$3.$ EBITDA margin of Alpha Ltd$.$ was $20\%$ for FY $2021,$ while it was only $12\%$ for Delta Ltd$.$ However, both the companies have same return on capital employed $($ROCE$)$ at $10\%.$ Which of the following is a reasonable conclusion? $($Hint: Consider the definition of ROCE $)($a$)$ Business of Alpha is more capital intensive than Delta. $($b$)$ Business of Delta is more capital intensive than that of Alpha. $($c$)$ Both the businesses have equal capital intensity, and the profitability difference in both is due to their respective operational efficiencies. $($d$)$ A sense of the capital intensity of the businesses cannot be deduced from this information.