Clean Science (CLEAN) reported a beat on our revenue, however sharp rise in raw materials resulted in gross margin collapsing to 65% vs. our expectation of 70%. Despite higher absolute gross margin, higher operating expenditure led to in-line EBITDA (margin at 42.1% v/s 49.8% in 3QFY21 and 44.9% in 2QFY22). The Pharma and FMCG Chemicals segment performed better while the Performance Chemicals segment saw weak performance in the quarter....