Dhanuka Agritech's reported muted top-line growth of 2.4% yoy to Rs 2.1bn, broadly in line with our estimates of Rs2.2bn. The company registered 5% volume growth due to subdued market demand and uneven rainfall. Gross margin contracted by 240bps yoy to 35.2%, primarily due to unfavorable product mix coupled with sharp rupee depreciation and lower tax refund in GST regime. EBITDA...