With all due respect what you are looking at is PBT Profit Before Tax. John Malone who is attributed for coining EBITDA wanted a more accurate measure of the performance of a company that had a rapidly increasing cash flow but was spending most of it on further expansion. ITC did lots of capex in the past and still expanding.
so EBITDA is a better measure than PBT. ITC reports this in the footnote of each quarter results.
As @Nitin_Naudiyal posted EBITDA margins are indeed expanding. From a mere 2.5 % to 10.2 %. In fact in Q4 FY23 EBITDA margin expanded to as much as 13.3 %.
I am quoting the data points. Of course it’s your call.
I dont want to clutter the thread, so I stop here.
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