With all due respect to all the seniors and guys having bullish stance on kaveri - just a few points.
Can we trust mgmt who has kept on passing ball on dividend/buyback since last 1.5 years?
Reducing guidance just before 1 month in a privately held analyst conference - no intimation on exchange. What does it say about quality of mgmt?
Govt. intervention in sector - hope of Kaveri getting high multiples/valuation goes down the drain right there. (that’s my view), no matter how high quality the business. Markets love consistency, govt. intervention just kills the story. Add to it the issue around tax - company may be 100% in compliance with relevant authority/rules on tax - but who can explain this to markets.
Lastly and possibly more important from pure investing point of view ignoring mgmt actions/dividend issue - Opportunity cost. Everything shifts to Q1 of next year. How many of us can sit and watch kaveri possibly going nowhere while markets/read specific stocks (given the mood they are in) go higher. Depends on investor to investor - but its very tough.