10 September 2018 Fertilizers CRINs volumes declined 7.1% YoY in 1QFY19. Moreover, the Ministry of Fertilizers data reveal a strong traction in 2QFY19 volumes so far. So far in 2QFY19, the company has achieved 99% of the volume estimate for urea, 86% for DAP, 80% for NPK and 74% for single super phosphate (SSP). The only disappointment comes from MOP, where CRIN has clocked only 17% of our estimated volumes. However, given the relatively low volume mix of MOP, we believe its sluggishness is unlikely to hamper the overall growth estimates. We expect the strong acreage trend in key crops to continue aiding growth. Furthermore, good rainfall in key states of Andhra Pradesh, Telangana, Karnataka, Maharashtra and Odisha also provides comfort. We expect overall volume growth of 7% and revenue growth of 16.8% in FY19. CRIN are Andhra Pradesh (AP), Telangana, Maharashtra, Karnataka, West Bengal and Odisha.