@ Marathon - not sure - somebody has to throw some light
@ whipsaw - mentioned in my write up as well - factory was closed for a month

@ Dwanil.....super good job indeed....ur analysis and the attention to detail is really praiseworthy.
I just have one question( pardon me if its too naive)....Is there any clarity on the licence renewal fees of the frequencies awarded in phase I and II?
If yes, How much are these companies expected to shell out for the renewals?
Thanks!!!

While studying the AR 2014-15, I came across following

Being exporter, I thought their forex earnings would be much higher than outgo, can somebody throw light on this disconnect?

Disc : not invested but started looking at it

Thanks Dhwanil for the additional docs and the nice Investment Note.
I had a quick look through to first familiarise myself with the terrain quickly.

Following are top-of-mind very basic questions as of now, which you can help me understand better/quicker

1. I am yet to place a finger (from all the Notes) - what is/are the Key Success Factors for success in the radio business - among the few Top players? What is it on the ground that ENIL does better (it obviously has done much better than nearest competition) that makes them stand apart among teh top players?

2. If they are known, why aren't others able to replicate the same, or unwilling to do the same, or execution-wise very difficult to do - requiring a different mind-set (different business models for e.g as in commodity yarn vs Ambika yarn, or extensive field-work being the decisive tilting factor in case of an Avanti or Kaveri that others just aren't upto) - just what is the secret sauce

We usually want to be able to articulate that fairly well for businesses where we have done extensive work on.

1. What are the 6 cities where ENIL Pricing is at a discount to Competition. How much is the discount and to who all - the leading player, or it lags a few?

2. Pricing power is a function of?? - pardon me for trying to get this off you

3. What are the components of its Marketing/Brand-building spend? Why is Marketing Expense not a variable expense in line with Revenue growth? I read somewhere it being clubbed under Fixed Expenses

4. Risks as enumerated by you look Low probability. In order to understand Risks at a more granular level - are there any critical must-get cities/must-get renewals in phase III or Renewals? Like some Key-Metro licenses for Mobile Operators used to queer the pitch? Has ENIL lost out on any such key must-have cities/locations so far?

Will start doing the basic reading up on domain/ENIL specific business.

Recently bumped against Indocount and came to know about it's growth story, after digging a little more I found the entire cotton spinning/textile industry boomed explosively in last year and half. I see nice bit of data here but I had a couple of questions which I find no one explains properly:
1) What changes in demand or supply or production or pricing brought in such a magical surge that it flew from Rs10 to Rs1000 in less than 2 years.
2) And more importantly will that kind of growth be sustainable, is there any reason to expect it to be Rs 20k or Rs30 per share in two more years. Maybe we can understand all that if we understand the reason of such an explosive growth and how much untapped growth opportunity is still open.