AACL’s 4QFY24 revenue declined 14% YoY to INR3.6b, with agrochemicalsseeing destocking and pharma witnessing demand stabilization. Sales volumesincreased from the pharma sector. Gross margin expanded 270bp YoY to49.2%, while EBITDAM expanded 50bp to 19.3% in 4Q. PAT declined 21% YoYto INR385m (our est. INR314m)