Britannia Industries Limited CC-Dec23.pdf · 2024-02-07
Sir, just wanted to understand on the pricing. So on a Y-o-Y basis, your pricing is negative about 3%, 3.5%, whereas in Q2, it was positive by about 1.5%. So first of all, would I be right in assuming that on a sequential basis, Q 2 versus Q3, you have taken a price cut of about 4% to 5%? And in context of this price cut, how is it that your margins are more or less th e same as what they were in Q2. In fact, your gross margin has actually expanded also, because if I see the commodit y chart, sugar has had a very sharp uptick, wheat has had a little bit of an uptick and other commodities are benign. But looking -- just eyeballing it, overall, it doesn't seem that there is any significant commodity benefit on a sequential basis? And if the price cut is material 4% plus on a sequential basis, fact that your gross margin has expanded 90 bps is a little surprising. So if you can throw some light on this, please?
So would I be right in my calculation of about 4% to 5% price cut between Q2 and Q3?