Q1 results are out

“Declaration of Q1 FY 23 distribution of INR 3.3 per unit comprising INR 3.0556 per unit in the form of Interest and INR 0.2444 per unit in the form of Principal payment.
The record date for this distribution will be August 01, 2022, and payment will be made on or before August 10, 2022”

Here is the media release (Co sec too is leaving ! but a sub has been found)

13.2 was the guidance and 3.3 in the 1st qtr, augurs well, I guess !! but they have to maintain this run rate (unlike last year, where Q1 was higher but it tapered off but within the guidance)

Yeah, ever since I’ve started following them in 2018, multiple long shot goals like $1B revenue, doubling revenue in 3 years etc., It’s very difficult to do scuttle-butt as it’s a B2B company.

But, looks like the industry has a lot of growth ahead and Sterlite tech does have differentiator technology and services.

Their sudden Q3-22 restatements were surprising, but in hindsight seems they had (have?) huge problems agreeing with Indian customers their work is done (sign-off) and getting invoices paid and if paid at the quoted rates. I’m guessing both their CEO/CFO exits may have been related to these Q3-22 revenue/profitability charges. They’re taking an year from Q322 till perhaps Q4-23 to reduce India dependence (unless it’s private sector) and increasing UK/US business.

To give them credit, they’d communicated both revenue/profitability hits till Q4FY23 or so right during their Q3FY22 call, but it was too late to sell at then recent high of 300

I booked a small partial profit at 190 but still largely invested from early 2020 levels and watching closely to add more.

My main gripe with Dolat is that it is completely opaque. Promoters have other companies also and lots of money just sloshing around. The business model is also not clear.
Neither is it clear how they will scale up.

HDFC Securities initiated coverage

LDC Business is facing issues.