There could be more than one supplier mentioned in the DMF, in which case the customer will still have a choice from whom to buy.
Moreover, even where the customer buys from you, the pricing can still be based on market rates, which is what the earlier extract from Q2 concall states. So there may be some assurance of volumes but not of prices.
FY25 is crucial for Ami as several projects are coming to fruition and need to start generating cash. Fermion contract, as well as rest of the capacity at Ankleshwar will have to be utilized quickly. Then there is the electrolyte additives business to be ramped up where the company says they have signed several long-term supply agreements. For Baba again, it seems fresh approvals are required from the customers due to change of ownership, that delays the ramp up. How long this will take is not clear. Until all of this, the cash position remains stretched.
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