Selected Reads

Smartkarma

Equity Bottom-Up

<p><em>In the next webinar, we welcome Smartkarma Insight Provider Gauri Anand , who will be sharing with us her Top indian Equity Picks and the investment philosophy behind each of her picks. Curious about companies like Indian Energy Exchange (IEX IN), VA Tech Wabag (VATW IN), or UPL Ltd (UPLL IN)? Tune in and find out what Gauri has to say about them. -- Gauri Anand is a mid-small cap specialist based in India. With a focus on equities, Gauri combs top down and bottom up approaches to identify</em>…</p>

Girish Pai

Nirmal Bang

<p>4QFY21 Result Update</p>
<h2>UPL</h2>
<h3>UPL set for higher margin growth, Upgrading to Buy</h3>
<p>UPL’s 4QFY21 result beat NBIE/street estimates with consolidated adjusted PAT coming in at Rs11.43bn excluding exceptional item vs our/Bloomberg estimate of Rs9.73bn/Rs10.78bn. The beat was mainly driven by the 5.9% beat on revenue, led by the beat in LatAm sales. Gross/EBITDA Margins came in a tad higher. Management expects improved pricing power in FY22, reversing the FY21 trend, which depended on volume growth to…</p>

<p>3QFY21 Result Update</p>
<h2>UPL</h2>
<h3>Downgrading to Accumulate on limited upside</h3>
<p>UPL’s 3QFY21 result missed NBIE/street estimates with consolidated adjusted PAT coming in at Rs7.16bn vs our/Bloomberg estimate of Rs8.6bn/Rs8.96bn. Revenue was also a marginal miss as all geographies, barring LatAm exceeded our estimates. LatAm revenue was a large miss of 17%. Reported EBITDA came in below our forecast due to miss on revenue and higher operating and staff expense vs. NB estimates. Volume growth of 7% YoY and…</p>

<p>2QFY21 Result Update</p>
<h2>UPL</h2>
<h3>Healthy beat on estimates - Maintain Buy</h3>
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<p>UPL’s 2QFY21 result beat NBIE/street estimates with consolidated adjusted PAT coming in at Rs6.74bn vs our/Bloomberg estimate of Rs5.31bn/Rs5.37bn. Revenue was also a marginal beat as all geographies, barring LatAm exceeded our estimates. LatAm was a marginal miss. Reported EBITDA, including fx loss of Rs1.41bn (not included in our estimate), came in below our forecast. Volume growth of 19% YoY offset the 1%/4% hit on…</p>
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<p>FY20 Annual Report Update</p>
<h2>UPL</h2>
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<p><strong>UPL paints positive picture on outlook despite challenges</strong></p>
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<p>The global crop protection products market declined a tad to US$60bn in CY2019 as per industry estimates quoted in UPL’s annual report for FY20. Global CPC categories saw subdued performance in CY19 with herbicides/fungicides declining 1.5%/0.7% while the insecticide market was flat. The global CPC industry had to grapple with challenges like adverse weather in US/Europe, US-China trade war and…</p>
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India

UPL Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

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