The incremental margin looks very soft.
I will wait for the earnings call – but it is likely a result of:
- Outstanding health/life insurance growth where large amounts of CAC need to be expensed in yr1.
- EBITDA falling in Paisabazaar. Not unexpected since the top line is down YoY due to RBI curbs on unsecured. A small reset in the business which will take a few quarters to work through.
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