Beating macro headwinds, UPL delivered an outstanding 4QFY16. Revenues were at Rs 43bn ( 20% YoY) owing to strong volume growth of 25%. EBITDA margin expanded to 22.6% led by lower RM costs, and consequently EBITDA was Rs 9.8bn ( 25%). Higher other income pushed up APAT to Rs 5.7bn ( 29%).