UPL Ltd., an Indian fertilizer manufacturer announced its results for the third quarter ended December 31, 2020.
Q3 Results- QoQ
The company’s net profit increased 75.79% to Rs 944 crores ($129.6 million) for the period ended December 31, 2020 as against net profit of Rs 537 crores ($73.7 million) for the previous quarter.
Net sales grew 2.09% to Rs 9,126 crores ($1.25 billion) during the period ended December 31, 2020 as compared to Rs 8,939 crores ($1.23 billion) during the previous quarter.
Q3 Results- YoY
The company’s net profit grew by 25.1% to Rs 944 crores ($129.6 million) for the period ended December 31, 2020 as against net profit of Rs 830 crores ($114 million) for the prior-year quarter.
Net sales increased 13.73% to Rs 9,126 crores ($1.25 billion) during the period ended December 30, 2020 as compared to Rs 8,892 crores ($1.22 billion) during the prior-year quarter.
Results by Region
- Despite a market slowdown during the quarter, the company’s Indian business grew 21% to Rs 906 crores ($124.4 million). “Excess rains in the south reduced market growth after a very strong H1 FY21.”
- In the midst of season delays due to drought in Brazil and Argentina, Latin America revenue fell 8% to Rs 3,849 crores ($528.5 million), pushing sales to Q4. “Increase in grain commodity prices and recent rains support a positive trend for Q4,” the company said.
- North America business grew 5% to Rs 1,352 crores ($185.6 million), driven by market share gains. The company expects demand for Glufosinate to increase.
- Revenue for the European business rose 30% to Rs 1,120 crores ($153.8 million), driven by improved mix, strong sales of differentiated and sustainable solutions and moderate post-patent growth.
- With double-digit growth in Africa, Australia and New Zealand, the rest of the world’s business grew 6% to Rs 1,899 crores ($260.7 million).