There was an element of over earnings starting Q4FY22 due to expansion in ebitda margins from the usual 18-21% to 26-29% which as per management is not sustainable and will go back to 18-20%. So, FY23 would be a high base for FY24 which could lead to PE expansion going forward. After a steep fall from 7300 to 4000, the stock seems to be forming a base and might undergo time correction. On monthly charts around 4200 seems to be a support.
Just my 2 cents, can be very wrong in my conclusion.
Disc: Invested and looking to add depending on how FY24 pans out.
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