Management has indicated that the Fertiliser segment's profitability will revive in Q2FY19 on the back of successive price hikes taken in the last few months. However, higher Phos Acid prices (up 4% qoq; 26% yoy), coupled with INR depreciation will result in modest profit. However, INR depreciation will have a positive impact on the Chemical segment's profitability since most chemicals are linked to IPP. We cut our FY19/20E EPS estimates by 14%/5%. Our SOTP implies a TP of Rs136 (previously Rs150). Maintain BUY....