Despite headwinds in key geographies, UPL posted healthy volume growth of 12% yoy, driven by steady performance in India and Europe. However, price decline of 2% yoy and adverse currency movement of 3% resulted in 7% yoy growth in net revenue to Rs41.9bn. Gross margin improved by 30bps yoy to 54.5% while EBITDA margin expanded by 50bps yoy to 19.8%. EBITDA grew by 9% yoy to Rs8.3bn, marginally lower than our estimate....