Ravi - your analysis is on point. I didn’t consider the Standalone PAT, was looking at the consolidated business.
I am being a little conservative with my estimates, since it is anyone’s guess where the PAT % would land up and I still feel a PAT of INR 3,000+ crore would be difficult to achieve in FY26. Analysts are generally quite aggressive in their estimates, so I always take that with a pinch of salt, however would love to be proven wrong.
Guess we will analyze the quarterly #s to see how things go.
But, I appreciate the analysis and this back and forth that we had. I enjoyed it!
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