Nykaa and PB Fintech have hidden operating profits, by adjusting for discretionary expenses such as A&P, ESOP, and new initiatives. On top of that, they are B2C and asset-light.
Management can keep their focus on initiatives to scale future revenue (@30%+ CAGR) since cash from operations and cash on the book can easily cover discretionary expenses for the next 2~3 years. IMO, these traits are important for someone to show patience while owning these businesses. However, Delhivery seems weak on the above parameters.
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