In-line revenues, EBITDA margin expands 150bp: PI Industries' (PI) revenues grew 15.4% YoY to INR6.8b (v/s est. of INR6.4b) in 1QFY17, led by the CSM business which grew 20%. Agri business, however, grew at a slower pace of 10% due to delayed onset of monsoon. CSM business showed a strong performance due to the commercialization of one new molecule and the commissioning of the new Jambusar facilities, which were not included in the base quarter. The company continues to have a robust order book of USD850m in its CSM business. EBITDA margin expanded 150bp to 24.2%, led by a better product mix in the domestic agri...