Hi @ranjan_r
This is the trend of Dmart Gross Margins over time. The average gross margin of the last 8 years is ~15%. Gross margins are just reverting to that.
Operating expense % has gone up by a few basis points as highlighted by you but not by a great amount but in retail a few basis points is meaningful esp in dmart.
The gross margin is expected to bob around 15% as far as i am concerned.
Best
Bheeshma