Agrochemicals: FY19 started on a good note, on account of early arrival of monsoons and increase in Minimum Support Price (MSP). We expect our coverage universe to post revenue growth of 8.5% YoY, while the bottom line is likely to be flat YoY. UPL is expected to post a revenue growth of (+9.7% YoY), Rallis (+7.0% YoY) and Dhanuka (+7.0% YoY). Higher raw material prices are a concern for the industry. We expect our coverage universe to post an EBITDA margin of 18.1% (-35bps YoY) for the quarter. Oil & Gas: Crude prices: Brent has jumped 11% QoQ and 48% YoY to USD 74.5/bbl in 1QFY19. We expect inventory gains of ~USD 1.1 to 4/bbls) to downstream companies. Chemicals: Margin pressure imminent: As the Chinese environmental authorities continue to clamp down non-compliant chemical facilities, Indian chemical manufacturers get an unabating support of the prevailing global dynamics. While the China to India play for Chemical companies has sustained till now, commodity prices (Caustic soda, Phthalic Anhydride, TDI, Phenol, Acetone etc) have started to cool off with an improvement in the global supply situation.