@kb_snn , this is one part which is standing out wrt Krsnaa. Their receivables have largely been range bound.
Krsnaa Trade receivables
Antony Waste mgmt’s receivables
Comparing with Antony Waste mgmt’s receivables, it is evident that Krsnaa is able to crack the problem of govt payments. Besides, they are not only limited to govt centers and are using these to expand into retail biz (free marketing).
Krsnaa does seem to be “too good to be true” and a significant part of my brain is seeking for the skeletons in the closet. But, I haven’t figured out much issues yet (request any member to share anything fishy on Krsnaa’s balance sheet).
So far, Krsnaa seem to have a moat on operating at scale and also to manage govt contracts. If any of these thesis fails, then we are in trouble.
As for Antony, I think if they scale out and if the issue of receivables are managed as a project on its own, this might not be much of an issue. But, they will need to manage working capital till then.
Disc: Invested in Krsnaa at 5% pf. Tracking Antony
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