UPL Q2 Results: Profit Rises Nearly Threefold On Low Base, Growth Guidance Maintained
UPL Ltd.’s quarterly profit rose nearly threefold on account of a low base.
Net profit rose to Rs 463 crore in the three months ended September from Rs 166 crore a year ago, the agri-products maker said in an exchange filing on Friday. That compares with Rs 537-crore consensus forecast of analysts tracked by Bloomberg.
UPL’s revenue rose 14% over the year ago to Rs 8,939 crore, against the estimated Rs 8,515 crore, aided by a strong performance in its key markets such as Latin America, India and rest of the world.
UPL’s revenue performance across geographies (year-on-year)
- Latin America: up 12%
- India: up 18%
- North America: up 9%
- Rest of World: up 27%
- Europe: up 6%
The company’s operating profit grew 18% over the year earlier to Rs 1,808 crore, while Ebitda margin widened to 20.2% from 19.7%.
UPL, according to its media statement, maintained its revenue growth guidance of 6-8%, and 10-12% for Ebitda for the financial year 2020-21.
Shares of UPL closed 0.6% higher at Rs 453 apiece on the NSE before the quarterly results, compared with a flat Nifty 50.