For 3QFY2016, United Phosphorus (UPL) posted sales of Rs3,050cr, a yoy growth of 1.3%. Overall, growth was driven by price and volume growth of 3% and 11% respectively, while exchange had a weigh down effect by 13%, which impacted the sales. On the operating front, the OPM came in at 19.0% V/s 17.9% in 3QFY2015. This is in spite of lower sales as the GPM improved to 54.2% V/s 48.8% in 3QFY2015 on back of healthy volume growth and price rise. This aided the Adj. net profit to come in at Rs306cr V/s Rs264cr in 3QFY2015, a yoy growth of 15.9%. The Management has maintained its guidance of 12-13% volume growth with 100bps margin expansion in FY2016. We maintain our Buy recommendation on the stock with a price target of Rs480. Quarterly highlights: For the quarter, UPL posted sales of `3,050cr, a yoy growth of 1.3%. USA and Latin America posted a 12% and 14% yoy growth, respectively, during the quarter. Other key markets like India, Europe and ROW posted a dip of 17%, 9% and 8% yoy, respectively. Overall, growth was driven by price and volume growth of 3% and 11% respectively, while exchange had a weigh down effect...