They are not “debt free” but “net debt free” (have more cash than the debt)
Please see details from investor presentation
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Interest on Group NCD’s issued in Q1FY24 to RCCL for ₹1,700 Cr
This is intra-group NCD and interest outgo will get reversed post demerger (I guess this will boost profits in the next fiscal)
^ Q3FY24 and 9MFY24: Includes interest on lease liability, unamortized transaction cost for external loan prepayment through RCCL NCD proceed
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