Net sales remained flat at Rs 28.3bn but better than our estimates of Rs 26.5bn on the back of 3% yoy growth in fertilizer segment and stronger than expected performance in shipping business (+14% yoy) Shipping segment EBIT saw a significant improvement with EBIT margins of 18.7% while fertilizer margins improved 30bps. Consequently EBIT increased 11% yoy Provision of Rs 2.9bn towards diminution of value of its US based IT subsidiary resulted in Rs 1.6bn loss at PAT level. Adjusting for this, PAT stood at Rs 1.3bn ( 8% yoy) above our est of Rs 1.1bn Upgrade the stock to Buy from hold and increase target price to Rs 71 (1x FY17E BV) as we believe that spin off of other business (textile, IT and shipping) will make it focused agri player with better return ratios (ROCE 15%) and subsequent re rating.
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