I was listing the possible things that can go wrong and it includes hedging risk also and in case of sharp depreciation of rupee against $ it might not go away in few quarters as hedges taken are more than double the size of current operation and must be spread over years….if you check forex losses trend over last few years then you will find over last 3 years company suffered cumulative losses of more than 100 cr. due to forex fluctuations……however, as you have rightly put, even I don’t assign much importance to forex issues since its a pure business hedge but since we are here searching what factors can go wrong then it could include forex also.
Rgds.
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