Ann: Q4 FY23 Investor Presentation, page-11

@peterdoobes is right in suggestion you don't take your cues of financial performance only from the EBITDA line.

Besides thing like lease expenses which appear below the EBITDA line these days (prior to 2020, they were booked above the line), this Board pays/incentivises senior managers via the issue of shares, which get accounted as an expense, also below the EBITDA line.

This is a lousy practice which I, along with others, have made representation to both the previous, as well as the current, Chair of the Board, advising that it should cease.

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