The earnings disappointment was primarily driven by lower revenue recognition from ongoing projects. The company’s Ebitda margin improved to 46 per cent from 42 per cent QoQ, which is a key positive. Operationally, residential sales of the company stood at Rs 260 crore, which played dampener. We believe the super-luxury residential launch in Worli to be the next big catalyst for the stock,” the brokerage said.
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