* Strong Revenue, Margins and EBITDA demonstrates business resilience
UPL Ltd. (NSE: UPL & BSE: 512070), a world leader in sustainable agriculture products and solutions, today reported robust financial results for the first quarter ended June 30, 2021.
Commenting on the performance of the first quarter results Mr. Jai Shroff, CEO – UPL Ltd., said, “We have delivered strong and robust performance owing to our differentiated offerings, digitization, and collaborations across the food value chain. We continue to drive sustainable agriculture, launching our new global business unit - ‘NPP’ – Natural Plant Protection, dedicated to natural and biologically derived agricultural inputs and technologies. We also launched nurture.farm, a digital platform that advances resilience for farmers and the food system. In alignment to our OpenAg purpose, we are confident that these businesses will enable us to shape and scale sustainable agriculture. We remain committed to innovation and transformation in the food system, thereby delivering value to our stakeholders.”
· Higher volumes and strong realisations in India drove growth despite delayed monsoons and second wave of Covid, market grew by 6-7% during the quarter
· Strong growth across LATAM with Brazil leading at 40% increase vs Q1 last year
· Higher volumes, strong realisations and increase in acreages in major row crops in North America
· Supply constraints and unfavorable weather conditions in Europe
· Unfavorable weather, reduced volumes and supply constraints offsets the growth from some ROW regions
Other Developments
· UPL announced the launch of ‘nurture.farm’ - a digital platform which fosters resilient farmers, making agriculture simple, profitable and sustainable for generations to come through technology-led solutions
UPL announced the launch of ‘NPP’ – Natural Plant Protection – a new global business unit housing UPL’s comprehensive portfolio of natural and biologically derived agricultural inputs and technologies. NPP will act as a stand-alone brand, consolidating UPL’s existing biosolutions portfolio, network of R&D laboratories and facilities worldwide, which currently accounts for 7% of UPL’s total revenues. NPP’s global offering will continue to benefit from UPL’s extensive global distribution footprint, drawing on innovation, research, and development capabilities, and will be supported by UPL’s proven ability to bring products to market on a global scale
Fitch Ratings and S&P Global Ratings retained the Investment Grade credit rating for UPL; Fitch upgraded its Credit outlook to “Stable”
The company received the prestigious Asian Sustainability Leadership Award for Excellence in Sustainability Performance Management for displaying commendable commitment to sustainability.
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