UPL reported 2Q18 revenue/EBITDA/PAT of Rs38bn/Rs7.2bn/Rs2.4bn growing 6%/12%/44% YoY. It was another quarter of moderate growth for LATAM the key growth driver for UPL - which grew 5%YoY and was impacted by late onset of monsoon and high channel inventories in Brazil. Other geogrphies performed in-line with estimates (i) India witnessed revenue growth of 10% driven by re-stocking following GST but negatively impacted due to untimely rainfall towards the end of the season (September), which destroyed some of the crops. (ii) Europe witnessed revenue growth of 5% driven by strong growth in the company's herbicides portfolio for potato, oilseeds and cereal crops, (iii) North America witnssed revenue...