@yashchandak if you look into last 10 year data, LTFoods also has these fluctuations. When you look into quarterly data, you will find margin fluctuates between 9-13%, and by the same time KRBL fluctuates from 18-24% (except the quarters where they have deferred sales, stoppage in KSA sales, abnormal export of bulk rice). In Chamalal setia also, in FY21 you will find very high margin because of bulk exports, for other years you will find margins consistently increasing. FY21 is abnormal year for all 3 players.
Since LTFoods has less margin in absolute number basis, it may not look fluctuating, but if take median margin of both business, you will see margins fluctuates between +/-20% to median margin
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