JUBILANT Adj. Sales declined 3% YoY to Rs 23.2bn (PLe Rs24.6bn) on account of 11% YoY decline in LSI (Life Science Ingredients) segment. Adj. EBITDA grew 3% YoY to Rs5.1bn (PLe Rs5.1b), while EBITDA margin expanded by 116bps to 21.9% (PLe 20.8%). With installation of instruments, Ruby-fill received better traction from hospitals though the expectation seems to be short-lived with new prolong legality of Bracco over IP assets. US formulations and API sales to remain muted in FY21E, given the FDA's six...