Higher cost of production due to lower recoveries Sugar recoveries in current season is expected to be lower by 0.30 bps. This would increase the cost of production by | 1/kg. Further, sugar prices are at the lower end currently due to muted demand in winter months. However, we believe sugar prices would move up from April onwards in anticipation of reduction of sugar inventory due to 6 million tonnes (MT) of exports & lower than expected sugar production. With sugar production at 30 MT and consumption & export at 26.5 MT & 6 MT, respectively, sugar inventories...