Chambal Fertilisers (CHMB) reported revenues of Rs 19bn (-19% YoY) mainly led by lower fertilisers? realisation. EBITDA was at Rs 2.4bn ( 3%) despite taking the adequate hit for the cut in farmgate prices of complex fertilisers. Interest cost was higher at Rs 890 mn ( 21%) owing to higher subsidy receivables. However, it was negated by lower depreciation (-30%, change in asset life) and APAT was Rs 1.4bn.