Tatva Chintan’s Q3FY23 revenue rose 15% YoY / 34% QoQ to Rs1.2bn as SDA revenue recovered to Rs0.6bn, up 6.4% YoY / 5.7x QoQ. However, non-SDA segments, which hitherto performed well, dipped QoQ. The disappointment come from an 800bps QoQ contraction in gross profit margin to 43.8% due to higher bromine and solvent prices, which have subsequently corrected.