Indian terrain—play on consumption

I thought numbers were average – EPS is up purely because of debt reduction and other income not so much because of operational efficiency.

Said all of this, I think indian terrain will do well – however, there’s an extra risk that I am cognizant of – which is a linear growth in their receivables as unlike aditya birla nuvo, they control the last mile inventory which addds margins but adds significant costs and IMHO adds a lot of risk. This kind of operating leverage can cut both ways and can become a disaster if sales drops

I prefer a cash and carry, negative or a low WC model which is hugely cash accretive. Let’s see how Q3 pans out.