The management clearly did not answer the many debt related questions convincingly. For example, as you have pointed out above, even when the questioner specifically asked about absolute debt levels, the management continued with their debt-to-EBIDTA answer. The questions became more and more direct as the call progressed. Eventually, Prakash Agarwal asked if there is a plan to raise further equity funding, Ms. Nandini Piramal said no. After he finished his questions, she quickly called out “…last question please!” even though the allotted one hour was hardly getting over (this is captured in the audio recording around 58th minute but omitted from the written transcript). I found this surprising since at least in the first call after the company got listed as an independent entity, one would expect the management to spend more time than usual answering investor questions and not be so rigid. I had taken a tracking position on the listing day and luckily exited with a small loss after the call. The glossy presentation uploaded in January also is silent on debt, borrowings or funding. But looking at the price fall from Rs.200 to Rs.100, obviously the market knew something like this was coming.
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