IG Petrochemicals Ltd (IGPL) reported weak Q4FY20 performance on all fronts due to sharp fluctuation in Raw material and finished product prices. Revenue de-grew by 14.2% YoY to INR 2,685mn (est INR 3,388mn). EBITDA declined by 56.3% YoY to INR 160mn (est INR 332mn) with 574bps YoY contraction in margin from 11.7% in Q4FY19 to 6.0% in Q4FY20 (est. 9.8%). This was mainly due to depressed gross margin (20.1% vs 23.9% in Q4FY19) led by a reduction in PAN/OX spread due to extreme volatility in raw material prices and nationwide lockdown due to COVID 19 impacted production volumes. Other expenses include one-time expense related to impairment in the value of the investment in subsidiary INR 2.95mn. During FY20, production of PAN volume has de-grew by ~3% on YoY basis. Net profit declined by 76.2% to INR43mn (est.INR142mn), due to operationally weak performance. From the time of plant shut down on March 24 (due to nationwide lockdown) till resumption of the plant in April raw material prices went down by 40-50% which led to an Inventory loss of ~35mn, which also impacted quarterly performance....