Yes. I was looking at last 3 years, which is from year ended 2021 (rent 3.564 Cr) till year ended 2023 (3.682 Cr).
There is definitely a question on why the rental increased from prior period. While we can assume that management integrity is an issue here, we can also assume that the building is owned by Sunita Mutha and Krsnaa gradually expanded to take on additional floors based on previous rental agreements.
It is best to ask this question during earnings call as I don’t know how else to ascertain a fair rent being paid for corporate office (unless someone from Pune can dig out the going rates). When I look at the corporate office location, it doesn’t look like a premium location.
The points raised by @Khanemc2 bothers me more than rents. If the business model is not sustainable, then that is a larger risk to capital.
Disc: Invested. Will need to figure our how to dig more
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