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Prabhudas Lilladher Report
UPL Ltd. reported lower than expected results with topline growth of 9% to Rs 85 billion (our estimate – Rs 87 billion) led by 6%/2%/1% volumes/realisations/exchange impact.
India/ Latin America/Canada, Mexico and U.S. business grew by 27%/24%/19% while Europe/rest of world business declined 11%/14% YoY due to weather related issues.
Net debt was higher by Rs 25.5 billion QoQ at Rs 214.7 billion due to higher working capital, which was up by seven days to 91.
UPL’s management guidance of 7-10% topline growth, 12-15% Ebitda growth and less than two times net debt:Ebitda for FY22 remains intact and will be driven by its sustainable solutions (carved out into a new entity) and strong agrochemicals demand worldwide, given remunerative crop prices and supply chain issues.
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