UPL Ltd Q4FY23 PAT down -42.6% yoy at Rs792 crore on 23% spike in raw material costs
UPL Ltd reported 4.46% growth in total revenues for the March 2023 quarter on consolidated basis at Rs16,569cr. On a sequential basis, the revenues were up by 1.16%. The revenue growth slowed in the quarter due to sharp fall in product prices. However, full year revenues were up 16% yoy on better realizations. The company has reduced the net debt during the year by $440 million to $2.06 billion.
EBITDA fell by 16% yoy on account of a sharp spike in raw material costs in the quarter. As a result, the EBITDA margins were lower by 338 bps at 18.3% in the quarter. In terms of regional revenue growth, Latin and India led the growth with 12% and 15% growth respectively. North America was the only market to see negative growth in sales, down 14% on yoy basis.
Financial highlights for Mar-23 compared yoy and sequentially
| UPL Limited | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
| Total Income (Rs cr) | ₹ 16,569 | ₹ 15,861 | 4.46% | ₹ 16,379 | 1.16% |
| Operating Profit (Rs cr) | ₹ 2,013 | ₹ 2,738 | -26.46% | ₹ 2,707 | -25.64% |
| Net Profit (Rs cr) | ₹ 792 | ₹ 1,379 | -42.57% | ₹ 1,087 | -27.14% |
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| Diluted EPS (Rs) | ₹ 10.68 | ₹ 18.04 |
| ₹ 13.52 |
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| OPM | 12.15% | 17.26% |
| 16.53% |
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| Net Margins | 4.78% | 8.69% |
| 6.64% |
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Due to the impact of the higher raw material costs, the net profits were down by -42.6% while the net margins fell from 8.69% to 4.78% on yoy basis. Most of the debt reduction was achieved through internal cash resources generated. The pricing was also impacted negatively in the fourth quarter due to glut of supply in certain molecules.