Vinati Organics (VO) reported mixed results, with revenue above our estimate (+20%), while EBITDA came in below our estimate (-8%). The gross margin shrank to 45% the lowest since 3QFY15. The resultant EBITDA margin stood at 26.3% (v/s our est. of 34.3% and 35.4% in 4QFY21). Higher freight costs (by INR100m), along with an increase in Phenol and Acrylonitrile prices, impacted margins. Freight costs were the highest for the US and Europe they are likely to remain at similar levels for the next few quarters as well. VO is in talks with customers to share the cost increase....