Dhanuka Agritechs (DAL) 2QFY17 revenues grew by 15% YoY to Rs 3.1bn led by higher volumes. Higher share of specialty molecules and lower RM prices resulted in 278bps expansion in EBITDA margin to 22.8%. Consequently EBITDA was Rs 708mn ( 31%) and APAT was Rs 492mn ( 31%). Normal monsoon in 2016 (after two successive years of rain deficit) saved the Indian agriculture industry. Record sowing, favourable govt. policies and focus on pulses should lead to a bumper kharif season.