DN reported a miss on our estimates. EBITDA came in 8% lower than our estimate at INR3.5b, while EBITDA margin, at 20.4%, was lower than our estimate of 25.1%, the lowest since 4QFY19. Phenolics continued its strong growth, with Basic Intermediates and the Performance Products segment performing well in 3QFY22. EBIT margin in the Fine and Specialty Chemicals fell for the fifth...