₹1,854.5 crore, lower than consensus estimates. This is the first decline in Divi’s revenue in the last 20 quarters, said analysts from Nuvama.
Operating deleverage coupled with high energy costs meant that the Ebitda (earnings before interest, taxes, depreciation and amortization) margin fell fast.
The metric declined by as much as 767 basis points (bps) y-o-y to 33.5%, the lowest in the past ten quarters. One basis point is 0.01%.
Margin contraction is steeper than the 590bps drop seen in Q1. In keeping with the Q2 performance, analysts have slashed their earnings estimates for FY23 and FY24.