PI is a very old position, it has continued growing over time and has shown clear leadership in their core business. Over time, I have reduced my position size due to higher valuations. However, I have not sold out fully as growth is still very high and I want to be more measured in selling. UPL is in a very different lifecycle as its a mature company and can have limited growth. Given their size, they have done tremendously well to still keep growing. None of their global peers grow at these rates.
This being said, I think a better way to play UPL growth story is to buy Indian vendors that cater to UPL, as their individual earnings growth will be much higher. A lot of agchem growth observed in Indian companies is due to UPL outsourcing more volumes to these players. Hope this clarifies my thought process.
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