UPL Q1 Review – Higher Working Capital Increases Net Debt: Motilal Oswal



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UPL Ltd. delivered strong revenue growth of 27% YoY, driven by better price realization (up 18% YoY).

Higher double-digit sales growth was seen in key markets such as Latin America, North America and Rest of the World excluding India (8% YoY).

UPL’s gross debt increased from Rs 259 billion in Q4 FY22 to Rs 301 billion in the first quarter of FY22, with net debt increasing by Rs 76 billion per quarter to Rs 265 billion. rupees due to an increase in the working capital requirement.

Taking into account its positive performance in Q1 FY23, we increase our FY23E/FY24E earnings by 8%/9%, respectively.

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