Healthy Q4; Input cost increase to dent margin in the near term Granules (GIL) posted revenues of INR 7993mn with 33.2% YoY growth, which was 3.7% above our estimate of INR 7710mn. Revenue growth was mainly driven by an increase in the market share of existing products, new customer additions in the API segment and increasing penetration of PFIs as a category. During Q4, FDs grew by 34% (YoY), PFIs grew by 85% (YoY) and API sales were up by 9%(YoY). Better realisations across our existing molecules and new launches contributed to the increase in gross margins by 378bps (YoY). Subsequently, the EBITDA margin expanded by 861bps to a 25.3% level was 167bps higher than our estimate. EBITDA Margin improvement was mainly on account of higher sales and volumes over a lower base of the previous year. The low base of the previous year was...