Rossari Biotech’s Q3FY23 performance disappointed with 9.1% YoY / 8.5% QoQ dip in revenues to Rs3.9bn. However, EBITDA margins showed recovery, up 60bps QoQ to 13.9%. Revenues were hurt due to multiple reasons: 1) lower realisation as a result of softening raw material prices; 2) complete exit of a large customer; 3) underlying headwinds for textile industry; and 4) muted performance by acquired companies.