P/L growth is largely missing due to company specific as well as industry specific headwinds in the past. Its net sales have hovered in the range of ~| 160-200 crore in a six-year time frame i.e. FY13-18. A large part of it was owing to inefficient subsidy release mechanisms or switching over to new subsidy mechanisms in key states, thereby resulting in high uncertainty and unpredictability. Even on the margin front, the performance has been sub-par with EBITDA margins in the range of ~56% thereby resulting in dismal profitability at the PAT level. PAT in FY1318 has been in the range of ~| 5-10 crore. Therefore, given election in key states as well as Centre and tracking EPC's performance, there is...