• Consolidated Revenue at Rs15,861 crore (up 24% y-o-y), was 8% above our estimate of Rs14,701 crore. The stronger than expected revenue growth was led by 3% y-o-y increase in volumes, 19% y-o-y improvement in product realizations and 2% positive currency impact. Regional performance was robust with 21%/38%/63%/25% y-o-y revenue growth for Latam/North America/India/RoW while Europe revenues grew by only 2% y-o-y.
• EBITDA margin of 22.6% (up 46bps y-o-y) was also higher than our estimate of 21.5%. Strong margin performance was driven by improved realizations, backward integration linkages for key products and effective supply chain management.
• Adjusted PAT at Rs1,547 crore (up 35.1% y-o-y) 17% above our estimate of Rs1320 crore on account better-than-expected revenue growth/margin and lower-than-expected effective tax rate of 14.1% (versus assumption of 18%)

  Actual versus estimate                                       Rs crore