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Growth in Revenue of 19.3% YoY is majorly driven by higher realizations in EOC and Instant Coffee businesses of the Company.

In Q3 FY23, revenue from operations grew by 5% on a YoY basis. The revenue growth was led by a 7% growth in the revenues of the Consumer & Bazaar segment.

Management has guided for 18-20% revenue growth for FY23 and ~15% growth for FY24. EBITDA margin guidance has been maintained at ~11% for FY24.

The company sales growth was affected by QoQ due to the off-season. The period of October- February as flush season (where animals naturally produce milk) was impacted by lumpy skin disease and prolonged monsoon, therefore keeping the production muted and procurement price remains higher.

Company’s topline grew 6% QoQ due to the account of maintenance shutdown of the Indian plant and partial production of the Vietnam plant (additional capacity) which led to single-digit volume growth.

There is a negative correlation between flows and markets in short term. So rapidly rising market tends to see muted gross flows and increase redemption and vice versa.

Company witnessed a growth in revenue of 6.56% over previous year same quarter, whereas EBIDTA margins decreased by 475 Bps.

In Q3 FY23, the revenue from operations declined by 10% on a YoY basis.

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