Coromandel Internationals (CRIN) 2QFY17 revenues were at Rs 35bn. Impact of lower realisation was negated by strong volumes ( 30% YoY). Higher share of manufactured complex fertilisers (98% vs. 87%) and lower RM cost boosted EBITDA to Rs 3.8bn ( 25%). Consequently, APAT was Rs 2.1bn ( 26%).