We maintain BUY with a TP of Rs 851/sh (16x FY20E EPS) For 4QFY18, UPL reported muted revenues at Rs 56.91bn (+6.5% YoY). Volume growth of +8% was negated net cross currency movement of -1%. EBITDA stood at Rs 14.21bn (+36.4% YoY), as margins expanded to 25.0% (+554 bps YoY). EBITDAM expansion was driven by higher gross margins (+90bps YoY), lower employee costs (-49bps YoY) and drop in other expenditures & exchange difference (-415bps YoY). Reported APAT at Rs.7.36bn (-0.7% YoY) was muted as a result of higher interest costs (+92.5% YoY) and higher tax rate (17.6% +1042bps YoY).