UPL secures ratings outlook upgrade from Fitch

UPL has secured an upgrade of its credit outlook by Fitch Ratings to "Stable".

Fitch Ratings also confirmed that UPL retains its investment grade credit rating, with the long-term issuer default rating (IDR) affirmed at 'BBB-' for UPL's flagship subsidiary, UPL Corporation. The rating for UPL Corporation is based on the consolidated profile of the UPL group.

Jai Shroff, the chief executive officer (CEO) of UPL, has said that: "UPL is focused on driving sustainable agriculture and achieving transformational growth through innovative technology, as we tap new growth markets and opportunities. In an incredibly tough year, we delivered growth, adapted to the constantly changing situation and delivered on our commitments. We continue to demonstrate how we are changing the game and reimagining sustainability with our OpenAg strategy."

"We appreciate Fitch's recognition of UPL's strong financial and operational performance and the resulting outlook upgrade. Our results reflect the resilience of our business model which is focused on delivering innovative solutions for farmers and continuous operational efficiencies through cost and process improvements" said Anand Vora, Global Chief Financial Officer at UPL.

On a consolidated basis, UPL's net profit surged 73.6% to Rs 1,361 crore on 14.9% jump in revenue from operations to Rs 12,796 crore in Q4 FY21 over Q4 FY20.

UPL is a global provider of sustainable agriculture products & solutions. Through OpenAg, UPL is focused on facilitating progress for the entire agricultural value chain.

Shares of UPL lost 0.35% to Rs 834.50 on BSE. The scrip traded between Rs 828 to Rs 863.05 so far.

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