Aarti Industries reported consolidated sales growth of 18.7% YoY to Rs 11.7bn (D.est: Rs 9.88bn), which were ahead of our estimates as the company was able to recoup volumes in the domestic market (which are expected to reach pre-covid levels in 3QFY21). EBITDA was flat at Rs 2.54bn, with an EBITDA margin of 21.7% (down 403 bps YoY). Margins remained under pressure as bulk of the discretionary application sales witnessed realisation pressure coupled with lower sales coming from regulated markets (wherein margins...