Reported Earnings • May 29
Full year 2026 earnings released: EPS: ₹10.79 (vs ₹7.61 in FY 2025) Full year 2026 results: EPS: ₹10.79 (up from ₹7.61 in FY 2025). Revenue: ₹11.9b (up 10% from FY 2025). Net income: ₹793.3m (up 44% from FY 2025). Profit margin: 6.7% (up from 5.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 26
Indo Amines Limited Recommends Final Dividend for the Financial Year Ended March 31, 2026 Indo Amines Limited Recommended Final Dividend of 10% i.e. INR 50 Paisa per equity share on the face value of INR 5/- each for the financial year ended March 31, 2026, to the members for their approval in the ensuing 33" Annual General Meeting of the Company. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹99.85, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 24% over the past three years. Reported Earnings • Feb 09
Third quarter 2026 earnings released: EPS: ₹1.62 (vs ₹1.52 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.62 (up from ₹1.52 in 3Q 2025). Revenue: ₹2.80b (up 8.0% from 3Q 2025). Net income: ₹118.7m (up 4.9% from 3Q 2025). Profit margin: 4.2% (down from 4.4% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 02
Indo Amines Limited to Report Q3, 2026 Results on Feb 07, 2026 Indo Amines Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Feb 07, 2026 New Risk • Nov 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.84b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (79% net debt to equity). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹8.84b market cap, or US$99.1m). Announcement • Nov 04
Indo Amines Limited to Report Q2, 2026 Results on Nov 12, 2025 Indo Amines Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 12, 2025 New Risk • Sep 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Sep 01
Dividend of ₹0.50 announced Dividend of ₹0.50 is the same as last year. Ex-date: 17th September 2025 Payment date: 23rd October 2025 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 45% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹160, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 27x in the Chemicals industry in India. Total loss to shareholders of 3.7% over the past three years. Announcement • Aug 13
Indo Amines Limited, Annual General Meeting, Sep 24, 2025 Indo Amines Limited, Annual General Meeting, Sep 24, 2025. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: ₹3.94 (vs ₹2.70 in 1Q 2025) First quarter 2026 results: EPS: ₹3.94 (up from ₹2.70 in 1Q 2025). Revenue: ₹3.03b (up 14% from 1Q 2025). Net income: ₹288.4m (up 49% from 1Q 2025). Profit margin: 9.5% (up from 7.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
Indo Amines Limited to Report Q1, 2026 Results on Aug 12, 2025 Indo Amines Limited announced that they will report Q1, 2026 results on Aug 12, 2025 New Risk • May 30
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (84% net debt to equity). Paying a dividend despite having no free cash flows. Announcement • May 22
Indo Amines Limited Recommends Final Dividend for the Financial Year Ended March 31, 2025 Indo Amines Limited recommended Final Dividend of 10% i.e. INR 0.50 per equity share on the face value of INR 5/- each for the financial year ended March 31, 2025, to the members for their approval in the ensuing 32nd Annual General Meeting of the Company (`3294 AGM'). Announcement • May 16
Indo Amines Limited to Report Q4, 2025 Results on May 22, 2025 Indo Amines Limited announced that they will report Q4, 2025 results on May 22, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹135, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 25x in the Chemicals industry in India. Total loss to shareholders of 2.3% over the past year. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹129, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 12% over the past year. New Risk • Feb 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.29b (US$94.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks High level of debt (80% net debt to equity). Market cap is less than US$100m (₹8.29b market cap, or US$94.8m). Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹1.52 (vs ₹1.30 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.52 (up from ₹1.30 in 3Q 2024). Revenue: ₹2.61b (up 35% from 3Q 2024). Net income: ₹113.1m (up 18% from 3Q 2024). Profit margin: 4.3% (down from 5.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Announcement • Feb 05
Indo Amines Limited to Report Q3, 2025 Results on Feb 11, 2025 Indo Amines Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹202, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 33x in the Chemicals industry in India. Total returns to shareholders of 59% over the past year. Buy Or Sell Opportunity • Nov 28
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₹176. The fair value is estimated to be ₹146, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹1.96 (vs ₹1.75 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.96 (up from ₹1.75 in 2Q 2024). Revenue: ₹2.75b (up 8.5% from 2Q 2024). Net income: ₹137.9m (up 16% from 2Q 2024). Profit margin: 5.0% (up from 4.7% in 2Q 2024). The increase in margin was driven by higher revenue. Announcement • Nov 07
Indo Amines Limited to Report Q2, 2025 Results on Nov 12, 2024 Indo Amines Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹194, the stock trades at a trailing P/E ratio of 27.5x. Average trailing P/E is 35x in the Chemicals industry in India. Total returns to shareholders of 71% over the past year. Announcement • Sep 24
Indo Amines Limited Approves Final Dividend for the Financial Year Ended March 31, 2024 Indo Amines Limited at its AGM held on September 24, 2024, approved declaration of Final Dividend of 10% i.e. INR 0.50 paisa per equity share on face value of INR 5/- each for the Financial Year ended 31st March, 2024. Upcoming Dividend • Sep 10
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 17 September 2024. Payment date: 24 October 2024. Payout ratio is a comfortable 8.3% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹199, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 36x in the Chemicals industry in India. Total returns to shareholders of 69% over the past year. Recent Insider Transactions • Aug 24
President of Projects recently sold ₹10.0m worth of stock On the 20th of August, Nandu Gupta sold around 57k shares on-market at roughly ₹175 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹14m. Insiders have been net sellers, collectively disposing of ₹32m more than they bought in the last 12 months. Declared Dividend • Aug 10
Dividend of ₹0.50 announced Dividend of ₹0.50 is the same as last year. Ex-date: 17th September 2024 Payment date: 1st January 1970 Dividend yield will be 0.3%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (8% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 09
Indo Amines Limited, Annual General Meeting, Sep 24, 2024 Indo Amines Limited, Annual General Meeting, Sep 24, 2024. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹2.70 (vs ₹1.66 in 1Q 2024) First quarter 2025 results: EPS: ₹2.70 (up from ₹1.66 in 1Q 2024). Revenue: ₹2.73b (up 12% from 1Q 2024). Net income: ₹193.1m (up 59% from 1Q 2024). Profit margin: 7.1% (up from 5.0% in 1Q 2024). The increase in margin was driven by higher revenue. Announcement • Aug 08
Indo Amines Limited Approves the Appointment of Pradeep Thakur as Chairman of the Board Indo Amines Limited at its board of directors meeting held on August 8, 2024, announced that Mr. Pradeep Thakur, a Non-Executive, Independent Director, has been appointed as the new Chairman of the Board, effective from August 8, 2024. Announcement • Aug 02
Indo Amines Limited to Report Q1, 2025 Results on Aug 08, 2024 Indo Amines Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹159, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 35x in the Chemicals industry in India. Total returns to shareholders of 43% over the past year. New Risk • May 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.28b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.0% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (₹8.28b market cap, or US$99.4m). Announcement • May 23
Indo Amines Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024 Indo Amines Limited informed that, the Board Meeting of the Company held on May 22, 2024, recommended Final Dividend of 10% i.e. INR 50 Paisa per equity share on the face value of INR 5/- each for the financial year ended March 31, 2024, subject to the approval of the shareholders in the forthcoming 31st Annual General Meeting of the Company. Announcement • May 17
Indo Amines Limited to Report Q4, 2024 Results on May 22, 2024 Indo Amines Limited announced that they will report Q4, 2024 results on May 22, 2024 Announcement • Apr 19
Indo Amines Limited Announces the Resignation of Keyur Chitre as Whole Time Director, Effective May 31, 2024 Indo Amines Limited announced that Mr. Keyur Chitre (DIN: 07800503) has tendered his resignation as Whole Time Director of the Company with effect from closure of business hours of May 31, 2024, citing his inability to discharge the duties due to personal reason. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹145, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 29x in the Chemicals industry in India. Total returns to shareholders of 83% over the past year. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹110, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 28x in the Chemicals industry in India. Total returns to shareholders of 36% over the past year. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹1.30 (vs ₹1.42 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.30 (down from ₹1.42 in 3Q 2023). Revenue: ₹1.96b (down 7.2% from 3Q 2023). Net income: ₹96.2m (down 7.6% from 3Q 2023). Profit margin: 4.9% (in line with 3Q 2023). Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹140, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 51% over the past year. Announcement • Dec 21
Indo Amines Limited Appoints Appoints Nandu Gupta as President -Projects Indo Amines Limited announced the change in Senior Management Personnel of the Company as follows: Mr. Nandu Gupta is being appointed as the President -Projects effective from 21st December, 2023. Mr. Nandu Gupta is a having a good experience of 33 years in chemical manufacturing and trading. Mr. Nandu Gupta is not related to any of the Directors, between directors Key Managerial Personnel, Promoters and Promoter group of the Company. Announcement • Nov 30
Indo Amines Limited Announces Resignation of Vijay Naik as Whole Time Director Indo Amines Limited informed that, Mr. Vijay Naik (DIN: 08998268) has tendered his resignation as Whole Time Director of the Company with effect from closure of business hours of 30th November, 2023, citing his inability to discharge the duties due to personal reason. Announcement • Nov 10
Indo Amines Limited Promotes Mukeshkumar Agrawal from Chief Financial Officer to Chief Revenue Officer Indo Amines Limited at its Board Meeting Held on November 09, 2023, approved the following changes in the managerial personnel of the Company: Mr. Mukeshkumar Agrawal has been promoted from the position of Chief Financial Officer to Chief Revenue Officer of the Company with effect from 10 November, 2023; Mrs. Suniti Sagar Thombre has been promoted from the position of General Manager-Finance to Chief Financial Officer of the Company with effect from 10 November 2023. Announcement • Nov 04
Indo Amines Limited to Report Q2, 2024 Results on Nov 09, 2023 Indo Amines Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Oct 12
Indo Amines Limited Announces the Resignation of Nandu Gupta as Whole Time Director Indo Amines Limited has received a intimation from Mr. Nandu Gupta (DIN: 00335406) wherein he has resigned from the position of Whole Time Director of the Company due to his personal reasons with effect from closure of business hours of 11th October, 2023 With effect from closure of business hours of 11th October, 2023. Announcement • Sep 28
Indo Amines Limited Approves Declaration of Final Dividend for the Financial Year Ended 31St March, 2023 Indo Amines Limited at its AGM held on September 27, 2023, approved Declaration of Final Dividend of 10% i.e. INR 0.50 paisa per equity share on face value of INR 5/- each for the Financial Year ended 31st March, 2023. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹1.66 (vs ₹1.22 in 1Q 2023) First quarter 2024 results: EPS: ₹1.66 (up from ₹1.22 in 1Q 2023). Revenue: ₹2.48b (down 4.1% from 1Q 2023). Net income: ₹121.5m (up 43% from 1Q 2023). Profit margin: 4.9% (up from 3.3% in 1Q 2023). The increase in margin was driven by lower expenses. Announcement • Aug 05
Indo Amines Limited to Report Q1, 2024 Results on Aug 10, 2023 Indo Amines Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 18
Full year 2023 earnings released: EPS: ₹5.78 (vs ₹3.26 in FY 2022) Full year 2023 results: EPS: ₹5.78 (up from ₹3.26 in FY 2022). Revenue: ₹9.49b (up 21% from FY 2022). Net income: ₹408.8m (up 77% from FY 2022). Profit margin: 4.3% (up from 2.9% in FY 2022). The increase in margin was driven by higher revenue. Announcement • May 12
Indo Amines Limited Informs That Nandan Khambete Has Submitted His Resignation as Non-Executive, Non-Independent Director Indo Amines Limited informed that, Mr. Nandan Khambete (DIN: 08963471), has submitted his resignation as a Non-Executive, Non-Independent Director of the Company with effect from the closure of business hours on 17th May,2023, due to personal reasons and other professional commitments. Announcement • May 11
Indo Amines Limited to Report Fiscal Year 2023 Results on May 17, 2023 Indo Amines Limited announced that they will report fiscal year 2023 results on May 17, 2023 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹81.20, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 19x in the Chemicals industry in India. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹1.42 (vs ₹1.35 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.42 (up from ₹1.35 in 3Q 2022). Revenue: ₹2.11b (flat on 3Q 2022). Net income: ₹104.1m (up 7.4% from 3Q 2022). Profit margin: 4.9% (up from 4.6% in 3Q 2022). Announcement • Feb 01
Indo Amines Limited to Report Q3, 2023 Results on Feb 10, 2023 Indo Amines Limited announced that they will report Q3, 2023 results on Feb 10, 2023 Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 19% share price gain to ₹107, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 20x in the Chemicals industry in India. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹82.35, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 20x in the Chemicals industry in India. Recent Insider Transactions • Oct 05
Executive Director recently sold ₹13m worth of stock On the 30th of September, Nandu Gupta sold around 106k shares on-market at roughly ₹119 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹20m. Insiders have been net sellers, collectively disposing of ₹55m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹117, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 19x in the Chemicals industry in India. Recent Insider Transactions • Sep 20
Executive Director recently sold ₹6.8m worth of stock On the 16th of September, Nandu Gupta sold around 50k shares on-market at roughly ₹135 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹8.6m. Insiders have been net sellers, collectively disposing of ₹15m more than they bought in the last 12 months. Recent Insider Transactions • Sep 10
Whole-Time Director recently sold ₹8.6m worth of stock On the 7th of September, Nandu Gupta sold around 59k shares on-market at roughly ₹148 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₹120, the stock trades at a trailing P/E ratio of 29x. Average trailing P/E is 19x in the Chemicals industry in India. Reported Earnings • Aug 10
First quarter 2023 earnings released: EPS: ₹1.22 (vs ₹0.99 in 1Q 2022) First quarter 2023 results: EPS: ₹1.22 (up from ₹0.99 in 1Q 2022). Net income: ₹84.9m (up 19% from 1Q 2022). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 15% share price gain to ₹91.00, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 18x in the Chemicals industry in India. Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: ₹3.26 (vs ₹5.32 in FY 2021) Full year 2022 results: EPS: ₹3.26 (down from ₹5.32 in FY 2021). Revenue: ₹7.86b (up 45% from FY 2021). Net income: ₹230.5m (down 39% from FY 2021). Profit margin: 2.9% (down from 7.0% in FY 2021). The decrease in margin was driven by higher expenses.