Revenue in-line; EBITDA/adj. PAT below estimates: Consol. revenue grew 15% YoY to INR17b (our estimate: INR16.6b), mainly led by the animal feed segment (+20% YoY to INR8.9b). EBITDA margin contracted by 105bp YoY to 8.3% (our estimate: 9.5%), mainly on account of higher other expenses. EBITDA grew 2% YoY to INR1,419m (our estimate: INR1,584m). Adj. PAT was down 5% YoY to INR760m (our estimate: INR916m). Margin pressures evident: Animal feed revenue increased 20% YoY, led by price hikes of 13% YoY (+9% QoQ). However, segmental EBIT margin shrank...