UPL Q3 Review - LatAm Impacted By A Delayed Season: Motilal Oswal
An employee handles granules of urea, or carbamide, at a fertiliser plant. (Photographer: Andrey Rudakov/Bloomberg)

UPL Q3 Review - LatAm Impacted By A Delayed Season: Motilal Oswal

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.

Motilal Oswal Report

In Q3 FY21, UPL Ltd.’s revenue growth was driven by Europe and India markets, while Latin America saw a decline.

Gross margin expanded due to price increase, cost of goods sold savings, synergies, and sales of higher margin products.

Adjusted profit after tax growth was aided by a lower tax rate and higher other income.

We maintain our FY21E/FY22E/FY23E earnings estimate as adjusted PAT came in line with our expectation. Its high debt remains a key concern for the stock.

Click on the attachment to read the full report:

Motilal Oswal UPL Q3FY21 Result Update.pdf


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