UPL's consolidated net profit soared 147% to Rs 617 crore on 30.7% rise in net sales to Rs 11,141 crore in Q4 March 2020 over Q4 March 2019.
Consolidated EBITDA for Q4 March 2020 stood at Rs 2169 crore, rising 25% from Rs 1740 crore in Q4 March 2019. Profit before tax (PBT) surged 231.74% year-on-year to Rs 972 crore during the quarter. Tax expense rose 35.98% to Rs 257 crore during the period under review. The result was announced after market hours on Friday, 22 May 2020.
The company reported a exceptional item of Rs 171 crore, which includes cost related to litigation, severance and integration cost due to acquisition of Arysta group.
A competitor had filed a litigation against a subsidiary of the group and the company for infringement of patent, loss of profits and unjust enrichment. On 11 October 2019, a jury in the of federal district court rendered a verdict against the subsidiary for an aggregate amount of approximately $31 million (approx. Rs 220 crore). While the group will seek to remedy the adverse decision of the jury, this amount has been provided for in the current year as an exceptional item in the statement of profit and loss.
On a consolidated basis, UPL's net profit rose 19.1% to Rs 1776 crore in the year ended March 2020 (FY20) from Rs 1491 crore reported in the year ended March 2019 (FY19). Net sales soared 63.7% to Rs 35,756 crore in FY20 over in FY19. PBT rose 56.96% to Rs 2,761 crore in FY20 over FY19.
The company 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 ended 1.24% higher at Rs 371.1 on Friday.
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