I was researching Relaxo & Bata over 1.5 years back and ended not investing in both. Relaxo – could not understand extremely high valuations, almost 80 times normalized earnings. Bata – no doubt on promoter integrity at all but the agility is what is missing. Listen to Nissan Joseph of Metro or read about Rafique Malik & his daughter Farah Malik Bhanji. Nissan is achieving targets he is setting out post his appointment. But of course, I’m not sure of valuations as I’m not actively tracking it for entry.
Agree with you on spirits market. I really like United Spirits. Let’s see. I’m following the company. Also, Pernod is under ED scanner for naughty things with money but I think Diageo’s corporate governance is squeaky clean.
I’m sure with such a long investment journey you are very well in the thick of things & will manage this blip successfully.
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