Moneycontrol Bureau
Agrochemical products manufacturer UPL (erstwhile United Phosphorous) matched steet expectations with the third quarter consolidated net profit rising 28 percent year-on-year to Rs 222 crore on higher revenues.
Total income from operations increased 15.5 percent to Rs 2,647 crore in the quarter ended December 2013 from Rs 2,294 crore in a year ago period.
According to CNBC-TV18 poll, analysts on an average had expected net profit of Rs 220 crore on revenues of Rs 2,620 crore for the quarter.
Meanwhile, its operational performance was lower than forecast. Earnings before interest, tax, depreciation and amortisation or operating profit jumped 15.5 percent to Rs 465 crore but margin was unchanged at 17.6 percent while analysts had estimated at Rs 480 crore and 18.3 percent, respectively.
UPL has reported an exceptional loss of Rs 40 crore in the quarter gone by, on account of restructuring in European and Latin American manufacturing facility.
Other income shot up 72.4 percent year-on-year to Rs 50 crore during December quarter, which included forex gains on account of exports and exports commission.
However, finance cost increased to Rs 110 crore from Rs 101 crore during the same period.
Meanwhile, the board of directors of the company on December 30, 2013 approved the buy-back of equity shares upto 1.4 crore equity shares at a price not exceeding Rs 220 per share. The company will spend cash upto an aggregate amount not exceeding Rs 308 crore for the buyback.
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