Premier Q4 Results Mixed: Premier Explosives (PEL) Q4 earnings were higher than our estimates for the quarter at Rs.2.62 (Vs. Est 2.43) on the back of improved EBITDA margin of 8.6% in Q4 (158 bps) and tax write backs (Rs. 77 Mn) despite ~ 30% fall in revenue (Rs. 586 Mn) booked during Q4.