[hw_tw]

The Digital Marketing divisions of Hearst group is somewhat matching with the PR details shared … Hearst is similar to Times group with interests in TV, Radio, Newspaper, Magazine etc;

https://www.hearst.com/

Some portions of PR narrative shared … Like the details about audio ad industry can be seen in this Hearst Bay Area site

https://marketing.sfgate.com/resources/rise-of-digital-audio-advertising?hsLang=en

And the Google, Microsoft Partnerships can be seen at their HearstDMS site

Front Page

Probably BCG is acquiring some of these divisions … Its just a guess as of now … there could be other similar companies too 🙂

[hw_tw]

Btw, I see only around 35 companies listed as Elite partners … https://about.ads.microsoft.com/en-us/resources/microsoft-advertising-partner-program/partner-directory

Our target company might be one from this list … @explorer

[hw_tw]

The target Audio AdTech company is a Google’s Premium Partner … It is the highest level of partnership and is reserved for top 3% of the partners

https://www.google.com/partners/become-a-partner/

Same is the case with Microsoft … Its “Elite Partnership” program is the highest level

Both these partnerships indicate the strength of the team and the quality of customers they are working with

@vgsatwork – This also confirms that the acquisition is including their employees who are trained and certified in these technologies … probably they might leave out a small percentage of employees provided this work is taken over by their Israeli or Indian team including MediaMint

[hw_tw]

One more good news in the form of US based Audio AdTech acquisition … my views on the info shared related to this acquisition

– Acquisition cost of 7X EBITDA is inline with BCG’s previous acquisitions

– 33.3% EBITDA margin … Inline with higher margins as mentioned by SKR before … It’s higher than BCG’s existing margins which is around 28 to 32% … also higher than Affle’s margin range of 20 to 25%

– It’s revenue CAGR growth is not given … the comments on active users of 200 million in US and reaching to 1.5 billion across the world indicate a good growth of this industry … hope we will get these details when the deal is signed

– The target company already has tie ups with Google, FB and Microsoft … Indicates it’s an established player … also Mr. Satish Cheeti highlighted that these are successful assets

– It is mentioned that “The synergies between the current Brightcom
business and new assets will add to the above numbers.” … Some possible synergies could be

– Given that the target company is currently operating only in US and has a lot of scope to expand all other countries including India
– BCG can move some of its existing audio ad contracts to this new platform
– Also it can help their existing publishers with additional monetization option in the form of audio ads

The overall deal will close by next 4 to 5 months (legal and shareholders, board approvals steps) and the revenue will start adding from Q2FY23 onwards … Basis previous years numbers this will add 250Cr minimum to the topline for the next FY … Considering a conservative growth of 30% to 40% range this will be between 325Cr to 350Cr topline addition from this division … any synergies with BCG’s existing clients along with its agencies and MediaMint will be on top of it and this in my view would positively surprise us ..:-)

BCG is the most undervalued company compared to any listed Digital / Platform companies or for that matter even with the Digital transformation service companies … It is already doing well in comparison to others in terms of growth rates, EBITDA margins, FCF etc; … these two acquisitions has further widened this valuation gap and there is a lot of scope to catch up

[hw_tw]

My views on some of the points discussed in the call … a bit lengthy one, hope it will be published

—– Receivables —-
[SKR, YSR comments]
– Receivables are around 2095 Cr … most of it is pertaining to this quarter sales

– On track for total of 500 Cr FCF in next two quarters … We are gung ho about achieving it

[hw_tw]
As most of it is for the current quarter’s revenue we could expect significant collections in Q4 and most probably this number will come down in Q4 and FY23 Q1 (excluding growth factor)

Anyway this High receivable amounts / days is no longer a worrying factor for BCG. It has now successfully overcome this threshold limits and is now into a FCF zone… Yes it is still a problem for its peers who are struggling to swim across this zone and also it will keep away any new entrants at bay … also it is advantageous for BCG as it will now be able to make competitive deals compared to it peers and grow faster while increasing its market share

—- Other Points —–
[SKR comments]

– Publishers count at 43 … The number given is for Full Service publishers … We also have automated model … Will share more details soon in a PPT

[hw_tw]
My understanding on this is that, in the Full service model, BCG team will be working closely with the publisher team to discuss on things like ad types, size layout etc; plus many other things … they would be looking to maximize the revenues for the target publisher … mostly this is opted by large publishers with multiple sites

Automated model, is like a self service type wherein the publisher himself takes care of everything on Brightcom’s platform, its a typical SaaS model

[SKR comments]
– Added 12 new Ad agencies on top of 200 existing agencies

[hw_tw]
This is a significant increase in a single quarter

[SKR comments]
– There are other pure play video players … the major advantage with Brightcom Player is that BCG will also be giving a monetization option to the publishers

—- Future Focus Areas —-
[SKR comments]
– Not interested to get into gaming / content side

– Not interested in start-up fund creation and partial stakes

[hw_tw]
This shows that the team’s strategy is to clearly focus on AdTech business … given the FCF it will be tempting what other new age startups are trying to do with investors money … VC type investing with some crazy valuations in the name of cutting costs

This also brings the point of low Promoter’s holding … It is again clear that the promoters interest is only in this business and are full-time working only on this business and not trying to do anything outside or even inside … 😀

—- Long term Visibility and Sustainability —-
[SKR comments]
– Contract periods are usually for 1 year and are automatically renewed … budgets are defined upfront

– EBITDA margins will remain at same level in coming quarters

[hw_tw]
Stable with multi-year contracts, provides a clear visibility in terms of revenues, margins and resources etc;.

You know now why BCG is able to give guidance and is able to meet it consistently unlike other Adtech or midcap IT companies who’s contracts are for shorter periods in months and totally depends on how much the sales team is able to bring in new business on a quarterly basis

Needless to say Analysts give higher weightage to this aspect and will be comfortable in giving higher PE as they see long term revenue visibility with multi-year contracts coupled with a healthy and industry leading EBIDTA margins … of course this needs to be coupled with other factors like growth, FCF etc; which we will discuss below

—- Growth Related —–
[SKR comments]
– AdTech industry growth will be EVEN GREATER than 20% CAGR for next 5 years and our target is to do better than this … FCF, ROE will help us to do it better

– Don’t see much impact post pandemic as most people are spending online and this behaviour is going to stay … also more people are purchasing online which has shown a 60% growth last year

– Ad impressions count has touched 90 billion / month … hope to see this touching 100 billion fairly soon

– High quality Publishers flowing through Google MCM partnership

[hw_tw]
This is a super good news if you are a long term investor … lets decipher this a bit

Considering it is around 25 to 30% industry CAGR and BCG trying to do better than this figure by a plus 15 to 25% … I guess this is reasonable considering that this year BCG is clocking 80% plus which is 20% above the highest growth rates of 60% seen in eCommerce segment, one of the massive contributor

So, overall we will be seeing a organic growth of 40 to 55% range in coming years … I am also including MediaMint led growth into this as achieving it would be requiring this teams support

On top of this growth figures, for the next FY we will have to do some additions
– The first one is the gap of around 500 to 600 Cr because of lower base of last year Q1
– The second one is around 185 Cr revenue from MediaMint … This is expected to close max by Feb / Mar end

This addition will be 500 + 185 Cr = 685 Cr
40% growth on top of it = 685 + 274 = 959 (near to 20% of 5000 Cr)

So, the final growth will be 60 to 75% for the next FY

What about the FCF component … this year the FCF is around 50% of total profit … Assuming it will be in same percentage this could come in the range of 800 to 875 Cr basis above growth figures

This is just my view from outside, and my expectations on growth and FCF might be totally wrong both on lower and higher range … Things will be clear in March with official guidance numbers from the company

Listing some important growth drivers and levers which gives us an idea of what is causing growth for AdTech industry how BCG will be capturing it

Adtech Industry growth drivers – Increased digital time, 5G, Audio, Metaverse, Increased adoption of digital and programmatic ads etc;

Levers of growth from BCG’s side – FCF, Acquisitions, New Product and Services offerings, New markets, Existing market share increase etc;

With these growth drivers, levers and projections even on lower side, I am seeing a “Decacorn” in my portfolio … hope it’s not foggy out there for you 😉

[hw_tw]

BCG’s Q3 concall recording

[hw_tw]

@admin, @Logan – my questions for this quarter … please feel free to remove the ones which we already know answers for or the ones which are not relevant and wasting everyones time

@all – please feel free to add your questions to this list

Congratulations and Thanks SKR gaaru and the team for a spectacular results exceeding guidance for the second time in a row and also rewarding investors with bonus

The growth from 60 to 70 billion ad impressions to 90 billion impressions per month really shows how scalable is our product, its technology and team working behind the scenes are … Kudos to everyone

Congratulations on getting included in S&P BSE 500, S&P BSE 250 Smallcap and S&P BSE 400 Mid-Smallcap Indexes in this quarter … expecting that BCG will be included in more BSE, NSE Indexes in coming quarters

Here is the list of my questions

Customers
– What’s the total number of CTV publishers we have and are there any new additions in this quarter

– What is the typical contract period we have with Publishers in general. How many or how much percentage of these publishers have contracts signed up for next year or two

43 new publishers added in this quarter
– What’s the size of these publishers in terms of potential Impressions or page views per month …. do they fall under Top 10 or 20 or 50% of your existing publishers

– The percentage addition seems to be small in comparison to 47k publishers we have … Is this a strategic thing or a cyclical one and can we expect higher percentage in coming quarters supported by MediaMint backend team

Brightcom Player
– Could you please share some details on the number of publishers using the interactive ads feature and the volume it is handling as of now

– In terms of revenue margins, how much percentage it costs higher in comparison to normal video ads

– Are there any competitors as of now … any new features planned which would be advantageous to us from competition

– I guess there is no dedicated page for this similar to BLocal in Brightcom website … request the team to please add this

Cash flows
– The FCF is projected equal at 250 and 250 crores for next two quarters, whereas in last two quarters our revenues and PAT has increased … What will be the percentage of Profit to FCF ratio we can expect in coming quarters

Financials
– You were planning to try out some new accounting / reporting policies inline with global large companies … Could you provide updates on this front

– The EBITDA margin of BCG is historically healthy and high … around 31 % in general and around 28% in Dec quarter … In future too can we expect these margins remain at same levels or improving further

Acquisitions
– Will MediaMint continue to operate as a separate subsidiary entity of BCG or will it be merged with BCG India unit

– Are we planning for acquisition of single or multiple Audio AdTech companies … In case of multiple ones what is the strategy behind it … any updates on the talks, can we expect LOI to be signed in next two weeks or so

Future
– AdTech industry is projected to grow at > 20% CAGR for next 5 years … can we expect BCG growing above these numbers. Any ballpark figures for next year, say above 20, 30 or 50% of topline growth excluding acquisitions

– Do we see any impacts post pandemic or from fed rate hikes and spending … how are we planning to mitigate this and keep our growth intact

Strategy
– Any updates on partnerships with Amazon, Meta and LinkedIn

– In terms of Metaverse, I guess MediaMint is already working on AR/VR related projects for its clients … could you share more details on this on the amount of work being done currently … and future plans in terms of gearing up resources, building tech PoCs, partnerships etc;

– Gaming companies like Nazara has entered Adtech space, do we see any possibility of BCG entering into gaming space either as an AdTech player or as a gaming publisher under Lycos brand

– Given that we will be expecting a good FCF in next quarters too … any plans to utilise these funds beyond the planned Audio AdTech acquisitions … like setting up a Start-up fund say 100 to 200 Cr for Series A, B, C rounds of Investment in early stage startups either AdTech or DM or any other platform based companies … Similar to Naukri’s investments in Zomato, Policy Bazaar etc;

[hw_tw]

Regarding BCG vs Affle’s cost per converted user, SKR has already answered for this question in Q2’s concall … BCG is into both Cost per Impression / CPI and Cost per Action / CPA models … Note that CPCU model is a bit more than CPA model where in the user is tracked till the end … also cost for each of these models keeps increasing from CPI to CPA to CPCU models … for simplicity stake let’s assume CPA and CPCU are in the same category

Both these models are good for different campaign needs … it depends on the type of campaign which the company or brand is looking into

Awareness campaigns target is just to let people aware of certain product or event and it doesn’t expect any immediate action from the viewer … basically they just send a message across targeted group of people … CPI ads are good in this case

For example, campaigns done during election time asking people to vote for a particular party, leader or asking to participate in elections or a vaccination campaign fall under this category … you just need to run an ad, over here … there is no need for the viewer to take any action … even ads like launch of a new mobile or an IPL match would prefer normal CPI ads

On the other hand, Action campaigns target is to get the user do some action like subscribing for a service or purchasing etc; … Note that these are subset of normal awareness campaigns … the challenge in this model is that you will have to run lot of ads for the actual action to happen … because of which the prices are high … the margins become unpredictable as you never know whether the viewer is going to take an action after 10 or 20 or 100 ads or he may not take any action at all as he has already purchased the product

My personal experience which happened every time I wanted to purchase a product and I am sure most of you would have faced this … When I wanted to buy a product, typically I would check for the product price it’s features and also check the competitor’s products in the same or different price ranges … the movement I do this, I will be chased with different product ads across different other sites I visit through out the day … Inspite of all the ads, everytime time I end up purchasing a product directly from the ecommerce site or the shop which I liked and NOT by clicking on any of the ads … The biggest thing over here is that you will be chased with these product ads even after a purchase and this continues even after a month or nore … 🙂

During this period, I would have visited multiple websites … Probably in a month I would have seen an ad for some 1000 odd times … In a cost per impression model this cost would be in single digit rupees whereas in a cost per action / CPA or CPCU model this would go to double digits say 50 to 100 rupees as mostly lot of people like me would have purchased the product directly without clicking on the ad shown by the Adtech company … Note that in CPA / CPCU model, this cost has to be borne by the Adtech company like BCG or Affle … typically they end up chasing 5, 10 or 20 people before they find a buyer making a purchase through their ad and these acquisition costs shoot up for them

If you look at it from the Adtech companies perspective, a normal cost per impression model is more advantage for the Adtech company … having said this Affle seems to have done lot of work on understanding customer demographics and running a smart ad campaign cutting the costs involved and they seem to be doing good in this space … But, when we look at the overall market size this space is small and is a risky one compared to CPI model which BCG is largely into

In a nutshell the point to note is that there is a need for different types of campaigns … In cases where there is a scope for both types of campaigns the Brand manager along with campaign manager might be deciding which one to run or would do a split between both … from the Adtech companies perspective they should be ready with services for both the options

Hope this clarifies on the difference between these two models and the cost benefits from the Adtech’s POV

[hw_tw]

Congratulations SKR gaaru and the entire BCG team for delivering Blockbuster results

ROE of 21.74%, EBITDA margin of 25% with 130% growth in Revenue and 169% growth in PAT beats any other tech company performance you want to compare it with … on top of it a 2:3 bonus with a re-affirmation that BCG is going to generate 500 Cr FCF in next two quarters … What more you want

SKR has consistently outperformed guidance numbers for the second consecutive time … especially given that the guidance numbers itself are very high and with all the uncertainties around pandemic, lock downs, consumer spending etc; he has still delivered

As I said before, once you have boarded the ship Trust the captain of the ship … SKR is like “Pushpa” when it comes to performance and he is like “Bahubali” when it comes to rewarding the investors

Hoping all the intelligent investors out there will take a note of all positive aspects of BCG and get into the ship as soon as possible and be part of the historic story unfolding … and also please do support the management with your constructive feedback

[hw_tw]

Some people are thinking that Q3 numbers are not good and that’s the reason for the second bonus recommendation.

Just to refresh our memories

– During Q2 call, SKR has answered for one of the caller’s question that the guidance numbers are in tact and there is no change … this suggests that we are on target and this event has happened in middle of November … we can give some weightage to this statement

– Again during the AGM, which happened on 31st Dec, SKR has re-affirmed that we are on target for both Q3 and Q4 numbers … A bigger weightage to this statement considering this event happened at the end of the quarter and was mentioned by SKR himself upfront and not for some random caller’s question

Please check the AGM video from 25:30

These two statements gives me enough confidence that the numbers are good enough and bonus is to reward the investors

On the contrary let’s assume that the numbers are missing guidance and are falling short by say 10 or 20% … Even In this case, I believe we are still good enough as it will be still 80% YoY growth and much higher in comparison to any other IT / digital / Adtech companies which would be showing 20 to 50% max … On top of it we are also getting bonus shares … Isn’t this good that company is proactively taking steps to protect investors money, what more we want as an investor

[hw_tw]

Fund houses are continuously adding in BCG on a daily basis

On Jan 2nd, Morningstar was showing 72.8 lakhs and this stat has increased now to 107 lakhs or 1.03% … around 35 lakhs increase during this period

Brief stats since last few days

Jan 14th – 98,48,326, 0.95%
15th – 103,09,928, 0.99%
16, 17 – no change
18th – 107,11,024, 1.03%

I see some new names like TIAA Investments, Teachers Advisors, Russell Investments etc; in the list

Morningstar
https://www.morningstar.in/stocks/0p0000b40o/bse-brightcom-group-ltd/overview.aspx

[hw_tw]

Lots of news from BCG and Adtech industry in recent days

– BCG is announcing results on 25th, which is 15 – 20 days earlier than usual.

– Guidance figures of around 100% growth and the highest ever numbers in the history of the company … FCF of 250 + 250 in next two quarters

– Approval of 1000 Cr for one or more Audio Adtech company acquisition

– Approval of Preferential shares to FPIs and to Mr. Shankar Sharma

– BCG included in MSCI Index and BSE 500 and other indexes

– Funds are adding on a regular basis

– Adtech industry is one of the best high growth sector to be invested in

On top of all these news we have the second bonus issue within a span of six months

Lots of positive reactions to it, and some negative reactions too … While the positive group is overwhelmed with joy and started celebrating and creating memes and the negative group as usual continue to find faults … the latest being the bonus issue

This reminds me few years back when the stock was beaten down, investors were asking SKR to do something so that market can cheer up and the real price can be discovered … I see that SKR was always a investors friendly person conducting calls regularly which other CEOs avoid … Before he had other challenges and was focusing largely on the business side, but now he is also focusing on the market side and is rewarding investors wherever he has scope to do so … I should say thanks to SKR gaaru for considering bonus for the second time in an year

Note that there are different strategies the company adopts at different stages of the growth, driven by different market factors which are best know to the company management and directors … From our side, once we board the ship all we need to do is Trust the captain of the ship and not keep doubting every action of the captain … Remember the captain of the ship in our case is also the owner of the ship

The information is all out there in public … it all depends on how we look at it and most importantly what weightage we give to each of these news

Going by books knowledge, dividend given multiple times in an year is a good sign … but the situation of BCG is different … given all these below factors and any many other future things, I feel SKR and the board are the best people to decide on what is good for the investors

– In terms of time, the proposed bonus is after 6 months

– In terms of price, it is after 5x the price of previous bonus

– In terms of sales and profits, it is after 2x times previous sales.

– Dividend option is ruled out as the company needs funds for acquisitions and technology development

– With increased demand coming from both retailers and funds, prices are moving fast leading to circuit limits and ASM by the exchanges … demand is going to go up because of inclusion in different indexes and possibility of inclusion in other indexes too, coupled with further improvement in business from the company side

[hw_tw]

Lot of negativity is being spread around the Preferential Issue

Looks like we have forgotten the history … Note that the market cheered positively when issue was announced and all of us has voted in favour of the same

Listing out some points which the investors liked at that point of time … request the new investors to please know the history and take your investment decisions

– These funds will be used to acquire companies … lot of people were skeptical at that point of time that how will BCG get funds for acquisitions when it’s MCap was some 2000 odd crores or less and looking to raise 1500 Cr … remember BCG sales was not like this before and there was a challenge in free cash flows too

– The price at which this was allocated … 37.7 rs which was higher than the pre-bonus figures of around 27 … this gave a lot of comfort for the investors that we were able to raise the same amount with less equity dilution and even the price was high

– And the big surprise factor of Mr. Shankar Sharma’s subscription … the whole market cheered this event … this event has played a substantial role in the rally of BCG and further fuelled by other events like 100% increase in revenue, PAT, FCF generation, leadership hirings and news of acquisitions etc;

Anyway, its one more step forward in acquisition of DM and Audio adtech companies … This funds will help BCG to move fast and close MediaMint acquisition and bring the new team on board … needless to talk about the topline and bottomline growth it is going to bring on table both as an individual entity and as a backend supporting entity for BCG’s sales team

[hw_tw]

It’s a US based Audio adtech company … Sorry, I was totally wrong in my analysis at #13030

Anyway, this seems to be a bigger than MediaMint atleast in terms of valuation … and may be a step closer to Nasdaq listing

[hw_tw]

Regarding Audio adtech company acquisition, I guess we can derive some clues from the statement made to exchange … It says either SKR or Bradley Cohen will be given authority to sign LOI.

As mentioned by SKR in AGM, Satish Cheeti and Peshwa Acharya might have shortlisted two companies … These companies might be based out of India or Israel … depending on the company decided by the board one of them will be given the permission … In case of US based company VK might be the designated person

In terms of the advantages, my take on this

– Technology wise both will be good … Both Israel and India has a good technology people and the startup eco system is buzzing in both these countries

– Israeli based company would ease any future integrations with Brightcom’s products … would also help in acquisitions and integration of product companies in future … any equity dilution if happens would be at subsidiary level

– Indian adtech would help BCG to capture Indian market … easy to integrate with MediaMint backend operations and also cross sell … Would add revenues to BCG’s India business and strengthen its balance sheet and probably change market sentiment about its Indian business

Anyway, it is just a thought and I might be totally wrong … We will get to know more details about it tomorrow … As an investor, we will be happy either way

[hw_tw]

Some people are still talking negative about the promoter stake being low or getting reduced.

There are many explanations about the stake getting reduced only in percentage terms and the actual number of shares held by promoters remained same… let’s not discuss this further

Coming on to the worries related to percentage coming down, the general perception or the fear is that promoters are not interested in the business

My take on this point in case of BCG’s promoters …

– SKR and VK haven’t sold a single share

– To my knowledge both doesn’t have any other interests … they are not running any other business, they are not investors in any other company

– Both are full-time dedicated to BCG and are actively involved in day to day operations of the company … SKR also taking up CS activities these days

What more commitment we need from the promoters

If we go by bookish knowledge and the s/w derived analysis, yes promoters stake falling below certain percentage is negative … but we as humans need to look at it a bit more deep … request all to not blindly go by these theories / rules and instead apply your own logic

[hw_tw]

On the guidance numbers for the Q3 and Q4 quarters of this year, SKR has re-affirmed that we are on target to reach these numbers … check 25:30 from the AGM video

Also, I see that there are only 2.3k views till date … request everyone to spend some time and watch it asap

[hw_tw]

Check out the latest Fund investments in BCG from Morningstar and MSN money sites

There is a difference in Morningstar and MSN data both in terms of quantity and list of funds. Morningstar is reporting highest qty of 72.8 lakhs compared to 56 lakhs last month. But it is also not showing CREF Stock Account holding qty of 5.35 lakhs … Adding this the final figure would come to 78.15 lakhs

Morningstar
https://www.morningstar.in/stocks/0p0000b40o/bse-brightcom-group-ltd/overview.aspx

MSN Money
https://www.msn.com/en-au/money/stockdetails/bom-532368/fi-ahdf77

[hw_tw]

AGM video … https://youtu.be/dud3WrAQXOE

[hw_tw]

Nice find @explorer…You were spot on

Thanks SKR garu for this wonderful news…Congratulations to all BCG employees and investors … Welcome MediaMint to BCG family.

My thoughts on this announcement

– 3x of Sales and 8.5x of EBITDA is a good deal…In comparison to the recent crazy valuations of IT services companies (in the name of digital and analytics business) …Also considering MediaMint is growing fast at 40% CAGR with good EBITDA margins

– EBITDA of 35.8% seems to be better than 26.1% of BCG’s recent Q2

– Revenue per employee is 14.4 lakhs…In-line with general DM company’s business and also equivalent or better than some listed IT services companies, can grow higher with BCG…take for example Happiest Minds with around 4000 employees and estimated 1000cr revenue is generating 25L per employee and is trading at around 19x sales 🙂

– Key Management people along with one of the co-founder is going to stay with the company, huge positive. Also more management hands for SKR. Note, Aditya Vuchi is a serial entrepreneur and is also running other businesses, he would be looking to improve them further with these funds and so will be moving on after 6 months which is enough for a smooth transition

– Both companies compliment each other…Huge cross selling opportunities across their business (both has marquee large clients)… Imagine BCG running ads for Netflix or Expedia or NYT, the marketing budgets of these companies will be running in some billions of dollars each… a small share of it to BCG will add huge to its numbers.

– Also they can build together new solutions and take it to the market. We would see impact of this from next FY onwards post integration

– BCG’s DM division + MediaMint together might be one of the top 3 or top 5 DM companies based out of India

– 170cr in the form of stock … Need to be seen if it’s going to be equity diluation and if so at what price or from ESOP pool … Even in case of equity dilution, it will not be a big number considering the avg. price of BCG share in last 3 months

– Impact on EPS, ROE, and FCF needs to be seen…in my view all these ratios will be moving higher

– SKR is walking the talk…he is nicely ticking the boxes one by one for the future exponential growth of the company … Remember he once said that we are looking at a growth similar to previous period, (I guess between 2006 to 2010) where the company has grown from 10 to 100 million revenue

[Author]

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