31 October 2019 higher depreciation and lower other income. PAT was up 10% 1HFY20, revenue/EBITDA/PAT were up 5%/12%/7% YoY. Chemistry EBIT margin expanded strongly by 670bp YoY to 29.8% in the quarter. However, Consumer margin shrank 450bp YoY due to one-time demerger-related cost and higher ad spends. In 9% YoY, led by volume growth of 3% and the balance through realization improvement. EBITDA/MT increased 2x YoY to USD52 in the quarter on the back of improved efficiencies, lower input cost and reduced fixed cost. sales declined 5% YoY due to lower trading volumes, but EBITDA was up 36% YoY led by lower manufacturing cost (RM and energy). EBITDA/MT increased 48% YoY to GBP49. In the EBITDA/MT improved 6% YoY to USD47 (-7% QoQ) with realizations remaining flat YoY (-1% QoQ) and sales volume growth of 1% YoY. We largely maintain our estimates of revenue/EBITDA/PAT CAGR of 9%/15%/11% over FY19-21.