Net sales for the quarter were flat at | 403.9 crore (I-direct estimate: | 449.7 crore) mainly on the back of 14% decline in milk price. The company reported volume growth of ~15% in the quarter. Gross margins improved 380 bps as milk prices declined substantially mainly due to lower global skimmed milk powder (SMP) prices. Milk procurement prices for the company were ~| 23/litre vs. ~| 26/litre in the corresponding quarter. However, overhead expenditure to...