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UPL Q2 FY23 Result: EBITDA Rises by 35% YoY and Net Profit by 28% YoYqrcode

−− Robust traction in Americas, India and ROW led by strong realizations drove 18% YoY growth

Nov. 2, 2022

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Nov. 2, 2022

UPL Ltd. (NSE: UPL & BSE: 512070, LSE: UPLL), reported financial results for the second quarter of FY23 (July-Sep 2022).

Financial Performance Update


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  • Robust growth momentum continued into Q2FY23 with 18% YoY uptick in sales to reach INR 12,506 crore, led primarily by higher realizations (+21%) and a favorable exchange rate (+4%) offset by decline in volumes (-7%)

  • Q2 FY23 EBITDA grew by 35% YoY to INR 2,768 crore. Improved realizations, better product mix along with efficient supply chain management drove EBITDA margins improvement by 278 bps despite the significant external pressures


Commenting on the performance, Mr. Jai Shroff, CEO – UPL Ltd.,said ″We continued to see robust growth momentum in Q2 FY23 with 18% YoY. Our focus on quality growth with a better product mix and proactive pricing actions drove a strong 35% YoY growth in EBITDA, with EBITDA margins expanding by ~278 bps.

As a group, our top priority is creating value for shareholders. In line with this, we recently announced a strategic corporate realignment initiative, creating distinct pure-play platforms to accelerate growth and unlock value for shareholders. We have brought on-board marquee investorssuch as ADIA, Brookfield, KKR and TPG, who have collectively invested around INR 4,000 crore (or US$ 500 Mn) for minority stakes in our India Agtech and Global Seeds Business Platforms.

Going forward, we are well poised to continue our healthy growth momentum in the 2nd half of the year and we are confident of meeting our FY23 guidance of revenue growth of 12-15%, EBITDA growth of 15- 18% and reducing net debt by US$ 650 Mn.″


Regional Performance Update


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Changes in Directorship

UPL continues to work towards strengthening governance to global best standards. Respecting this, a few long serving board members who have contributed significantly to the growth of the Company have chosen to voluntarily step down.


  • Mr. Rajju Shroff, current Chairman and Managing Director, takes the role of ″Chairman Emeritus″ and Mr. Jai Shroff, Global CEO, will now assume the role of the Chairman of the Board w.e.f. 1st December 2022.

  • Mr. Pradeep Goyal and Dr. Reena Ramachandran have conveyed their decision to step-down as independent directors w.e.f. 1st December 2022.

  • In its endeavor to replace the two departing independent directors, the Company has recently inducted Mr. Suresh Kumar as an Independent Director w.e.f. 20th October 2022. Furthermore, the Board also agreed in principle to induct one more independent director in due course which will enhance independence of the Board.

  • Furthermore, Mr. Arun Ashar, Whole-time Director, retires after a long and distinguished service of over 50 years as a key member of the UPL journey. Due to his advancing age, he will step down as Executive Director w.e.f. 1st December 2022.

  • Based on the recommendation of Nomination and Remuneration Committee, the Board has inducted two new members w.e.f. 1st November 2022. Mr. Raj Tiwari, Chief Supply Chain Officer will join the board as an Additional Director as well as Whole-Time Director; and Mr. Carlos Pellicer, former Global COO of UPL Ltd, as a Non-Executive, Non-Independent Director.



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Source: UPL

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