With muted domestic and export sales, Rallis Indias revenues fell by 20% YoY to Rs 5.1bn. Lower volumes resulted in low EBITDA margin of 11.3% (-162bps YoY). Hence, EBITDA was Rs 352mn (-30%) and PAT Rs 204mn (-20%). So far, FY16 has been a washout year for Rallis because of (1) The Consecutive rain deficit in India, (2) Weaker Latin America and European currencies, (3) Muted international prices of agri-commodities, and (4) Unfavourable weather conditions in Brazil.