PI Industries (PI) 4Q revenue growth was muted at Rs 6.1bn (4% YoY), owing to flat domestic sales. A better product mix (CSM share is 71% in Q4 vs. 62% in FY17) and operating leverage led to EBITDA margin of 25.4% ( 682 bps). EBITDA was Rs 1.5bn ( 42%). PAT was at Rs 1.4bn ( 41%), owing to tax benefits.