Steady Operating Performance on Healthy Chemical Biz SRF has delivered a steady operating performance in 3QFY20 largely on the back of healthy chemicals business. EBITDA grew by 25% YoY to Rs3.90bn (vs. our estimate of Rs3.85bn), while EBITDA margin rose by 384bps YoY to 21.1% (vs. our estimate of 19.2%). However, its revenue grew by only 2% YoY to Rs18.5bn vs. our estimate of Rs20.1bn. PBT grew by 40% YoY to Rs2.6bn (vs. our estimate ofRs2.4bn). Net profit increased by 125% YoY to Rs3.5bn primarily on account of lower...