PAT grew 9% YoY to INR2,834m. CSM business delivered robust growth of 40% YoY, backed by higher demand due to an improvement in global sentiment. Domestic business performance was notable in that it grew by 10% YoY, despite facing headwinds in the form of erratic rainfall in key states and poor price realization for key crops, which impacted demand and led to higher inventory levels. We expect it to meet its FY19 guidance of ~20% revenue growth on the back of the improved global scenario and strong support from its newly launched products. Factoring in the strong beat on our 3QFY19 estimates, we raise our FY19 earnings estimate by 8% while keeping FY20/21 estimates unchanged. We expect revenue/PAT CAGR of 19%/17% over FY18-21. We value the stock at 24x FY21E EPS (in-line with its five-year average trading multiple), which is justified as the company has shown strong signs of returning to its robust growth cycle post three muted years.