Yes you’re right, that does seem to be a significant factor (though mgmt. has denied the outgoing brother’s company being a direct competitor, but losing their biggest customer roughly at the same time as his exit does raise suspicions).
To some extent it does show their resilience that they were able to grow back sales after having a sudden ~20% revenue hit due to exit of their biggest US customer (from FY 20 onwards).
But beyond that there hasn’t been much growth in US post that (whatever little is there, can mostly be attributed to favourable exchange rate). What has been sustaining numbers is top product (Serratiopeptidase) continuing to do well domestically (9MFY23 data showed robust growth over previous year).
Other than that, to me it seems a case of wait and watch.
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