Indian rating agency Icra projects lower growth for the Indian poultry sector in the 2022 financial year (April 2021-March 2022). The rising cost of corn and soybean caused the narrowing of margins for the sector. “While many players faced net losses for H1 FY2022, there was subsequent softening of soybean prices. Imports and new crop supply provided some respite. However, recent geopolitical tensions have heated up soybean prices yet again,” said Sheetal Sharad, Vice President at Icra. In the long term, however, they expect growth to be positive.