True, results are inline with expectations. Margins look worse but discounting for peak inflation and supposed fall in glass prices, these are decent numbers. Topline holding at ~170cr suggests either glass prices stayed around 132-135 levels or there was better volumes or better product mix. Coming quarters should see re-entry into mgmt guidance zone of 30-35% ebitda with sliding commodities.
However, the elephant in the room is ADD extension. Here’s a clip from a publicly available govt doc on duties.
“Duty has to be levied within three months from the date of provision or final recommendation by DGTR”…
We are 1 week away from that expiry date!!
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