Aarti Industries Ltd (AIL), for Q4FY19, reported strong set of numbers. Revenue has grown by 17.7% mainly due to healthy performance across all segments. EBITDA grew by 31.4%YoY to INR2,369mn with 205bps improvement in margins to 19.6% on account of increasing share of value added and high margin products. Net profit grew at a higher pace of 46.9% to INR 1245mn, due to slower growth in depreciation and interest expenses bolstered by operationally strong performance. Overall volumes in the specialty chemical segment grew by 3% YoY in Q4FY19 (FY19: 8%); For FY20, the management has guided for midteen volume growth. Moreover, they have alluded an increase in realization in many of the products leading to a better margin profile, which would aid in supporting growth going...