Fermenta Biotech Ltd (FBL) has posted revenue of INR 1,096mn with a 16.1% YoY increase, which was 8.5% above our estimate of INR 1,011mn. The revenue growth was mainly driven by strong traction in the Human VD3 business and higher contribution from Fish Oil Cholesterol. In Q1FY22 the vitamin D3 (VD3) business contributed 77% to the overall revenue. The revenue ratio of VD3 between Human Nutrition & Animal Nutrition has moved from 47:53 in Q1FY21 to 77:23 in Q1FY22 in favour of Human Nutrition. Volumes of Human Nutrition VD3 continue to grow Q-o-Q and Y-o-Y while that of Animal Nutrition continues to show a decline. EBITDA margin for the quarter was 23.5% better than our estimate of 21.1% (EBITDA margin of 10.2% in Q4FY21, 23.7% in Q1FY21) supported by margin...