I do not think Yamuna is the reason. Company had announced two tender wins for Q1 and Q2. Even excluding Yamuna those tenders should have led to revenues of 270 crs (116 crs + 154 crs) for Kotyark standalone in H1. Against this expectation, the revenue was reported at Rs 124 crs. Goes to say that winning tenders doesn’t necessarily translate into revenues.
Also the CFO resignation is a dampener. In the last 15 months this is the fourth resignation of a KMP. Two company secretaries resigned within 3 months of each other (one in Jul 2022 and the other in Oct 2022). The earlier CFO resigned in Aug 2022. Goes on to say that the promoters might not be that easy to work with or there is something else behind the scenes.
Disc: exited my position today
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