Fermenta Biotech Ltd (FBL) has posted revenue of INR 995mn with a 54.1% YoY increase, which was 15.8% above our estimate of INR 859mn. The revenue growth was mainly driven by strong traction in Human VD3 business and higher contribution from Fish Oil Cholesterol. In Q4 FY21 the volumes of Human Vitamin D3 40 MIU were higher by 101% over Q4 FY20, while the volumes of Animal Vitamin D3 Feed 500 were lower by 14% over Q4 FY20. While on an annual basis, the volumes and average prices of Human Vitamin D3 40 MIU were higher by 71% and 4% respectively over previous year, however the volumes and average prices of Animal Vitamin D3 Feed 500 were under pressure and were lower by 35% and 17% respectively over previous year. Reported EBITDA margin contracted by 439bps to 10.2% level impacted largely due to 1284bps decline in the gross margin impacted by higher contribution from Fish Oil Cholesterol with low margin. Management is confident to improve margin profile from the current level on the back of strong traction in Human VD3, demand recovery in...