doesn’t bode well many times !!!

That’s a very pertinent question. Yes, typically bonus shares would be issued by capitalising reserves, so cash flow statement should have no impact. I am intrigued!

Bonus was given in FY 2022-23 (Jan 2023) and not in FY 2023-24. Here’s what I found from the AR for 20223-23, though this still doesn’t explain the entry in the cash flow.

“
d) During the year, the Company allotted and distributed 1,83,22,200 (One Crore Eighty Three Lakhs Twenty-Two Thousand Two Hundred) Equity Shares of Rs. 10/- (Rupees Ten Only) each as bonus shares (hereinafter referred to as new shares) in the ratio 1170:1 on 31st January, 2023.
“

There is no mention of any bonus in the AR for FY 2023-24.

“This was helpful”

Although there are a few counter-arguments that could be made, nevertheless, I am learning a lot from the perspective, especially how one transforms as an individual investor, however as Mr. Devsuman @Devsuman mentioned, humility comes from hardships seen throughout their investing career, his messages resonated with me,

Thank you for creating this thread which is full of wonderful discussion so far, now that you are full time analyst, hope you will document you insights more often than not.

I have similar concerns on the decision to become OEM for EV trucks. On one side they are saying they don’t want to get into “capex heavy” areas and on the other side this decision to become OEM will ensure they have to do heavy capex. Besides I don’t know how much margin they will make in this business, and how they will compensate for the lack of previous experience of running such a business. Partnering with one of the existing OEM would have been a less risky strategy along with faster time to market.
Without conference calls, hard to get insights into the reason for this management decision.