PI Industries (PII) reported a 4% YoY decline in revenues during 4QFY17. Growth during the quarter was muted due to dull global market conditions. Domestic business was muted due to delayed and uneven rainfall distribution as well as lower pest infestation in India. At the operating level however, PII continued to perform well as its EBITDA margins came in at 25.4% during 4QFY17 as compared to 18.6% in the corresponding quarter last year (21.2% margins in 3QFY17). Margin expansion was led by favourable product mix and leverage. For the full year FY17, revenues came in higher by 8% YoY led by an 11% YoY increase in exports while domestic business rose by 5% YoY. PII has been able to...