Vinati Organics (VOL) reported strong growth in revenues at Rs 2.0bn ( 26% YoY) in 4QFY17, mainly led by a substantial contribution from products launched in FY17 (~15% of revenues). EBITDA stood at Rs 605mn ( 19% YoY), and EBITDA margin remains healthy at 31%. Growth in APAT was muted at 3% to Rs 406mn, owing to a higher tax rate (33% vs 16%).