Key Points
VA Tech Wabag is a water technology company and it operates globally across the world, especially Europe, India, Middle East and their main expertise is in setting up desalination plants..
Just to caution investors that being an EPC company, there can always be volatility in earnings because project completion is when they recognise the revenue and that may fluctuate from quarter to quarter but the next two-three years are exceptionally good for this company and valuation-wise also it is quite reasonable...
If you look at the entire spectrum of the NBFC space, microfinance has the highest net interest margin, almost 12% plus and such high interest margins afford you the luxury of taking high NPAs, supposing something were to go wrong in the environment...
In the past, microfinance companies have gone through bad times during Covid and the IL&FS crisis and still they have been able to come out stronger because of very high net interest income..
The only reason Ujjivan Small Finance is cheaper than the other two microfinance companies, that is Spandana Sphoorty and CreditAccess because it has had a bit of a past with NPAs but now all of them have been written off and their net NPA level is among the lowest in the country...
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