The previous quarter had shown initial offshoots of improvement in Thailand, while in Q3 we have
achieved 80% capacity utilisation in Thailand, leading to 73.5% volume growth YoY. We have witnessed stiff competition, causing pricing pressure leading to lower operating margins. However on a blended basis we were in touching distance of 15% EBITDA Margin led by higher volume growth in Thailand. We are incorporating a subsidiary (sales, marketing & warehousing) in USA and sales and marketing offices in Europe to focus on our export business. Chennai expansion is on stream and will start trial shortly and commercial operations in Q1 FY25. While the last 12 to 15 months have been challenging due to various global factors, we have always excelled in coming out bigger, better and stronger from these challenges to Outperform. We continue to do so to make Rajratan a leading and large player globally in the business of bead wire.
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