consistent and on-time shipments, which is critical for industries that depend on these commodities. This ability to efficiently manage supply and demand strengthens its position in the market and builds trust with its clients.
Turtle Infratrade Ltd Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Revenue (in ₹ crores) | 178.6379 | 125.3810 | 246.2129 |
Profit Before Tax (in ₹ crores) | 6.3244 | 1.7197 | 4.0535 |
Profit After Tax (in ₹ crores) | 5.5699 | 1.3179 | 2.9697 |
EPS in ₹ | 7.41 | 1.75 | 3.95 |
EBITDA (in ₹ crores) | 8.8806 | 6.6711 | 7.005 |
Turtle Infratrade Ltd Balance Sheet
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | 6.3244 | 1.7197 | 4.0535 |
Net Cash Generated from Operation (in ₹ crores) | 5.2854 | 5.0471 | 2.5315 |
Net Cash (Used in) Investing Activities (in ₹ crores) | (1.0958) | 0.1774 | (12.1653) |
Net Cash Generated / Used in Financing Activities (in ₹ crores) | (3.5898) | (5.1088) | 7.1747 |
Cash and Cash Equivalents at the End of the Year (in ₹ crores) | 2.1566 | 1.5568 | 1.4412 |
How to Check Allotment Status of Turtle Infratrade Ltd?
1. Visit the Registrar’s Website
- Visit the official website of Bigshare Services Pvt Ltd
- Click on ‘IPO Allotment Status’ from ‘Solutions’
- Click on any one of the servers
- Choose ‘Company Name’ and input either your Application Number, Beneficiary ID or
- PAN number
- Enter captcha and click on ‘Search’ to know the status
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
How to Apply for Turtle Infratrade Ltd IPO?
- Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Turtle Infratrade IPO FAQs
What is the Turtle Infratrade Ltd IPO?
The IPO of Turtle Infratrade Ltd comprises a fresh issue of up to 27,00,000 equity shares.
When will the IPO of Turtle Infratrade Ltd go live?
The exact dates of the IPO are yet to be announced.
Who is the MD of Turtle Infratrade Ltd IPO?
Mahesh S. Deshmukh is the MD of Turtle Infratrade Ltd.
From where can I read more about the IPO of Turtle Infratrade Ltd?
You can read more about the IPO of Turtle Infratrade Ltd from the company’s draft red herring prospectus here.
