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The government suspended export incentives from August, impacting EBITDA margin by ~1% of revenue. Management expects to offset via duty-free imports in 4-5 months, but full recovery is uncertain.
high · analyst_questionThe domestic biscuit market remains highly competitive with large national and regional players. Management expects low-teens growth but execution risks persist.
medium · management_commentaryWhile the India-US trade deal reduces tariffs from 50% to 18%, final terms are unclear until March. Further reductions to zero could be a tailwind, but any reversal would hurt exports.
medium · management_commentaryB2B bakery (QSR) grew only mid-single digits in Q3 due to macro demand weakness. Recovery depends on QSR store expansion and new customer additions, which may take time.
medium · analyst_question