Vinati Organics (VO)’s revenue came above our estimate due to a robustrecovery in volumes across products in 4QFY24. However, gross margincontracted 310bp YoY to 46.6%, while EBITDAM was down 110bp YoY to 27.3%.EBITDA rose 2% YoY to INR1.5b, while PAT was flat at INR1b (our est. INR630m).