When we see in the above table – Q-O-Q growth in sales at India level – its a 2% growth – this has to be because of growth in sales volume only. (Since price has already been decreased at the start of the year – due to crude price reduction).
This shows that the de-growth of 9% and 7% in first 2 quarters of FY 2016 can be because of –
1). Reduction in sales price by say 10-12%
2). Growth in sales volume of say 3-4% (this is in line with mgmt guidance)
Net net effect is a negative growth of 8-9%.
This story proves since there is a Q-O-Q growth in Indian sales (though just of 2%). I might be wrong on this. Since, a mere 2% growth can be because of slight price increase. Mgmt can be the final verdict on this !!
Request if anyone can throw some light on this..
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