UPLL's 14% topline growth (PLe 13%) & 15% EBITDA growth (PLe 15%) was in line with our estimates. APAT @ Rs6.7bn (PLe @ Rs 4.7 bn) up 43% came in better due to lower than expected depreciation (due to restatement) & tax rate and higher than expected other income. Q2 saw broad-based growth in all geographies driven by market share gains, improved supply chain and robust agronomic conditions. UPLL's strong business momentum indicates its solid competitive positioning and successful integration of Arysta. Its rich...