IG Petrochemicals Ltd (IGPL), for Q4FY19, reported depressed performance. Revenue growth remains flat at 0.1% YoY to INR 3,131mn (est INR 3,221mn). EBITDA decline by 42.5% YoY to INR 367mn (est INR440mn) with 866bps YoY contraction in margin from 20.4% in Q4FY18 to 11.7% in Q4FY19 (est.13.6%) mainly due to decline in gross margins led by reduction in PAN/OX spread due to extreme volatility in raw material prices. During Q4FY19, production of PAN volume has grew by 11.6% on a sequential basis from 37,296MTn in Q3FY19 to 41,617MTn in Q4. However, on yearly basis, PAN volume grew by 7.3% due to customers resume buying which they had postponed during Q3 as stabilization in commodity prices. As we noticed stabilization in crude oil in recent months, we expect better volume uptick in going forward with improvement in margins on the back of increasing...