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UPL sales up 7% in Q1 FY 2016-17qrcode

Aug. 2, 2016

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Aug. 2, 2016
UPL Ltd has posted consolidated income of Rs. 35,102 million for the quarter ended June 30, 2016 as compared to Rs. 32,752 million for the quarter ended June 30, 2015, up by 7%. Net profit after taxes, minority interest and share of profit of associates has increased by 23.7% to Rs. 4,020 million. Sales of the company’s agrochemical business rose by 7.3% to Rs. 34,177 million, which accounting for 97.4% of the company’s total income.
 
Domestic revenue was Rs. 10,600 million, almost flat with the same period of last fiscal year. International revenue, accounted for 70% of the company’s total revenue, was improved by 10% to Rs. 24,500 million.

UPL’s regional sales -Q1 FY 2017 & FY 2016
Region
Q1 FY ’17
Q1 FY ‘16
Growth
Sales (Rs. million)
Proportion
Sales (Rs. million)
proportion
Sales (Rs. million)
Change%
India
10,600
30%
10,550
32%
60
1%
Latin America
6,970
20%
6,180
19%
790
13%
North America
6,380
18%
6,080
19%
300
5%
Europe
5,620
16%
5,030
15%
580
12%
Rest of World
5,530
16%
4,910
15%
620
13%
Total
35,100
100%
32,750
100%
2,350
7%

UPL’s domestic market posted only 1% growth mainly due to delayed rain across India and high opening inventories from last year. The company’s brand insecticide Ulala controlling sucking insects was launched in more regions, such as Punjab, Haryana and Rajasthan. Performance of the company’s subsidiary Advanta Seeds’ hybrid corn, rice and forage was better than last year.
 
Sales in Latin America rose by 13% to Rs. 6,970 million. UPL’s fungicide portfolio (Unizeb, Glory) performed well in managing Aisan rust disease. UPL registered some new products on multiple crops in Mexico. The company commented that the market is sensitive due to existing and future peso devaluation in Mexico. Advanta Seeds achieved higher GM corn sales in Argentina.
 
Planting area of cotton, corn and wheat grew in North America, but insect & disease pressure on field crops reduced. UPL’s sales in North America rose by 5% in the first quarter of fiscal year 2016-17.  Non-selective herbicides were facing price competition, though higher volumes due to resistance issue. The company sucessful launched miticide Banter in USA recently. Sales of sorghum and forage sorghum were lower than last year due to reduction in area.
 
Sales in Europe rose by 12% to Rs. 5,620 million. The company’s sugar beet herbicides were supported by extended sugar beet season and increase of acreage compared to last year. Europe benefitted from good rains, vine and potatoes fungicide are increasing by 30% due to mildew and late blight.
 
Highlights in the rest of world include: over all season is recovering in Asia & Australia after a prolonged drought; performance of fungicides have been good & traction in liquidating inventory stuck in Channel; geographic expansion of non-selective herbicides portfolio in Asia; good Growth in Turkey due to Institutional Business despite slow season; pulses area increased significantly in Australia leading to growth in fungicides; business recovery in selected counties in Africa with new products.
 
Source: UPL
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