Results below estimates: Coromandel International's (CRIN) overall revenues fell 6.6% YoY to INR20.5b (est. of INR24.4b) in 1QFY17. EBITDA declined 5% YoY to INR886m (est. of INR1,075m), while margins improved 10bp YoY to 4.3% (est. of 4.4%). Nutrients to Crop Protection revenue mix stood at 82:18, while EBIT mix was 36:64. Margins in Fertilizer declined sharply on account of higher dealer discounts and inventory losses with the company aligning prices with the raw material price decline (government intervention). Consequently, PAT de-grew 48% YoY to INR79m (est. of INR323m) in 1QFY17. Subsidy outstanding...