Chambal Fertilisers (CHMB) 1QFY16 results were ahead of our estimates led by robust performance in fertilisers and shipping divisions. Higher volumes (urea 11% YoY, complex 31%) resulted in revenues of Rs 24.4bn ( 22% YoY). Margins were slightly lower owing to higher trading and consequently EBITDA grew by 18% to Rs 2.1bn. Higher other income (dividend from JV) and lower interest cost (lower farm receivables) boosted APAT to Rs 1.5bn ( 81%).