A multitude of products going off-patent would unleash a generics opportunity of~USD3b over CY17-20. With strong R&D and integrated manufacturing facilities,UPL is in a sweet spot to grab the impending opportunity in the generics market. The company is also set to benefit from the increasing phenomenon of pest resistance across crops with its broad array of products, which enables it to launch new combinations to tackle resistance. Pest resistance to major agro chemical 'glyphosate' (market size of ~USD5b) could provide UPL with its next key growth driver - its variant, 'gluphosinate'