We maintain NEUTRAL with a TP of Rs 823/sh (16x Dec FY19E EPS). UPL reported a muted revenue growth of 7.0% YoY, at Rs 41.9bn in 3QFY18, largely driven by volume growth (+12%), was negated by the impact of currency movements (-3%), and a drop in realisations (-2%). EBITDA de-grew marginally by 1.4% YoY to Rs 7.16bn, EBITDM stood at 17.1% (-145 bps YoY). The drop was largely on account of higher other expenditures including exchange difference (as % of revenues 27.3% in 3QFY18, +245 bps YoY). However, lower interest cost (-39% YoY) and tax credits led APAT to deliver growth of 25.1% YoY to Rs 5.7bn.