BEPL reported its Q4 results. Revenue growth was above estimates (Rs 3,497m v/s PLe of Rs 3,209m), but PAT was way below expectations (Rs 29m v/s PLe of Rs 140m) due to major fall in gross margins (GRM). Revenues grew 15.9% YoY and 8.1% to Rs 3,497m. Volumes were up 7.1% YoY and 3.6% QoQ to 17,100 MTPA. GRMs plunged 19 percentage points YoY and 490 bps QoQ to 9.9% due to combined effect of lower sales of specialty grade due to slowdown in auto demand (specialty ABS sales) as well as high cost inventory....