Sharda Cropchem reported inline set of results as prebuying in 4Q'20 led to flattish topline in 1Q'21. Declining raw material cost led to 207 bps expansion in gross margin. With improving operating environment, FY21 is expected to be a turnaround year for the company with both Europe and NAFTA to be growth levers. Cushion on gross margin pressure is expected to continue with better availability and reduction in raw material prices. We have increased our EBITDA/APAT estimates by 22%/38% for FY21E and 18%/31%...