Ratnamani Metals & Tubes Limited (RMTL) reported in-line revenue performance, while margins and net profit remained above our expectations. RMTL reported revenue decline of 12.1% y-o-y, in line with our modest estimates, owing to closure of plants during the last 10 days of March due to nationwide lockdown restrictions. Ease in input cost pressures along with revenue mix change led to 320 bps y-o-y improvement in gross margin to 33.3%. However, gross margin expansion was offset by 29.5% y-o-y and 31.2% y-o-y increase in employee expenses and other expenses, resulting...