I am not sure if having a view about what the management should do for a company the size of ITC is necessary, for retail investors. Not that I condone certain actions or inactions which are repeatedly being criticized and perhaps rightfully so, but I guess given the long run the company can still have, all the mistakes may fade away, and I guess the major concerns that are talked about now may have been talked about a year before, and the year before that, and may be a year later too.
I recommend you to go through the posts of @ashwinidamani in the thread about capital misallocation and other things, in you have not already. And I think I remember reading a post in the past by Dr. Hitesh, wherein he mentioned that he parks funds in ITC.
And given the verticals the company is in and the factors that influence those verticals, I think one year’s AR does not make me sell my shares and come out of the stock, one or the other vertical will still be performing, and there is FCF, so it is not a bad investment per se, unless it occupies a considerable position in the PF and one starts thinking about opportunity cost.
Lambi race ka ghoda, and an elephant too, so I guess if one tags along with it for years, the stock may even exceed our expectation and surprise too.
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