Negative impact of raw material prices trimmed on EBITDA The management expects prices of key raw materials (ENA, glass) to have peaked off and do not expect further deterioration in gross margins from here on (contracted 421 bps to 44.4% in Q3FY20). Judicious management of employee and other overhead costs (by lowering bad debt provisions), lowered the impact of gross margin compression on the EBITDA front (grew 207 bps). The management has also actively de-prioritised in a few low margin products and in certain geographies (that exhibited higher cash...