If we divide 1Q23 sales by 30% we get Rs1463crs. Last year PAT margin across quarters are as below
| 5.2% | 3.8% | 4.2% | 3.1% | 3.9% | 6.2% |
|---|---|---|---|---|---|
| 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY22 | 1Q22 |
So 1Q PAT margin is higher by 1% v/s last due to scale. If I assume similar scale advantage for full year could expect 3.9% +1% =4.9% PAT margins for FY23.
4.9% X Rs1463crs = Rs72crs which you rightly pointed out is lower than Rs90crs I had earlier estimated. So stock would trade at 26.2x FY23E
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