Vinati Organics Ltd (VO) reported revenue of INR 5,247 Mn, up 19.6% YoY (-4.7% QoQ), largely in line with our estimate (-2.6% miss on estimated revenue).EBITDA grew to INR 1,247 Mn, up 24.2% YoY (-16.8% QoQ), missing our estimates on the back of higher raw material costs and power & fuel costs leading to an EBITDA margin of 23.8% (+88bps YoY / -348bps QoQ).