Back in FY21-22, company was growing in excess of 80% YOY topline, thus market was rewarding it with a Pe of 80-100.
Problem with growth stocks is when growth rate slows , their Pe de-rating starts happening.
Even though company is growing for last 3 years the rate at which it grows has significantly tapered.
Thus price and time correction has happened.
For earnings to catch up with the price of the stk.
Same thing has happened with Dmart and bajaj fin over the last few years.
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