IG Petrochemicals Ltd (IGPL) reported better margin performance on the back of favourable PAN/OX spread during the quarter. Revenue de-grew by 42.7% YoY to INR 1,421mn (est INR 1,898mn) mainly impacted by production loss of 32 days led by nationwide lockdown due to COVID 19. However, demand is gradually recovering in Paints and Plasticizers to reach pre-COVID levels. EBITDA declined by 35.5% YoY to INR 157mn (est INR 155mn) with 124bps YoY improvement in margin from 9.8% in Q1FY20 to 11% in Q1FY21 (est. 8.2%). This was mainly due to 585bps expansion in gross margin (33.9% vs 28% in Q1FY20) on account of improvement in PAN/OX spread. Currently, PAN/ OX average (avg) spread is around $150 compared to 10-year avg of $200 vs $60-$100 in FY20. Under exceptional items, the company recorded expenses related to impairment in the value of the investment in subsidiary INR 6.16mn as the project was abandoned since viability was not established during the appraisal of the Project (The Subsidiary was liquidated on 12th Apr, 2020). Net profit...