Maintain BUY with a TP of Rs 800/sh (17x FY19E EPS). Insecticides Indias (INST) 1QFY18 revenue was at Rs 3.1bn (14% YoY), led by strong growth in new products launched in FY17. Change in the product mix led to strong EBITDA margin of 16.2% (+338 bps), and EBITDA coming in at Rs 505mn (+44% YoY). Lower interest cost and other income boosted PAT to Rs 305mn (+67% YoY).