Finolex Industries (FIL) reported below expected result in Q3FY18 led by lower than expected margins on PVC resins due to contraction in PVC-EDC delta. However, the company reported strong 36% volume growth which came ahead of our estimates. Revenue increased 9% YoY to Rs7.2 bn, EBITDA margin declined 429bps to 15.7% while net profit decreased 6% YoY to Rs695 mn. Overall, PVC resin volume grew...