Sales is absolute term may not be relevant in current environment with fluctuating input prices. Compare the volume. Volume has increased in Q2 compared to Q1 (although only 4%). Absolute sales have reducing presumably because of pass-through of reduction in input cost. However, not entire saving in input cost has been passed on, there by helping the margins.
| Q2 FY23 | Q1 FY23 | Q2 FY22 | |
|---|---|---|---|
| Revenue Rs. Cr. | 630.41 | 674.86 | 529.99 |
| Total Volume MT | 28,498 | 27,358 | 23,604 |
| Amines Volume MT | 6,310 | 6,739 | 5,861 |
| Amines Derivative MT | 7,769 | 8,128 | 8,261 |
| Specialty Chemical MT | 14,419 | 12,491 | 9,482 |
@Gaurav_Agarwal your point seems to have played out here. As per MD, there was improvement in product mix, which is true. Specialty chemical sales have increased. However, it is still a wholly owned subsidiary till it gets listed. Also, BAL (parent) will see growth as they are doing capex for multiple products (Methyl Amine, DMAHCL, DMF, Acetonitrile, etc.) increasing the existing capacity by ~50%.
However, I am waiting for investor presentation / concall for better understanding.
Disc: Invested and my views are totally biased 
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