UPL reported better-than-expected revenue growth of 14.4% to Rs. 8,939 crore (5.4% ahead of our estimate) driven by growth across regions. EBITDA margin of 20.2% (up 54bps y-o-y) lagged our estimates, given pricing pressures and unfavorable forex movement in Latin America. H2FY2021 to be strong for the US, Europe and Latin America, led by good agronomics; margins to expand led by price hikes in Latin America and growth in high-margin regions of US and Europe. Company aims to reduce debt by $700-750 million and targets a net debt-equity ratio of 2x by...