Some developments

my statement was in regard to the covid years, thats when the remuneration was voluntarily reduced, so that company’s financial are not pressurised.

second of all we cannot just compare numbers and say his progeny doesnt deserve that much remuneration, we dont know the level or kind of work they are currently doing.

these numbers are not so high that it becomes a big red flag, atleast for me.

my point is everyone wants to make money, even the promoters, as long they continue growing, we need to give them some leeway

our investing frameworks cannot be imposed on the overall operations of the company and management

The question is not at what they prices the ended up buying but up to what price where they comfortable buying at? Had the market not obliged and prices in general trended up, they would have indeed ended buying at closer to the indicated cap of Rs1850. And in that context, one should question if the Rs1850 was a prudently low enough valuation in relation to long term valuation range and upcoming earnings outlook (which turned out to be weak and the market already pre-empted) – buybacks are great value when done at attractively low valuations and only in that case they add value to the non-selling shareholders. Otherwise, they are little else than theatrics – help to support the stock, reduce share dilution via ESOPs and return some cash to selling shareholders at the expense of non-selling shareholders.

The allocation in my personal and across family pf would be roughly 11%, I guess. Coming to the anti-thesis, i guess would be only if there is a structural drop in their base tea and coffee brands whether it is in volumes or margins. As it is the rest of businesses are in growth mode but to reach sizeable contribution of sales and profits would take at least 3-5 years. So, this is key monitorable for me. Another one would be what is the growth % of the rest of the portfolio.

I would also sell if Sunil left for any odd reason and they do not get a good replacement. My Buy is very recent so i guess around 760 is the average price at which i have bought.