While the story of margin expansion, deleveraging is in progress and the narrative is improving perception, one thing to remember is that major portion of PAT goes to non controlling interest which does not belong to us. For ex. in H1 FY23, actual PAT was 17 Cr and non controlling interest profit was 18 Cr implying 50% reduction from total PAT, which means that all valuation multiples are suppressed vis.a.vis. other retailers in an expected fashion.
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