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Neutral UPL; target of Rs 800: Motilal Oswal

Motilal Oswal recommended Neutral rating on UPL with a target price of Rs 800 in its research report dated August 01, 2022.

August 04, 2022 / 06:15 PM IST
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Motilal Oswal's research report on UPL

UPLL reported strong revenue growth of 27% YoY driven by improved price realization (+18% YoY). Higher double-digit sales growth was witnessed in key markets such as LATAM, North America and ROW except India (8% YoY). Gross debt increased to INR301b in 1QFY23 from INR259b in 4QFY22 with net debt rising by INR76b QoQ to INR265b due to an increase in working capital requirement. Factoring in its positive 1QFY23 performance, we raise our FY23E/FY24E earnings by 8%/9%, respectively.


We reiterate our Neutral rating on the stock with a TP of INR800 (premised on 10x FY24E P/E).


For all recommendations report, click here

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UPL - 020822 - moti

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first published: Aug 4, 2022 06:15 pm
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