Mahindra And Mahindra · tone and specificity signals across the available quarters.
Language signals
We are EBITDA positive without PLI right now. We're not losing money without PLI at a cash level. Our expectation would be that as we start showing higher margins with scale, PLI should reduce—that is part of how it should go because we would not want to make supernormal profits based on subsidies.
The one thing I would say for these businesses as well as for the next few is an underlying theme is very strong execution across. That is one underlying theme that we've got and that's what's being able to deliver good results consistently over such a long time.
The whole EV platform, the INGLO platform that we've developed can be used across multiple top hats and therefore the capex that goes into developing it also is lower. So that also enhances profitability.
Profit after tax for Q4 is up 42%. And profit after tax for this fiscal year is up 35%.
We are not looking at short-term actions to meet that number. That's a number that's what we believe our underlying growth rate should be.
We are fully maxed out because we're doing well in exports. We're not able to do more than a certain number in domestic at this point of time.