Navin Fluorine (NFIL) reported muted revenues as robust growth in CRAMS was negated by de-growth in specialty chemicals and refrigerants. A better product mix led to EBITDA margin of 15.8% ( 293 bps) and EBITDA of Rs 230mn ( 22% YoY). Higher depreciation, interest cost and tax rate led to 4% decline in APAT to Rs 136mn.