UPL Q4 Review - Hitting The Right Formula: Centrum Broking

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Centrum Broking Report

UPL Ltd. delivered a record Q4 to close out a record FY21E, with revenue/Ebitda/profit after tax for the quarter growing 15/37/51% YoY and FY21 revenue/Ebitda/profit after tax growing 8.2/23.4/40% YoY.

Favorable agronomic conditions in India, record high prices in the USA and Europe helped offset currency related losses specifically in Brazil.

The synergies from the Arysta acquistion have played a role as well in FY21 performance, with revenue and cost synergies of $443/235 million achieved a year before target.

Sustained focus on the move to differentiated product solutions and a more comprehensive offering to farmers from seed to post harvest care has helped improve pricing power and that reflects in higher realizations over the year.

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