While UPL has reported weaker-than-expected Q1FY24, we note (1) farmer offtake has remained intact and it will eventually result in revival in volume growth in H2FY24, (2) Seeds segment continues to report strong performance with volume growth of 14% YoY, indicating healthy farming activity and (3) India crop protection business suffered due to shift in agri season and delay in monsoon; we believe it is likely to recover in Q2FY24.