DCAL Q4FY20 revenue came 22.8% below our estimate at INR 5,121mn (est. INR 6,637mn) decline by 21.2% YoY due to tapered growth in CRAMs business (-18.3% YoY), lower other operating income (INR 93mn vs INR 383mnin Q4FY19) and postponement of commercial supply (USD ~5mn) to Q1FY21. CRAMS India revenues de-grew by ~30% YoY and accounted for 18% of the revenue. Car- Sector Outlook bogen Amcis BV revenues declined by 11% YoY. EBITDA margins contracted from 26.1% to 25.8%...