On the back of 9% growth in volumes, Jyothy labs reported revenues of Rs3.7bn (estimate of Rs3.8bn), a growth of 7.6% yoy. EBITDA grew by 57.1% to Rs492mn ahead of our estimates of Rs436mn. Net profits too increased 30.3% to Rs387mn vs. our estimate of Rs363mn. While gross margins expanded by 230bps, EBITDA margins advanced 420bps to 13.4% on the back of higher gross margins and lower employee costs (down 230bps as % of sales). We estimate 11.4% and 14.7% CAGR in revenues and earnings...