VOL posted a substantial fall in revenues measuring to 21.3% y-o-y in Q3FY20 (Rs. 238.47 cr vs Rs. 303.05 cr) on the back of lower realizations and stumbling revenues from its marquee product ATBS due to stunted oil prices. VOL's clients' desire to keep truncated inventory levels in December also contributed to plummeting top line.. IBB volumes remained low; given our understanding, BASF - a major customer is facing challenges with Ibuprofen manufacturing. With just a handful of customers in the global...