If everything was perfect, it wouldn’t be trading at ~24x FY25E PE (likely FY25 consol PAT to be around 150 crs in my view)
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There are issues ofcourse. I do expect the receivable issue to get sorted in next 2 months – the trigger isn’t just elections but also reducing fiscal deficit of GoI and transmission of funds as a way to spur pvt capex by GoI (been done in the past iirc)
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Re CRISIL’s issuer not cooperating – I wouldn’t put too much of emphasis here since the company regularly hosts con call and is fairly open to being grilled. It would have been very different had they not published investor presentation or hosted con calls.
Disclosure – Had exited post Q4 when I discovered that 70-80 crs was frozen by Income Tax and they never disclosed. Entered yesterday at around 415 since the risk reward seems favorable on a 1 year basis.
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