3 February 2020 3QFY20 revenues grew 8% driven by higher manufacturing volumes (+33% YoY), which in turn led to 42% YoY growth in EBITDA. While revenue was in line during the quarter, beat of 14%/18% in EBITDA/PAT, led to increase in earnings estimates by 9%/8% for FY20/FY21. Revenue grew 8% in 3QFY20 with overall fertilizer volumes growing a mere 6% due to 44% decline in trading volumes; however, 33% growth in manufacturing fertilizer volumes led to a sharp 320bp EBITDA margin expansion to 13.2%. Nutrient and other allied segment revenues grew 8% YoY (to INR28.4b) with 360bp EBIT margin expansion (to 12.8%), due to higher manufacturing volumes. According to our calculations, in 3QFY20, EBITDA/MT for manufacturing fertilizer stood at INR3,845/MT (+16% YoY; - 5% QoQ). Plant protection revenue grew 4% YoY (to INR4.6b) with EBIT margin contraction of 25bp (to 15.4%) on account of softness in mancozeb prices. For 9MFY19, revenue/EBITDA/PAT grew 3%/13%/33% to INR103b/INR13.4b/INR8.