UPL share price opened in the red on August 2 after the company declared its June quarter results.
The agro-chemical major on July 30 reported a 23 percent jump in net profit to Rs 678 crore for the quarter ended June 30. The company's net profit had stood at Rs 550 crore during the corresponding quarter of 2020-21, UPL said in a statement.
Also read: UPL net profit jumps 23%to Rs 678 crore in June quarter
Its revenue from operations during April-June 2021 rose nine percent to Rs 8,515 crore, compared to Rs 7,833 crore in the year-ago period.
The stock was trading at Rs 800, down Rs 8.40, or 1.04 percent. It has touched an intraday high of Rs 812 and an intraday low of Rs 800.
Here is what brokerages have to say about the stock and the company after Q1 earnings:
CLSA | Rating: Buy | Target: Rs 1,000
The company posted a good quarter despite cost pressures. Strong volume growth is a clear positive surprise across key markets. It retained its FY22 guidance with a continued focus on differentiated products remaining a long-term growth driver.
Kotak Institutional Equities | Rating: Sell | Target: Rs 760
Q1 adjusted EBITDA came in 5 percent under estimates. High commodity prices should support price hikes. Don’t see any major surprises to FY22 earnings. Lack of near-term catalysts denies multiple rooms for re-rating.
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JP Morgan | Rating: Overweight | Target: Rs 880
Favourable agricultural environment to support momentum with upcoming Latin America season in focus. Sustainable agriculture and bio-solution are long-term positives. Strong commodity pricing should support valuations.
Morgan Stanley | Rating: Overweight | Target: Rs 832
Latin America, North America and India reported strong growth. The brokerage maintained its guidance at 7-10% and 12-15% for revenue and EBITDA growth respectively.Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.