Vinati Organics (VOL) 1QFY17 APAT at Rs 357mn ( 52.9% YoY) was above our estimates. Revenues grew 8.1% YoY led by strong ATBS sales ( 18.0% YoY) and two new product launches (contributed ~10%). EBITDA growth was faster ( 34.2%) with 694bps YoY margin expansion to 35.6%, on account of a favourable product mix (ATBS and new launches).