There has been no topline growth from the last 6 quarters. However, there is a very good improvement in the bottom line due to the reduction in raw material prices and restructuring of discounts and promotions. EBITDA currently stands at around 32-33% but management says they see EBITDA stabilizing at 25%, so EBITDA might come down in coming quarters.
They have entered Delhi and UP recently only, we might see topline growth from Q4 onward as per management.
We have to wait and see the topline pick up from new states and penetration increase in existing states.
Capacity utilization is still around 60% as of now.
Disc: invested
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