Hi Dev,
While the recent quarters are outstanding, is it a case of a rising tide lifts all boats? Because of late; BKT certainly appears to be unable to grow faster than the industry. This appears to be a very fundamental issue but a very pertinent one.
BKT ~ consistently grew mkt share I would say till '18; from ~ 2% in FY11 to 5+% in FY18.
And it took them 3 yrs to modestly bump this up to ~ 5.5%+.
But in the latest concall (Q3FY22), Rajiv said mkt share is ~5% which was not a pleasant surprise!
Apart from the obvious answers of increase in competition, what exactly has stalled this mkt share gains since FY18 I’m unable to put a finger to it. If you or someone else has insights to be shared that be much appreciated.
Another vantage point: for the longest time they have been saying they want to achieve mkt share of 10%. FY11 they had said this. And in FY23; after a dozen years; they are still saying the same. We all know the +ves of the company - limited point is whether a premium valuation is justified for industry growth rate?