In all fairness, it’s us the investors who try to squeeze the promoters to do crystal gazing and tell us what’s going to happen in next 12-36 months. They have the option of telling us , not do any forward projection, but mcap + being in limelight etc is such a heady cocktail, they fall for the trap. If I were to ask anyone one of us, how is our next 12 months going to be. I am sure an equal proportion of us will fail this test against what we will tell about our future. That doesn’t make us untrustworthy, it’s just the difficulty of crystal gazing. Time changed, mgmt. had to respond to the situation, we as investors are also free to respond to the situation (with some pain of losing 30 odd percent from top). Life goes on. I still have huge respect for what this mgmt. has created. Could not have been easy challenging & dethroning 2 established world class players with years of reputation in a huge market like India. The business may still be a long term compounder with reasonable growth rate and margins. IMHO, it won’t be fair to call the mgmt as untrustworthy based on what happened in this qtr.
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