Q2FY20 revenues were above our estimates, mainly due to a change in revenue recognition model. Revenue was up 24% yoy to Rs20.7bn (our est. of Rs17.5bn). EBITDA stood at Rs761mn vs. our est. of Rs669mn. Strong growth in Agriculture solutions (+17%), Industrial Solution (+10%) and Nutrition & Care (+82%) segments was partially offset by its Materials segment (-7%). The company has switched to a merchandise business model from an agency business model, due to which, the Chemicals segment revenues jumped eightfold yoy to Rs3.1bn. 166bps/189bps yoy while the Nutrition & care segment and Surface Technologies segments...