Results look bad prima facie but this was expected. The nos. do suggest drop of volumes in manufacturing business. May be the co. faced teething troubles with new capacity and it didn’t add anything to the quarter.
One respite is overall gross margins can be seen moving in the right direction,thanks to declining volume of trading business. I always had a doubt about trading business being loss making at worst and 2-3% margin business at best,data available on both lines of business leaves us inconclusive but following table can give a rough idea.
Disclosure-Invested.
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