Maintain NEUTRAL with a TP of Rs 780/sh (16x FY19E EPS). UPL reported muted revenue growth at Rs 37.2bn (6% YoY) in 1QFY18, as volume growth of 10% YoY was negated by the impact of adverse currency movements (-3%) and cut in realisations (-1%). EBITDA grew by a mere 3% YoY to Rs 6.9bn, owing to higher other expenditure (+13% YoY) and employee cost (+10%). However, APAT increased by 26% YoY to Rs 4.9bn owing to lower interest cost (-50% YoY) and higher other income (+39% YoY).