ICICI Securities Ltd | Retail Equity Research Andhra Pradesh and Telangana region (accounts for 80% of NCL's sales) have been facing headwinds in terms of pricing. Our channel checks suggest prices in the southern region have fallen 7.3% YoY. In addition, although retail demand is improving, bulk of the demand is coming from infra led spending that is expected to keep prices under pressure. Further, we believe that recent capacity addition by the company will lead to volume push at the cost of pricing. This, coupled with higher input cost, led by an increase in pet...