These expenses included corporate social responsibility (CSR) spending of ₹31 crore (Q4FY25: ₹7 crore) and expected credit loss from debtors of ₹16 crore (Q4FY25: ₹8 crore). Adjusted for this, the Q4FY26 Ebitda margin would have been 30%, flattish year-on-year. CSR tends to be lumpy across quarters as projects take time to be approved and implemented, said the management. So, the quarterly margin can be volatile.
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