UPL is reporting quarterly results incorporating the financials of Advanta Ltd. The comparable quarterly result for the previous year is available. However, absence of FY16 yearly financials makes analysis difficult. Advanta has contributed ~9% of revenues in 9MFY17. 3Q revenues were at Rs 39.2bn ( 18% YoY) led by volume growth. EBITDA margin expanded to 19.1% led by lower opex. EBITDA was Rs 7.5bn ( 34%) and PAT was Rs 4.6bn ( 54%).