Hi, I am also invested meaningful portion of my portfolio in this company since Apr’18 and continue to hold on (have sold some share when it was 200-250. I like the company but below are few negative points.
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Management is not transparent as much as it should given it is company public company. E.g. company refinanced debt in Aug but they waited till quarter result. they do not update if EU plant restarted if you see in management commentary they mentioned about this (may be it is not full restart).
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company use “Adjusted EBITDA or PAT” almost every quarter (at least since I have invested)
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They reduced investor comms (no conall - i have reached out to them about this. Their view was that this is better way to do that but from view they are becoming judge, jury and executioner as they will pick the question they want to answer not what should be answered.)
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I have confidence in skill of management (most of it derived from Mohnish Pabrai sir) but they WILL never sell cement business though they are ready to pay 12.25% PA on debt.
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I am not sure why it taking so much time to list in USA or find investor for Rain CII (USA business) so they can reduce some burden of debt but I think our MD sir loves autonomy but they hold less than 50% of the business. I saw interview in 2011 where CFO was talking about listing USA business.
Disc. Holding it and may be biased.
Thanks!
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