Thread by @amitmantri

In the spirit of asking Qs that few seem to do in a bull market, here are a few more related to Dilip Buildcon.

#justasking #NextShilpi

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Why does it have 5 months+ of receivables? Why are 1300 crs of receivables non-current i.e. outstanding for more than a year?

#justasking

Why does it have 1660 crs of inventory (1.5x of annual raw material consumption)?

#justasking

What are the intangible assets under development of 350 crs? Why does an EPC Co need this? Odd.

#justasking

What are the loans and advances of 800 crs+? Why needed given super high inventory levels?

#justasking

How does it generate margins 2x of its peers despite bidding 20% lower than NHAI indicative project cost?

#justasking

Why is P&L so super awesome compared to peers while BS is a big mess? Does BS even matter in a bull market?

#justasking

Why despite superior execution leading to early completion bonuses (mgmt claim) it is struggling to collect receivables?

#justasking

Why has the company barely paid any cash taxes in its operating history?

#justasking

When will the company ever generate FCF or for that matter OCF?

#justasking