UPL posted robust numbers for 2QFY2018. In sales, the company posted gross revenues of `3,770cr v/s `3,541cr in 2QFY2017, growth of 6.5% yoy. The sales growth was driven by volume (11% yoy), while price dip was 2% and exchange losses deducted 3% from the top-line rise. On EBITDA front, the company posted an EBITDA of 18.0% v/s 15.5% in 2QFY2017. Consequently, Adj. PAT came in at `263cr v/s `214cr in 2QFY2017, growth of 23.0% yoy. The management has maintained guidance of 12-15% revenue growth and 50-75bps improvement in EBITDA margin. We recommend our Accumulate rating on the stock.

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