They said: We were ahead of the market. They meant: We may have messed up.
This is just one of the things corporations say to skirt around awkward questions. Others being: The market is changing rapidly; it is a difficult, developing country; we are evolving.
For the past year, Sri Lanka-based MAS Holdings has been brainstorming on how to fix its India situation, quoting all the above excuses at one point or the other.