Three observations: (1) The gross margin expanded with correction in milk procurement prices. We model the margin recovery to continue in H2FY24 with likely normal flush season in FY24, (2) the company plans to set up new plant in Maharashtra. We view it as a positive development considering geographical expansion just next to current cluster of South India, (3) There is healthy growth in value added products (Curd) partially led by muted monsoon and higher temperatures in Aug’23.