if you go through the investor presentation 90% of revenue is from steel business. As per Crisil Rating August 01,
Exposure to fluctuations in input prices:
As with any retail business, operating margin remains modest. The operating profitability has been volatile in the range of 2.9 to 3.6 percent over the last five fiscals ended fiscal 2023, mainly on account of fluctuation in steel prices. The operating margins for fiscal 2024 is expected to be sustained at around 3%. Improved contribution from the non-steel segment is expected to support the margins, going forward.
If you see the concall summary posted by @ranvir
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