Despite timid revenues, earnings increased by 27.1% in 9MFY17 all thanks to higher operating margins (+250 bps to 22%) and lower tax provision. EBIT margins thickened for all but HPC business but not without noticeable volatility, particularly for pharmaceutical business. Unsurprisingly, EBIT margins of specialty chemicals has expanded for at least eight quarters (y-o-y though) - thanks to mellowing benzene prices fallen from Rs 85 per kg in Q2FY15 to Rs 40 per kg in Q4FY16, while pharmaceutical margins has not been one without variation. Entrenched weakness in agro-chemical sector pummeled specialty...