UPL reported strong revenue growth of 21% YoY to Rs 53.4bn, mainly led by an increase in volumes ( 21%). EBITDA margin expanded to 21% ( 122 bps, benefitting from operating leverage). EBITDA was at Rs 11.3bn ( 28%), and RPAT at Rs 7.4bn (vs Rs 1.8bn, led by higher other income and lower tax rate).