We maintain NEUTRAL with a TP of Rs 782/sh (16x FY19E EPS). UPL reported muted revenue growth at Rs 37.7bn (+6.5% YoY) in 2QFY18, as volume growth of 11% YoY was negated by the impact of adverse currency movements (-3%), and a cut in realisations (-2%). EBITDA grew 23.5% YoY to Rs 6.7bn, and EBITDA margins rose 248bps YoY to 18.0%. The drop in raw material costs (-264bps YoY as a % of revenue), supported growth in operating profit. However, RPAT increased 43.4% YoY to Rs 2.3bn, owing to the absence of MTM forex loss in 2QFY18.