You've picked up the right end of the stick.
Gross profit margin of ~20% doesn't leave a lot for opex
As they get larger, they may be able to negotiate better margins, reduce costs, etc.
The prospectus only provides financials up to Dec 14. More recent data would be better to analyse but won't get that until FY. Really comes down to whether they can maintain revenue growth rate which appears on track
Ann: Prospectus, page-4
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