UPL posted yet another quarter of double-digit volume growth at 21% yoy driven by strong performance North America, Europe and RoW where revenues increased by 25%/21%/ 28% yoy respectively. Latin America also posted healthy sales growth of 17% yoy. Consolidated revenues came 6% ahead of our estimate at Rs53.9bn (+20% yoy). EBITDA margins improved 120bps yoy to 21% and EBITDA increased 28% yoy to Rs11.3bn while...