ADVENZY delivered topline growth of 8% yoy to Rs1.11bn in Q2FY20, largely in line with our estimates. EBITDA margins improved by 158bps yoy to 42.4% due to better operational efficiencies. PAT increased by 25% yoy to Rs310mn. On the segmental front, Human Healthcare grew 7% yoy, Animal HealthCare rose 9% yoy and Bio processing clocked 13% yoy growth. On the geographical front, Europe and India have done well with 51% and 14% yoy growth, respectively. its clients amid a weak economy. However, it remains confident of achieving ~10% yoy revenue growth and EBITDA margins in the range of 41-45% for FY20....