Agree… sales appear bad. but it is mainly due to lower sugar sales quota (from govt) as they had very low stocks at end of last quarter. next quarter (Q4 FY 24) it will be much higher than Q4 FY23.
overheads costs are fixed so margins are lower this quarter.
cane crushed appears to be 3% higher (cost of raw material – 532cr) which has gone into inventory (353cr).
concall will clarify these things…
Discl – Invested and increased allocation.
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