During the quarter, plant protection revenue declined 36% YoY to INR2,710m, with the EBIT margin shrinking 10pp YoY to 2.2%, primarily on account of the shutdown at the Sarigam plant (revenue/EBITDA impact of INR700-800m/INR400-450m) and the softness in mancozeb prices. Additionally, EBITDA/mt for the fertilizer segment stood at INR2,979 up 49% YoY owing to forex gain (INR300m) and lower RM cost. (i) MRP across fertilizers declined by 8-10% owing to a decrease in RM cost. (ii) Company guided for 8-12% revenue growth in FY20, with EBITDA margin of 14-15% in the plant protection business. We cut our earnings estimate by 6%/7% for FY20/21, mainly on account (a) a cut in the EBITDA estimate for the crop protection business by 12%/6.5% for FY20/21 and (b) an increase in depreciation and interest cost. Maintain Coromandel International Crop protection revenue declined 36% YoY to INR2.7b, while nutrient & other allied business revenue was down 12% YoY to INR18.8b.