Rashi Peripherals · tone and specificity signals across the available quarters.
Language signals
While margin flows down mainly from GP also the operational efficiencies remain at same level. However for long-term trend we would not say that this is maintainable because it's a factor depending upon the customer mix and the sales mix.
In the previous deals we had the first mover's advantage where we picked up the first deal. So there the ROC was better. But now the competition is hotting up not only amongst the vendor suppliers but amongst the distribution also.
While our adoption and discussions are on an accelerated path but when it comes to spending and upgrading then our speed is relatively lower. So yes adoption will come but it may be gradual starting from H2 and then subsequently in the next few years.
The only challenge is the prices are going up on a periodic basis. So that is the challenge but so far we have been able to plan inventory in advance. So far we have been very effectively been able to promote and sell our products at a higher price across the length and breadth of the country.
This growth is without the INR 2,000 crore of last year project business. So all the 5% growth is base business growth. That is quite healthy and demonstrates the underlying robustness of the business model.
If you compare from year-over-year, there is already an increase in terms of supplies. Volume growth from a year-to-year will continue to be seen for the next two quarters. However, quarter-over-quarter, there may not be any growth in terms of volume. In terms of price rise, that is a quarter-over-quarter scenario that continues to rise.
FY26 has been without exaggeration the most consequential year for Indian ICT distribution industry in over a decade.
We are very confident to maintain our trajectory of 20% CAGR in the coming year as well.
If I remove the last to last year Yota deal then we have a growth of 31%.