Nomura said it expects revenue growth of 142 per cent YoY but down 4 per cent versus 1QFY20, led by volume growth of 127 per cent YoY, which is down 21 per cent versus 1QFY20. Though, these numbers look inflated because of the low base of last year. It added Ebitda margins are likely to decline by 240 bps QoQ on higher commodity prices, partly offset by price hikes and a sharp 10 pp jump in exports mix QoQ.
