I think it is depreciation and finance cost which is being culprit here. They seem to be doing good on most of the fronts.
One more issue could be muted growth in Milann centers as well.
The revenues and EBITDA is on growth trajectory since Q1 FY21 and PAT is also inching up since last 5 quarters.
They are doing good on operational metrics such as ARPOB, AOR, ROCE etc.
I believe once they start reducing the debt, operating leverage can play out. Lets see.
Disc: Invested.
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