Yes, i have baked the realization assumption a bit conservative to be on the safe side.
Also, Q4 margin is already at 19% (demonstrated) but have baked in 15% which also i feel is conservative. The management has a tendency to under promise & over-deliver and hence walk the talk which is a good sign as per me.
The only red flag in my view was the logic for declaration of bonus, it was not required to be frank at a CMP of 600
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