IG Petrochemicals Ltd (IGPL), for Q2FY20, continued disappointing performance on all fronts. Revenue de-grew by 17.8% YoY to INR 2,666mn (est INR 2,461mn). EBITDA declined 79.9% YoY to INR 143mn (est INR 274mn) along with a 1661bps YoY contraction in margin from 22% in Q2FY19 to 5.4% in Q2FY19 (est. 11.1%). Gross margins were also depressed (22.4% vs 36.2% in Q2FY19) on account of reduction in PAN/OX spread due to extreme volatility in raw material prices and unforeseen events such as 50% water supply cut in MIDC area along with multiple time power issues which affected 8 days production volume. Overall one time expenses related to plant restart to reach optimum utilization level along with repair & maintenance was ~INR 80mn (included in other operating expense). During H1FY20, production of PAN volume de-grew by 8.8% on a sequential and 5.3% on...