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Prabhudas Lilladher Report
UPL Ltd. reported operationally in-line set of results, but higher finance cost led to disappointing adjusted profit after tax at Rs 7.2 billion, down 8% YoY (our estimate Rs 9.5 billion).
Finance cost at Rs 7.5 billion (our estimate Rs 4.3 billion) was higher due to one-time interest outgo of Rs 750 million on early redemption of bonds and Rs 2 billion of forex loss.
The company saw strong volume in all geographies except Latin America. Price hikes were taken across geographies on account of rising raw material cost globally.
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