UPL Q1 Results: Profit Nearly Doubles On Low Base, Improved India Business

UPL Ltd.’s profit surged in the quarter ended June, a period marred by the coronavirus pandemic, on account of a low base and improved performance in India—one of its largest markets.

Key Performance Highlights

• Strong growth in India, Southeast Asia, driven by good rains.
• Gross margin aided by cost and portfolio mix improvements .
• Covid-19-related supply chain disruptions in most regions delayed sales from first to second quarter for Latin America and Europe.
• North America impacted by Covid-19-related pre-buying in fourth quarter.

Also Read: Here's A Sunrise Sector Amid India's Covid-19 Gloom

Shares of UPL closed 2.8% higher ahead of the quarterly results, compared with a 0.3% drop in the benchmark Nifty 50 Index.