Going through the annual report.
Travelling and Business Promotion expenses : ~19 Cr in the last year. Out of 120 Cr revenue, 19 Cr for business promotion and travelling sounds like too much.
Is there a way to find out the number of employees employed by them?
Is the business model related to headcount like other IT services vendors? They mention a lot of frameworks that they use - It sounds like the model is linked to IP and consulting rather than headcount - Would like to know more.
There is no mention of recurring revenue from existing clients like other IT vendors publish - No breakup of Fixed versus Time/Material
Their Cashflow statement is a bit difficult to understand and needs more study.
Intangible assets mentioned sound like Goodwill from acquisitions rather than the assets like IP frameworks they have built/acquired - Entire amount of intangible assets are goodwill? Could not find breakup.