Results look bad.
Sales are flattish
Raw Material Cost up 33%
Power and fuel cost up 42%
Other Exp up ~30%
Margins have contracted.
Will update on the status of the new furnace that was suppose to go live initially in September’2022. The amount in Capital WiP is at 600crs meaning this plant was not operational as of 30th September.
Company was looking to raise money for the next round of capex. In my opinion after the withdrawal of import duty this is going to be very difficult.
Delay in commissioning and uncertainty on the margins are not good signs.
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