We maintain BUY with a TP of Rs 290/sh (23x FY19E EPS). Rallis India reported healthy revenue at Rs 5.8bn (+9.1% YoY) in 2QFY18, driven by double-digit volume growth in domestic and export businesses. EBITDA grew 17.5% at Rs 1.2bn, largely driven by a drop in raw material costs and other expenses. EBITDA margin stood at 20.8% (+149bps YoY). APAT grew 16.1% YoY at Rs 774mn.