SPT, page-41

haha, yes that's correct. However, investments in infrastructure are counted as capex, not opex, and my issue was that opex has grown faster than sales. So, your point is invalid here. Have a look at the P&L over the last few years. While sales have skyrocketed, OPERATING expenses have grown even faster, causing losses to widen. This has nothing to do with investments in scale or capacity, as those are capital expenses.