@ayushmit - Many thanks to you and your team for the screener tool.

Just wanted to update you that there is some problem generating required numbers / data for Paushak Ltd. Please take a look.

Best Regards.

Yes Gurjot, there has been a decline in EBITDA QoQ however increase in other income and drastic decrease in tax expense and finance costs. Need to find out the reasons for this.

As per company notes: "Other income for the quarter includes income of rs 28.13 million recognised on purchase of subordinated loan in subsidiary Pylania S.A. by another subsidiary Kamla International Holdings AG from third party at a discounted price"

The Ethos business is showing traction and improvement.

Disc- Invested

Can't agree more. Will summarize it in a different way for the benefit of future readers

1. DCF / EVA / Any valuation measure is a scientific art. It is neither science nor art.
2. No investor gets rewarded for estimating the value accurately. It is not like predicting scores.
3. You get rewarded / penalized for the Go-No Go decision at a particular price.
4. You get rewarded / penalized equally with a guy who values differently (read different assumptions and projections) the same stock for the same duration.
5. The value you estimate just gives a rough idea of the margin of safety from the price. Nothing more than that.

@varadharajanr thanks for replying so promptly.

So if I understand this correctly, this is like consignment accounting where they give inventory to their consignors (sub-franchisees) and recognise them as receivables in lieu of goods sold (with a mark up of say 50%)? Please correct me if I am mistaken. Additionally if I am correct, could you shed some light on the generic arrangement that they have with their consignors (I understand they probably vary brand to brand) on whether the goods sold can be returned and if so under what terms and conditions - as this might impact returns over the long term in case of poor seasons.

Thanks again for the prompt reply