It is already plying out. If you please refer to the screener data,Company has delivered good profit growth of 47.1% CAGR over last 5 years
& Company has been maintaining a healthy dividend payout of 44.9%.

The stock price is already reflected for the company Financial performance.

It is a bio- technology company with strong R&D & support from Govt for product innovation especially in areas of alternate fuels or Biofuels such as Ethanol 1G/ 2G, CBG and doing work on Methanol & a host of other innovative products on pipeline The Govt is planning to reach its ambitious target of 20% ethanol blending by 2024-25 as against 12% now and further encourage flex fuel vehicles, You nay please read the entire thread to get some insights.

While the domestic story is being played out well and it may likely to continue to play out in future as well, however ,
In view of the recent development of Global Biofuel alliance and the fact that it is already in to export of Ethanol plants, we are looking for any Mega trend in coming days in terms of foreign collaboration , export orders etc

Discl: Invested at lower level and holding since 2021 and hence may be biased. it is not a buy or sell recommendation. please apply due diligence before investing

The interest cost includes interest on working capital demand loan, interest on term loan, interest on mobilization advance, commission and finance charges. The borrowings have gone down, by using mobilization advances from customer. However ,the company have to pay interest on 50% of these mobilization advances so overall the interest payment stayed at same level or gone up as per prevailing interest rate.

The mobilization advances are not put under borrowing in balance sheet, but under other liabilities.
The snapshot from May 2023 concall:

The customer advances have increased a lot in recent years, snapshot from screener:

Also the interest rates have gone up from average of 8.7% in year 2021 to average of 10% in year 2023. Information available in all the concalls. the snapshot from Aug 2023 concall below:

.

The snapshot from Nov 2021:

The breakdown of the interest cost below from 1 of the concall for year 2022:

Yes the depreciation earlier was super aggressive. The new depreciation rate is the correct rate assets should be depreciated at. Hence the logic of looking at P/E. Alternative look at it P/CFO where CFO = Cash Flow from Operations. According to screener CFO was Rs36 crs last year. Stock is super cheap on that metric too…

Regarding intel fab:

1. Did you know that once these high end wafers are ready in arizona fab, they will have to be shipped to TSMC for packaging? … since CoWoS is done in taiwan.
2. Intel has booked 3nm capcity at tsmc – This jugglery of “we will have our own american fab” vs “we are booking tsmc fabs for ourself” reminds me of another jugglery Pat Gelsinger did sometime back – “We will get tower aquisition approval from china” vs “sabre rattling china threat”. We know how this went. Intel Books Two 3 nm Processor Orders at TSMC Manufacturing Facilities | TechPowerUp

Intel is on a short runway by itself… chips act money is not enough as the amount is not exclusive to intel.

1. Has to execute on the nodes (a single miss and you are gone) –
   2021
   Intel’s Process Roadmap to 2025: with 4nm, 3nm, 20A and 18A?!
   

   2023
   Intel: Meteor Lake & Intel 4 Process Now Ramping for Production

Till now, we are yet to see a product with intel 4. Expected time is 2H23 as told in the earnings calls. Not to mention they need customers for their high capex foundry.

Be careful with this one – 2025 is when they gain parity as mentioned by Their CFO in a recent analyst call. Only positive is the government thinks it cannot be let to fall. Then it may force american cos to order in intel fab. But what could be the possible timeline for this one?

2. Design team has to show it can work without help from foundry (IDM 2)

As of now, no indication of anything.