KP Energy - Lotus in muddy water

Stock Opportunities Untested - but worth a good look
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Few interesting observations / questions:

  1. What is work contract income in ‘Revenue from Operations’ breakup? Which part of business does it fall under?

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  2. The company has provided great details in some footnotes. For example, just look at notes of Security Deposits, Short-term loans and advances and many more.

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    However not much information is provided for Inventories. Why is that so? Someone who is so happy to provide breakup of loans should be much more happy to provide breakup of inventories? Also can someone help what would these inventories be?
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  3. Trade Receivables / Revenues are increasing continuously from 7% in FY15 to 38% in FY18. What’s the explanation?

  4. Can we please get revenue breakup from customers? Like how much percentage does Suzlon contribute and how much does Gamesa contribute and so on. Want to ensure there is no customer concentration risk.

  5. Do auditors own 1.16% of the company? Look at the tenth shareholder name “Sanjay M Sanghavi”. If yes, it is a good sign. Auditors are “K A Sanghavi”.
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Disclosure: Not invested. Not a buy / sell recommendation. Not a SEBI registered analyst.

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