UPL reported 2QFY17 results incorporating the financials of Advanta Ltd. Company is providing comparable quarterly results for the previous year, however, absence of FY16 yearly financials makes analysis difficult. 2Q revenues were at Rs 35.4bn ( 16% YoY). Advanta contributed ~6% of cons. revenues. EBITDA margin expanded to 17.6% led by lower RM costs and consequently EBITDA was Rs 6.2bn ( 19%).