Revenue declined 5% YoY to INR672m 18 February 2019 INR47m). The sluggish performance can be attributed to the fear of fall armyworm in maize, which dampened sentiment and led to lower acreage (note that majority of third quarter revenue is contributed by maize, where volumes declined 22% YoY). The downside to our estimate is the non-renewal of KSCLs license by the Andhra Pradesh government (got suspended recently for a year), which can impact FY20 revenue by 6-7%. Given this uncertainty, which might restrict the company from taking advantage of a likely positive cotton season in FY20, we cut our multiple from 17x to 15x (~10% discount to its three-year average multiple). We, however, find comfort from the companys reducing dependency on cotton business, with non-cotton share likely to rise up to 55% in FY21.