In 2QFY21, UPLL's revenue growth was driven by Latin America (LatAm)/ India/ RoW markets while Europe/North America (NA) markets grew in single digit. Gross margin contracted due to change in the product/ geography mix, price decline and exchange impact. Operating leverage and synergy benefits led to EBITDA growth of 17%. Lower tax rate, lower interest cost and higher other income led to adj. PAT growth of 64% during 2QFY21. Factoring in the beat to our PAT estimates (mainly due to lower than estimated tax rate), we increase PAT estimates by 9% for FY21 while...