I am trying to understand how margins were 6-7% in 2017-18 when they were on expansion spree and lot of new stores were not breaking even? If i see current results, i think all stores are profitable and commodity prices also cooled off but still margins are around 3% as compared to 6-7% in 2017-18. Even retail contribution has increased, now around 55% as compared to less than 50% back then. I have gone through concals and AR but couldn’t figure out why. Could be something straightforward which i am missing, please let me know.
Thanks.
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