PI Industries (PI)'s consolidated revenue growth was primarily driven by the CSM segment as domestic Crop Protection remained flat YoY. Gross margins expanded despite higher RM costs and reduced export incentives, but were aided by the product mix. Higher other expenses dented EBITDA, weighed by (i) fuel and related utilities, (ii) one-time expenses pertaining to several strategic initiatives, and (iii) COVID-19 management costs. The acquisition of the API & Intermediates business undertaking of Ind Swift Laboratory Ltd (ISLL) has been called off due to the non-fulfillment of vital...