Ann: QANTM 2023 Half Year Results Presentation, page-4

Growth in revenue, but a decline in EPS! 1. finance costs have jumped from 1.7% to 2.4% of revenue, ok a sign of the times but other expenses has also jumped from 5.3 % to 7.5% . A quick look at the cash flow highlights an increase in outflow of payments to suppliers and employers. All in all growth is good but it appears financial discipline is lacking. Troubling is the decline in EPS with a 9% growth. Need to wait to FY results, to see if this is a trend or new business is sticky. In the end it maybe a short sighted and greedy management!