UPL Ltd, an Indian multinational chemicals manufacturer announced its results for the third quarter ended Dec 31, 2022.
Q3 Results- QoQ
The company’s net profit grew by 33.5% to Rs 10.87 billion for the period ended Dec 31, 2022 as against net profit of Rs 8.14 billion for the previous quarter.
Net sales increased 9.6% to Rs 137.94 billion during the period ended Dec 31, 2022 as compared to Rs 125.85 billion during the previous quarter.
Q3 Results- YoY
The company reported 16.1% increase in net profit to Rs 10.87 billion for the period ended Dec 31, 2022 as against net profit of Rs 9.36 billion for the prior-year quarter.
Net sales grew 21.4% to Rs 137.94 billion during the period ended Dec 31, 2022 as compared to Rs 113.67 billion during the prior-year quarter.
“We continued to see solid traction in Q3 FY23 following strong first half performance. The product prices remained firm leading to a healthy uptick in realizations. Grower margins remain strong due to elevated agriculture commodity prices, providing a good backdrop for the overall market.
We also continued to invest in strengthening our customer relationships & farmer connect and towards building capabilities to drive differentiated and sustainable portfolio leading to higher SG&A in Q3. However, despite higher SG&A expenses, we have delivered a healthy 14% YoY growth in EBITDA.” Mr. Mike Frank, CEO, UPL Global Crop Protection commented on the company’s performance.
9 Months – YoY
The company reported 23.6% growth in net profit to Rs 27.78 billion for the period ended Dec 31, 2022 as against net profit of Rs 22.47 billion for the prior-year 9 months period.
Net sales increased 22% to Rs 372.73 billion during the period ended Dec 31, 2022 as compared to Rs 305.44 billion during the 9 months period last year.
UPL Ltd is a leading player in the Indian chemical industry engaged in the manufacture and sale of markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions.