revenue/EBITDA/PAT was up 9.2%/57.2%/61.2% YoY to Rs4.5 bn/634 mn/346 mn. Plastic division's volume increased 12% YoY to 20,852mt with flattish realization growth. Adhesive business reported a strong 12% revenue growth led by strong growth at Resinova. The company started producing its own composite plant in association with Sekisui Chemicals which has resulted in lower raw material cost and higher margin. The management has guided for 15-20% volume growth from FY18 onwards with higher margin. Due to demonetization, we are cutting our EBITDA/PAT estimates by 4%/8% for FY17 and 5%/8% for FY18. We expect revenue/earning CAGR of 17%/28% in FY16-18E. We are...