UPL Q1 PAT soars 93% to Rs 551 cr

The agrochemicals company's consolidated net profit surged 93.3% to Rs 551 crore in Q1 June 2020 compared with Rs 285 crore in Q1 June 2019.

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.

Consolidated EBITDA jumped 29% year on year to Rs 1,704 crore in Q1 June 2020 as against Rs 1,319 crore in Q1 June 2019. UPL said it reported robust revenue performance almost at prior year level and EBITDA margin expansion in a turbulent environment driven by COVID-19.

Its its outlook, UPL said that good agronomic conditions in most key markets are expected to drive robust demand. Despite COVID-19 related challenges in Q1, the company remains well positioned to deliver revenue and EBITDA growth for the full year. Raw material savings and COGS synergies, as well as portfolio/regional mix improvements supported gross margins.

The company said it has strong liquidity in place to meet debt maturities in the next 18-24 months. UPL is committed to debt reduction and to maintain investment grade credit rating. Meanwhile, the board has declared a dividend of Rs 6 per equity share.

UPL manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions.

Shares of UPL rose 2.97% at Rs 478.25 on Friday. The result was announced after market hours Friday, 31 July 2020.

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