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UPL reports 81% y-o-y decline in Q1 net profit at Rs 166 crore

1 Aug 2023 , 02:33 PM

UPL Ltd announced its results for the June quarter disappointed Dalal Street investors with its June quarter profits, which were lower than expected.

Its consolidated net profit fell 81% year-on-year (YoY) to Rs 166 crore in the quarter ending June 2023. Consolidated revenue from operations declined over 17% y-o-y to Rs 8,963 crore in Q1FY23.

Company’s EBITDA slipped 32% y-o-y to Rs 1,593 crore, with an EBITDA margin of Rs 17.8%.

Over the last two quarters, the global agrochemical industry has faced challenges as distributors prioritized destocking and focused on tactical purchases in the face of large channel stocks.

The company expects demand to remain weak in the coming quarter as well, but hopes for a sequentially better performance.

During the quarter, UPL also proposed transfer of its specialty chemicals business to its wholly-owned subsidiary, UPL Speciality Chemicals, for an aggregate consideration of Rs 3,572 crore.

At around 2.24 PM, UPL was trading 0.24% higher at Rs 626.20, against the previous close of Rs 624.70 on NSE. The counter plunged to an intraday low of Rs 611.

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