You’re right. I should have clarified. As shown in my numbers, my assumption is that this year’s assets give return next year. If we take the asset turn the typical defined way it will indeed be much lower as you pointed out. I calculated taking in a lag of 1 year (as shown in my rough calculations). Kind of a forward looking asset turn as I think asset turn during the time period of heavy investment will give quite low asset turn for the period as the infra is being purchase, delivered, installed and commissioned.
Thanks for pointing it out. I hope this clarifies it.
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