Hi Ayush - I have been following this company for a long time though i am not an investor since many years. Think many investors including you, (if i remember the concall transcripts correctly) have raised the issue of the high cash holdings for which the management has been giving explanations which seem ludicrous (in one call they said it is so difficult to get 100 cr loans from banks or something to that effect). If they were some crank guys one could understand but in all other aspects of their business they are the most efficient guys in the industry. As an investor, smart people doing seemingly dumb things is a bigger worry than simple dumb management.
Since you have followed them so closely (unless Im mistaken you are among the initial lot for whom it was a 80-100 bagger), what gives you the confidence that published numbers are what the management says they are because the Occam’s razor explanation for the cash (along with the presence of small time auditors) is that things aren’t actually what they are shown to be.
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