DCAL Q1FY20 revenue came below our estimate at INR 5,219mn (est. INR5,461mn) Up 8.2% YoY due to flat revenue growth from Carbogen Amcis AG with 52% contribution in Q1 revenues. CRAMS India revenues grew by 28% YoY and accounted for 15% of the revenue. Carbogen Amcis BV revenues increased by 8.6% YoY on account of better sales of Vitamin D analogues and cholesterol....