Hey, R&D expenses has been minimal so far, however i am expecting high expenses in FY24 as newer products will most likely come online as per credit ratings.
My thesis is simple - My initial valuation multiple was similar to past 5-10 yrs however my belief was that fundamental growth is outpacing the share price growth & business is structurally in a much better positioning both from a competitive as well as growth lense.
I will keep tracking the business & add after getting more conviction on a quarterly basis.
I believe this can become a good steady compounder story , however, I have been wrong several times especially in chemicals sector…so bit more cautious this time.
Regarding EV, the company’s products are finding application in other industries like rubber, adhesive, plastic master batch which ks reducing the risks.
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