BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
UPL Ltd. reported strong volume growth (at 11% YoY) driven by geographies (except India). It reported better-than-expected earnings on higher sales.
UPL's net debt decreased Rs 5 billion QoQ and Rs 2.3 billion YoY and stood at Rs 238 billion in December 2021. Net working capital days dipped nine days YoY to 108 in nine months-FY22.
Factoring in its Q3 FY22 performance, we have increased our FY22E earnings by 4.6%. However, we have reduced our estimates by 3.6% and 4.8% for FY23E and FY24E, respectively, as we assume no repayment of debt in FY22E on higher working capital.
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