Though I agree that, Debt reduction comes first that Share buyback , they are also cognizant about debt reduction.
They discussed this in the call ” * Current debt at 613. Long term Debt is 300 crores. Earlier it was prudent to save the money rather than repaying debt because of better reates at that time. Now since the interest rate is increasing, company wants to reduce it. There will be no long term debt in 2 – 3 years.”
They have been trying to maintain D/E ratio at 0.3
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