Company has negative cash flow from operating activities in last 5 years out of 6 years shown in prospectus. If company is not generating enough cash from its operating activity then how it will give return to its shareholders.
Moreover, EPS as on 31.03.2017 comes out to be around 3.22 which means at issue price of Rs.51, then P/E would be around 16 which is expensive as compared to other peers.