Aug. 1, 2019
Agrochemical company UPL on Wednesday reported a 57.8 per cent drop in June quarter consolidated profit at Rs 220 crore, and missed analysts’ expectations, hurt by higher raw material costs, finance and deprecation even as revenues jumped.
Analysts in ET NOW poll had projected a profit of Rs 551 crore. The company had posted a net of Rs 514 crore a year ago, and Rs 263 crore in the preceding quarter.
Raw material costs ballooned to Rs 4,275 crore from 1,839 crore in the same quarter a year ago.
Revenues of the company jumped 91.2 per cent to 7,906 crore from 4,134 crore a year ago.
During the quarter, all adjustments for the consideration of acquisition of Arysta Lifesciences Inc has been concluded. This has resulted in additional consideration of $22 million has been accounted as Goodwill, the company said in a release.