ICICI Securities Ltd | Retail Equity Research Net sales for the quarter rose 7% to | 404.9 crore (I-direct estimate | 425.5 crore) due to strong volume growth & decline of 25.5% YoY in milk prices. It posted 30% volume growth during the quarter, largely driven by increased sale of pouch milk, cheese and curd Gross margins improved 453 bps as milk prices declined substantially during the quarter mainly due to lower global skimmed milk powder (SMP) prices. However, increase in overhead expenditure (manpower...