We maintain Buy with a target price of Rs 915. Navin Fluorine International Ltd (NFIL) reported sales growth of 10.8% YoY to Rs 2.41bn. EBITDA and PAT declined by 4.7% and 20.0% YoY to Rs 503mn and Rs 343mn respectively. Growth in CRAMS (ex- Dahej) has staggered (grew 4.1% YoY to Rs 510). 1HFY19 revenues from CRAMS are at Rs 860mn (down 13.1% YoY). CRAMS is a lumpy business and the management expects recovery in the ensuing quarters.