Since standalone are inferior in profitability as compared with Consolidated, I infer that Vietnam operations did well during the quarter. Also, around Rs 1 Cr for FY24 has been capitalised as Capital WIP for Umargao plant as per notes. Assuming that plant would be operational from FY25, we shall see further increase in fixed overhead (Depreciation+ Increased expenditure of new plant), which would also likely to adversely impact company performance in domestic market. In order to stock to see major movement, it would need major improvement in domestic market, stable Vietnam market and good capital allocation decision like Buyback and listing of stock on NSE. For last decade the company has delivered on any of these. Hence, not expecting any magical swing in the stock price.
Discl: My view may biased due to my holding. I am not SEBI registered advisor. Not suggesting any investment action. I may exit/change my holding without informing forum.
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