Top picks : PI industries and Rallis India FY18 started on a good note, on account of normal monsoon expectations, pick-up in sowing and increase in Minimum Support Price (MSP). However, GST implementation caused some disruption in 1QFY18E, owing to lower inventory build-up by dealers/retailers. We expect muted growth in the domestic agrochemical industry. However, companies with a focus on the export market are preferred, owing to geographical diversification. In our coverage, companies like PI Industries, Dhanuka and Insecticides India will report single-digit revenue growth of 5-8%, whereas UPL and Rallis India are expected to report growth of 10-13%