Initiatives to increase the contribution of unique grades in the Fertilizer segment and new product launches in domestic along with capacity expansion in the agrochemical market look positive. We maintain Buy with a TP of Rs569 (17x FY21E EPS of Rs33.4). our estimate (Rs28.6bn). The Fertilizer segment's revenue grew 12.1% yoy to Rs26.2bn (vs. our estimate of Rs24.6bn), driven by a 28.8% rise in realization, partially offset by a 13.0% decline in volumes. The improvement in realization was largely due to an increase in contribution from NPK and SSP coupled with a significant decline in the revenue contribution from Urea (yoy). The Crop protection segment reported a 3.1% yoy increase...