While trading volumes declined 47% YoY, fertilizer manufacturing volumes, which command higher margins, grew 34% YoY. In 2QFY20 too, CRIN witnessed margin expansion of 140bp YoY led by 9% growth in manufacturing fertilizer volumes (despite revenue decline of 3% YoY). Also, CRIN is expected to report record-high absolute 3Q EBITDA of INR3.8b for the Oct-Dec19 quarter, primarily due to (a) higher sales volume due to better acreage in the Rabi season, (b) benign raw material prices, (c) higher share of manufacturing fertilizer, and (d) cost savings on recently commenced phos acid plant. Further, manufacturing of di-ammonium phosphate (DAP) fertilizers surged 5.9x YoY in 3QFY20, while DAP trading declined a steep 86% YoY due to drop in phos acid prices. Acreage dipped marginally in AP by 1%, despite reservoir levels being at 92% of the storage capacity (v/s 48% last year). Acreage increased 30% YoY with reservoir levels of 70% (v/s 30% last year).