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Nirmal Bang Report
UPL Ltd.’s Q2 FY21 result beat our/street estimates with consolidated adjusted profit after tax coming in at Rs 6.74 billion versus our/Bloomberg estimate of Rs 5.31 billion/Rs 5.37 billion.
Revenue was also a marginal beat as all geographies, barring Latin America exceeded our estimates. LatAm was a marginal miss.
Reported Ebitda, including forex loss of Rs 1.41 billion (not included in our estimate), came in below our forecast.
Volume growth of 19% YoY offset the 1%/4% hit on prices/Forex.
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