Dhanuka Agritechs (DAL) 1QFY17 revenues grew by 10% YoY to Rs 1.9bn mainly led by higher sales of herbicides. Better product mix resulted in 56bps expansion in EBITDA margin to 14.4% and consequently EBITDA was Rs 287mn ( 15% YoY). Higher tax rate dragged APAT to Rs 193mn ( 4.3%).