Fitch Ratings upgraded its credit outlook to 'Stable' on
UPL. Also, Fitch confirmed that UPL retains its Investment Grade credit rating, with the long-term issuer default rating (IDR) affirmed at 'BBB-' for UPL’s flagship subsidiary UPL Corporation.
The rating for UPL Corporation is based on the consolidated profile of the UPL group.
Jai Shroff, CEO – UPL Ltd said “UPL is focused on driving sustainable agriculture and achieving transformational growth through innovative technology, as we tap new growth markets and opportunities. In an incredibly tough year, we delivered growth, adapted to the constantly changing situation and delivered on our commitments. We continue to demonstrate how we are changing the game and reimagining sustainability with our OpenAg strategy.”
"This upgrade by Fitch sends a strong message that our transformation of UPL is working and that our success in reimagining sustainability impacts directly on our performance," said Carlos Pellicer, Chief Operating Officer at UPL Ltd. “We have a relentless focus on our customers and it’s these relationships together with our OpenAg innovation model that underpin our leadership position. We are on track to become the Smart Farming partner through differentiated and sustainable products, digitization and collaborations across the food value chain.”
"We appreciate Fitch's recognition of UPL's strong financial and operational performance and the resulting outlook upgrade. Our results reflect the resilience of our business model which is focused on delivering innovative solutions for farmers and continuous operational efficiencies through cost and process improvements" said Anand Vora, Global Chief Financial Officer at UPL Ltd.
Last month, S&P Global Ratings also affirmed their Investment Grade credit rating and we remain focused on maintaining an Investment Grade credit rating.
On Sensex, UPL closed at Rs840.05 per piece up 0.3%.