Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

<p><br/> UPL Limited's Q4/23-24 results appear to be better than in the past three quarters, with lower declines registered for revenues and EBITDA. That said, we note that this was against a low comparison base, with Q4/22-23 marking the beginning of the downturn. The company has been severely affected by post-patent competition and cheap supply from China, with these not likely to improve much in the near term. The financial risk profile deteriorated significantly, and is now not consistent with the Ba1/BB/BB+ rating. While liquidity appears to be adequate, we expect it to weaken during the year as the company takes on working-capital debt. We highlight that while leverage and the liquidity profile tend to be better at financial year-end, they typically deteriorate significantly during the year. However, the USD 500 mn right issuance should shore up the balance sheet significantly.<br/></p>

  UPL Limited's Q4/23-24 results appear to be better than in the past three quarters, with lower declines registered for revenues and EBITDA. That said, we note that this was against a low comparison base, with Q4/22-23 marking the beginning of the downturn. The company has been severely affected by post-patent competition and cheap supply from China, with these not likely to improve much in the near term. The financial risk profile deteriorated significantly, and is now not consistent with the Ba1/BB/BB+ rating. While liquidity appears to be adequate, we expect it to weaken during the year as the company takes on working-capital debt. We highlight that while leverage and the liquidity profile tend to be better at financial year-end, they typically deteriorate significantly during the year. However, the USD 500 mn right issuance should shore up the balance sheet significantly. 

UPL Limited - Earnings Flash - FY 2023-24 Results - Lucror Analytics

UPL Ltd

UPL Limited - Earnings Flash - FY 2023-24 Results - Lucror Analytics