We maintain Buy with a TP of Rs 719 (9x Sept'20 EV/EBITDA). UPL reported Sales/EBITDA/APAT growth of 12.9/16.2/18.4% to Rs 42.57bn/Rs 7.87bn/Rs 2.85bn respectively. PAT was weighed down by a higher tax rate (26.6% against 17.5% in 2QFY18) due to derivation of higher profits from India (attracting a higher tax rate).