I did a quick and limited forensic check –
CFO to EBIDTA is a decent 70 %
there is a YoY decrease in Debtor days, except for last two years
we will have to ignore the high cash yield as the other income has loan subsidies written back and reversal of bad debt provisions; all good here, nothing to worry
CWIP to Gross block also in good zone
depreciation rate is healthy and no variation in the same
ability to generate revenue has dramatically increased post lockdown, indicates good capital allocation (store opening) decisions
debt addition is on account of Lease Liabilities addition and they have zero long term debt
first time Promoter selling stakes has happened yet small, good sign that promoters are taking advantage of high valuations
Interest coverage ratio bumped finally over 1, in FY22, and improved a bit. Not a solid >3
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