Hi Girish,

I am wondering, if you’re able to find an explanation for this? I am also confused by this.

Could it be the reason that company is deducting lease expenses two time? As per Ind AS-116 the lease expenses should be treated as finance cost.

Q4 profits are entirely other income due to revaluation of leasing and rental costs. Its just Balance sheet change. No actual Cash profits. Result otherwise is good at topline and mediocre in the bottom line.

Disc: Invested in Family Portfolio at much lower levels. Now have to reevaluate seeing extreme bullishness in counter not backed by profits. Probably a sell and rebuy at lower levels.

Yes Chings and Organic India is expected to drive 12% of the expected 30% India growth brands as they call it (Non Tea, Salt and Coffee) business. That is now 20% of the total business.

They mentioned that Organic India is avlb in only 47,000 stores. Potential is huge. They 10x the stores for a start and can add 600-700 crores to topline in a couple of years. Starbucks, they said they don’t add to topline revenues. Profit is aggregated in consolidated results. Planning for 1000 stores by FY28-29.

Copper+ is doing well as per them. 60% of Nourishco Business with topline of 900 Crores means its a 540 crores business. My belief is that its better they did not buy Bisleri. Low Margin High Overheads Business. Its better to focus on higher margin businesses. They need an energy drink and maybe get into aerated beverages and colas. That would boost topline, increase overall penetration.

Would love your thoughts.

@ValueInvesting

Q2 is the plan for now.

Some kind of buying seen in this counter:

Source: BSE India

How do you read receivables as 600 crores and 450 crores in September and March 2023? Numbers are in millions, not in cores.