Navin Fluorine (NFIL) 3QFY17 revenues were at Rs 1.5bn ( 6% YoY) led by improvement in CRAMS and inorganic segments. A better product mix and higher volumes led to an EBITDA margin of 19.7% ( 247bps YoY). EBITDA was Rs 304mn ( 32%) and APAT Rs 206mn ( 54% YoY).