COGS increased because gold prices increased and the same is reflected in topline with 16-17% Value growth,…Margins are down because company had to roll out new offers and schemes to attract the customers during the festive days as the gold prices were increasing. And also they have mentioned Advertising costs were higher as the company’s new stores in T4/T3 cities required higher spends for reach…
But for the full year, they have maintained their margin guidance at 14% GM and 7% EBITDA and Topline CAGR at 18-20%…i guess these are inline with the consensus…
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