IILs 1QFY17 revenues grew 7% YoY to Rs 3.1bn mainly led by formulation segment. Gross margins improved to 32.7% ( 300bps YoY) led by better product mix. However, higher gross profits were negated by higher other expenses (inventory hit and marketing expenses for newly launched rice herbicide Green Label). Subsequently, EBITDA was Rs 367mn ( 5%) and APAT was Rs 181mn (-8%).