UPL Q4 Review – Strong Volume Growth Maintained: ICICI Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Highlights from UPL Ltd.’s Q4 /FY21 result:

1. All regions except North America have reported strong growth during FY21. In-spite of forex fluctuations, the company reported strong growth in Brazil and normal monsoon helped India business report strong 22% growth;

2. Change in revenue mix, cost-saving measures post-Covid-19 and synergy benefits helped Ebitda margin expand 230 basis points YoY; and

3. Synergy benefits are as per the company’s stated plan and the net working capital days reduced to 66 in FY21 versus 90 in FY20.

We model steady improvement in return ratios due to

  1. synergy benefits and higher margins, and
  2. reduction in net working capital days.

Click on the attachment to read the full report:

ICICI Securities UPL Q4FY21 Results Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

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