This is an interesting company in a field that will continue to grow, though clients will look at regulatory compliance as cost rather than investment that will generate revenue - therefore not easy to replace existing players.
A couple of questions I am trying to get my head around -
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What does the depreciation consist of? Is it the cost of product development? It is significant amount.
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why is the revenue/employee so low? TCS, a pure play volume service player has nearly double their revenue/employee.
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Why is the management so conservative in projecting even a range of growth? They are not even answering questions around industry rate of growth. I am surprised they were not able to raise funds when there was glut in funding post COVID.
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