Robust sustainable solutions segment to drive growth for UPL in FY22

Market share gains, margin improvement are other positives for the stock

Led by the strong show in Latin America (Latam), its biggest market, UPL reported a better-than-expected performance in the March quarter. Despite the currency depreciation in Brazil, the Latam market delivered a 40 per cent YoY growth, largely led by higher volume and a bit of price hike.

While growth in the North American market was pegged back by supply constraints, Europe and India delivered 17-23 per cent growth due increased sales of sustainable solutions business and favourable weather respectively.

The company reported a 233 basis point expansion of operating profit margin to 21.8 in the March quarter led by