Pretty average results.
But big red flag was license fee to the promoter. Below is from HDFCsec report
"License fee—a negative surprise: Q4 opex was higher on account of the
company making a provision for a license fee of INR 42.9mn. This license fee,
which was waived off until 31 Dec-2023, is paid to the promoter for usage of
the tradename “IRM”.
I don’t see any value in three letters IRM. Just a way for promoter to siphon off money.
Exited completely. (HDFCsec still maintains a TP of 630.)
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