This effect can be fully seen in Globus’s results as well. Q4 OPM even with consumer business was 4 %. The current prices are not viable for long term. This would definitely be one of the reasons why they had to postpone the capex for Orissa. The least efficient producers will find it even more difficult. Probably, we may be at cyclically lowest levels. And the margins may slowly start to improve with food inflation slowly coming down.
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