Sumitomo reported better than expected set of results. Margin expansion of 276 bps YoY was driven by gross margin expansion and integration benefits. Adjusted PAT grew from Rs 16 mn last year to Rs 241 mn in Q4FY20. Working capital days @ 143 (same as FY19) was disappointing. We expect growth momentum to continue in FY21 as well with new launches, cross selling opportunities and turnaround in the domestic agchem industry. Cost control measures and operating leverage will drive 256 bps margin expansion over...