|
Consolidated
net sales of UPL have declined 15.03% to Rs 14078 crore. Sales of Non Agro segment has gone down 9.21%
to Rs 621.00 crore (accounting for 4.39% of total sales). Sales of Crop Protection segment fell 17.75%
to Rs 12,404.00 crore (accounting for 87.63% of total sales). Sales of Seeds Business segment has gone up
30.33% to Rs 1,130.00 crore (accounting for 7.98% of total sales). Inter-segment sales rose Rs 63.00 crore to Rs
78.00 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 41.21% to
Rs 1,294.00 crore. PBIT of Non Agro
segment rose 371.43% to Rs 33.00 crore (accounting for 2.55% of total
PBIT). PBIT of Crop Protection segment fell
47.26% to Rs 1,117.00 crore (accounting for 86.32% of total PBIT). PBIT of Seeds Business segment rose 89.47% to
Rs 144.00 crore (accounting for 11.13% of total PBIT).
PBIT
margin of Non Agro segment rose from 1.02% to 5.31%. PBIT margin of Crop Protection segment fell
from 14.05% to 9.01%. PBIT margin of
Seeds Business segment rose from 8.77% to 12.74%. Overall PBIT margin fell from 13.23% to
9.14%.
Operating
profit margin has declined from 16.43% to 13.13%, leading to 32.11% decline in
operating profit to Rs 1,848.00 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 59.27% to 63.99%.
Employee cost decreased from 7.59% to 7.36%. Other expenses fell from 16.71% to
15.52%. Provisions writeoffs cost fell
from 0.19% to 0.17%. Other provisions
fell from 0.19% to 0.17%.
Other
income fell 40.28% to Rs 126 crore.
PBIDT fell 32.70% to Rs 1974 crore.
Provision for interest rose 20.31% to Rs 1090 crore. Loan funds rose to Rs 29,754.00 crore as of
31 March 2024 from Rs 23,939.00 crore as of 31 March 2023. Inventories declined from Rs 13,985.00 crore
as of 31 March 2023 to Rs 12,776.00 crore as of 31 March 2024. Sundry debtors were lower at Rs 16,354.00
crore as of 31 March 2024 compared to Rs 18,224.00 crore as of 31 March
2023. Cash and bank balance declined
from Rs 6,097.00 crore as of 31 March 2023 to Rs 6,036.00 crore as of 31 March
2024. Investments rose to Rs 2,154.00
crore as of 31 March 2024 from Rs 1,615.00 crore as of 31 March 2023 .
PBDT
stood at Rs 884 crore compared to loss of Rs 947 crore. Provision for depreciation rose 9.22% to Rs
794 crore. Fixed assets increased to Rs
21,837.00 crore as of 31 March 2024 from Rs 21,633.00 crore as of 31 March
2023. Intangible assets increased from
Rs 19,898.00 crore to Rs 20,184.00 crore.
Profit
before tax down 93.08% to Rs 90.00 crore.
Share of profit/loss was 62.50% lower at Rs 45 crore. Extraordinary items were decreased to Rs
-105.00 crore. Provision for tax was
expense of Rs 110 crore, compared to Rs 311 crore. Effective tax rate was 366.67% compared to
22.36%.
Net
profit attributable to owners of the company decreased 94.95% to Rs 40.00
crore.
Equity
capital stood at Rs 150.00 crore as of 31 March 2024 to Rs 150.00 crore as of
31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 32.35% as of 31 March 2024 ,compared to 32.35% as of 31 March 2023.
Commenting on the Q4FY24
performance, Mike Frank, CEO, UPL Corporation Ltd., said: “We delivered significantly improved
financial results in Q4 versus the two preceding quarters, inspite of the
prevailing volatile and challenging market conditions.
As
compared to Q3, volumes recovered well and were in-line with LY, largely led by
the strong performance of our high-margin differentiated and sustainable
portfolio, which contributed 36% of crop protection revenue vs 29% LY. Our
recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing
volumes by >50%.
In
addition, Europe and Rest of the World regions, had a strong performance
posting double-digit growth. Contribution margins were in-line with last year,
adjusted for the transitory impact of high-cost inventory liquidation and
higher rebates to support channel partners. Our cost optimization efforts paid
off as we reduced Q4 SG&A expenses by 17% YoY.
Furthermore,
Advanta, our global seeds platform continued to see robust traction delivering
revenue growth of 34% and 38% respectively for the quarter.
As
we look ahead to FY25, we expect a return to growth and normalization in
margins driven by the agchem market returning to normality. Further, our
foremost priority remains to deleverage our balance sheet which we plan to
achieve through operational cash flows, completion of rights issue, and
pursuing capital raise opportunities within our platforms.”
Full year results
analysis
Net
sales of UPL have declined 19.56% to Rs 43098 crore. Sales of Non Agro segment has gone down
15.91% to Rs 2,305.00 crore (accounting for 5.31% of total sales). Sales of Crop Protection segment fell 22.44%
to Rs 36,896.00 crore (accounting for 84.96% of total sales). Sales of Seeds Business segment has gone up
17.24% to Rs 4,224.00 crore (accounting for 9.73% of total sales). Inter-segment sales came down from Rs 340.00
crore to Rs 329.00 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 68.09% to
Rs 2,854.00 crore. PBIT of Non Agro
segment fell 16.50% to Rs 253.00 crore (accounting for 8.86% of total
PBIT). PBIT of Crop Protection segment
fell 77.45% to Rs 1,794.00 crore (accounting for 62.86% of total PBIT). PBIT of Seeds Business segment rose 17.64% to
Rs 807.00 crore (accounting for 28.28% of total PBIT).
PBIT
margin of Non Agro segment fell from 11.05% to 10.98%. PBIT margin of Crop Protection segment fell
from 16.73% to 4.86%. PBIT margin of
Seeds Business segment rose from 19.04% to 19.11%. Overall PBIT margin fell from 16.59% to
6.57%.
Operating
profit margin has declined from 19.03% to 10.53%, leading to 55.48% decline in
operating profit to Rs 4,539.00 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 50.92% to 56.83%.
Employee cost increased from 9.44% to 10.86%. Other expenses rose from 20.61% to 21.77%. Provisions writeoffs cost fell from 0.23% to
0.21%. Other provisions fell from 0.23%
to 0.21%.
Other
income rose 1.26% to Rs 483 crore. PBIDT
fell 52.95% to Rs 5022 crore. Provision
for interest rose 30% to Rs 3852 crore.
Loan funds rose to Rs 29,754.00 crore as of 31 March 2024 from Rs
23,939.00 crore as of 31 March 2023.
Inventories declined from Rs 13,985.00 crore as of 31 March 2023 to Rs
12,776.00 crore as of 31 March 2024.
Sundry debtors were lower at Rs 16,354.00 crore as of 31 March 2024
compared to Rs 18,224.00 crore as of 31 March 2023. Cash and bank balance declined from Rs
6,097.00 crore as of 31 March 2023 to Rs 6,036.00 crore as of 31 March
2024. Investments rose to Rs 2,154.00
crore as of 31 March 2024 from Rs 1,615.00 crore as of 31 March 2023 .
PBDT
fell 84.82% to Rs 1170 crore. Provision
for depreciation rose 8.48% to Rs 2763 crore.
Fixed assets increased to Rs 21,837.00 crore as of 31 March 2024 from Rs
21,633.00 crore as of 31 March 2023.
Intangible assets increased from Rs 19,898.00 crore to Rs 20,184.00
crore.
Profit
before tax reported loss of Rs 1,593.00 crore compared to profit of Rs 5,163.00
crore. Extraordinary items were
decreased to Rs -252.00 crore. Provision
for tax was credit of Rs 209 crore, compared to debit of Rs 736 crore. Effective tax rate was 10.01% compared to
14.29%.
Equity
capital stood at Rs 150.00 crore as of 31 March 2024 to Rs 150.00 crore as of
31 March 2023. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 32.35% as of 31 March 2024 ,compared to 32.35% as of 31 March 2023
.
Cash
flow from operating activities decreased to Rs 1,822.00 crore for year ended
March 2024 from Rs 7,751.00 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 1,995.00 crore, compared to Rs
2,360.00 crore during the year ended March 2023.
The
scrip trades at Rs 506
|
UPL : Consolidated Results
|
|
Particulars
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net Sales
|
14,078
|
16,569
|
-15
|
43,098
|
53,576
|
-20
|
|
OPM (%)
|
13.1
|
16.4
|
|
10.53
|
19.0
|
|
|
OP
|
1,848
|
2,722
|
-32
|
4,539
|
10,196
|
-55
|
|
Other Inc.
|
126
|
211
|
-40
|
483
|
477
|
1
|
|
PBIDT
|
1,974
|
2,933
|
-33
|
5,022
|
10,673
|
-53
|
|
Interest
|
1,090
|
906
|
20
|
3,852
|
2,963
|
30
|
|
PBDT
|
884
|
2,027
|
-56
|
1,170
|
7,710
|
-85
|
|
Depreciation
|
794
|
727
|
9
|
2,763
|
2,547
|
8
|
|
PBT
|
90
|
1,300
|
-93
|
-1593
|
5163
|
PL
|
|
Share of Profit/(Loss) from Associates
|
45
|
120
|
-63
|
-242
|
157
|
PL
|
|
PBT before EO
|
135
|
1420
|
-90
|
-1835
|
5320
|
PL
|
|
EO Income
|
-105
|
-29
|
-262
|
-252
|
-170
|
-48
|
|
PBT after EO
|
30
|
1391
|
-98
|
-2087
|
5150
|
PL
|
|
Taxation
|
110
|
311
|
-65
|
-209
|
736
|
LP
|
|
PAT
|
-80
|
1080
|
PL
|
-1878
|
4414
|
PL
|
|
Minority Interest (MI)
|
-120
|
288
|
LP
|
-678
|
844
|
LP
|
|
Net profit
|
40
|
792
|
-95
|
-1200
|
3570
|
PL
|
|
EPS (Rs)*
|
#
|
#
|
|
-14.0
|
49.1
|
|
|
Notes
|
|
* EPS is on current equity of Rs 150.12 crore, Face value of Rs
2, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
UPL : Consolidated Segment
Results
|
|
|
% of (Total)
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
% of (Total)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Sales
|
|
Non Agro
|
4
|
621
|
684
|
-9
|
5
|
2305
|
2741
|
-16
|
|
Crop Protection
|
88
|
12404
|
15080
|
-18
|
85
|
36896
|
47568
|
-22
|
|
Seeds Business
|
8
|
1130
|
867
|
30
|
10
|
4224
|
3603
|
17
|
|
Total Reported Sales
|
100
|
14155
|
16631
|
-15
|
100
|
43425
|
53912
|
-19
|
|
Less: Inter segment revenues
|
|
78
|
63
|
24
|
|
329
|
340
|
-3
|
|
Net Sales
|
100
|
14077
|
16568
|
-15
|
100
|
43096
|
53572
|
-20
|
|
PBIT
|
|
Non Agro
|
3
|
33
|
7
|
371
|
9
|
253
|
303
|
-17
|
|
Crop Protection
|
86
|
1117
|
2118
|
-47
|
63
|
1794
|
7956
|
-77
|
|
Seeds Business
|
11
|
144
|
76
|
89
|
28
|
807
|
686
|
18
|
|
Total PBIT
|
100
|
1294
|
2201
|
-41
|
100
|
2854
|
8945
|
-68
|
|
Less : Interest
|
|
1090
|
906
|
20
|
|
3852
|
2963
|
30
|
|
Add: Other un-allcoable
|
|
-174
|
96
|
PL
|
|
-1089
|
-832
|
-31
|
|
PBT
|
100
|
30
|
1391
|
-98
|
100
|
-2087
|
5150
|
PL
|
|