YoY to 9.8% (our estimate: 6.7%). Consequently, adj. PAT grew 26% YoY to INR1,129m (our estimate: INR864m). FY19 performance: Revenue grew 19.3% YoY to INR132.3b, while the margin shrank 40bp YoY to 10.9%. Adj. PAT grew 6.5% YoY to INR7,362m. RM prices softening but expect working capital pressure: CRIN has contracted phos acid at USD728/mt for 1QFY20 (v/s USD750/mt in 4QFY19), indicating stability in RM prices. However, we expect continued working capital pressure owing to delayed subsidy disbursal. The company received...