Revenues of PI IN are expected to grow at a CAGR of 15.37% from FY15 to FY17E. Custom Synthesis & Manufacturing (CSM) revenue growth is expectedto moderate down to levels of around 18% on the back of high base and weakpricing (deflationary) environment in FY16E. CSM revenue contribution is expected to increase to 60.4% in FY16E and 62.5% in FY17E. Domestic Agribusiness is expected to clock in moderated revenue growth of around 10% in both FY16E and FY17E, expectedly led by volume growth, with no price growth assistance. Expectation of weak pricing environment is on the back of weak macro pricing environment in terms of both raw materials and agri-commodity prices. Also, decrease in cotton acreage by more than 8% in FY16E (kharif) is expected to continue to some extent even into FY17E.