The 32 reports from 10 analysts offering long term price targets
for UPL Ltd. have an average target of 615.75. The consensus estimate
represents an upside of 4.73%
from the last price of 587.95.
UPL's stock corrected over 15% today after a report by ET Prime cited a whistleblower complaint alleging that promoter Jaidev Shroff along with family members has siphoned off money.
UPL Q2 PAT soars 166% to Rs 537 cr, above estimates Consolidated revenue from operations came at Rs 8,939 crore in Q2 September 2020, 14.35% higher than Rs 7,817 crore in the same quarter last year. Profit before tax (PBT) stood at Rs 655 crore in Q2 September 2020, rising 112% from Rs 309 crore in the corresponding period last year. Current tax fell 25% year on year to Rs 201 crore in Q2 September 2020. EBITDA grew 17% to Rs 1,808 crore in Q2 September 2020 from Rs 1,541 crore in Q2 September 2019....
UPL Ltd's 2QFY21 earnings were ahead of our estimates, Sales/EBITDA grew by 14.4/15.2% YoY to Rs 89.3/16.6bn (D.est: Rs 83.8/15.7bn). APAT grew by 55% YoY to Rs 6.47bn. Sales growth was driven by a 19% volume growth across geographies....
UPLL's 14% topline growth (PLe 13%) & 15% EBITDA growth (PLe 15%) was in line with our estimates. APAT @ Rs6.7bn (PLe @ Rs 4.7 bn) up 43% came in better due to lower than expected depreciation (due to restatement) & tax rate and higher than expected other income. Q2 saw broad-based growth in all geographies driven by market share gains, improved supply chain and robust agronomic conditions. UPLL's strong business momentum indicates its solid competitive positioning and successful integration of Arysta. Its rich...
UPL's 2QFY21 result beat NBIE/street estimates with consolidated adjusted PAT coming in at Rs6.74bn vs our/Bloomberg estimate of Rs5.31bn/Rs5.37bn. Revenue was also a marginal beat as all geographies, barring LatAm exceeded our estimates. LatAm was a marginal miss. Reported EBITDA, including fx loss of Rs1.41bn (not included in our estimate), came in below our forecast. Volume growth of 19% YoY offset the 1%/4% hit on prices/FX. In the long term, the management expects to improve EBITDA margin to 23-25% on the back of cost savings, new products/markets and monetization of the robust U$3bn R&D; pipeline. UPL has maintained guidance of 7-8%/10-12% revenue/EBITDA growth during the earnings call. The management...
In 2QFY21, UPLL's revenue growth was driven by Latin America (LatAm)/ India/ RoW markets while Europe/North America (NA) markets grew in single digit. Gross margin contracted due to change in the product/ geography mix, price decline and exchange impact. Operating leverage and synergy benefits led to EBITDA growth of 17%. Lower tax rate, lower interest cost and higher other income led to adj. PAT growth of 64% during 2QFY21. Factoring in the beat to our PAT estimates (mainly due to lower than estimated tax rate), we increase PAT estimates by 9% for FY21 while...
UPL reported better-than-expected revenue growth of 14.4% to Rs. 8,939 crore (5.4% ahead of our estimate) driven by growth across regions. EBITDA margin of 20.2% (up 54bps y-o-y) lagged our estimates, given pricing pressures and unfavorable forex movement in Latin America. H2FY2021 to be strong for the US, Europe and Latin America, led by good agronomics; margins to expand led by price hikes in Latin America and growth in high-margin regions of US and Europe. Company aims to reduce debt by $700-750 million and targets a net debt-equity ratio of 2x by...
UPL reported better-than-expected revenue growth of 14.4% to Rs. 8,939 crore (5.4% ahead of our estimate) driven by growth across regions. EBITDA margin of 20.2% (up 54bps y-o-y) lagged our estimates, given pricing pressures and unfavorable forex movement in Latin America. H2FY2021 to be strong for the US, Europe and Latin America, led by good agronomics; margins to expand led by price hikes in Latin America and growth in high-margin regions of US and Europe. Company aims to reduce debt by $700-750 million and targets a net debt-equity ratio of 2x by...
UPL paints positive picture on outlook despite challenges The global crop protection products market declined a tad to US$60bn in CY2019 as per industry estimates quoted in UPL's annual report for FY20. Global CPC categories saw subdued performance in CY19 with herbicides/fungicides declining 1.5%/0.7% while the insecticide market was flat. The global CPC industry had to grapple with challenges like adverse weather in US/Europe, US-China trade war and tighter regulations in Europe. On a positive note, the industry witnessed positive tailwinds in CY19, including continued pricing power for generic products and 7.6% growth in Latin America (that offset the 7.1%/2.8% YoY contraction in US/Europe....
UPL Q1 PAT soars 93% to Rs 551 cr, beat street estimates Consolidated revenue from operations stood at Rs 7833 crore in Q1 June 2020, declining 1% compared with Rs 7906 crore in Q1 June 2019. Profit before tax stood at Rs 801 crore in Q1 June 2020, rising 84% from Rs 435 crore in Q1 June 2019. Total tax expense surged 86% to Rs 143 crore in Q1 June 2020 over Q1 June 2019. Profit...
UPL Ltd. is a global agriculture solutions company engaged in the agrochemicals and industrial chemicals business with manufacturing sites across the world. Through recent expansion, the company has become a...
UPL 1QFY21 result was below NBIE/street estimates with consolidated adjusted PAT coming in at Rs5.76bn vs our /Bloomberg estimate of Rs6.41bn/Rs5.25bn. The revenue miss was due to the decline in LatAm and US, offseting the in-line performance in Europe and a massive 26.9% surge in India sales that revived after several quarters. But margins were a beat with gross margin coming in at 54.7% vs our estimate of 45% and EBITDA margin coming in at 23.4% vs our estimate of 20.2%. In the long term, Management expects to improve EBITDA margin to 23-25% on the back of cost savings, new products/markets and monetization of the robust U$3bn R&D; pipeline. We have trimmed earnings by 3.3%/7.5% for FY21E/FY22E based on the muted...
UPLL's results were significantly ahead of our estimates driven by (1) focus on improving product mix for higher margin and differentiated products (2) higher than anticipated shift in geographical mix headed towards more profitable regions like India and Europe. LATAM revenue declined 16% YoY due to order postponement (close to the season) and some delays in supply...
1 August 2020 In 1QFY21, gross margin expansion and synergy benefits aided EBITDA disruption in Latin America, North America, and Europe, (ii) the postponement of sales in Brazil from 1Q to 2Q due to fluctuation in the Brazilian real, and (iii) pre-buying in North America at the end of 4QFY20 impacting growth in the region in 1QFY21. In 1QFY21, UPLL reported strong revenue growth of 27% YoY in India v/s 15% industry growth. Revenue from the LATAM region declined 16% YoY on forex volatility in Brazil, which led to the postponement of orders to later quarters. Revenue from North America declined 14% YoY on pre-buying due to COVID-19 in 4QFY20. According to management, for 1QFY21, cost synergy realized from the Arysta acquisition stood at INR830m (USD11m) and revenue synergies at INR530m (USD7m). Gross debt was INR325b as of Jun20 v/s. Net debt was INR220b as of June20 (similar to March levels).
UPL Ltd. is a global agricultural solutions company engaged in the agrochemicals and industrial chemicals business with manufacturing sites across the world. Through recent expansion, the company has become a...
UPL 4QFY20 results were a significant beat vs NBIE estimates Consolidated adjusted PAT came in at Rs7.88bn vs our estimate of Rs2.4bn and Bloomberg estimate of Rs8.8bn. The beat on revenue was driven by significantly positive volume growth across LatAm, US and RoW bucking the COVID-19 related disruption, which underpinned our degrowth assumptions. Margins however were a miss - gross margin stood at 44% vs our estimate of 47%, while EBITDA margin came in at 17.1% vs our estimate of 17.9%. We have raised earnings by 6.3%/20.8% for FY21E/FY22E based on upbeat commentary on growth and margin expansion by UPL management during earnings call. Management also expects to monetize the R&D; pipeline on...
We have upgraded our topline/EBITDA/APAT by 3%/3.6%/11% for FY21E and 2.6%/0.6%/5.8% for FY22E but lowered our target price from Rs542 to Rs497 based on 7.0x FY22E EV/EBITDA (implied P/E on TP- 11x) due to lower than expected debt reduction (considering perpetual bond as part of debt). UPL...
