It seems the entire report is AI-written (possibly with ChatGPT) with no original insight or reporting
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Is this a recession proof business?
Quarterly numbers aren’t improving.
While guidence for over next couple of years is strong.
Can’t see that culminating into numbers yet.
Pretty average results.
But big red flag was license fee to the promoter. Below is from HDFCsec report
"License fee—a negative surprise: Q4 opex was higher on account of the
company making a provision for a license fee of INR 42.9mn. This license fee,
which was waived off until 31 Dec-2023, is paid to the promoter for usage of
the tradename “IRM”.
I don’t see any value in three letters IRM. Just a way for promoter to siphon off money.
Exited completely. (HDFCsec still maintains a TP of 630.)
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Can you share the report?
it is public on hdfcsec.com
License fee of 4.29cr for full year or for one quarter?
No idea. But what is there to license in first place. Even if it was one time, I am not ok with it.
I agree. For promoter this is not the right way to take money out of company
am completely agree with you. I exited too
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Could Trump becoming POTUS and bringing Ukraine war to a closure be a positive trigger for IRM. Long shot?
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Is there any way to ascribe a value to the subsidiary and the JVs.
Subsidiary’s AR is present on IRM’s website but it wasn’t generating any revenue from operations till end of FY23:
How the KMP resigning in the company be viewed?
It depends who and how much important this person for business,
In this case Mr Sahu is the one who initiated idea, he made the team, execution happened under his able guidance
In short he is really important person, until he himself create an able successor for himself.
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Did anyone attend the AGM? Request you to share if anything noteworthy.
I attended but my connection was not stable, I think they removed royalty fee(not 100% sure) and promised good corporate governance practice.
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Thanks Kalpesh
This is what the AGM notes say:
“The members enrolled as Speaker as of the cut-off date were given an opportunity to ask questions and seek clarification. The Chairman responded to the queries of the members and provided the necessary clarifications.”
Any other questions that were asked/clarifications ?
Also any update on hiring the new CEO, and potentially replacement for Mr Sahu?
Any update on the guidance front?
I’m sorry guys I have no updates as I could hardly connect for like 3/4 minutes and that to with screen and sound freezing every now and then.
May be company will upload AGM video on its website…
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@kalpesh4430 it wasnt removed. Even in quarter ending June 4.5 Cr was paid to the promoter(s)