Ann: H1 FY24 Market Release, page-28

People seem to have missed the 75% op margin target for 2024 F. This is the crucial margin in the full year reults.

Op margin is crucial in stage 2 of a high growth companies, when you switch from high growth to a profit delivering company.

Standard is 60% to 80%, So at 87.5 % gross, you start to see the difference 79% to 75% would make to the underlying profit. Obviously, the question is are they able to maintain margins at 75% and maintain overall revenue growth at 15% plus. (Y on Y).

The other question is with free cash flows of 100 million plus, profitability, 1 billion plus in cash, will management buy back stock, pay down debt? However, this is a post 2025 question after they have maintained the margins