Expected PAT of 103Cr. in Q4FY24 seems highly optimistic because:
- Tax rate was 13% Q4FY23. Will it be same in Q4FY24?
- Sugar sales were 1.43 [from your matrix] in Q4FY23. Per latest concall, sales quota for Q4FY24 would be similar minus the exports opportunity. However, your assumption for the sugar sales is 1.77 in Q4FY24.
- Bio-Fuel profitability will be suppressed in Q4FY24 compared to LY.
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