Revenue growth (33% YoY) was strong despite the fizzling out of volumes over the last week of Mar20 on news of reduction in the number of trading hours. Management indicated that crude volumes remain dented as the sentiment of participants was impacted due to (a) negative price settlement issue, and (b) increase in margin requirement. As volatility reverts to manageable level, company is optimistic about the reduction in margin requirement and Company has hinted at lockdown impact on its warehouse operations. During May, while traded value across Gold (+69% YoY), Silver (+121% YoY) and Nickel (+62% YoY) recovered, Crude (-78% YoY) and base metals continued to drag the overall We upgrade our EPS estimates over FY21-22E by 3-6% as we adjust our EBITDA margin trajectory. As the volatility reverts to manageable level, the company is optimistic of reduction in margin requirement and improvement The company has hinted at lockdown impact on its warehouse operations.