CFO statement from q3Fy21 concall:
“Going forward we expect our long term EBITDA margins to be in the range of 28% to 32%”
Forward to q2fy23 concall, management says EBITDA margins vary relative to sales. EBITDA margin per ton is what their focus is on. One more clarity given is the company sells by having fixed rupee over fixed costs than a % of fixed costs. so if fixed costs come down, ebitda margin as a % of sales go up.
So in 2021 concall CFO might have not factored in the sharp rise of RM & freight costs that came later.
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