We maintain BUY with a TP of Rs 313/sh (23x Dec FY19E EPS). Rallis India reported good revenue growth of 18.6% YoY for 3QFY18 at Rs 3.9bn, driven by ~15% volume growth in domestic and export businesses. EBITDA de-grew 11.5% at Rs 0.3bn, largely driven by lower gross profit. EBITDA margin stood at 9.6% (-326bps YoY). APAT de-grew marginally by 1.4% YoY at Rs 251mn.