Agree that management’s guidance hasn’t been great. Be it margins or completion or capex. I will like to point out a couple of things wrt margins. Raw materials prices esp rice prices has been the biggest dampener so far. This was the first quarter of increasing margins after a long time.
Rice prices and maize prices would be 2 major factors deciding margins. International rice prices have already started coming down. There may be a disconnect between the indian and International prices. Good monsoon along with increased acreage under paddy cultivation would mean lower prices after Kharif harvest( Oct to Dec). We may see some decrease in food inflation this year.
Discl: Invested and biased
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