Dhanuka Agritech (DAL) reported weak 4QFY17 numbers, owing to poor NE rains, lower pest attacks and demonetisation. Revenues were at Rs 1.6bn (-9% YoY). Better product mix/ inventory gains led to an EBITDA margin of 21.6% ( 428 bps). EBITDA was at Rs 342mn ( 14%). A higher tax rate and depreciation dragged APAT down to Rs 242mn (-4%).