Net
sales (including other operating income) of UPL has increased 9.05% to Rs 11090
crore. Sales of Non Agro segment has
gone up 11.13% to Rs 599.00 crore (accounting for 5.37% of total sales). Sales of Crop Protection segment rose 9.30%
to Rs 9,448.00 crore (accounting for 84.66% of total sales). Sales of Seeds Business segment has gone up
3.82% to Rs 1,113.00 crore (accounting for 9.97% of total sales). Inter-segment sales came down from Rs 85.00
crore to Rs 70.00 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 0.83% to Rs
969.00 crore. PBIT of Non Agro segment
fell 7.94% to Rs 58.00 crore (accounting for 5.99% of total PBIT). PBIT of Crop Protection segment rose 0.56% to
Rs 716.00 crore (accounting for 73.89% of total PBIT). PBIT of Seeds Business segment rose 4.84% to
Rs 195.00 crore (accounting for 20.12% of total PBIT).
PBIT
margin of Non Agro segment fell from 11.69% to 9.68%. PBIT margin of Crop Protection segment fell from
8.24% to 7.58%. PBIT margin of Seeds
Business segment rose from 17.35% to 17.52%.
Overall PBIT margin fell from 9.37% to 8.68%.
Operating
profit margin has declined from 13.03% to 12.19%, leading to 2.04% rise in
operating profit to Rs 1,352.00 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 51.45% to 52.51%.
Employee cost decreased from 12.30% to 12.06%. Other expenses rose from 23.23% to
23.25%.
Other
income rose 5.71% to Rs 111 crore. PBIDT
rose 2.31% to Rs 1463 crore. Provision
for interest rose 22.85% to Rs 1070 crore.
Loan funds declined from Rs 34,936.00 crore as of 30 September 2023 to
Rs 33,217.00 crore as of 30 September 2024.
Inventories declined from Rs 18,246.00 crore as of 30 September 2023 to
Rs 14,106.00 crore as of 30 September 2024.
Sundry debtors were lower at Rs 15,719.00 crore as of 30 September 2024
compared to Rs 18,229.00 crore as of 30 September 2023. Cash and bank balance rose to Rs 3,910.00
crore as of 30 September 2024 from Rs 3,170.00 crore as of 30 September
2023. Investments rose to Rs 2,072.00
crore as of 30 September 2024 from Rs 1,840.00 crore as of 30 September 2023
.
PBDT
fell 29.70% to Rs 393 crore. Provision
for depreciation rose 6.09% to Rs 697 crore.
Fixed assets declined from Rs 21,654.00 crore as of 30 September 2023 to
Rs 21,279.00 crore as of 30 September 2024.
Intangible assets increased from Rs 20,098.00 crore to Rs 20,293.00
crore.
Profit
before tax down 210.20% to Rs -304.00 crore.
Share of profit/loss was 33.82% higher at Rs -135 crore. Extraordinary items were increased to Rs
-8.00 crore. Provision for tax was debit
of Rs 138 crore, compared to credit of Rs 96 crore. Effective tax rate was negative 30.87%
compared to 24.68%.
Minority
interest decreased 36.54% to Rs -142.00 crore.
Net profit attributable to owners of the company decreased 134.39% to Rs
-443.00 crore.
Equity
capital stood at Rs 150.00 crore as of 30 September 2024 to Rs 150.00 crore as
of 30 September 2023. Per share face
Value remained same at Rs 2.00.
Promoters’
stake was 32.52% as of 30 September 2024 compared to 32.52% as of 30 September
2023 . Promoters pledged stake was 0.91%
as of 30 September 2024.
Commenting on the Q2FY25
performance, Jai Shroff, Chairman and Group CEO, said “Our volume growth continues, and we
are on the path to achieving our EBITDA and net debt guidance levels. With our
fundamentals intact, we saw robust volume growth in our global crop protection
business. In India, there was an overall positive momentum. Pushing sales
closer to application season has optimized our working capital requirements and
minimized likelihood of sales returns. We will continue to focus on enforcing
stricter credit and inventory norms to enhance cash flows.
On
our global seeds platform, Advanta, we are back on track after some headwinds
in Q1. Our growth this quarter was margin accretive, driven by favorable
pricing in grain sorghum and corn. The continued business momentum is expected
to yield favorable results in the second half of the year.”
Commenting on the Q2FY25
performance, Mike Frank, CEO, UPL Corporation Ltd., said: “The fundamentals in the global crop
protection market continue to remain strong. We continue to see robust dealer
and farmgate demand across most regions for our products, as seen in our 13%
volume growth this past quarter. Leading this growth was our fungicide segment,
led by mancozeb products globally, as well as other premium fungicides in
Europe.
We
had continued growth in our BioSolutions NPP business, which grew 10%.
Specifically, our biocontrol offerings in Latin America and Europe have
received strong customer demand. Additionally, NPP was supported by
biostimulant volumes in Brazil.
Aligned
with our strategy, we continue to improve product mix from differentiated and
sustainable segments, which has increased from ~35% last year to ~37% now.
Contribution
margin compressed by ~150 bps vs Q2FY24, primarily due to pricing pressure, as
well as foreign exchange impact in key countries, such as Brazil.
On
SG&A, we faced challenges related to ECLs and write-offs impacting our
EBITDA for the quarter, which came in 9% lower than last year Q2.”
For year-to-date (YTD)
results analysis
Net
sales (including other operating income) of UPL has increased 5.35% to Rs 20157
crore. Sales of Non Agro segment has
gone up 2.75% to Rs 1,196.00 crore (accounting for 5.89% of total sales). Sales of Crop Protection segment rose 6.18%
to Rs 16,988.00 crore (accounting for 83.65% of total sales). Sales of Seeds Business segment has gone down
1.80% to Rs 2,124.00 crore (accounting for 10.46% of total sales). Inter-segment sales came down from Rs 193.00
crore to Rs 151.00 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 10.15% to
Rs 1,700.00 crore. PBIT of Non Agro
segment fell 2.67% to Rs 146.00 crore (accounting for 8.59% of total
PBIT). PBIT of Crop Protection segment
fell 5.73% to Rs 1,152.00 crore (accounting for 67.76% of total PBIT). PBIT of Seeds Business segment fell 22.69% to
Rs 402.00 crore (accounting for 23.65% of total PBIT).
PBIT
margin of Non Agro segment fell from 12.89% to 12.21%. PBIT margin of Crop Protection segment fell
from 7.64% to 6.78%. PBIT margin of
Seeds Business segment fell from 24.04% to 18.93%. Overall PBIT margin fell from 9.79% to
8.37%.
Operating
profit margin has declined from 13.58% to 12.17%, leading to 5.58% decline in
operating profit to Rs 2,453.00 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 47.89% to 51.31%.
Employee cost increased from 13.02% to 13.27%. Other expenses fell from 25.52% to
23.25%. Provisions writeoffs cost fell
from 0.53% to 0.43%. Other provisions
fell from 0.53% to 0.43%.
Other
income rose 1.46% to Rs 209 crore. PBIDT
fell 5.06% to Rs 2662 crore. Provision
for interest rose 26.23% to Rs 1983 crore.
Loan funds declined from Rs 34,936.00 crore as of 30 September 2023 to
Rs 33,217.00 crore as of 30 September 2024.
Inventories declined from Rs 18,246.00 crore as of 30 September 2023 to
Rs 14,106.00 crore as of 30 September 2024.
Sundry debtors were lower at Rs 15,719.00 crore as of 30 September 2024
compared to Rs 18,229.00 crore as of 30 September 2023. Cash and bank balance rose to Rs 3,910.00 crore
as of 30 September 2024 from Rs 3,170.00 crore as of 30 September 2023. Investments rose to Rs 2,072.00 crore as of
30 September 2024 from Rs 1,840.00 crore as of 30 September 2023 .
PBDT
fell 44.93% to Rs 679 crore. Provision
for depreciation rose 4.95% to Rs 1357 crore.
Fixed assets declined from Rs 21,654.00 crore as of 30 September 2023 to
Rs 21,279.00 crore as of 30 September 2024.
Intangible assets increased from Rs 20,098.00 crore to Rs 20,293.00
crore.
Profit
before tax down 1,030% to Rs -678.00 crore.
Share of profit/loss was 36.02% higher at Rs -167 crore. Extraordinary items were increased to Rs
-57.00 crore. Provision for tax was
debit of Rs 210 crore, compared to credit of Rs 260 crore. Effective tax rate was negative 23.28% compared
to 57.65%.
Minority
interest decreased 69.64% to Rs -285.00 crore.
Net profit attributable to owners of the company decreased 3,495.65% to
Rs -827.00 crore.
Equity
capital stood at Rs 150.00 crore as of 30 September 2024 to Rs 150.00 crore as of
30 September 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 32.52% as of 30 September 2024 ,compared to 32.52% as of 30 September
2023 . Promoters pledged stake was 0.91%
as of 30 September 2024
Cash
flow from operating activities increased to negative Rs -2,715.00 crore for YTD
ended September 2024 from negative Rs -9,691.00 crore for YTD ended September
2023. Cash flow used in acquiring fixed
assets during the YTD ended September 2024 stood at Rs 947.00 crore, compared
to Rs 1,077.00 crore during the YTD ended September 2023.
The
scrip trades at Rs 538
UPL : Consolidated Results
|
Particulars
|
2409 (03)
|
2309 (03)
|
Var.(%)
|
2409 (06)
|
2309 (06)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
Net Sales (including other operating income)
|
11,090
|
10,170
|
9
|
20,157
|
19,133
|
5
|
43,098
|
53,576
|
-20
|
OPM (%)
|
12.2
|
13.0
|
|
12.2
|
13.6
|
|
10.5
|
19.0
|
|
OP
|
1,352
|
1,325
|
2
|
2,453
|
2,598
|
-6
|
4,539
|
10,196
|
-55
|
Other Inc.
|
111
|
105
|
6
|
209
|
206
|
1
|
483
|
477
|
1
|
PBIDT
|
1,463
|
1,430
|
2
|
2,662
|
2,804
|
-5
|
5,022
|
10,673
|
-53
|
Interest
|
1,070
|
871
|
23
|
1,983
|
1,571
|
26
|
3,852
|
2,963
|
30
|
PBDT
|
393
|
559
|
-30
|
679
|
1,233
|
-45
|
1,170
|
7,710
|
-85
|
Depreciation
|
697
|
657
|
6
|
1,357
|
1,293
|
5
|
2,763
|
2,547
|
8
|
PBT
|
-304
|
-98
|
-210
|
-678
|
-60
|
|
-1,593
|
5,163
|
PL
|
Share of Profit/(Loss) from Associates
|
-135
|
-204
|
34
|
-167
|
-261
|
36
|
-242
|
157
|
PL
|
PBT before EO
|
-439
|
-302
|
-45
|
-845
|
-321
|
-163
|
-1,835
|
5,320
|
PL
|
EO Income
|
-8
|
-87
|
91
|
-57
|
-130
|
56
|
-252
|
-170
|
-48
|
PBT after EO
|
-447
|
-389
|
-15
|
-902
|
-451
|
-100
|
-2,087
|
5,150
|
PL
|
Taxation
|
138
|
-96
|
PL
|
210
|
-260
|
PL
|
-209
|
736
|
LP
|
PAT
|
-585
|
-293
|
-100
|
-1,112
|
-191
|
-482
|
-1,878
|
4,414
|
PL
|
Minority Interest (MI)
|
-142
|
-104
|
-37
|
-285
|
-168
|
-70
|
-678
|
844
|
LP
|
Net profit
|
-443
|
-189
|
-134
|
-827
|
-23
|
|
-1,200
|
3,570
|
PL
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
-14
|
49
|
|
Notes
|
* EPS is on current equity of Rs 150.12 crore, Face value of Rs
2, Excluding extraordinary items.
|
# EPS is not annualised
|
bps : Basis points
|
EO : Extraordinary items
|
Figures in Rs crore
|
Source: Capitaline Corporate Database
|
UPL : Consolidated Segment
Results
|
|
% of (Total)
|
2409 (03)
|
2309 (03)
|
Var.(%)
|
% of (Total)
|
2409 (06)
|
2309 (06)
|
Var.(%)
|
% of (Total)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
Sales
|
|
|
|
|
Non Agro
|
5
|
599
|
539
|
11
|
6
|
1196
|
1164
|
3
|
5
|
2305
|
2741
|
-16
|
Crop Protection
|
85
|
9448
|
8644
|
9
|
84
|
16988
|
15999
|
6
|
85
|
36898
|
47568
|
-22
|
Seeds Business
|
10
|
1113
|
1072
|
4
|
10
|
2124
|
2163
|
-2
|
10
|
4224
|
3603
|
17
|
Total Reported Sales
|
100
|
11160
|
10255
|
9
|
100
|
20308
|
19326
|
5
|
100
|
43427
|
53912
|
-19
|
Less: Inter segment revenues
|
|
70
|
85
|
-18
|
|
151
|
193
|
-22
|
|
329
|
340
|
-3
|
Net Sales
|
|
11090
|
10170
|
9
|
|
20157
|
19133
|
5
|
|
43098
|
53572
|
-20
|
PBIT
|
|
|
|
|
Non Agro
|
6
|
58
|
63
|
-8
|
9
|
146
|
150
|
-3
|
9
|
253
|
303
|
-17
|
Crop Protection
|
74
|
716
|
712
|
1
|
68
|
1152
|
1222
|
-6
|
63
|
1794
|
7956
|
-77
|
Seeds Business
|
20
|
195
|
186
|
5
|
24
|
402
|
520
|
-23
|
28
|
807
|
686
|
18
|
Total PBIT
|
100
|
969
|
961
|
1
|
100
|
1700
|
1892
|
-10
|
100
|
2854
|
8945
|
-68
|
Less : Interest
|
|
1070
|
871
|
23
|
|
1983
|
1571
|
26
|
|
3852
|
2963
|
30
|
Add: Other un-allcoable
|
|
-346
|
-479
|
28
|
|
-619
|
-772
|
20
|
|
-1089
|
-832
|
-31
|
PBT
|
|
-447
|
-389
|
-15
|
|
-902
|
-451
|
-100
|
|
-2087
|
5150
|
PL
|
|