UPL Ltd (UPL) reported better than expected results driven by higher than anticipated sales in LatAM. EBITDA beat was driven by 90 bps higher than expected gross margin. Double digit growth in many LatAM countries, accelerated sales of sustainable solutions business in Europe and favourable weather in India drove growth, even as supply constraints restricted growth in North America. In FY21, the company reduced gross/net debt by Rs 51/32bn respectively. UPL's transformation from being a crop protection...