Other income boosts profits, exports to rev up long term growth JB Chemicals (JBCPL)'s 2Q result beat our estimate on the profitability front boosted by higher other income (sale of investment). Sales were muted on the back of weak export formulations (impacted by currency headwinds in ROW markets). India formulations (12% yoy) and Russia (up 35% yoy) performed in line. Reported margins at 17.3% (down 180bps yoy, up 90bps qoq) were in-line with our assumption of margin recovery from 2Q onwards led by tender sales. We draw comfort from company's steady performance and healthy free cash generation and...