Broker's call: UPL (Buy)

| Updated on October 31, 2019



CMP: ₹596.6

Target: ₹700

UPL Ltd provides crop protection solutions. The company is engaged in the business of agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals. The company’s segments include agro activity and non-agro activity. The agro activity segment includes the manufacture and marketing of conventional agrochemical products, seeds and other agricultural related products. The non-agro activity segment includes manufacture and marketing of industrial chemical and other non-agricultural related products. It offers fungicides, herbicides, insecticides, plant growth and regulators, rodenticides, industrial and specialty chemicals, and nutrifeeds. The company sells its products in approximately 120 countries.

The company has launched 544 products in five years and revenues from these products accounted for a 24 per cent share of the company’s revenues in FY19. Its Innovation Rate in FY19 stood at 17 per cent. The trajectory of launches would remain aggressive, as UPL has developed large number of formulations of various AIs at its R&D centre for future introductions. In FY19, UPL had developed in-house manufacturing processes for at least three technical.

Aligning its future growth prospects, we recommend buy UPL with a target price of ₹700.00.

Published on November 01, 2019

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