UPL Ltd delivered a solid performance in the first quarter despite COVID-19 situation whereby its net profit rose by 209% to Rs 551 crore as against Rs 178 crore in the corresponding quarter of the pervious year.

 

However the company's net sales were slightly down by 0.92% and stood at Rs 7,833.00 crore in June 2020 versus Rs 7,906.00 crore in June 2019.

 

EBITDA stood at Rs 1,899.00 crore in June 2020 up 48.48% from Rs. 1,279.00 crore in June 2019.

 

The company witnessed strong growth in India, South East Asia driven by good rains. However business in North America got impacted by COVID-19 related prebuying in Q4 2019/20 while strong currency fluctuations led to postponement of orders in LATAM region from Q1 to later in the year and closer to demand.

 

COVID-19 related supply chain disruptions in most regions delayed sales from Q1 to Q2, said the company.

 

Second quarter outlook for the company looks promising due to good agronomic conditions in most key markets which will help drive robust demand. Despite covid19-related challenges in Q1, we remain well positioned to deliver revenue and EBITDA growth for the full year along with strong liquidity in place to meet debt maturities in the next 18-24 months, stated the company in its quarterly report.