Thanks for sharing all the updates. Really appreciate it!
A few questions:
- FSNL revenue will be gone, the ~1100Cr cash that the business has will go to ~1400 Cr. There was no concerete answer from the management around how they are trying to replenish the revenue deficit here & what is their plan to utilize all that idle cash.
- After Coal India started doing their own auction, other major clients (or group of clients) can also do the same. Management also agreed that there is a lot of competition coming from private players. Is their moat kind of weakened? Do we still see MSTC has kind of monopolly business as we thought it had? If yes, why?
- With the vehicle scrapping policy being implemented, even after 6 years of the MSTC & M&M joint venture is not showing any traction. Do we know why? & when do we think this will start contributing to the topline & bottomline?
- The new initiatives that they are talking about, how much time will it take for them to materialize?
- After thinking about all the above things, what do we think about current 23-24 multiple? Does the near-mid term growth support that?
