Syngene's Q3FY19 results were a mixed bag. While revenues and net profit were above I-direct estimates, EBITDA margins were lower than our estimates mainly due to lower gross margins Revenues grew 20.5% YoY to | 467.1 crore (I-direct estimate: | 431 crore) mainly on the back of traction in 1) accelerating growth in Discovery Services and Biologics businesses, 2) scientist ramp-up and 2) favourable currency movement (6% YoY). EBITDA margins contracted 251 bps to 30% YoY (I-direct estimate:...