In FY 20, 21 and 22, NP increased by 79%, 59%and 52 % respectively. However, in FY 23, NP increased by only 4%. OPM in FY 21,22and 23 has been about 8%, 7% and 6% respectively indicating inability to pass cost to consumers.
In last four con-calls, promoter’s tone been subdued and defensive rather than very positive earlier. Stock is at a high PE of about 47-48 even after price fall.
I have sold 90% of my holding. Will consider entering again – not on hope- but actual solid performance of sustainable improved OPM.
Promotor bought APL shares worth 168 CR on last Friday via his shell company to boost stock price. Details of bulk deal on BSE/ NSE site. I didn’t appreciate it.
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