During H1FY17 Incitec Pivot Ltd reported 11% yoy increase in net profit after tax to $152.1 million in the against the prior corresponding period (pcp). EBIT rose 23% during the period boosted by solid Explosives earnings and initial Waggaman contribution, offsetting fertilizer prices pressure. However, cyclical lows in global commodity prices were a $48.5m negative in terms of EBIT as compared to 1H16, but were offset by $63.9m in productivity savings achieved through BEx. In Explosives end market, structural changes in the US coal sector have been managed through a strategic pivot to the Quarry & Construction segment which grew 5% in terms of volume versus 1H16 and comprised 39% of Americas revenue. Going forward, Quarry & Construction business is well positioned to benefit from US Government infrastructure programs. Shares of IPL declined 6.8% in the last six months, while it is up 10.4% in the past one year (as of July 13, 2017).