Capital expenditure expected to moderate to Rs. 5.6 billion in FY2025 from an estimated Rs. 7.6 billion in FY2024
ICRA expects the OPM of the sample set to moderate to 20.2% in FY2023 from 21.5% in FY2022.
Headwinds related to pricing pressures and rising raw material costs will result in some contraction in margins in Q4 FY22 and FY23
The stability is led by healthy demand in the domestic and emerging markets
Healthy growth in domestic and emerging markets is expected to support revenue growth in the next few quarters
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