DCAL Q4FY19 revenue came substantially above our estimate at INR 6,497mn (est. INR4,515mn) Up 43.9% YoY lead by strong revenue growth from CRAMS (India) and Vitamin D business. CRAMS India revenues grew by 49% YoY and accounted for 21% of the revenue. Carbogen Amcis revenues grew by 31% with 51% contribution in Q4 revenue. Carbogen Amcis BV revenues increased by 65.7% YoY on account of strong sales of Vitamin D analogues and cholesterol. EBITDA margins declined from 26.8% to 26.1% (est.28.3%) on a YoY basis led by higher other expenses mainly due to the impact of foreign currency translation (INR200mn) and higher repairs & maintenance cost. PAT...