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Miss across board; worst performance since 1QFY21

* Revenue was at INR19b (our est. INR18.6b, down 5% YoY).

* EBITDA was at INR1.7b (our est. of INR2.4b, down 45% YoY). Gross margin was at 26.8% (down 490bp YoY), while EBITDAM stood at 8.9% (vs. 15.2% in 3QFY24).

* Reported PAT stood at INR981m (our est. of INR1.5b, down 51% YoY).

* In 9MFY25, revenue was at INR61b (+10% YoY), EBITDA at INR7.8b (-5% YoY), PAT at INR4.9b (-11% YoY), and EBITDAM at 12.7% (-200bp YoY).

Segmental EBIT details

* Phenolics EBIT margin stood at 8.9%, with EBIT at INR1.2b. Advanced Intermediates (AI) EBIT margin was at 3.1%, with EBIT at INR169m.

* Revenue mix of Phenolics stood at 71% in 3QFY25, with Advanced Intermediates’ share at 29%. EBIT mix for AI was at 12% (vs. 34% in 3QFY24). Contribution from Phenolics was at 88% (vs. 66% in 3QFY24).

* In 9MFY25, AI revenue was at INR18.7b (-9% YoY) and DPL revenue was at INR42.3b (+21% YoY). AI EBIT was at INR1.3b (-58% YoY) and DPL EBIT was at INR5.4b (+24% YoY). AI EBIT margin was at 7% (-820bp YoY) and DPL EBIT margin was at 12.7% (+30bp YoY).

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