1800 crs of capex for 3x asset turns(7-8x at present) and 2000 crs of QIP in the business will lead to total asset turns declining drastically as gross block triples over next 2 years. Till the time they sweat the new assets completely, ROEs can take a hit with increasing depreciation and reducing financial leverage(Net cash). Back of the envelope calculations - ROE to come down to 15% for next 2 years from 20% currently …consequently the stock is getting punished
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