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