We recommend a NEUTRAL rating with a TP of Rs 848/sh (25x Dec FY19E EPS). PI Industries (PI) reported healthy results for 3QFY18. Revenue grew by 10.2% YoY to Rs 5.37bn, the growth was largely driven by the revival of exports i.e. CSM segment (+14% YoY, ~68% revenue), while weakness in Domestic business (+3.0% YoY, ~32% of revenue) which weighed on overall performance. EBITDA grew marginally by 1.4% YoY at Rs 1.04bn, EBITDA margin stood at 19.5% (-171bps YoY). The higher tax rates led APAT de-grew 14.2% YoY at Rs 806mn.