MTM incremental gains for Q2 todate is 11 cr already translating to ~ 140 crores which is 55% of its current market cap and 81% of its equity. Company keeps throwing peanuts to its shareholders each year paying a paltry 1.2 Cr as dividend.
2023 Annual report is no different from its past, without explaining the rationale for exposing so much cash in the business entirely to market risks on which company’s management has no control.
Wonder what kind of strategic and operational requirements are prevailing over last 5 years that forces the company to lock 80% of its equity in mutual funds and not bothering to explain them beyond these few lines.
MDA segment of the annual report is another joke which no one in the company seems bothered to modify over last many years.
Hope the statutory auditors have exercised their full independence in verifying all stated investments and utilization of cash generated from operations, else the minority shareholders can write off their capital as a donation to company management.
No wonder the stock has consistently been derated despite such super strong balance sheet.
Discl: Still holding patiently a large chunk expecting more transparent communications from the company to its minority shareholders.
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