Going by the tone of management in the latest AR, growth (at least ~25%+) in sales and profit seem certain for the next 2~3 years. Although a 10-bagger in the last 3 Yrs, decent ROE (~30%) and and bullish (ATH) chart make it look like a good investing candidate even now.
But, this represents a classic example where ‘Profit from operations’ is primarily tied up in the Working Capital (60%~70%). Rest of the operating cash flow has gone in to Capex and Taxes, leaving nothing for the shareholders.
Disc: No position.
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