Sales (excluding GST) was reported at Rs 7.16 bn (2.2% QoQ and +0.1% YoY) despite complete demerger of its speciality chemical business (effective 1st April 2018) which was contributing almost 10% of the revenues/PAT. Strong volume growth has helped the company report EBIDTA of Rs 725mn with Ebidta margin of 10.1% (+10bps QoQ and +80 bps YoY) despite inflation in raw material cost .Consequently PAT was reported at Rs 435 mn (-5.6% QoQ and +5.3YoY). We interpret the performance as strong, especially when we consider complete sale of the speciality business division....