UPL revenue climbs 18% yoy to Rs12,506 crore in Q2FY23

2 Nov 2022 , 09:16 AM

UPL Ltd has reported financial results for the second quarter of FY23 (July-Sep 2022).

Key Highlights:

• Robust growth momentum continued into Q2FY23 with 18% yoy uptick in sales to reach Rs12,506 crore, led primarily by higher realizations (+21%) and a favorable exchange rate (+4%) offset by decline in volumes (-7%)
• Q2 FY23 EBITDA grew by 35% yoy to Rs2,768 crore. Improved realizations, better product mix along with efficient supply chain management drove EBITDA margins improvement by 278 bps despite the significant external pressures.

Commenting on the performance, Jai Shroff, CEO, UPL Ltd.,said “We continued to see robust growth momentum in Q2 FY23 with 18% yoy. Our focus on quality growth with a better product mix and proactive pricing actions drove a strong 35% yoy growth in EBITDA, with EBITDA margins expanding by ~278 bps.

As a group, our top priority is creating value for shareholders. In line with this, we recently announced a strategic corporate realignment initiative, creating distinct pure-play platforms to accelerate growth and unlock value for shareholders. We have brought on-board marquee investorssuch as ADIA, Brookfield, KKR and TPG, who have collectively invested around Rs4,000 crore (or US$ 500 millon) for minority stakes in our India Agtech and Global Seeds Business Platforms.

Going forward, we are well poised to continue our healthy growth momentum in the 2nd half of the year and we are confident of meeting our FY23 guidance of revenue growth of 12-15%, EBITDA growth of 15- 18% and reducing net debt by US$ 650 million.”

On Wednesday early morning trade, UPL Ltd is currently trading at Rs722.10 per share up by Rs5.05 or 0.7% from its previous closing of Rs717.05 per share on the BSE.

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