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Motilal Oswal Report
UPL Ltd. reported another weak quarter, with a 28% YoY decline in revenue. It was primarily attributed to a continued downtrend in agrochemical prices (down 24% YoY), leading to continued destocking of inventory by distributors (volumes down 5% YoY).
All regions (except rest of the world) witnessed a sales decline of at least 20% (India) to as high as 64% (North America). Rest of world sales grew 12% YoY.
Gross debt (excluding perpetual bonds) increased to Rs 361.7 billion as of December- 23 from Rs 328 billion as of December- 22.
Net debt (excluding perpetual bonds) increased to Rs 313.5 billion as of December- 23 from Rs 275.3 billion as of December-22.
Factoring in UPL's subdued performance in Q3 FY24, we cut our FY25E/FY26E earning per share by 23%/11%. Reiterate 'Neutral' with a target price of Rs 530.
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