Ann: FY23 Results Presentation, page-11

Don't agree with you this time, spreme. Balance sheet is not healthy as there is too much in worthless intangibles, created by previous management mainly. I have always been of the view that when you operate from rented premises, there is no value from goodwill. It is arguable whether any value can be attributed to brand, either.

Cash flow from operations, as per the statement, shows breakeven when rounded, which is insufficient to meet after operations such as interest. The main reason for the poor cash flow result is seen in the trade receivables where the company is still failing to collect payments from its franchisees.