Great research!
Couple of questions:
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If the lease expired 5 years ago, how are they still using it. I mean 5 years is a long time. Are they still paying any lease rent?
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250 Crores is a big amount, any details of calculations you have done? Is it possible some of it went into IPO expenses/ debt repayment, etc?
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Is it really a bad think to have revenue based bonuses? Think it if often a pretty common norm.
Disclosure: Have a small tracking position.
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