Insightful ratings report (link)
- Procures 90-95% of raw material from domestic market
- Major currency exposures are USD, Euro, Mauritian Rupee, Philippine Peso and Nigerian Naira
- Hedges currency up to a maximum period of 6-18 months and up to the extent of 50-150% of its net foreign exchange earnings
- Pledging: In FY22, promoters pledged 20.09% shares (vs 14.95% in FY21) of their shareholding constituting 14.16% of total share capital of company. These pledged shares pertain to Mr. Aayush Agrawal and Mr. Ravi Agrawal who are not part of company management and also not involved in day to day operations (@Chandragupta)
- FY22 operating cycle remained elongated at 193 days (vs 178 days in FY21) due to reduction in payable days (52 days vs 70 days in FY21). Inventory days was 150 days (vs 153 days in FY21)
- Utilized non-fund-based limit stood at 24% for 12 months ending June 2022
Disclosure: Invested (position size here, no transactions in last-30 days)