KKCL reported topline de-growth of 9.1% YoY to | 152.3 crore (Idirect estimate: | 160.3 crore) with volumes declining 8.6% to 15.2 lakh pieces and flattish realisation growth at | 1000/ piece. KKCL has always refrained from giving heavy discounts. This, in turn, has impacted its volume offtake. Furthermore, sustained competition from e-commerce players (aggressive discounting) has severely impacted the revenue growth of the company Gross margins for the quarter (including manufacturing expense) improved 540 bps YoY to 54.1%. The significant margin expansion...