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Prabhudas Lilladher Report
UPL Ltd. reported Q1 FY23 revenue/Ebitda/profit after tax of Rs 108.2 billion/Rs 23.4 billion/Rs 9.4 billion (up 27%/up 26%/up 29% YoY).
Results were ahead of our and consensus estimates. Key highlights are:
volume and price growth of 6%/18%YoY respectively;
all geographies barring India posted double digit growth;
gross margin improved 40 basis points YoY aided by favorable product and superior pricing;
Ebitda margins maintained flat amid an inflationary cost scenario (down 20 bps YoY) to 21.7%;
net debt (including perpetual bond) stood at Rs 294 billion, up Rs 50.1 billion YoY (up Rs 75.7 billion sequentially) largely led by inflated working capital and higher factoring of receivables;
UPL's net working capital has increased by 17 days YoY to 108 days led by short-term inventory build-up due to strong demand and uncertainties in supply-chain coupled with increase in receivables on the back of strong growth in Latin America.
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