from the revenue cycle of the company , it looks like 3-5 years cycle . In FY13 onwards heavy debt and larger depreciation(almost 9-14% of rev) led to _ve PAT numbers . They sold off a good asset(Gandhi dham) for 120 cr of debt repayment . why? Is there not enough cashflow ? there are some erratic decisions on assets being sold. Recently the numbers looks great but ROCE and rev came down from FY23( 13% ROCE from 41% in fy22) . The co has almost 60% of current market cap as tangible cash and equivalents in balance sheet. what is the cyclicality looks like? FY24 seems to be 2nd year in the downcycle or is it the bottom for lower revenue?
kindly enlighten please.
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