It’s unusual that the company chose to skip addressing the challenging questions this quarter. Even in interviews, Sachindra Nath hasn’t mentioned anything about the rundown of SC loans. The presentation shows that NPAs on SC loans have exceeded 7%. Meanwhile, SG Finserv, another player in supply chain financing, has reported disappointing numbers, with two directors resigning. Management integrity is truly tested during tough times—it’s easy to craft a compelling narrative when things are going well.
Disclosure: This is one of my largest holdings, so I’m biased and hopeful that management takes a balanced approach in their communications.
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