PI Industries (PI) 3QFY17 revenues stood at Rs 4.9bn (-5% YoY), led by weakness in the CSM business. A better product mix and lower RM cost led to EBITDA margin of 21% ( 100 bps YoY), pushing up EBITDA to Rs 1.0bn ( 0.3%). Higher other income and Jambusar tax benefits boosted APAT to Rs 940mn ( 33%).