Extremely repetitive annual report.
Expenses breakup for Seya
Expenses breakup for Aarti
I am not sure what is going on here. What is aiding such abnormal industry beating margins, such low employee costs, almost negligible manufacturing costs, gross block containing leasehold land, high inventory turns meaning highly efficient or discount model. They are paying negligible taxes.
There are 132 employees as of March 2017, total remuneration is under 2.5 cr. 3 KMPs are taking 33 lac as salary in total, so just do the math for salaries of the remaining 129. Around 1.7 lac. Odd?
There annual reports are like marketing presentations. If you look at mgmt discussion and analysis, full of extreme marketing jargon, self praises, SWOT analyses, and things like that.
When 99.34% revenue is from one division (specialty chem), why does the company go on explaining 4 other division under revenue head. Why not just put “others”.
Now, read the below para. They are patting their backs for boosting reserves on back of security premium.
Now, look at their performance in terms of diluted EPS
Came across this tweet comparing employee costs in chemical sector. Vikas Ecotech and Seya are top 2 here.