UPL Ltd. share price target

UPL posted robust numbers for 2QFY2018. In sales, the company posted gross revenues of `3,770cr v/s `3,541cr in 2QFY2017, growth of 6.5% yoy. The sales growth was driven by volume (11% yoy), while price dip was 2% and exchange losses deducted 3% from the top-line rise. On EBITDA front, the company posted an EBITDA of 18.0% v/s 15.5% in 2Q..

Q2FY18 revenue at Rs 38 bn was up 6% YoY, as strong volume growth of 11% YoY was partly offset by FX impact (at 3%) and price erosion (at 2%). Domestic growth at 10% was impressive given industry growth at low single digit.

We maintain NEUTRAL with a TP of Rs 782/sh (16x FY19E EPS). UPL reported muted revenue growth at Rs 37.7bn (+6.5% YoY) in 2QFY18, as volume growth of 11% YoY was negated by the impact of adverse currency movements (-3%), and a cut in realisations (-2%). EBITDA grew 23.5% YoY to Rs 6.7bn, and EBITDA margins rose 248bps YoY to 18.0%. The drop in raw material costs (-264bps YoY as a % of revenue), supported growth in operating profit. However, RPAT increased 43.4% YoY to Rs 2.3bn, owing to the absence of MTM forex loss in 2QFY18.

for an 8-10% growth in revenue and a 5075 bps expansion in EBITDA margin in FY18. Management also expects acceleration in growth in H2FY2018 versus H1FY2018 owing to a late-season pick-up in Latin America and a good Rabi season in India. The company expects to keep net working capital at 100 days and the tax rate could be at 18-20%. The company has guided for a capex of Rs. 1,100...

UPL reported 2Q18 revenue/EBITDA/PAT of Rs38bn/Rs7.2bn/Rs2.4bn growing 6%/12%/44% YoY. It was another quarter of moderate growth for LATAM the key growth driver for UPL - which grew 5%YoY and was impacted by late onset of monsoon and high channel inventories in Brazil. Other geogrphies performed in-line with estimates (i) India witnessed revenue growth of 10% driven by re-stocking following GST but negatively impacted due to untimely rainfall towards the end of the season (September), which destroyed some of the crops. (ii) Europe witnessed revenue growth of 5% driven by strong growth in the company's herbicides portfolio for potato, oilseeds and cereal crops, (iii) North America witnssed revenue...

UPL posted good set of numbers for 1QFY2018. Sales came in at `3,723cr v/s. `3,644cr, a yoy growth of 7.8%. On operating front, the Gross profit margins came in at 59.2% v/s. 53.6% in 1QFY2017, which in part aided the OPM to come in at 18.6% v/s. 17.7% in 1QFY2017. The expansion in OPM was lower than the expansion in gross profit margins ..

Q1FY18 revenue at Rs 39 bn was up 6% YoY, as strong volume growth of 10% YoY was partly offset by FX impact (at 3%) and price erosion (at 1%). Domestic business growth at 4% YoY was impressive given GST-led destocking in Jun '17.

Maintain NEUTRAL with a TP of Rs 780/sh (16x FY19E EPS). UPL reported muted revenue growth at Rs 37.2bn (6% YoY) in 1QFY18, as volume growth of 10% YoY was negated by the impact of adverse currency movements (-3%) and cut in realisations (-1%). EBITDA grew by a mere 3% YoY to Rs 6.9bn, owing to higher other expenditure (+13% YoY) and employee cost (+10%). However, APAT increased by 26% YoY to Rs 4.9bn owing to lower interest cost (-50% YoY) and higher other income (+39% YoY).

United Phosphorus Ltd. (UPL) posted robust numbers for 4QFY2017. In sales, the company posted gross revenues of `5,341cr v/s `4,434cr in 4QFY2016, growth of 20.5% yoy. The growth was driven by volumes (16% yoy), while growth in pricing was around 2%, which coupled with exchange gains added 2% to the top-line rise. On EBITDA front, the com..

Revenue rose by 36.27% to Rs. 5341.36 Cr in Q4FY17 when compared to the previous quarter. Also it rose by 20.45% when compared with Q4FY16.