UPL posted volume growth of 8% yoy, driven by steady performance in LatAM and Europe. However, inability to take price increase (due to higher channel inventory) and adverse currency movement of 1% resulted in 7% yoy growth in net revenue to Rs56.9bn. Gross margin improved by 90bps yoy to 49% while EBITDA margin expanded by 30bps yoy to 21.4%. EBITDA grew by 8% yoy to Rs12.2bn, broadly in line with our estimate....