ROE
Asset Turnover is responsible for ROE increase over last 10 years
Other Income
Other Income is not affecting ratios of the company
Capex vs ROCE
ROCE of the company has decreased even without significant capex
Pledge
Promoters have not pledged a significant portion of their holding
Working Capital
Company has significant working capital which is dragging its ROCE and ROE
Revenue Recognition
Company is converting accounting profit to cash
Depreciation Effect
Depreciation accounting is not leading to increase in profits
Contingent Liabilities
Company does not have significant contingent liabilities
Retail Holding
Retail has been selling the stock which is usually a good time to buy
Share price
Share price has increased over last 10 years but more due to rerating
Current vs Historic Valuation
Company is trading at a discount to 3yr historic valuations
Promoter Holding
Promoter has not sold any shares in the last 90 days
Debt
Company should not have issues servicing its debt
