"Our strong second quarter and first half results reflect the strength of our employees’ execution around the world and improvements to our supply chain," said Jai Shroff, CEO of UPL.
UPL Ltd said its Q2FY21 consolidated profit more than doubled to Rs 537 crore from Rs 202 crore in Q2FY20. However, quarter-on-quarter, (QoQ) the number was down 18 percent. In the June quarter of FY21, the company's consolidated profit was Rs 653 crore.
Revenue grew 14.4 percent YoY to Rs 8,939 crore in Q2FY21 as against Rs 7,817 crore in the corresponding quarter of the previous financial year.
EBITDA came in at Rs 1,808 crore while EBITDA margin stood at 18.7 percent. The company said YoY growth was strong across all regions for Q2 and for the first half of the year driven by strong business development activities, favourable agronomic conditions and an improved supply chain.
India continued to deliver strong growth in Q2 resulting in a 22 percent growth in H1, followed by the rest of the world (RoW) at 14 percent and then the other regions.
Revenue grew in Latin America, despite the currency devaluation in Brazil. The company said it saw strong growth in Chile, Argentina and Colombia compared to the prior year.
"Our strong second quarter and first half results reflect the strength of our employees’ execution around the world and improvements to our supply chain," said Jai Shroff, CEO of UPL."UPL has gained substantial market share in many markets and our volume growth has been very promising. As we continue to build out a pipeline of innovative products, we expect that our market share will continue to improve further still," Shroff said.