Very good results. The margins have moved up and management expects the margins to sustain. However, looking at historical quarters, there is huge volatility in quarterly gross margins. Last 11 quarters gross margins - 34,37, 32, 29,32,31,30 , 26, 27, 24, 30 (March 19). No clear trend. Very tough to take a call on how this cycle moves. Hence, probabaly, investors are avoiding the stock even though it we annualize the March quarter run-rate if is trading at 3.5 PE and 3% sustainable dividend yield. Also, Specialty plant starting in few months which can add 20 cr to bottom-line on full ramp up.
Disclosure: Not invested, tracking