Based on the H1FY24 concall, there isn’t any recurring source of revenue. 80% of there work is from sub-contracting right now and there order book lasts til 1 month only. This is the nature of business which I saw with BFS as well as Phantom as well. However, they have 80 recurring clients and are also working with new clients. He also mentioned that most of the sub-contracting work that they do are roto and paint as of now which I believe would be true for the entire industry since all the listed peers are getting majorly sub-contractual work. Also, all of them are trying to change it and looking for better margin work which is in pre-production.
I have heard Phantom, BFS and Digikore concalls out of which I found Mr. Abhishek More’s communication skill as a leader to be the best and most importantly he was really honest and transparent about the questions that as a investor I wanted to answer for. Even though, there financials can capabilities are not yet as developed as the other two peers, I would still be following them really closely since I am starting to believe on his leadership capabilities.
| Subscribe To Our Free Newsletter |
