Let’s not forget a structural improvement over the years across other metrics – be it ROCE, ROE, Inventory days, Receivable days, etc etc. Its premium is based on a history of good return on incremental capital deployment albeit agree it is still on the higher side. It should take more than one or two bad quarters to derail this valuation.
That said, why does the company have such a horrible history of CFO to EBITDA? The 9 year cumulative PAT is 320 cr while 9 year cumulative CFO is negative 27.3…
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