While higher than expected operating margin and lower interest cost led to in line EBITDA and a beat on PAT, there is nothing to indicate that the sales trajectory going forward is going to recover sharply from the measly 2.5% CAGR in the past five years ending FY20. We maintain our Neutral rating on the stock. JYL's 3QFY21 standalone net sales grew 15.3% YoY to INR4.7b (v/s our estimate of INR4.9b). Volumes rose by ~15% YoY. Standalone gross margin expanded 70bp YoY to 48.3% in 3QFY21....