UPL’s Q4 net dips 95% to ₹40 cr on decline in revenues
Agrochemical major UPL has reported a 95 per cent dip in profits for the quarter ended March 2024 compared to the previous year, due to lower revenues triggered by a dip in global prices.
UPL reported a net profit of ₹40 crore for Q4 FY24 as compared to ₹792 crore in the same period last year. Revenue for the quarter was down 15 per cent at ₹14,078 crore as compared to the previous year’s ₹16,569 crore. EBITDA declined 36 per cent to ₹1,933 crore (₹3,033 crore). The EBITDA margin was down at 13.7 per cent from the previous year’s 18.3 per cent.
For the fiscal 2023-24, UPL reported a net loss of
Revenue for the quarter was down 15 per cent at ₹14,078 crore compared with the previous year’s ₹16,569 crore
₹1,200 crore against a profit of ₹3,569 crore in the previous year.
SCRIPS GAIN
Revenues for the year were down 20 per cent at ₹43,098 crore over the previous year’s ₹53,576 crore. EBITDA for FY24 was down by 51 per cent at ₹5,515 crore (₹11,178 crore). FY24 EBITDA margin stood lower at 12.8 per cent over previous year’s 20.9 per cent.
Following the results announcement, UPL scrip gained 6.49 per cent to end at ₹534.35 on the BSE on Monday. The Board of UPL has recommended a dividend of 50 per cent (₹1 on face value of ₹2 each) for the fiscal 2024.
“We delivered significantly improved financial results in Q4 versus the two preceding quarters, in spite of the prevailing volatile and challenging market conditions,” said Mike Frank, CEO, UPL Ltd. “As compared to Q3, volumes recovered well and were inline with last year, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36 per cent of crop protection revenue versus 29 per cent last year,” he said.