Agrochemical major, UPL Ltd on Monday reported a 34.17 per cent rise in consolidated net profit to ₹11,005 crore for Q1 ending June 30 compared to Q1FY22.

The company's consolidated net stood at ₹1749 crore during the April-June quarter of FY22, UPL said in a BSE filing.

Revenue from operations of the company during the quarter under review went up by 27.08 per cent to ₹110,821 crore compared to ₹18,515 crore in the same quarter last year.

"We had exceptional growth momentum across all our markets. We expect this momentum to continue in the next several quarters," UPL president and COO, Mike Frank said.

He said the growth in the Indian market during Q1FY23 was the slowest due to a delay in sowing.

"We are already seeing robust demand in the Indian market as the monsoon progresses. Going forward, we expect the second quarter to be exceptionally strong in India," he added.

UPL CEO, Jai Shroff said, "After a strong end to FY22, we continued to see solid growth momentum in Q1 FY23, as the strong agri commodity prices drove significant uptick in price realizations and healthy demand from growers." The EBITDA margin remained largely intact despite the significant input cost inflation and a challenging macro-economic environment exacerbated by geopolitical issues, he noted.

"This was driven by proactive pricing actions coupled with efficient supply chain management that led to the strong top-line growth getting translated into robust operating profitability growth as well. Powered by our OpenAg purpose, we continued to leverage collaboration as a catalyst for sustainable and lasting change," he said.

Going forward, the company is well poised to continue our healthy growth momentum, as product realizations continue to remain strong, recent new launches continue to see good traction in the marketplace, and the overall demand outlook continues to be constructive.

"Considering this positive outlook, we have revised our FY23 guidance upwards, expecting to achieve a revenue growth of 12-15 per cent now versus 10 per cent earlier," he added.

Shares of the company on Monday closed at ₹1769.50, up 3.95 per cent on BSE.

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