DRRD's sales and adj. EBITDA are in line with our estimates while adj. PAT was a miss in our estimates by 11% due to low other income and high tax outgo (rate). While its gross margin declined by 90bps QoQ, its rationalized overhead costs (SGA and R&D;) cited benefits of organizational restructure in the recent past. SGA overhead increased by only 4%, while R&D; costs were flat QoQ. Management maintains its guidance of focus on productivity, rationalized product portfolio, new products and foraying new markets in FY20E and FY21E. Also, EBITDA margin decreased by 50bps QoQ due to...