All projection number on excel sheet looks promising. But one need to be cautious more about weaknesses of the business when one is paying very high price to buy it ! –
Big red flag: Company business is highly depending on the government. Most of land lease deal is with government and change in government could have serious impact on this company!
Most of locations has seasonality and fixed cost is going to remain round the year for maintaining it. Company has increased more fixed cost (man power, etc.). Promoters are not focused on core business earlier they entered in TV business and now they entered in advertisement business, etc.
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