BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Highlights from UPL Ltd.'s Q4 /FY21 result:
1. All regions except North America have reported strong growth during FY21. In-spite of forex fluctuations, the company reported strong growth in Brazil and normal monsoon helped India business report strong 22% growth;
2. Change in revenue mix, cost-saving measures post-Covid-19 and synergy benefits helped Ebitda margin expand 230 basis points YoY; and
3. Synergy benefits are as per the company’s stated plan and the net working capital days reduced to 66 in FY21 versus 90 in FY20.
We model steady improvement in return ratios due to
- synergy benefits and higher margins, and
- reduction in net working capital days.
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