UPL Ltd. share price target

During Q4FY17, UPL reported healthy revenue growth of 20% YoY backed by strong volume growth of 21%. While favourable exchange movement contributed 3% YoY to the overall revenue growth, realisations fell by 4% YoY. Notably, the strong performance of North America/Europe/RoW markets aided the overall growth. While North America reported a revenue growth of 25% YoY led by strong performance in the aquatics segment, Europe reported a growth of 21% YoY driven by higher sugarbeet acreage. Likewise, RoW business reported strong growth of 28% YoY owing to good rainfall in Australia & introduction of herbicide portfolio in China. Similarly, Latin America posted healthy revenue growth of 17% YoY. However, India sales grew...

UPL reported strong revenue growth of 21% YoY to Rs 53.4bn, mainly led by an increase in volumes ( 21%). EBITDA margin expanded to 21% ( 122 bps, benefitting from operating leverage). EBITDA was at Rs 11.3bn ( 28%), and RPAT at Rs 7.4bn (vs Rs 1.8bn, led by higher other income and lower tax rate).

UPL posted yet another quarter of double-digit volume growth at 21% yoy driven by strong performance North America, Europe and RoW where revenues increased by 25%/21%/ 28% yoy respectively. Latin America also posted healthy sales growth of 17% yoy. Consolidated revenues came 6% ahead of our estimate at Rs53.9bn (+20% yoy). EBITDA margins improved 120bps yoy to 21% and EBITDA increased 28% yoy to Rs11.3bn while...

Q3FY17sales at Rs 39 bn, up 18% YoY, was driven by strong volume growth of 18% YoY and forex gains of 3% offset partly by pricing decline of 3%. Growth was led mainly by Latin America (37% YoY) and India (20% YoY). EBITDA margin expanded 220 bps to 19% on lower other expense' restrictedby highe..

Revenue rose by 10.84% to Rs. 3854.61 Cr in Q3FY17 when compared to the previous quarter. Also, it grew by 18.29% when compared with Q3FY16.

UPL posted robust numbers for 3QFY2017. In sales, the company posted gross revenues of Rs3,987cr v/s Rs3,377cr in 3QFY2016, growth of 18% yoy. The growth was driven by volume (18% yoy), while price dip was around 3% and exchange gains added 3% to the top-line rise. On EBITDA front, the company posted an EBITDA of 17.8% v/s 14.7% in 3QFY20..

For 2QFY2017, United Phosphorous (UPL) posted a growth of 7.2% yoy in sales to Rs3,510cr. The volume growth during the period was of 23% yoy, while price decrease contributed around 5% yoy. The exchange rate, on the other hand, had a positive impact of 1% yoy. Including Advanta sales, the company posted sales of `3510cr, posting a yoy gro..

1QFY17 was the maiden quarter where UPL reported financials incorporating the Advanta merger. Although YoY P&L comparison is available, the absence of FY16 yearly financials makes holistic analysis difficult. 1Q revenues were at Rs 35bn ( 7% YoY) owing to the strong performance of agrochemicals (~93% of revenues, 10% YoY).

We recently attended the Capital Markets day at UPL Ltd (UPL). We interacted with the senior management of the company including different geographical and segment business heads. The meet was...

For 4QFY2016, United Phosphorus (UPL) posted sales of Rs4,292cr, up 20.5% yoy, mainly led by 25% growth in volume and a 1% rise in price. The exchange rate dipped by 6.0% during the quarter. In terms of geography, Latin America (Rs1,428cr), Europe (Rs872cr), USA (Rs971cr), and India (Rs417cr) posted a yoy growth of 57%, 8%, 13% and 4%, re..