Pentonic’s share reducing this quarter really stuck out to me. It can’t just be because of reduction in exports to Myanmar and Sudan. I might be wrong but I don’t think they sell mostly Pentonic in these countries.
The management seemed very defensive this time with their guidance as well. Revising it down to 700cr (assuming max growth of 20% on FY23’s base) in FY25 from the previous guidance of 750cr in FY25.
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