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Motilal Oswal Report
In Q2 FY21, UPL Ltd.'s revenue growth was driven by Latin America / India/ Rest of World markets while Europe/North America markets grew in single digit.
Gross margin contracted due to change in the product/ geography mix, price decline and exchange impact.
Operating leverage and synergy benefits led to Ebitda growth of 17%.
Lower tax rate, lower interest cost and higher other income led to adjusted profit after tax growth of 64% during Q2 FY21.
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