The known culprits for impacting margins, have affected. Semi conductor shortage & high Freight costs.
Growth in Solar & Wind has taken a backseat, as visible in EPC & OEM channel growth rates.
Adani also highlighted this at Davos yesterday that things are slowing down in renewable space with his overswing remark. Even if the Ukraine crisis is over, I guess the growth rates in renewable will not jump back up and will be slow over the next few years as inflation cools down gradually till at-least the developed nations first resolve with their own energy security and needs. Not sure how long the exports can keep growing at decent rates.
