PI Industries reported strong results in 1QFY17 led by a higher share from custom synthesis (CSM) and in-licensed products. Revenues were at Rs 6.4bn ( 15% YoY) mainly driven by CSM ( 20%). Higher gross margins (better product mix) resulted in PI?s highest-ever EBITDA margin (25.9%, 170bps). EBITDA growth ( 23%, Rs 1.7bn) and lower taxes (benefits from Jambusar) boosted APAT to Rs 1.3bn ( 48%).