While I agree that increase in salary appears high in absolute terms, but as % of TOI, there is not much increase. In FY2022, employee cost is 5.2%; in FY2023 it is 5.8%.
Again agree with you that company may not be having any moat, and anyone with better capital access can enter. But they do have economies of scale to a certain degree, as I don’t think without large volumes, there can be reduction in logistics by ~60%
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