Coromandel Internationals (CRIN) 4QFY17 revenue came in at Rs 22.6bn (-25% YoY), owing to both lower volumes (-5%, to avoid excess channel inventory) and realisations. However, a greater share of manufactured vs. traded volumes and higher NPK share led to an EBITDA of Rs 2.7bn ( 36%). Low interest cost (-17%, special banking arrangement for subsidy) further boosted APAT to Rs 1.4bn ( 56%).