Financial capacity of municipalities is a concern. There is large write off of receivables and a good part of the receivable is more than 3 years old as per AR’22. The auditors have given a qualified opinion in this regard . May be that’s the reason why they were talking about creating a receivable reserve. Then there is a lot of political involvement in awarding contracts as well.
Margins started coming down after Elliot Capital exited in June’21 ( could be a mere coincidence)
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