Why this article?
This is a follow-up to the two previous India articles on the Consumer Story and on Banking, both written by Manab Sen. Both those articles ended with a “working list” of companies. This article will take over from there, and put that working list through a rough screener – both to eliminate the lemons, and to prioritize my time. Based on this “screening”, I will spend my time this week on one company.
The analysis is split in two broad sections, just like the India articles: The Consumer Story and The Banking Story. That’s because it’s tough to compare Retail/Manufacturing companies with Financial Institutions. The reporting is different; the variables are different. In Banking, for example, the equation for Revenue is not as simple as Price times Volume. The Banking part below is really a repeat of the last section of Investing in India: Can we bank on it?, but it helps to compile it all together.