1 August 2020 In 1QFY21, gross margin expansion and synergy benefits aided EBITDA disruption in Latin America, North America, and Europe, (ii) the postponement of sales in Brazil from 1Q to 2Q due to fluctuation in the Brazilian real, and (iii) pre-buying in North America at the end of 4QFY20 impacting growth in the region in 1QFY21. In 1QFY21, UPLL reported strong revenue growth of 27% YoY in India v/s 15% industry growth. Revenue from the LATAM region declined 16% YoY on forex volatility in Brazil, which led to the postponement of orders to later quarters. Revenue from North America declined 14% YoY on pre-buying due to COVID-19 in 4QFY20. According to management, for 1QFY21, cost synergy realized from the Arysta acquisition stood at INR830m (USD11m) and revenue synergies at INR530m (USD7m). Gross debt was INR325b as of Jun20 v/s. Net debt was INR220b as of June20 (similar to March levels).