By this fiscal end both Policybazaar & Paisabazaar would be profitable (ex-esop costs). From there, I believe in 3 years it should reach steady state margins of 35-40%. (my assumption).
My assumption is also that the revenue would grow as you indicated. This is very high operating leverage business. I have some numbers in my mind but market doesn’t want to give much rope. First show me the money is the approach market may be taking – sensible given the circumstances. Patience is the approach I want to take here. Let’s see.
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