INST reported yet another quarter with subdued performance. Topline decline of 9% (PLe 8%) was due to adverse weather situation across various states leading to lower sprays and higher sales return. INST did a commendable job with ~28% decline in receivables due to focus on cash sales and quick collections. The management is hopeful of recovery 2H onwards driven by its pipeline of new launches and commencement of new capacities. We lower our EBITDA/APAT estimates by 2%/3% for each of FY22E and FY23E to factor...