I had written to the Company Secretary to know why the performance was down in Q1 FY18. I was surprised to get an instant reply from the MD.
The reason for poor performance was attributed to massive de-stocking at the company's customers due to GST roll out which they did not expect.
I feel that this is one off event and the story is yet to unfold. Couldn't attend the AGM. Would be happy to hear from others.