UPL Q3 Results: Profit Meets Estimates As Latin American Markets Shine
Feb. 10, 2020
The agro-chemical maker reported a net profit of Rs 701 crore for the three months ended December, according to its exchange filing. That compares with Rs 693.5 crore that analysts surveyed by Bloomberg had forecast. The numbers are not comparable due to the firm’s acquisition of U.S.-based Arysta Lifescience Inc. last year.
Revenue stood at Rs 8,892 crore—analysts had pegged the top line at Rs 9,173 crore. The company, in its presentation, said the Latin American business grew 21 percent year-on-year to Rs 4,203 crore adjusted for Arysta acquisition.Brazil crop protection demand on soybeans benefitting from the U.S.-China trade war and higher export duties levied in Argentina were the factors aiding the performance in South America, the firm said. The domestic business, too, rose 41.5 percent year-on-year to Rs 750 crore.
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