Pix came out with Q3 results which were affected due to negative other income as opposed to a high other income in the last three successive sequential quarters. Going by the annual report, the other income is constituted by interest & dividend income, besides forex gains.
Another factor is that Pix uses synthetic rubber as its raw material, which has a direct link to crude. With volatility in crude prices, buying raw materials can be tricky, more so when mgts. also try to time their buying. (Only consolation is that its not just investors who fail in timing markets!). When crude went above 80$, many mgts. probably lost it & decided to buy even more than they would otherwise have, expecting it to cross 100$. This may have been a factor as Pix RM cost went up to 47% of sales in Q2 as opposed to an average of 37.5% in the three preceding qtrs. The Dec qtr has seen the RM cost come down to 41.2%, so hopefully normalcy is being restored gradually.
One positive is that the top line is doing fine. Besides, the next two qtrs, Q4 & Q1 are the business end. Attaching the Dec qtr results.