Mangalam on Dabur's Q4 earnings estimate
The earnings expectations are slightly subdued for a couple of reasons. First, there was rural slowdown; as the management said to us during the quarter that there were signs of demand slackening. Second, there as prolonged winter so most of their summer products be it juices etc. they would have sold too much and third, there were liquidity conditions or liquidity squeeze conditions which affected the wholesale channel as well as the dealer channel where they wouldn’t buy a lot of inventories.